() | 5+ | ||||||
, . | |||||||
( ) | |||||||
- | |||||||
- | |||||||
Գ | |||||||
Գ (+)/ () | +10 | +30 | +10 | +10 | +10 | +10 | +10 |
, . | |||||||
() ( , ) | +10 | +70 | +5 | 10 | 15 | 5 | 5 |
() ( , ) | +5 | 10 | 40 | 5 | +10 | +10 | |
() | +10 | +5 | +5 | 10 | +5 | +5 | |
. 9.1
() | 5+ | ||||||
Cash-flow, . | |||||||
Cash-flow | +61 | +61 | |||||
Cash-flow | +10 | 165 | 10 | 10 | 10 | 10 | 10 |
Free Cash-flow | +71 | 104 | |||||
Գ Cash-flow, . . () | 40 40 | +144 36 | 100 50 | 150 110 | 160 100 | 150 100 | 150 100 |
+31 | +40 | +15 | +4 | 5 | |||
(WACC), % | |||||||
* | 0,87 | 0,75 | 0,66 | 0,57 | 0,49 | 0,49 | |
FCF (15 ) | 86,3 | 101,6 | 88,4 | 73,5 | |||
(Entity) 839,8 | |||||||
(+) 20,0 | |||||||
() 460 | |||||||
DCF (Equity) 399,8 |
* (. ).
|
|
, , , Cash-flow , . , Cash-flow , . , , FCF.
, , . , , FCF, .
, . : , . (WACC)[2].
:
1) ( ): , ; , , , ;
2) , , :
(13 %);
(02 %);
(02 %);
, (24 %);
( ).
, : , (, WACCs). , , .
ᒺ , , , ( ). , . , . :
|
|
( , , );
, ;
, ( =
= ) FCFp (, ) (WACC) FCF (g): KA = FCFp / WA g;
, : (, 1 5 ) ; (610 ) WACC ROI ; 1020 [3]. ³ , , FCF
( . 9.1 5+) .