╨Ф╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╨░╤П EBITDA

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ LTM EBITDA (TTM)?

LTM EBITDA (EBITDA ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓) тАФ ╤Н╤В╨╛ ╤А╨░╤Б╤З╨╡╤В ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓, ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╨╕ ╨╕ ╨║╨╛╨╝╨┐╨╛╨╜╨╡╨╜╤В╨╛╨▓ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╨╕ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓.

• LTM EBITDA тАФ ╨▓╨░╨╢╨╜╤Л╨╣ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨┐╤А╨╕ ╨╛╤Ж╨╡╨╜╨║╨╡ ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╨▓ ╨▒╨╛╨╗╤М╤И╨╡╨╣ ╤Б╤В╨╡╨┐╨╡╨╜╨╕ ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨╛╨▓╨░╨╜ ╨╜╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╖╨░ ╨▒╨╗╨╕╨╢╨░╨╣╤И╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓.
• ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╤Н╤В╨╛ ╨╛╨┤╨╕╨╜ ╨╕╨╖ ╨╗╤Г╤З╤И╨╕╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓ ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╤П ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░╨а╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║╨д╨╛╤А╨╝╤Г╨╗╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨│╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨│╨╛ ╨┐╨╛╤В╨╛╨║╨░ ╨╛╤В╨╛╨▒╤А╨░╨╢╨░╨╡╤В ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╣ ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╤З╨╡╤В╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╕╨╖ ╨╛╨▒╤Й╨╡╨╣ ╨▓╤Л╤А╤Г╤З╨║╨╕. ╨Х╨│╨╛ ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╜╨╛ ╨╛╤Ж╨╡╨╜╨╕╤В╤М ╨║╨░╨║ ╤Б╨╛╨▓╨╛╨║╤Г╨┐╨╜╨╛╤Б╤В╤М ╤З╨╕╤Б╤В╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╨╕, ╨╕╨╖╨╝╨╡╨╜╨╡╨╜╨╕╨╣ ╨▓ ╨░╨║╤В╨╕╨▓╨░╤Е ╨╕ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░╤Е ╨╕ ╨╜╨╡╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╛╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓ ╨╕ ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╜╨░ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╤О ╨╕ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╤О ╤Б ╤Г╤З╨╡╤В╨╛╨╝ ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╤О╤Й╨╕╤Е ╤Б╤Ж╨╡╨╜╨░╤А╨╕╨╡╨▓.

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ LTM EBITDA (TTM)?
  • ╨а╨░╤Б╤З╨╡╤В LTM EBITDA
  • ╨Ш╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ LTM EBITDA
  • TTM EBITDA ╨▓ ╨░╨╜╨░╨╗╨╕╨╖╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓
    • 1) ╨Ь╨░╤А╨╢╨░ EBITDA ╨в╨в╨Ь
    • 2) ╨Я╨╛╨║╤А╤Л╤В╨╕╨╡ EBITDA TTM
  • ╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡
  • ╨Т╨╕╨┤╨╡╨╛ LTM EBITDA
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨Ю╨▒╤А╨░╤В╨╕╤В╨╡ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡, ╤З╤В╨╛ LTM EBITDA ╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╨░ ╨║╨░╨║ TTM EBITDA (Trailing Twelve Months).

╨а╨░╤Б╤З╨╡╤В LTM EBITDA

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨┐╨╛╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨░ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╣ ╨╛╤В╤З╨╡╤В ╨╛ ╨┐╤А╨╕╨▒╤Л╨╗╤П╤Е ╨╕ ╤Г╨▒╤Л╤В╨║╨░╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ABC.

╨б╨╜╨░╤З╨░╨╗╨░ ╨┐╨╛╤Б╤З╨╕╤В╨░╨╡╨╝ EBITDA ╨╖╨░ ╨║╨░╨╗╨╡╨╜╨┤╨░╤А╨╜╤Л╨╣ ╨│╨╛╨┤.

