Discounted Cash Flow (DCF) Analysis Unlevered

Mobile TeleSystems Public Joint Sto... (MBT)

$5.5

0.00 (-%)

All numbers are in Millions, Currency in USD

Stock DCF: 2,433.33 | 5.5 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	442,911	480,293	476,106	494,925.99	534,402.99	560,451.88	587,770.48	616,420.70	646,467.44	677,978.78
Revenue (%)
EBITDA	177,800	167,698	220,023	217,906	231,316	233,803.98	245,200.49	257,152.52	269,687.13	282,832.73
EBITDA (%)
EBIT	97,888	63,110	113,075	117,701	120,228	117,997.63	123,749.29	129,781.31	136,107.36	142,741.76
EBIT (%)
Depreciation	79,912	104,588	106,948	100,205	111,088	115,806.35	121,451.20	127,371.21	133,579.77	140,090.97
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	81,343	189,810	117,616	185,490	184,505	173,283.52	181,730.03	190,588.26	199,878.28	209,621.12
Total Cash (%)
Account Receivables	49,378	52,230	55,118	55,385	53,951	61,522.02	64,520.85	67,665.84	70,964.14	74,423.21
Account Receivables (%)
Inventories	9,995	18,654	15,515	15,204	18,981	17,960.30	18,835.76	19,753.89	20,716.77	21,726.58
Inventories (%)
Accounts Payable	48,416	54,924	72,366	59,163	76,185	71,487.20	74,971.76	78,626.18	82,458.73	86,478.09
Accounts Payable (%)
Capital Expenditure	-76,431	-92,009	-91,736	-97,409	-111,683	-107,899.89	-113,159.35	-118,675.18	-124,459.87	-130,526.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 5.5
Beta	1.060
Diluted Shares Outstanding	880.23
Cost of Debt
Tax Rate	19.86
After-tax Cost of Debt	5.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.552
Total Debt	616,648
Total Equity	4,841.29
Total Capital	621,489.29
Debt Weighting	99.22
Equity Weighting	0.78
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	442,911	480,293	476,106	494,925.99	534,402.99	560,451.88	587,770.48	616,420.70	646,467.44	677,978.78
EBITDA	177,800	167,698	220,023	217,906	231,316	233,803.98	245,200.49	257,152.52	269,687.13	282,832.73
EBIT	97,888	63,110	113,075	117,701	120,228	117,997.63	123,749.29	129,781.31	136,107.36	142,741.76
Tax Rate	25.84%	91.83%	18.89%	20.84%	19.86%	35.45%	35.45%	35.45%	35.45%	35.45%
EBIAT	72,595.70	5,154.11	91,715.66	93,168.01	96,351.50	76,164.28	79,876.83	83,770.33	87,853.63	92,135.95
Depreciation	79,912	104,588	106,948	100,205	111,088	115,806.35	121,451.20	127,371.21	133,579.77	140,090.97
Accounts Receivable	-	-2,852	-2,888	-267	1,434	-7,571.02	-2,998.82	-3,145	-3,298.30	-3,459.07
Inventories	-	-8,659	3,139	311	-3,777	1,020.70	-875.46	-918.13	-962.88	-1,009.82
Accounts Payable	-	6,508	17,442	-13,203	17,022	-4,697.80	3,484.56	3,654.42	3,832.55	4,019.36
Capital Expenditure	-76,431	-92,009	-91,736	-97,409	-111,683	-107,899.89	-113,159.35	-118,675.18	-124,459.87	-130,526.53
UFCF	76,076.70	12,730.11	124,620.66	82,805.01	110,435.50	72,822.62	87,778.96	92,057.65	96,544.90	101,250.87
WACC
PV UFCF						69,091.67	79,014.94	78,620.91	78,228.84	77,838.73
SUM PV UFCF										382,795.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.40
Free cash flow (t + 1)	103,275.89
Terminal Value	3,037,526.14
Present Value of Terminal Value	2,335,161.76

Intrinsic Value

Enterprise Value	2,717,956.84
Net Debt	576,058
Equity Value	2,141,898.84
Shares Outstanding	880.23
Equity Value Per Share	2,433.33