. , . . , . . , , .
"" , . 1. , , , , . , . " " , "" , "", (, , , ). , . , "" , , . , . .
, . , , . "" . . "" , . , , .
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. 7, . . "" "" . , . . . (cost of capital) ( ), .
() . , ( ). . .
, ( ), . .
. 3 . . 4 . . , 30%, , ( NPV) 30%. : 30%, . 30% . " ", " ", " " .
: , ( ). ks. . , : : (, ), , , .
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: 1) , ( , , ..); 2) . ( ) , , , . t, i, kd = i (1 - t).
, ( , ), , . () .
. .
, 13 % . - ?
:
25 . .
40 . 20 . .
100 . 5 . .
5 . .
1. . 20 . .
50 . .
35%. , , 10 % , 5 , 990 .
13 ., 100 . () - 3% 3 . .
40 . 6% , 4 . . . 10%.
: 1100 ., - 90 ., - 80 .
. , . . .
1. .
.
? ?
k = ks = 4/40 + 0,06 =16%. 5/50 == 10%, ws=0,l.
2. . , , . , : ke = 4/ 40(1 - 0,1) + 0,06 = 4/36 + 0,06 = 0,1111 +0,06= 17,11%, w = = 20/50 = 0,4.
3. , .
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kp = dp / p (1 ) = 13/97= 13,4%, . wp = 5/50 = 0,1.
4. .
990 . : k=[I+ ( + ) / ] / [( + ) / 2] = = [100 + (1000 - 990)/5] / (1000 + 990) / 2 = 10,25%. kd = 10,25% (1 - 0,35) = 6,66%. wd - 20/50 = = 0,4.
5. .
WACC= 0,4 6,66% + 0,1 13,4% + 0,1 16% + 0,4 17,11% = 12,45%. 12,45% < 13%.
. .
6. .
= / . , .
, 1100 ., 90 ., 80 .
: 20 / 1000 = 20 . .; 5 / 100 = 50 . .; 20 / 40 = 500 . .
:
20 . 1100 = 22 . .; 50 . 90 = 4,5 . .; 500 . 80 = 40 . . 66,5 . .
? ? ( 5 . . . 40 . : . 5/20, . 40 . . 32 . (15/20) 8 . (5/20) ).
:
22 .. wd = 22/66,5 = 0,3308, kd = 6,66%;
4,5 . . wp = 0,0677, kp - 13,4%;
32 . . w = 0,4812, = 17,11%;
8 . . ws = 0,1203, = 16%.
13,26 %. , , .
RRI 2,5 . 50% 7 . (EPS) 1,5 . - 1,1. 17%, 10%. RRI 13%. 30 . .
, .. ks. .
1. - ks = kf+ (5 (k~ kf) = 10% + (17% - 10%) 1,2= 17,7%.
2. " + " 13% + 4% = 17%.
3. (DCF) ks = d1 / 0 + g=2,5/30 + g.
g .
1,5/2 7 :
d = 2,5; 0,75(l+g) ()7 1 g + 7=2,5; (l+g)7=3,33.
. 1 2 , g 7 19% ( 18,8%), ks = 2,5 / 30 + 0,188 = 0,271 (27,1%).
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, 7 -19% , .
1717,7%, .
(17 + 17,7)/2 = 17,35%.
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