• = EBITDA (1 ╨║╨▓. 2017 ╨│.) + EBITDA (2 ╨║╨▓. 2017 ╨│.) + EBITDA (3 ╨║╨▓. 2017 ╨│.) + EBITDA (4 ╨║╨▓. 2017 ╨│.)
• = 123 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 154 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 192 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 240 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р = 708 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р

╨в╨╡╨┐╨╡╤А╤М, ╨║╨╛╨│╨┤╨░ ╨╝╤Л ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╗╨╕ ╨║╨░╨╗╨╡╨╜╨┤╨░╤А╨╜╤Л╨╣ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М EBITDAEBITDAEBITDA, ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨┤╨╛╤Е╨╛╨┤╨░╨╝ ╨▒╨╕╨╖╨╜╨╡╤Б╨░ ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓╤Л╤Е ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓, ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╜╨░ ╨╕╨╖╨╜╨╛╤Б ╨╕ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╤О ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨┤╨╗╤П ╨┐╤А╨╛╤Б╨╝╨╛╤В╤А╨░ ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╕╤Е ╨┤╨╛╤Е╨╛╨┤╨╛╨▓ ╨▒╨╕╨╖╨╜╨╡╤Б╨░ ╨╕ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨▓ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╤В╨╛╨╗╤М╨║╨╛ ╨╛╤В ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╣ ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╨░ ╤В╨░╨║╨╢╨╡ ╤З╤В╨╛╨▒╤Л ╤Б╤А╨░╨▓╨╜╨╕╤В╤М ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╤М ╨▒╨╕╨╖╨╜╨╡╤Б╨░ ╤Б ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤П╨╝╨╕ ╨╡╨│╨╛ ╨║╨╛╨╜╨║╤Г╤А╨╡╨╜╤В╨╛╨▓. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨┤╨░╨▓╨░╨╣╤В╨╡ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╨╡╨╝ EBITDA ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ (╨┐╤А╨╕ ╤Г╤Б╨╗╨╛╨▓╨╕╨╕, ╤З╤В╨╛ ╨▓╤Л ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╨╡ EBITDA LTM тАЛтАЛ╨▓ ╨░╨┐╤А╨╡╨╗╨╡ 2018 ╨│.)

• LTM EBITDA = EBITDA (1 ╨║╨▓. 2018 ╨│.) + EBITDA (4 ╨║╨▓. 2017 ╨│.) + EBITDA (3 ╨║╨▓. 2017 ╨│.) + EBITDA (2 ╨║╨▓. 2017 ╨│.)
• EBITDA TTM = 300 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 240 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 192 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р + 154 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р = 886 ╨┤╨╛╨╗╨╗. ╨б╨и╨Р.

