Professional Documents
Culture Documents
A
Dati esercizio
Rating BBB
Aliquota fiscale vigente IRES=27,5%
IRAP=4,25%
Kd 0.18%
Tc=IRES+IRAP 0.32
(1-Tc) 0.68
Stima del ß capitale proprio e del costo del capitale proprio (rs) per diversi liveli di inde
ri medio
ANNO 0 1 2
Interessi annui -21,000.00 -21,000.00
Rendimento 122,110.72 122,110.72
0.00 0.00
101,110.72 101,110.72
VAN 1,200,000.00 100,929.05 100,747.70
f)ßcapitale proprio
ri
8.31% -21000
8.65% 120070.71833496
8.99% 99000
9.33% -1200000
9.67% -1101000
10.01%
10.35%
10.69%
11.03%
11.37%
11.71%
10.18%
3 4 5 6
-21,000.00 -21,000.00 -21,000.00 -21,000.00
122,110.72 122,110.72 122,110.72 122,110.72
0.00 0.00 0.00 0.00
101,110.72 101,110.72 101,110.72 101,110.72
100,566.68 100,385.99 100,205.62 100,025.57
FISCALITA' E VALORE DI
MERCATO (DEBITO)
Valore Risparmio
Risparmio Fiscale
Fiscale
6,667.50 6,553
6,667.50 6,903
V=∑
6,667.50 6,329
6,667.50 6,221
6,667.50 6,114
V=∑
6,667.50 6,008
6,667.50 5,905
46,672.50 44,033 Tasso contrattuale
Tasso mkt 2017
Tc
$717,718.16
FCFt
(1+k)t
Risp.Fiscalet
(1+k)t
1.75%
1.75%
31.75%