9.1
, :
, % | ֳ , % | , %, ((. 2) × (. 3)/100) | |
4,00 | |||
2,85 | |||
3,75 | |||
, , | 10,00 | ||
WA | 20,6 |
, , . . , , . , ( ) . (IRR) (. . 8).
, , , ( ) . :
WACC, ;
, .
, , [1]. . S (, ), , :
, (9.2)
.
, WACC, , . , . :
(), b-, (. . 1);
ᒺ : , ();
|
|
, (price earnings ratio, PER) (, PER = 5/1, = 1/ PER = 1/5 =
= 0,2, 20 %);
( ), (D 1) (), (g):
= D 1/KA + g.
, , . г , . .
, (WACC) , .
9.3.
, , . , . .
:
;
();
.
. . , , ᒺ , .
. , - (. 9.1).
. 9.1.
(: Rappaport A. Creating Shareholder Value, The New Standart
for Business Performance. New York, 1986. P. 76)
(, ) . , . -
:
( Cash-flow);
.
, , . 㳺 .
|
|
(Discounted Cash-flow = DCF)
Cash-flow . Cash-flow (. . 8).
ᒺ (Cash-flow) , , .
, . , .
. : Entity (- ) Equity (- ). , , -. , ᒺ Equity-. , ( ) , (). г () . , , .
DCF . 9.1. :
1. , ( ).
2. Cash-flow ( ) .
3. , .
4. .
() DCF :
, (9.3)
() ; FCFt Cash-flow t; n; ; r , (r = WACCs /100).
, , . , ᒺ. ( ), , . , .
DCF Free Cash-flow, (. . 4). , FCF (. 9.1). , , (. . 12).
|
|
9.1