, . , .
.
1) . () :
- ,
- ,
- .
, , .
.
2) .
( WACC). , . .
(WACC):
(WACC) :
100 , .. 40 , 22%, , 60 . 17%
wacc= 0.4*22%+0.6*17% = 19%
gi. i- ;
ki i- , %.
WA :
( );
(IRR). IRR WACC, . IRR WACC .
(WACC) : , WACC.
3) .
4) . , . .
5) . .
:
= | ∆ |
∆ |
∆ , %
∆ , %
6) ;
:
|
|
-;
= * +
;
( , );
;
, (, - ..).
. 16 . . 4 . : 3 , ( 70 %), 1 . . 20 %, 23 %, ( ) 16 %, ( 1.5 ) 25%, 13 %.
.
. | 4+3.8=7.8 | 7.8/16.5=0.47 | 20% | 51.3%- 4 48.7%- 3.8 |
2.6 | 23% | 78 75% X 25% | ||
13% | ||||
3x0.7= 2.1 | 16% | |||
- | - | |||
16.5 |
Wacc= %18.3%
:
, , , .
, . MVA, R, VA.
MVA Market Value Added - - MVA Market Value Added. VA , .
R
( / )
EVA (Economic Value Added) , (, )
EVA = BIT (1- Tax) WACCx C,
BIT (1- Tax) ,
;
WACCx C .
, , , . , , . , , . .
|
|
, EVA.
EVA , , .
, : , , , .
, , , .
, 1 .
, .
EVA:
- ,
- , ,
- , ,
- .
. , 7 ., 3 ., 2 ., 20%, 4 . , 16 %.
EVA= (7-3-2)x(1-0.2)-4x0.16=0.96
G=PxRxAxT