Intrinsic value of Mobile TeleSystems ADR - MBT

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$11.97

  Intrinsic Value

$11.81

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  Rating & Target

hold

-1%

Previous close

$11.97

 
Intrinsic value

$11.81

 
Up/down potential

-1%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MBT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Mobile TeleSystems ADR (MBT) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.12
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  7,410
  7,566
  7,746
  7,952
  8,181
  8,435
  8,712
  9,013
  9,339
  9,689
  10,065
  10,466
  10,894
  11,350
  11,834
  12,347
  12,891
  13,466
  14,074
  14,716
  15,395
  16,110
  16,864
  17,660
  18,497
  19,379
  20,308
  21,285
  22,313
  23,395
  24,533
Variable operating expenses, $m
 
  5,900
  6,040
  6,198
  6,375
  6,571
  6,785
  7,018
  7,269
  7,540
  7,830
  8,083
  8,413
  8,765
  9,139
  9,535
  9,955
  10,399
  10,869
  11,365
  11,889
  12,441
  13,024
  13,638
  14,285
  14,966
  15,683
  16,438
  17,232
  18,067
  18,946
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,919
  5,900
  6,040
  6,198
  6,375
  6,571
  6,785
  7,018
  7,269
  7,540
  7,830
  8,083
  8,413
  8,765
  9,139
  9,535
  9,955
  10,399
  10,869
  11,365
  11,889
  12,441
  13,024
  13,638
  14,285
  14,966
  15,683
  16,438
  17,232
  18,067
  18,946
Operating income, $m
  1,491
  1,666
  1,707
  1,754
  1,806
  1,864
  1,927
  1,995
  2,069
  2,149
  2,235
  2,384
  2,481
  2,585
  2,695
  2,812
  2,936
  3,067
  3,205
  3,351
  3,506
  3,669
  3,841
  4,022
  4,212
  4,413
  4,625
  4,847
  5,082
  5,328
  5,587
EBITDA, $m
  2,907
  2,982
  3,053
  3,134
  3,225
  3,324
  3,434
  3,552
  3,681
  3,819
  3,967
  4,125
  4,294
  4,473
  4,664
  4,866
  5,081
  5,307
  5,547
  5,800
  6,068
  6,350
  6,647
  6,960
  7,290
  7,638
  8,004
  8,389
  8,794
  9,221
  9,669
Interest expense (income), $m
  456
  371
  383
  396
  411
  427
  445
  465
  487
  511
  536
  563
  592
  623
  655
  690
  727
  766
  808
  852
  898
  947
  998
  1,053
  1,110
  1,170
  1,234
  1,301
  1,371
  1,445
  1,523
Earnings before tax, $m
  1,150
  1,294
  1,324
  1,358
  1,395
  1,436
  1,481
  1,530
  1,582
  1,639
  1,699
  1,821
  1,889
  1,962
  2,040
  2,122
  2,208
  2,300
  2,397
  2,500
  2,608
  2,722
  2,842
  2,969
  3,102
  3,243
  3,391
  3,546
  3,710
  3,882
  4,064
Tax expense, $m
  258
  349
  358
  367
  377
  388
  400
  413
  427
  442
  459
  492
  510
  530
  551
  573
  596
  621
  647
  675
  704
  735
  767
  802
  838
  876
  916
  958
  1,002
  1,048
  1,097
Net income, $m
  824
  945
  967
  991
  1,019
  1,049
  1,081
  1,117
  1,155
  1,196
  1,240
  1,329
  1,379
  1,432
  1,489
  1,549
  1,612
  1,679
  1,750
  1,825
  1,904
  1,987
  2,075
  2,167
  2,265
  2,367
  2,475
  2,589
  2,708
  2,834
  2,966

