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Nodett 10 . . EBIT (earnings before interest and taxes, EBIT). Nodet 10 . . EBIT 1 .
, Nodett Corporation 10% . (perpetuity) 10 . .,
10 . . | = 100 . . |
0,1 |
100 .
Somdett Nodett . , EBIT ( ), Nodett Corporation. Somdett Nodett , , . Somdett 40 . ., 8% . , 3,2 . . (0,8 40 . .). , [4].
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, Somdett Corporation , 8% . 3,2 . . , EBIT. , , Somdett ,
Somdett = EBIT - 3,2 . .
Somdett :
Somdett = Somdett +
Somdett = EBIT - 3,2 . . + 3,2 . . = EBIT.
, , . Somdett , Nodett, Somdett 100 . ., Nodett. Somdett , 40 . . , Somdett 60 . . ( 100 . . 40 . ). , Somdett 600000 (60% Nodett) 100 . , , .
, Somdett Nodett. , , Somdett 100 ., 90 . . . , , Nodett , "", Somdett. , 1% Nodett (10000 ) , 1% Somdett (6000 ) 1% Somdett. , ? 60000 . , . (sells short) 1% Nodett 1 . ., 1% 1% Somdett 940000 . . 16.3 .
, Somdett Nodett. , , Somdett 100 ., 110 . . . , , Somdett , Nodett 1 , Somdett. , 1% Nodett (10000 1000000 .). 40% (400000 .), , 1% Somdett (6000 660000 .). . 16.31? .
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16.. Somdett 90 .
1% Nodett 100 . | 1000000 . | -1% EBIT |
( Nodett): | ||
1% Somdett 90 . | - 540000 . | 1% (EBIT - 3,2 . . ) |
1% Somdett | - 400000 . | 1% 3,2 . . |
- 940000 . | 1% EBIT | |
60000 . |
16.3b. Somdett 110 .
1% Somdett 110 . | 660000 . | -1% EBIT (EBIT - 3,2 . . ) |
( : | ||
1% Nodett 100 . | - 1000000 . | 1% EBIT |
40000 . | 400000 . | - 32000 . |
- 600000 . | 1% (EBIT 3,2 . . ) | |
60000 . |
, . , . , . 16.4.
16.4. EBIT EPS Somdett Nodett
EBIT (. .) | Nodett | Somdett | ||
EPS (1 ), . | (. .) | EPS(600000 ), . | ||
5,0 | 5,0 | 1,8 | 3,00 | |
10,0 | 10,0 | 6,8 | 11,33 | |
15,0 | 15,0 | 11,8 | 19,67 | |
10,0 | 10,0 | 6,8 | 11,33 | |
4,0 | 6,81 | |||
1,0 | 1,0 | 1,67 |
, EPS, (, , , , ), EBIT. EPS Nodett
EPS Nodett = | EBIT |
1000000 |
3,2 . . (0,08 x40 . .) , EBIT. , EPS Somdett
EPS Nodett Somdett, . 16.4, , " " (financial leverage) ( ) EPS, . EPS Somdett , EBIT =15 . ., , EBIT = 5 . .
Nodett EBIT 1 . Somdett 600000 , . , Somdett , Nodett, . .
, (debt ratio) .
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|
Nodett Corporation ( 1 ) 40 . ., , ? ?
, , 100 . 40 . . 400000 . , 600000 60 . .
16.6 |
Mordett , Nodett Somdett, 50 . . ( 8% ) 500000 . EPS Mordett? ? Mordett Corporation ( I ) 50 . . , , ? ? |
16.5. :
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