╨Ш╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ LTM EBITDA

• TTM EBITDA ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨▓ ╤Б╨╗╨╕╤П╨╜╨╕╤П╤Е ╨╕ ╨┐╨╛╨│╨╗╨╛╤Й╨╡╨╜╨╕╤П╤Е╨б╨╗╨╕╤П╨╜╨╕╤П ╨╕ ╨┐╨╛╨│╨╗╨╛╤Й╨╡╨╜╨╕╤П╨б╨╗╨╕╤П╨╜╨╕╤П ╨╕ ╨┐╨╛╨│╨╗╨╛╤Й╨╡╨╜╨╕╤П (M&A) ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤Б╨╛╨▒╨╛╨╣ ╤Б╨╛╤В╤А╤Г╨┤╨╜╨╕╤З╨╡╤Б╤В╨▓╨╛ ╨╝╨╡╨╢╨┤╤Г ╨┤╨▓╤Г╨╝╤П ╨╕╨╗╨╕ ╨▒╨╛╨╗╨╡╨╡ ╤Д╨╕╤А╨╝╨░╨╝╨╕. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤Б╨╗╨╕╤П╨╜╨╕╤П ╨┤╨▓╨╡ ╨╕╨╗╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╣, ╤Д╤Г╨╜╨║╤Ж╨╕╨╛╨╜╨╕╤А╤Г╤О╤Й╨╕╤Е ╨╜╨░ ╨╛╨┤╨╜╨╛╨╝ ╤Г╤А╨╛╨▓╨╜╨╡, ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╤О╤В╤Б╤П, ╤З╤В╨╛╨▒╤Л ╤Б╨╛╨╖╨┤╨░╤В╤М ╨╜╨╛╨▓╤Л╨╣ ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╤Г╤О╤Й╨╕╨╣ ╤Б╤Г╨▒╤К╨╡╨║╤В. ╨Я╤А╨╕ ╨┐╨╛╨│╨╗╨╛╤Й╨╡╨╜╨╕╨╕ ╨▒╨╛╨╗╨╡╨╡ ╨║╤А╤Г╨┐╨╜╨░╤П ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╤П ╨┐╨╛╨║╤Г╨┐╨░╨╡╤В ╨╝╨╡╨╜╤М╤И╤Г╤О ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╨╡╨╜╨╜╤Г╤О ╨╡╨┤╨╕╨╜╨╕╤Ж╤Г ╨┤╨╗╤П ╤А╨░╤Б╤И╨╕╤А╨╡╨╜╨╕╤П.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡. ╨Я╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╡ ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╨╕ ╨┐╤А╨╡╨┤╨┐╨╛╤З╨╕╤В╨░╤О╤В ╨╛╤Ж╨╡╨╜╨╕╨▓╨░╤В╤М ╤Ж╨╡╨╜╤Г ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╤П Target Company ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ TTM EBITDA. ╨н╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╝ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╕╤В╤М ╤Д╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨╜╨╡ ╨┐╤А╨╕╨╜╨╕╨╝╨░╤П ╨▓╨╛ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╨┐╨╛╤Б╨╗╨╡╨┤╤Б╤В╨▓╨╕╤П ╨╡╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╤А╨╡╤И╨╡╨╜╨╕╨╣.
• LTM EBITDA ╨┤╨░╨╡╤В ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨╛ ╤З╨╕╤Б╤В╤Л╤Е ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨░╤Е ╨╗╤О╨▒╨╛╨╣ ╨╝╨╛╨╗╨╛╨┤╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨в╨░╨║╨╢╨╡ ╤А╨░╤Б╤Б╨║╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨╛╨▒ ╤Н╤Д╤Д╨╡╨║╤В╨╡ ╤Б╨╕╨╜╨╡╤А╨│╨╕╨╕ ╨╜╨░ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╕ ╨╗╤О╨▒╨╛╨╣ ╤А╨╡╨╛╤А╨│╨░╨╜╨╕╨╖╤Г╨╡╨╝╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕.
• ╨Ш╨╜╨▓╨╡╤Б╤В╨╛╤А╤Л ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В EBITDA ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╛╤Ж╨╡╨╜╨║╨╕ ╨╕ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤П ╨╕╤Е ╤Б ╨┤╤А╤Г╨│╨╕╨╝╨╕ ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╤М╨╜╤Л╨╝╨╕ ╤Ж╨╡╨╗╨╡╨▓╤Л╨╝╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝╨╕. ╨Ю╨┤╨╜╨░╨║╨╛ ╨┐╨╛╨║╤Г╨┐╨║╨░ Target Company ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╤Б╨╛╨▓╨╡╤А╤И╨╡╨╜╨░ ╨▓ ╨╗╤О╨▒╨╛╨╣ ╨╝╨╛╨╝╨╡╨╜╤В ╨▓╤А╨╡╨╝╨╡╨╜╨╕, ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ EBITDA ╨╜╨░ ╨║╨╛╨╜╨╡╤Ж ╨│╨╛╨┤╨░ ╨┤╨╗╤П ╤А╨░╤Б╤З╨╡╤В╨░ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╝╨╛╨╢╨╡╤В ╨╛╨╖╨╜╨░╤З╨░╤В╤М ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╜╨╡╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╤Л╨╡ ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л ╨╛╤Ж╨╡╨╜╨║╨╕. ╨б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛, ╤Б╤А╨╡╨┤╨╕ ╤В╨╡╤Е╨╜╨╕╨║╨╛╨▓ ╨╜╨░╨╕╨▒╨╛╨╗╨╡╨╡ ╨┐╨╛╨┤╤Е╨╛╨┤╤П╤Й╨╡╨╣ ╨┐╤А╨░╨║╤В╨╕╨║╨╛╨╣ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤А╨░╤Б╤З╨╡╤В LTM EBITDA ╨╜╨░ ╨╛╤Б╨╜╨╛╨▓╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╣ ╨╕╤Б╤В╨╛╤А╨╕╨╕ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╤Е ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╨╕ ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ ╨╕ ╤А╨░╤Б╤З╨╡╤В╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╛╤Ж╨╡╨╜╨║╨╕.

