(flow to equity, FTE) . NPV , kg, , :[7]
ke = k + (1 - t) (k - r)d (12.1)
k ( )
t
r ,
d ( )
Global Connections Corporation ( )
d, .0,20/0,80 = 0,25, (16.1) ,
ke = 0,10 +(1 - 0,30)(0,10 - 0,08)0,25 = 0,1035.
Global Connections Corporation , CFS,
CFS = - = 10,5 . . - (1 - /) D = 10,5 . . - 0,7 0,08 D =10,5 . . - 0, 056 D,
D Global Connections Corporation . , , ,
E = CFS /k = 101,45 . .-0,5411D
= 101,45 . . - 0.5411 0.25 .
=101,45 . .-0,1353 E
=101,45 . ./1,1353 = 89,36 . .
D = 22,34 . ., Global Connections Corporation D = 0,25E. , , 100,0 . . 22,34 . . = 77,66 . . , NPV , , 89,36 . . 77,66 . . = 11,70 . .; .
PV (weighted average cost of capital, WACC) , . 100 . . .
WACC
(12.2)
WACC ( ). . , 4
WACC =0,10350,80 +0,70,80,20 =0,0904
NPV ( ), WACC, 100 . . :
|
|
NPV= | 10,5 . . | -100,0 . . = 11,7 . . |
0,094 |
12.13 |
, ( ) Global Connections Corporation 20%, 30%, . APV NPV , . FTE I wacc, , NPV, APV |
, , .
( ) , , , : , .
, , , .
, , . : , , ( , ). , . : (1) , , (2) (3) , .
"" : , .
16.1. ?
. ; , ; .
12.2. , ?
|
|
. , , , - . , , .
12.3. , , , , , ? ?
. . .
12.4. , ?
. . ' . j , .
12.5. , AmeriPens 300 . . , - 400 . .?
. 500 . . 1,3 . ., 800 . .
12.6. Mordett , Nodett Somdett, 50 . . ( 8% ) 500000 . EPS Mordett? ? Nordett Corporation ( 1 ) 50 . . , ? ?
. EPS Mordett 12 ., 8,165 ., 2. Mordett 100 . EPS , Nodett Somdett, . EPS. Nodett 50 . . , . 50 . . 500000 , 500000 .