. (.. ). ( NPV) , , NPV. , . , , , .. , .
, ( ), WACC . . 6.3.
. 6.3 SML ( ) ""
(100%- ),
ks + WACC = 15%. WACC , , 15% , ( NPV ), , 15%, .
() , , (-). , , SML ( ).
, "", ,
- 14% . SML 11,8% (7% + 0,6 8% = 11,8%). , WACC ( NPV), , . , .
, WACC , ( ) , WACC.
. 6.3. 16% ( , NPV), ,
WACC : (, ), ( 16%, SML 7% + 1,2x8% = 16,6%.