TTM EBITDA ╨▓ ╨░╨╜╨░╨╗╨╕╨╖╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓

1) ╨Ь╨░╤А╨╢╨░ EBITDA ╨в╨в╨Ь

╨Ь╨░╤А╨╢╨░ LTM EBITDA╨Ь╨░╤А╨╢╨░ EBITDA╨Ь╨░╤А╨╢╨░ EBITDA тАФ ╤Н╤В╨╛ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨▓╤Б╨╡╨╝ ╨╖╨░╨╕╨╜╤В╨╡╤А╨╡╤Б╨╛╨▓╨░╨╜╨╜╤Л╨╝ ╤Б╤В╨╛╤А╨╛╨╜╨░╨╝ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╤З╨╡╤В╨║╨╛╨╡ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨╛╨▒ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨┐╨╛╨╗╨╛╨╢╨╡╨╜╨╕╨╕ ╤Б ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╝╨╕ ╨┐╨╛╤В╨╛╨║╨░╨╝╨╕. ╨Ю╨╜ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤Г╤В╨╡╨╝ ╨┤╨╡╨╗╨╡╨╜╨╕╤П ╨┐╤А╨╕╨▒╤Л╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓, ╨╕╨╖╨╜╨╛╤Б╨░ ╨╕ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╨╕ (EBITDA) ╨╜╨░ ╨╡╨╡ ╤З╨╕╤Б╤В╤Г╤О ╨▓╤Л╤А╤Г╤З╨║╤Г. ╨Ь╨░╤А╨╢╨░ EBITDA = EBITDA / ╨з╨╕╤Б╤В╤Л╨╣ ╨╛╨▒╤К╨╡╨╝ ╨┐╤А╨╛╨┤╨░╨╢╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤В╨╛╨╝╤Г, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╛╤В ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╝╨╛╨╢╨╡╤В ╨│╨╡╨╜╨╡╤А╨╕╤А╨╛╨▓╨░╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┐╨╛ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤О ╨║ ╤Б╨▓╨╛╨╡╨╝╤Г ╨╛╨▒╤Й╨╡╨╝╤Г ╨┤╨╛╤Е╨╛╨┤╤Г ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓? ╨н╤В╨╛ ╨╛╨┤╨╕╨╜ ╨╕╨╖ ╨▓╨░╨╢╨╜╨╡╨╣╤И╨╕╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╨╛╨╝╨╛╨│╨░╤О╤В ╨╛╤Ж╨╡╨╜╨╕╤В╤М ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╤А╨╕╨╜╨╛╤Б╨╕╤В╤М ╨┤╨╛╤Е╨╛╨┤ ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╤А╨░╤Б╤Е╨╛╨┤╨░╨╝╨╕. ╨н╤В╨╕ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Г╤О ╨╢╨╕╨╖╨╜╨╡╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╤В╨╡╤А╨╝╨╕╨╜╨░╤Е, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤А╨░╤Б╤Б╤З╨╕╤В╤Л╨▓╨░╤О╤В╤Б╤П ╨║╨░╨║