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  461
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,260
  8,985
  9,200
  9,444
  9,716
  10,017
  10,347
  10,705
  11,091
  11,507
  11,954
  12,430
  12,939
  13,480
  14,054
  14,664
  15,309
  15,993
  16,715
  17,478
  18,283
  19,133
  20,029
  20,973
  21,968
  23,016
  24,118
  25,279
  26,501
  27,785
  29,137
Adjusted assets (=assets-cash), $m
  8,799
  8,985
  9,200
  9,444
  9,716
  10,017
  10,347
  10,705
  11,091
  11,507
  11,954
  12,430
  12,939
  13,480
  14,054
  14,664
  15,309
  15,993
  16,715
  17,478
  18,283
  19,133
  20,029
  20,973
  21,968
  23,016
  24,118
  25,279
  26,501
  27,785
  29,137
Revenue / Adjusted assets
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  6,168
  6,295
  6,445
  6,616
  6,807
  7,018
  7,248
  7,499
  7,770
  8,061
  8,374
  8,708
  9,064
  9,443
  9,846
  10,273
  10,725
  11,204
  11,710
  12,244
  12,808
  13,404
  14,031
  14,693
  15,390
  16,123
  16,896
  17,709
  18,565
  19,465
  20,412
Working capital, $m
  -621
  -235
  -240
  -247
  -254
  -261
  -270
  -279
  -290
  -300
  -312
  -324
  -338
  -352
  -367
  -383
  -400
  -417
  -436
  -456
  -477
  -499
  -523
  -547
  -573
  -601
  -630
  -660
  -692
  -725
  -761
Total debt, $m
  4,935
  4,611
  4,768
  4,947
  5,146
  5,366
  5,606
  5,868
  6,151
  6,455
  6,781
  7,130
  7,501
  7,897
  8,317
  8,762
  9,234
  9,734
  10,262
  10,819
  11,408
  12,029
  12,684
  13,374
  14,102
  14,867
  15,674
  16,522
  17,415
  18,354
  19,342
Total liabilities, $m
  6,892
  6,568
  6,725
  6,904
  7,103
  7,323
  7,563
  7,825
  8,108
  8,412
  8,738
  9,087
  9,458
  9,854
  10,274
  10,719
  11,191
  11,691
  12,219
  12,776
  13,365
  13,986
  14,641
  15,331
  16,059
  16,824
  17,631
  18,479
  19,372
  20,311
  21,299
Total equity, $m
  2,368
  2,417
  2,475
  2,540
  2,614
  2,695
  2,783
  2,880
  2,984
  3,096
  3,216
  3,344
  3,481
  3,626
  3,781
  3,945
  4,118
  4,302
  4,496
  4,702
  4,918
  5,147
  5,388
  5,642
  5,909
  6,191
  6,488
  6,800
  7,129
  7,474
  7,838
Total liabilities and equity, $m
  9,260
  8,985
  9,200
  9,444
  9,717
  10,018
  10,346
  10,705
  11,092
  11,508
  11,954
  12,431
  12,939
  13,480
  14,055
  14,664
  15,309
  15,993
  16,715
  17,478
  18,283
  19,133
  20,029
  20,973
  21,968
  23,015
  24,119
  25,279
  26,501
  27,785
  29,137
Debt-to-equity ratio
  2.084
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.040
  2.060
  2.090
  2.110
  2.130
  2.160
  2.180
  2.200
  2.220
  2.240
  2.260
  2.280
  2.300
  2.320
  2.340
  2.350
  2.370
  2.390
  2.400
  2.420
  2.430
  2.440
  2.460
  2.470
Adjusted equity ratio
  0.217
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  824
  945
  967
  991
  1,019
  1,049
  1,081
  1,117
  1,155
  1,196
  1,240
  1,329
  1,379
  1,432
  1,489
  1,549
  1,612
  1,679
  1,750
  1,825
  1,904
  1,987
  2,075
  2,167
  2,265
  2,367
  2,475
  2,589
  2,708
  2,834
  2,966
Depreciation, amort., depletion, $m
  1,416
  1,316
  1,346
  1,380
  1,419
  1,461
  1,507
  1,557
  1,611
  1,670
  1,732
  1,742
  1,813
  1,889
  1,969
  2,055
  2,145
  2,241
  2,342
  2,449
  2,562
  2,681
  2,806
  2,939
  3,078
  3,225
  3,379
  3,542
  3,713
  3,893
  4,082
Funds from operations, $m
  1,415
  2,261
  2,313
  2,372
  2,437
  2,509
  2,588
  2,674
  2,766
  2,866
  2,972
  3,071
  3,192
  3,321
  3,458
  3,603
  3,757
  3,920
  4,092
  4,274
  4,465
  4,668
  4,881
  5,106
  5,343
  5,592
  5,854
  6,131
  6,421
  6,727
  7,049
Change in working capital, $m
  -806
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
Cash from operations, $m
  2,221
  2,266
  2,318
  2,378
  2,444
  2,517
  2,597
  2,683
  2,777
  2,877
  2,984
  3,083
  3,205
  3,335
  3,473
  3,619
  3,774
  3,938
  4,111
  4,294
  4,486
  4,690
  4,904
  5,130
  5,369
  5,619
  5,883
  6,161
  6,453
  6,761
  7,084
Maintenance CAPEX, $m
  0
  -1,234
  -1,259
  -1,289
  -1,323
  -1,361
  -1,404
  -1,450
  -1,500
  -1,554
  -1,612
  -1,675
  -1,742
  -1,813
  -1,889
  -1,969
  -2,055
  -2,145
  -2,241
  -2,342
  -2,449
  -2,562
  -2,681
  -2,806
  -2,939
  -3,078
  -3,225
  -3,379
  -3,542
  -3,713
  -3,893
New CAPEX, $m
  -1,465
  -127
  -150
  -171
  -191
  -211
  -231
  -251
  -271
  -292
  -313
  -334
  -356
  -379
  -403
  -427
  -452
  -479
  -506
  -535
  -564
  -595
  -628
  -661
  -697
  -734
  -773
  -813
  -856
  -900
  -947
Cash from investing activities, $m
  -975
  -1,361
  -1,409
  -1,460
  -1,514
  -1,572
  -1,635
  -1,701
  -1,771
  -1,846
  -1,925
  -2,009
  -2,098
  -2,192
  -2,292
  -2,396
  -2,507
  -2,624
  -2,747
  -2,877
  -3,013
  -3,157
  -3,309
  -3,467
  -3,636
  -3,812
  -3,998
  -4,192
  -4,398
  -4,613
  -4,840
Free cash flow, $m
  1,246
  905
  909
  918
  930
  945
  963
  983
  1,006
  1,031
  1,059
  1,074
  1,108
  1,143
  1,182
  1,223
  1,267
  1,314
  1,364
  1,417
  1,473
  1,533
  1,596
  1,663
  1,733
  1,808
  1,886
  1,969
  2,056
  2,148
  2,244
Issuance/(repayment) of debt, $m
  -502
  137
  157
  178
  199
  220
  241
  262
  283
  304
  326
  349
  372
  395
  420
  446
  472
  499
  528
  558
  589
  621
  655
  690
  727
  766
  806
  848
  893
  939
  988
Issuance/(repurchase) of shares, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -514
  137
  157
  178
  199
  220
  241
  262
  283
  304
  326
  349
  372
  395
  420
  446
  472
  499
  528
  558
  589
  621
  655
  690
  727
  766
  806
  848
  893
  939
  988
Total cash flow (excl. dividends), $m
  643
  1,043
  1,066
  1,096
  1,129
  1,165
  1,203
  1,245
  1,289
  1,335
  1,385
  1,423
  1,479
  1,539
  1,602
  1,669
  1,739
  1,813
  1,892
  1,975
  2,062
  2,154
  2,251
  2,353
  2,460
  2,573
  2,692
  2,817
  2,949
  3,087
  3,232
Retained Cash Flow (-), $m
  355
  -49
  -58
  -66
  -73
  -81
  -89
  -96
  -104
  -112
  -120
  -128
  -137
  -146
  -155
  -164
  -174
  -184
  -194
  -205
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -312
  -329
  -346
  -364
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  993
  1,008
  1,031
  1,056
  1,084
  1,115
  1,148
  1,185
  1,223
  1,265
  1,295
  1,342
  1,393
  1,447
  1,505
  1,565
  1,630
  1,698
  1,770
  1,845
  1,926
  2,010
  2,099
  2,193
  2,291
  2,395
  2,505
  2,620
  2,741
  2,869
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  942
  901
  864
  825
  784
  742
  698
  652
  606
  558
  504
  456
  409
  364
  319
  277
  237
  200
  167
  137
  110
  87
  68
  52
  39
  28
  20
  14
  10
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Mobil'nye Telesistemy PAO is a Russia-based provider of telecommunications services. The Company provides mobile and fixed-line voice and data telecommunications services, including data transfer, broadband, pay-television (pay-TV) and various value-added services, as well as selling equipment and accessories. The Company operates through segments, which include Russia convergent, Moscow fixed line and Ukraine. Its Russia Convergent segment includes mobile and fixed-line operations, which encompasses services rendered to customers across regions of Russia, including voice and data services, transmission, broadband, pay-TV and other value-added services. Its Moscow fixed-line segment includes fixed-line operations carried out in Moscow by the Company's subsidiary MGTS. Its Ukraine segment includes mobile and fixed-line operations carried out across multiple regions of Ukraine. The Company also offers software solutions, such as LiteBox, a cloud-based tool for online cash operations.

