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"" 01.01.2009 . () . . . . : 1. , ; 2. ; 3. . , ( ), . (Weighted Average Cost of Capital WACC). EVA ( ). , WACC : WACC = * d + * d, ; d ; ; d . : 1. , , 2008 . 2. R = (Ron - I) / (1 + I) = (5.0 13.4) / (1 + 0.13) = -7.4% . , , . . 2. 4.16%. : Rm = 4.16 -7.4 = 11.56% , . 3. ( , ) : - , . ( 1,25 2,35, 5 2 ). , 1.42 , . 2008 2.79 "" 2008 1.42 4. . , : 24. , | |||
230+240 | |||
96736.6 | |||
1.274 | |||
, , "" , 0.35 5. 75% -5.55 %. 6. : PCK = R+bt*(Rm-R)+x+y+f = -7.4+1.42*(11.56 -7.4)+0.35 -5.55+1.73 = 16.05% "" , . 7. : PSK = r*(1-T) = 9.9*(1-0.24) = 7.52% . , , . 8. : WACC = PSK*dSK+PCK*dCK = 7.52*0.46+16.05*0.5 = 11.48% WACC , |
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