╨Ь╨░╤А╨╢╨░ EBITDA TTM = EBITDA TTM / ╨Ю╨▒╤Й╨░╤П ╨▓╤Л╤А╤Г╤З╨║╨░ TTM ╨Ф╨╛╤Е╨╛╨┤ TTM ╨Ф╨╛╤Е╨╛╨┤ LTM, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨╖╨╜╨░╤З╨░╨╡╤В ╨┤╨╛╤Е╨╛╨┤ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ (╤В╨░╨║╨╢╨╡ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╤Л╨╣ ╨║╨░╨║ TTM — ╨┤╨╛╤Е╨╛╨┤ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓), ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╛╨▒╤Й╨╕╨╣ ╨┤╨╛╤Е╨╛╨┤ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╖╨░ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ ╨┤╨╛ ╨┤╨░╤В╤Л ╨╕╨╖╨╝╨╡╤А╨╡╨╜╨╕╤П; ╤Н╤В╨╛ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨▓ ╨╛╤Ж╨╡╨╜╨║╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░ ╨▓╤А╨╡╨╝╨╡╨╜╨╕. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

2) ╨Я╨╛╨║╤А╤Л╤В╨╕╨╡ EBITDA TTM

TTM EBITDA Coverage Ratio тАФ ╤Н╤В╨╛ ╤Б╨▓╨╛╨╡╨│╨╛ ╤А╨╛╨┤╨░ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨┐╨╗╨░╤В╨╡╨╢╨╡╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╨┐╨╛╨╗╤Г╤З╨╕╨╗╨░ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╤М ╨╝╨╡╤Б╤П╤Ж╨╡╨▓ ╨╛╤В ╤Б╨▓╨╛╨╡╨╣ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕. ╨┐╤А╨╛╨┤╨░╨╢, ╨┤╨╕╤Б╤В╤А╨╕╨▒╤Г╤Ж╨╕╨╕ ╨╕ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╤Б╤В╨▓╨░, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨║╤А╤Л╤В╤М ╤Б╨▓╨╛╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░, ╤В. ╨╡. ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л ╨╕ ╤А╨░╤Б╤Е╨╛╨┤╤Л ╨┐╨╛ ╨░╤А╨╡╨╜╨┤╨╡. ╨Х╨│╨╛ ╨╝╨╛╨╢╨╜╨╛ ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╨║╨░╨║

╨Ъ╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨┐╨╛╨║╤А╤Л╤В╨╕╤П LTM EBITDA = TTM EBITDA + LTM ╨а╨░╤Б╤Е╨╛╨┤╤Л ╨┐╨╛ ╨░╤А╨╡╨╜╨┤╨╡ / LTM ╨Я╤А╨╛╤Ж╨╡╨╜╤В╨╜╤Л╨╡ ╤А╨░╤Б╤Е╨╛╨┤╤Л + LTM ╨Я╤А╨╕╨╜╤Ж╨╕╨┐ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╤П + LTM ╨а╨░╤Б╤Е╨╛╨┤╤Л ╨┐╨╛ ╨░╤А╨╡╨╜╨┤╨╡

