1 (4 )
.
1, .
1
II | III | IV | V | VI | VII | ||
1. , . | 290,0 | 290,0 | 290,0 | 290,0 | 290,0 | 290,0 | 290,0 |
2. , . | - | 87,5 | 95,0 | 170,0 | 185,0 | 320,0 | 375,0 |
3. () | |||||||
4. () | - | ||||||
5. , % | 11,0 | 11,0 | 11,0 | 11,0 | 11,0 | 11,0 | 11,0 |
6. ̳ , % | - | 15,0 | 15,0 | 15,0 | 15,0 | 15,0 | 15,0 |
7. ̳ 쳿 , % | - | 15,0 | 15,5 | 16,0 | 16,5 | 17,0 | 17,5 |
8. () | |||||||
9. | - | ||||||
10 | |||||||
11. , | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 |
12. | |||||||
13. | |||||||
14 | |||||||
15. , % | - |
2
2 (4 )
(WACC).
2, .
2
WACC
II | III | IV | V | VI | VII | VIII | ||
1. , | 200,0 | 200,0 | 200,0 | 200,0 | 200,0 | 200,0 | 200,0 | 200,0 |
2. , % | ||||||||
2.1. | 25,0 | 30,0 | 40,0 | 50,0 | 60,0 | 70,0 | 80,0 | 100,0 |
2.2. | 75,0 | 70,0 | 60,0 | 50,0 | 40,0 | 30,0 | 20,0 | - |
3. , % | ||||||||
4. ̳ ( 쳿 ), % | 18,0 | 17,5 | 17,0 | 16,5 | 16,0 | 15,5 | 15,0 | - |
5. , | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 | 0,25 |
6. (1-0,25) | 0,75 | 0,75 | 0,75 | 0,75 | 0,75 | 0,75 | 0,75 | 0,75 |
7. | - | |||||||
8. ֳ , %: | ||||||||
8.1. | ||||||||
8.2. | - | |||||||
9. W | - |
ii.
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ii.
1. .
2. .
1.6.
ii.