IRR/WACC PROFIT/BP

15% 500
13% 1000 PROFIT/BP
12% 1800
16%
10% 2600
9.62% 1430
14%
9.82% 2000
10.50% 3500
12%

10%

8%

6%

4%

2%

0%
0 500 1000 1500 2000 2500
PROFIT/BP

2000 2500 3000 3500 4000

C CU VN CC KNH HUY
N 0.25
CPU 0.15 1. PHT HNH CPT
CPT 0.6 F1 0.1 NCV <= 12000
F2 0.2 NCV > 12000
THU NHP RNG 34285.72
%CT 0.3
%T 0.28
g 0.09
D0 3.6
P0 60
D1 3.924 TNH KD SAU THU
KD1 0.0864
KD2 0.1008
KD3 0.1152

TNH KP
KP1 0.1157894737
KP2 0.1222222222

TNH KE
KE1 0.1626666667
KE2 0.17175
KS 0.1554

LNGL 24000.004

Tng vn ti im gy LNGL 40000.006667

N 10000.001667 KD2
CPU 6000.001 KP1
CPT 24000.004 KS

WACC 0.1358084211
2
CC KNH HUY NG VN

2. PHT HNH CPU 3. VAY N

DP 11 0 - 5000 0.12
PP 100 5001 - 10000 0.14
F1 5.00 NCV <= 7500 > 10000 0.16
F2 10.00 NCV > 7500

WACC KHI PHT HNH CPT WACC KHI PHT HNH CPU

0,6 _ XE 36000 LNGL(24000) 0,15 _XP 7500

XE 60000 XP 50000

KD3 N tng 15000 KD3 N tng 12500

KP2 CPU tng 9000 KP1 CPU tng 7500
KE1 CPT tng 36000 KE1 CPT tng 30000

D/P/E D/P/E
N 25000.001667 N 22500.0017
CPU 15000.001 CPU 13500.001
CPT 60000.004 CPT 54000.004
TNG VN 100000.00667 TNG VN 90000.0067

WACC 0.1447333333 WACC 0.14376842

4 3

WACC KHI PHT HNH N

IM GY N 1 IM GY N 2
0,25 _ XD 5000 0,25 _ XD 10000
XD 20000 XD 40000

KD1 N tng 5000 N tng 10000 KD2

KP1 CPU tng 3000 CPU tng 6000 KP1
KS CPT tng 12000 CPT tng 24000 KS

D/P/E D/P/E
N 15000.001667 N 20000.0017
CPU 9000.001 CPU 12000.001
CPT 36000.004 CPT 48000.004
TNG VN 60000.006667 TNG VN 80000.0067

WACC 0.1322084211 WACC 0.13580842

1 2
HNH CPU

LNGL(24000)

IM NCV > 60000

N tng > 15000 KD3

CPU tng > 9000 KP2
CPT tng > 36000 KE2

WACC 0.150183
5
D N NCV($) IRR BP WACC
A 10000 17.4% 20000 13.22%
B 20000 16% 40000 13.58%
C 10000 14.8% 50000 14.38%
D 20000 13.7% 60000 14.47%
E 10000 12% 70000 15.02%

Chart Title
20.0%

18.0% 17%

16%
16.0%
15% 15%
14% 14%
14% 14%
14.0% 13%

12%
12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%
0 10000 20000 30000 40000 50000 60000 70000 80000 900
 A 10000 17.4%
B 30000 16%
C 40000 14.8%
D 60000 13.7%
E 70000 12%
20000 13.22%
40000 13.58%
50000 14.38%
60000 14.47%
80000 15.02%

15%

12%

70000 80000 90000

EBIT 4,000,000.00
a.Tnh EPS v gi c phiu
T% 0.35
N CHA THANH TON 2,000,000.00 EBT 3800000
KD(LI VAY PHAI TR) 0.1 EAT 2470000
KS(CHI PH CP THNG) 0.15 EPS 4.1166666667
CP 600,000.00 P0 27.444444444
TH GI 10
gLNGL chia ht di dng c 0 b.WACC
tc
N
N di
di hnh
hnh thc
thc tri
tri phiu
phiu di hn
VCPT 6000000
N 2000000
Tng vn 8000000

c.Tng n thm 8 tr $ nng n vay thnh 10 tr $ v dng

KD 0.12
Ks 0.17
N mi 8000000
EBT 2840000
EAT 1846000
S CP cn li 308502.0243
VCPT 3085020.2429
TNG VN 13085020.243

EPS 5.9837532808
P0 35.198548711
 WD 0.25
Ws 0.75
WACC 0.12875

n vay thnh 10 tr $ v dng vn vay mi mua li CP ang lu hnh

WD 0.7642326733
Ws 0.2357673267
WACC 0.0996905941
Chi ph vn CPT 0.16 BNG CN I K TON CA CNG TY ML (TRIU
Chi ph vn vay trc thu 0.13 TI SN C GI TR N & VN C PHN THNG
T sut thu thu nhp 0.22 Tin mt 120
Khon phi thu 240
C phiu bn ti mc th gi
Tn kho 360 N di hn
Ti sn c nh 2160 VCPT
Tng ti sn c 2880 Tng n v vn c phn thn

Tng vn 2880
WD 0.4
WS 0.6
WACC 0.13656
CNG TY ML (TRIU NG)
VN C PHN THNG GI TR

N di hn 1152
VCPT 1728
v vn c phn thng 2880
Tng ti sn 5600
1. Nu gi nguyn c cu vn hin ti th nhu cu ti tr vn CPT l bao nhiu
Tng vn tng thm 1400
Tng TS tng thm 1400 %N 0.5 Khi Nhu cu tng vn hot ng l 1400
C cu vn %VCPT 0.5 N tng 700
N 2800 VCPT tng 700
VCPT 2800
Tri phiu 2. Tnh Ks v Ke
KD 0.1 KS 0.11984466 0.12 1231.2
Bn bng mnh gi KE 0.12427184
C phiu
P0 30900 3. im gy MCC khi s dng LNGL
P0(1-F) 27810
KS 0.12 BP 1 560
D0 1140 N tng 280
g 0.08 VCPT tng 280
%T 0.28 D/P/E
LNGL 280 N 3080
VCPT 3080

4. WACC1 V WACC2 theo im gy

WACC 1 0.09592233
WACC 2 0.09813592
vn CPT l bao nhiu
n hot ng l 1400 BP2
 C cu vn D N NCV IRR
N 0.4 A 250 0.13
VCPT 0.6 B 125 0.11
KD 0.1
D0 2
1. Tm im gy s dng LNGL? Tnh KS, KE v WACC theo im gy
P0 25
P0(1-F) 20 BP 300 KS 0.1232
g 0.04 KE 0.144
%T 0.22 N tng 120
LNGL 180 VCPT tng 180

WACC1 0.10512

WACC2 0.1176

1. V IOS v MCC chn d n

Chart Title
0.14 0.13
0.1176
0.12 0.11
0.10512
0.1

0.08

0.06

0.04

0.02

0
200 250 300 350 400 450 500 5
 NCV IRR
250 0.13
375 0.11
300 0.10512
500 0.1176
y

0.1176

450 500 550