Post on 09-Jan-2016
description
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QEBITEBITEPS
EBIT
EBIT = Q (P V) F =QMCF
F,F!
DOL
=
= = =
ABC5025100 0008 0008 000
DOL = = DOL
= 1+ ABC
ABCEBITEBIT
=(115-10)/10=10.5()
=(66-3)/3=21()
=(6.4-0.1)/0.1=63()
10
DFL
DFL
EPS=[EBITI(1T)D]/ N (TDN)
EPS=EBIT(1T)/ N DFL = = D=0 =
==1+
DTL
DTL == DOLDFL ==
EPS
EBIT
291114
EBIT-EPS114
EBITEPS
ModiglianiMiller(1958)
UABC=0 LABC=5000 SKSBKbEBITIDIVDIV+I V $ 10 000 15% - - 1 500 - 1 500 1 500 10 000 5 000 20% 5 000 10% 1 500 500 1 000 1 500 10 000
KSUKW
UABC=0LABC=5000SKSBKbEBITIEBTTDIVDIV+I $ 10 000 15% - - 1 500 - 1 500 750 750 750 5 000 20% 5 000 10% 1 500 500 1 000 500 500 1 000
ABC $ 20 80 $100 $ 50 50 $100
ABC $ 20 10 $ 30 $ 25 5 $ 30
ABC$10
= 10+[0.1$90+0.9$0]= $9
$90 (10% ) $10 $ 0 (90% )
V0B1 INPVV1V1=V0+I+NPV V1B1,
VL = VU + TB - FPV
XYZ7000
(=0.5)(=0.5)AB 5000 2500 10000 11500 7500 7000
A=7000+7500=500B= 7000 +7000=040003000
(=0.5)(=0.5)AB 1000 0 6000 7500 3500 3750
40004000
VL = VU + TB FPV - APV
10 000202025105 000()
254000(100 000/25)
205 000(100 000/20)10
B/S