No debt 20% debt 40% debt 60% debt

Wd
0%
20%
40%
60%
We
100%
80%
60%
40%
Debt
0
145
290
435
Equity
780.00
580.10
435.10
290.10
D/E ratio
0%
25%
67%
150%
EPS
2.88
3.19
3.31
3.11
growth rate on EPS
0%
11%
15%
8%
DPS
0.85
0.96
0.99
0.93
growth rate on EPS
0%
13%
16%
9%
Stock Price
41.67
47.92
50.00
52.09
Growth Rate
8.6%
8.6%
8.6%
8.6%
T
35.50%
35.50%
35.50%
35.50%
Interest Coverage ratio
36.90
11.82
4.52
Rd
0%
2.85%
4.40%
7.70%
Asset Value
979.90
924.90
924.90
924.90
Net income
97.60
94.90
89.30
76.00
Re
10.64%
10.60%
10.58%
10.39%
Return on assets
9.96%
10.26%
9.66%
8.22%
Return on Equity
12.51%
16.36%
20.52%
26.20%
WACC
10.64%
8.85%
7.48%
7.13%
Interest Expense
0
4.1
12.8
33.5
Value of Opeartion
917.31 1,072.28 1,193.34 1,065.31
Tax payable
53.7
52.3
49.2
41.8
reduction of tax payable
0
1.4
4.5
11.9