FINANCIAL RATIOS  of  Mobile TeleSystems ADR (MBT)

Valuation Ratios
P/E Ratio 28.9
Price to Sales 3.2
Price to Book 10
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 31.5
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 172.3%
Total Debt to Equity 208.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 32.4%
Return On Equity - 3 Yr. Avg. 31.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.3%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 40.8%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 22.1%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 22.4%
Eff/ Tax Rate - 3 Yr. Avg. 23%
Payout Ratio 109%

MBT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MBT stock intrinsic value calculation we used $7410 million for the last fiscal year's total revenue generated by Mobile TeleSystems ADR. The default revenue input number comes from 2016 income statement of Mobile TeleSystems ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MBT stock valuation model: a) initial revenue growth rate of 2.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.5%, whose default value for MBT is calculated based on our internal credit rating of Mobile TeleSystems ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mobile TeleSystems ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MBT stock the variable cost ratio is equal to 78%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MBT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.3% for Mobile TeleSystems ADR.

Corporate tax rate of 27% is the nominal tax rate for Mobile TeleSystems ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MBT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MBT are equal to 83.2%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Mobile TeleSystems ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MBT is equal to -3.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2368 million for Mobile TeleSystems ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 939.156 million for Mobile TeleSystems ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mobile TeleSystems ADR at the current share price and the inputted number of shares is $11.2 billion.

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Financial statements of MBT
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