Unipro investors have little chance of receiving dividends before the 31st year.

Figure 1.

Thus, the task is to somehow evaluate the company without dividends.

And here, in my opinion, there are two options.

Use a strict FCF, which should be linearly approximated and extended for the next seven years.

Or use a simple arithmetic average of the normal free cash flow line for past years a ... Читать дальше »