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{"sheet":"Title","index":0,"n_rows":54,"n_cols":4,"rows_kept":54,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
[]
[null,null,null,"Название проекта"]
[null,null,null,"Финансовая модель"]
[]
[null,"Стиль","Дизайн","Комментарий"]
[]
[null,"Заголовок 1","Заголовок 1","Заголовок 1-ого уровня"]
[]
[null,"Заголовок 2","Заголовок 2","Заголовок 2-ого уровня"]
[]
[null,"Заголовок 3","Заголовок 3","Заголовок 3-ого уровня"]
[]
[null,"Заголовок листа","Заголовок листа","Единый заголовок для всех листов ФМ"]
[]
[null,"Данные",20,"Данные, вводимые пользователем вручную"]
[]
[null,"Расчёт",20,"Ячейка с формулой (в ячейке не должно быть: чисел, ссылок на другие листы/книги)"]
[]
[null,"Другой лист",20,"Значения, подтягиваемые с другого листа (следует минимизировать подобные обращения)"]
[]
[null,"Подитог",20,"Сумма значений сверху"]
[]
[null,"Итог",20,"Сумма значений типа \"Итог\""]
[]
[null,"Заголовок таблицы",20,"Первая строка таблицы, используемой на листе. Данные в таких ячейках имеют приоритет над заголовком листа."]
[]
[null,"Флаг",1,"Бинарный флаг: 0 / 1"]
[]
[null,"Флаг (данные)",1,"Бинарный флаг: 0 / 1 - вводится вручную"]
[]
[null,"Сценарий",20,"Выбор сценария, настройка чувствительности. Только данные, вводимые пользователем вручную."]
[]
[null,"Результат сценария",20,"Результат/переменная, непосредственно зависящая от сценарных условий"]
[]
[null,"Результат VBA",20,"Результат (числовое значение) от выполнения программы в VBA или макроса"]
[]
[null,"Комментарий","Комментарий","Комментарии пользователя"]
[]
[null,"Пустая ячейка",null,"Ячейка, специально оставлена пустой (отмечена во избежание ошибок)"]
[]
[null,"Другой файл",20,"Данные, перенесенные из других расчетных файлов, связанных с моделью"]
[]
[null,"Проверка",true,"Перекрёстная проверка результатов"]
[]
[]
[null,"Лист","Дизайн","Комментарий"]
[]
[null,"Листы модели",null,"Листы, содержащие вычисления, непосредственно относящиеся к финансовой модели"]
[]
[null,"Листы вывода/контроля",null,"Листы, с результирующей/сводной информацией. Содержат управление сценариями, управление чувствительностью"]
[]
[null,"Исходные данные",null,"Листы с исходными данными"]
[]
[null,"Технические листы",null,"Листы с технической информацией, содержат"]

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["ТМК"]
["DCF"]
[null,null,null,"Показатель",null,"Комментарий","Ед. изм.",null,"Итого",null,null,2020,2021,2022,2023,2024]
[]
[null,null,null,"Потенциальная стоимость акции",null,null,"руб.",null,75.92091005560566]
[null,null,null,"Потенциальный апсайд",null,null,"%",null,0.1234227590353012]
[]
[1,"Расчет денежных потоков"]
[]
[null,11,"NOPAT"]
[]
[null,null,null,"Выручка"]
[null,null,null,"Бесшовные трубы",null,"Допущение","млн руб.",{"$nulls":4},166262,273080,271601.2866248766,292514.5856949921,315038.2087935065]
[null,null,null,"Сварные трубы",null,"Допущение","млн руб.",{"$nulls":4},40362,97219,65730.87953885349,70792.15726334522,76243.15337262281]
[]
[null,null,null,"Объем реализации"]
[null,null,null,"Бесшовные трубы",null,"Допущение","тыс. тн",{"$nulls":4},2026,3073,3073,3073,3073]
[null,null,null,"Сварные трубы",null,"Допущение","тыс. тн",{"$nulls":4},785,1187,1187,1187,1187]
[]
[null,null,null,"Цена реализации труб"]
[null,null,null,"Бесшовные трубы",null,null,"тыс. руб. / тн",{"$nulls":4},82.06416584402764,88.86430198503092]
[null,null,null,"Сварные трубы",null,null,"тыс. руб. / тн",{"$nulls":4},51.41656050955414,81.90311710193765]
[]
[]
[null,null,null,"Итого выручка",null,null,"млн руб.",{"$nulls":4},222621,428981]
[null,null,null,"Выручка Европы",null,null,"млн руб.",{"$nulls":4},25377,32136]
[null,null,null,"Доля выручки в Европе",null,"Допущение","%",null,0.09445217508456306,null,null,0.11399194146104814,0.07491240870807798]
[]
[null,null,null,"Ежегодная индексация выручки",null,"Допущение","%",null,0.077,null,null,null,1,1.077,1.159929,1.249243533]
[]
[null,null,null,"Прочая выручка",null,"Допущение","млн руб.",null,37339.5,null,null,15997,58682,37339.5,37339.5,37339.5]
[]
[null,null,null,"Итого выручка без потери ЕС",null,null,"млн руб.",{"$nulls":4},222621,428981,374671.6661637301,400646.2429583373,428620.8621661293]
[]
[null,null,null,"Итого выручка с потерей рынка ЕС",null,"Допущение","млн руб.",{"$nulls":6},339283.11235200847,362804.333871464,388136.6894479177]
[]
[{"$nulls":11},2014,2015]
