()
EBIT
EBIT = + +
EBIT ()
-:
EBI(.) = + ( ) - ( ). 4.
EBITDA ( , )
EBITDA = + + + = EBIT +
NOPAT ( )
NOPAT = EBI(.) -
IC ( )
IC = -
IC ()
IC () = , -
12.
∆ > ∆S > ∆Eq > ∆ > ∆
∆ ( ; ),
∆S (),
∆Eq - ,
∆ ,
∆ - .
CF ( )
CF = +
FCF ( )
FCF = NOPAT + - [IC () + - IC () ] = NOPAT - ∆IC ()
( )
= EBI
IC
()
, EBIT , :
= _ - (VC) = EBIT(.) + (FC)
- - (FC) EBIT (.)
WACC ( )
WAC = ∑ [( ) + ( )]
-
:
-
- ()
- ( )
WACC ( 1, 2, 3)
:
- β
- β
- β
-
- β
β = _____ β _____
1 + (1 - )
β = β [1 + (1 - ) ]
β = rxy σx = COVxy σx = COVxy
|
|
σy σx σy σy σy2
rxy -
(1 ) = 0,8
= + β ( - )
:
1) - (2 )
2) β (3 5 = 15 )
3) (/) (15 )
4) (15 )
5) β (15 )
6) β (15 )
7) 15 β () β
8) 15 ()
9) 15
10) = + β 5,65
11) 5,65
12) 30-
13) WACC = (.9) (. 10) + (1 .9) ( ) (1 )
WACC
-
- (.. )
- = + β 5,65
- ( , )
ROIC ( )
ROIC = NOPAT 100%
IC (.)