╨н╤В╨╛ ╨║╨╗╤О╤З╨╡╨▓╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л. ╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л. ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╡╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╨╡╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨б╤Г╤Й╨╡╤Б╤В╨▓╤Г╨╡╤В ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Д╨╛╤А╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╤В╤А╨░╨╢╨░╤О╤В ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╤Л ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤А╨╕╤Б╨║╨╕ ╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Г╤О ╤Н╤Д╤Д╨╡╨║╤В╨╕╨▓╨╜╨╛╤Б╤В╤М, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╨╛╨▒╨╛╤А╨░╤З╨╕╨▓╨░╨╡╨╝╨╛╤Б╤В╨╕ ╨░╨║╤В╨╕╨▓╨╛╨▓, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╨▒╨╕╨╖╨╜╨╡╤Б-╤А╨╕╤Б╨║╨░, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░, ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╤Л ╤Б╤В╨░╨▒╨╕╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╤В. ╨┤. ╤З╨╕╤В╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╤Б ╤В╨╛╤З╨║╨╕ ╨╖╤А╨╡╨╜╨╕╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨╕ ╨╛╨╜╨╕ ╨╝╨╛╨│╤Г╤В ╤А╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М ╤В╨╛ ╨╢╨╡ ╤Б╨░╨╝╨╛╨╡ ╨┤╨╗╤П (NTM) ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╨┤╨▓╨╡╨╜╨░╨┤╤Ж╨░╤В╨╕ ╨╝╨╡╤Б╤П╤Ж╨╡╨▓, ╤З╤В╨╛╨▒╤Л ╨╗╤Г╤З╤И╨╡ ╨┐╨╛╨╜╤П╤В╤М ╨║╨╛╨╝╨┐╨░╨╜╨╕╤О. LTM EBITDA ╤В╨░╨║╨╢╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╤В╤Б╤П ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨╖╨╜╨░╨╝╨╡╨╜╨░╤В╨╡╨╗╤П ╨┐╤А╨╕ ╨╛╤Ж╨╡╨╜╨║╨╡ ╤Ж╨╡╨╗╨╡╨▓╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╤В. ╨╡. ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П / LTM EBITDAEnterprise Value / LTM EBITDAEV ╨║ EBITDA ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╡ ╨╝╨╡╨╢╨┤╤Г ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М╤О ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П ╨╕ ╨┐╤А╨╕╨▒╤Л╨╗╤М╤О ╨┤╨╛ ╨▓╤Л╤З╨╡╤В╨░ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╨╛╨▓, ╨╜╨░╨╗╨╛╨│╨╛╨▓, ╨╕╨╖╨╜╨╛╤Б╨░ ╨╕ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╨▓ ╨╛╤Ж╨╡╨╜╨║╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╜╨░ ╨╛╤З╨╡╨╜╤М ╤В╨╛╨╜╨║╨╛╨╝ ╤Г╤А╨╛╨▓╨╜╨╡, ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤О╤Й╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╤Г ╤Б╤А╨░╨▓╨╜╨╕╤В╤М ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Г╤О ╨║╨╛╨╝╨┐╨░╨╜╨╕╤О ╤Б ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣ ╨▓ ╨╛╤В╤А╨░╤Б╨╗╨╕ ╨▓ ╤Ж╨╡╨╗╨╛╨╝ ╨╕╨╗╨╕ ╨▓ ╨┤╤А╤Г╨│╨╕╤Е ╤Б╤А╨░╨▓╨╜╨╕╤В╨╡╨╗╤М╨╜╤Л╤Е ╨╛╤В╤А╨░╤Б╨╗╤П╤Е. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡.

╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡

LTM EBITDA ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╨╜╨░╨╝ ╨┐╨╛╨╜╤П╤В╤М ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╣ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╤В╨╛, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Е╨╛╤А╨╛╤И╨╛ ╨╛╨╜╨░ ╤Б╨┐╤А╨░╨▓╨╗╤П╨╡╤В╤Б╤П ╤Б╨╛ ╤Б╨▓╨╛╨╕╨╝╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╛╨╜╨╜╤Л╨╝╨╕ ╤А╨╡╤И╨╡╨╜╨╕╤П╨╝╨╕. ╨Ю╨┤╨╜╨░╨║╨╛ ╨╝╨╜╨╛╨│╨╕╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╤Н╤В╨╛╤В ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤М ╨┤╨╗╤П ╨╛╤Д╨╛╤А╨╝╨╗╨╡╨╜╨╕╤П ╤Б╨▓╨╛╨╡╨╣ ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╛╨╣ ╨╛╤В╤З╨╡╤В╨╜╨╛╤Б╤В╨╕. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨▓╤Б╨╡╨│╨┤╨░ ╨╗╤Г╤З╤И╨╡ ╤Г╤З╨╕╤В╤Л╨▓╨░╤В╤М ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨╖╨░╨╡╨╝╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л. ╨Ъ╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л ╨Ъ╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л ╨╕╨╗╨╕ ╨Ъ╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л тАФ ╤Н╤В╨╛ ╤А╨░╤Б╤Е╨╛╨┤╤Л ╨╜╨░ ╨╛╨▒╤Й╨╕╨╡ ╨┐╨╛╨║╤Г╨┐╨║╨╕ ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╡╤А╨╕╨╛╨┤╨░, ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╨╝╤Л╨╡ ╨┐╤Г╤В╨╡╨╝ ╨┤╨╛╨▒╨░╨▓╨╗╨╡╨╜╨╕╤П ╤З╨╕╤Б╤В╨╛╨│╨╛ ╨┐╤А╨╕╤А╨╛╤Б╤В╨░ ╤Д╨░╨▒╤А╨╕╨║╨╕, ╨╛╤Б╨╜╨╛╨▓╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨╛╨▒╨╛╤А╤Г╨┤╨╛╨▓╨░╨╜╨╕╤П ╨╕ ╤А╨░╤Б╤Е╨╛╨┤╨╛╨▓ ╨╜╨░ ╨░╨╝╨╛╤А╤В╨╕╨╖╨░╤Ж╨╕╤О ╨▓ ╤В╨╡╤З╨╡╨╜╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨│╨╛╨┤. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡, ╨╕ ╤З╨╕╤Б╤В╨░╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М, ╨┐╤А╨╕╨╜╨╕╨╝╨░╤П ╨▓╨╛ ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡ EBITDA TTM ╨▓ ╨║╨░╤З╨╡╤Б╤В╨▓╨╡ ╨╡╨┤╨╕╨╜╤Б╤В╨▓╨╡╨╜╨╜╨╛╨│╨╛ ╨┐╨╛╨║╨░╨╖╨░╤В╨╡╨╗╤П ╨╛╤Ж╨╡╨╜╨║╨╕.

╨Т╨╕╨┤╨╡╨╛ LTM EBITDA

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ LTM EBITDA. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╨╛╨▒╤Б╤Г╨╢╨┤╨░╨╡╨╝ ╤А╨░╤Б╤З╨╡╤В EBITDA TTM, ╨░ ╤В╨░╨║╨╢╨╡ ╨┐╤А╨░╨║╤В╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨┐╤А╨╕╨╝╨╡╤А╤Л ╨╕ ╨╡╨│╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╨╜╨╕╨╡ ╨▓ ╨╛╤Ж╨╡╨╜╨║╨╡, ╨░╨╜╨░╨╗╨╕╨╖╨╡ ╨║╨╛╤Н╤Д╤Д╨╕╤Ж╨╕╨╡╨╜╤В╨╛╨▓ ╨╕ ╤Б╨╗╨╕╤П╨╜╨╕╤П╤Е ╨╕ ╨┐╨╛╨│╨╗╨╛╤Й╨╡╨╜╨╕╤П╤Е. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╛╨╝ ╤Г╤З╨╡╤В╨╡ ╨╕╨╖ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╤Е ╤Б╤В╨░╤В╨╡╨╣ тАУ

• ╨д╨╛╤А╨╝╤Г╨╗╨░ EBITDA
• ╨Ю╤Ж╨╡╨╜╨║╨░ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╤П ╤Ж╨╡╨╜╤Л ╨║ ╨┤╨╡╨╜╨╡╨╢╨╜╨╛╨╝╤Г ╨┐╨╛╤В╨╛╨║╤Г
• ╨д╨╛╤А╨╝╤Г╨╗╨░ EBITDA
• ╨а╨░╤Б╤Б╤З╨╕╤В╨░╤В╤М EBITDAR