[null,null,null,"Операционная рентабельность",null,null,"%",null,0.0748,null,null,0.0788,0.0708]
[]
[null,null,null,"Операционная прибыль",null,null,"млн руб.",{"$nulls":6},25378.376803930234,27137.76417358551,29032.624370704245]
[]
[null,null,null,"Ставка налога на прибыль",null,null,"%",null,0.2]
[]
[null,null,null,"NOPAT",null,null,"млн руб.",null,65239.012278576,{"$nulls":4},20302.70144314419,21710.21133886841,23226.099496563398]
[]
[null,12,"CAPEX"]
[]
[{"$nulls":11},2014,2015]
[null,null,null,"CAPEX",null,null,"млн руб.",{"$nulls":4},11205,12696]
[null,null,null,"Выручка",null,null,"млн руб.",{"$nulls":4},230373,249674]
[null,null,null,"CAPEX / Выручка",null,null,"%",null,0.04974441056417093,null,null,0.048638512325663165,0.05085030880267869]
[]
[null,null,null,"CAPEX",null,null,"млн руб.",{"$nulls":6},-16877.43843832804,-18047.48773856265,-19307.630834915326]
[]
[]
[null,13,"Амортизация"]
[{"$nulls":11},2014,2015,2016,2017,2018,2019,2020,2021]
[null,null,null,"Аморизация",null,null,"млн руб.",null,14856.75,null,null,11582,15298,16125,15352,16765,13282,12651,17799]
[]
[null,14,"Проценты"]
[]
[null,null,null,"Долг на начало периода",null,null,"млн руб.",null,332072]
[null,null,null,"Номинальная процентная ставка",null,"Презентация компании","%",null,0.0716]
[]
[null,null,null,"Процентные расходы",{"$nulls":4},23776.355199999998,{"$nulls":4},-23776.355199999998,-23776.355199999998,-23776.355199999998]
[]
[null,15,"FCFF"]
[]
[null,null,null,"FCFF",null,null,"млн руб.",{"$nulls":6},18282.013004816148,18519.47360030576,18775.218661648072]
[]
[2,"Расчет терминальной стоимости"]
[]
[{"$nulls":11},2014,2015,2016,2017,2018,2019,2020,2021]
[null,null,null,"EV / S",null,"financemarker.ru",null,null,0.8462500000000001,null,null,0.87,0.97,1.08,0.94,0.73,0.74,0.73,0.71]
[]
[null,null,null,"Терминальная стоимость",null,null,"млн руб.",{"$nulls":8},328460.6734453004]
[]
[3,"Расчет ставки дисконтирования"]
[]
[null,null,null,"Бета",null,"investing.ru",null,null,0.75]
[]
[null,null,null,"Безрисковая ставка",null,"investing: Россия 10-летние 07.04.2022","%",null,0.118]
[null,null,null,"Премия за рыночный риск",null,"Допущение","%",null,0.08]
[]
[null,null,null,"CAPM",{"$nulls":4},0.178]
[]
[null,null,null,"Собственный капитал",null,null,"млн руб.",null,49901]
[null,null,null,"Денежные средства",null,null,"млн руб.",null,96340]
[]
[null,null,null,"Доля СК",null,null,"%",null,0.13064012377838224]
[null,null,null,"Доля долга",null,null,"%",null,0.8693598762216177]
[]
[null,null,null,"WACC",null,null,"%",null,0.0730508757425263,null,null,null,1,1.0730508757425263,1.1514381819318027,1.2355517494853032]
[]
[4,"Расчет дисконтированных денежных потоков"]
[]
[null,null,null,"FCFF в дисконтированном выражении",null,null,"млн руб.",null,48317.00806375326,{"$nulls":4},17037.41492421356,16083.775830010325,15195.817309529375]
[null,null,null,"Терминальная стоимость в дисконтированном выражении",null,null,"млн руб.",null,265841.2920236874,{"$nulls":4},0,0,265841.2920236874]
[null,null,null,"EV",null,null,"млн руб.",null,314158.30008744064]
[]
[5,"Оценка стоимости компании"]
[]
[null,null,null,"EV",null,null,"млн руб.",null,314158.30008744064]
[null,null,null,"Чистый долг",null,null,"млн руб.",null,-235732]
[null,null,null,"Капитализация",null,null,"млн руб.",null,78426.30008744064]
[]
[null,null,null,"Количество акций",null,null,"млн шт.",null,1033]
[]
[null,null,null,"Текущая цена акции",null,"2022-04-07","руб.",null,67.58]
[null,null,null,"Потенциальная стоимость акции",null,null,"руб.",null,75.92091005560566]
[null,null,null,"Потенциальный апсайд",null,null,"%",null,0.1234227590353012]
[]
[null,null,null,"Показатель","Ед. изм.",2022,2023,2024]
[null,null,null,"Темп роста","%",-0.2090952458220563,0.06932623718404263,0.06982374026829707]
[null,null,null,"Выручка","млрд руб.",339.28311235200846,362.804333871464,388.13668944791766]
[null,null,null,"CAPEX","млрд руб.",16.877438438328042,18.04748773856265,19.307630834915326]
[null,null,null,"EBITDA","млрд руб.",49.15473200393023,50.91411937358551,52.808979570704246]
[null,null,null,"FCFF","млрд руб.",18.282013004816147,18.51947360030576,18.775218661648072]
[]
[null,null,null,"Enterprise Value","млрд руб.",314.15830008744064]
[null,null,null,"Чистый долг","млрд руб.",235.732]
[null,null,null,"Капитализация","млрд руб.",78.42630008744064]
[]
[null,null,null,"Потенциальная стоимость акции",null,75.92091005560566]
[null,null,null,"Потенциальный апсайд",null,0.1234227590353012]