A 100000

Vop +210000

new price P
axlad gamoshvebuli aqciebi X
XP 110000
(10000+X)P 1210000
10000P 1100000
P 110
X 1000
 Kd 0.06
Ke 0.1
Wd 0.25
We 0.75

Ku=wd*kd+ke*we
Ku 0.09
Ke' 0.100769
WACC' 0.0802

$552.06 $189.05 $741.11

FCF TS
1 10 10 11.2 11.2
2 20 20 9.6 9.6
3 25 656.25 681.25 8.112 212.94 221.052
4 26.25 8.5176
Ke 0.134
WACC 0.1082
g 0.05
FCF0 2
FCF1 2.1
Vop 36.08247
Veq 25.26247
Shares 1
P 25.26247
Ke 0.134
We 0.7
Wd 0.3
Kd 0.08

Ku 0.1178
g 0.05 $44.69
FCF1 2.5 2.5
FCF2 2.9 2.9
FCF3 3.4 3.4 $52.36
FCF4 3.57 55.28761 58.85761
FCF5 3.7485
$7.66
TS1 0.6 0.6
TS2 0.6 0.6
TS3 0.6 0.6
TS4 0.5888 9.118584 9.707384
TS5 0.61824
 ke

$41.54 $41.54
Ke 0.134
We 0.7
Wd 0.3
Kd 0.08

Ku 0.1178
g 0.05 $44.69
FCF1 2.5 2.5
FCF2 2.9 2.9
FCF3 3.4 3.4 $57.13
FCF4 3.57 55.28761 58.85761
FCF5 3.7485
$12.43
TS1 0.6 0.6
TS2 0.6 0.6
TS3 0.6 0.6
TS4 1.0404 16.11239 17.15279
TS5 1.09242
$46.31 $46.31
Kd 0.09
Wd 0.25
We 0.75
Ke 0.1185

Ku 0.111375
g 0.06

FCF $32.02 TS
1 1.3 1.3 0.42
2 1.5 1.5 0.595
3 1.75 1.75 0.98
4 2 2 0.735
5 2.12 43.74112 45.86112 0.740478
6 2.2472 0.784906

$43.52
$33.52
 $11.50
0.42
0.595
0.98
0.735
15.27798 16.01846
 2010 2011 2012 2013 2014 2015
Sales 450 518 555 600 643
COGS 292.5 336.7 360.75 390 417.95
Selling cost 45 53 60 68 73
EBIT 112.5 128.3 134.25 142 152.05
delta NOWC 50 80 75 70 75 (შემდეგს-წინებს ვწერთ რა )
NOPAT 73.125 83.395 87.2625 92.3 98.8325
FCF 23.125 3.395 12.2625 22.3 23.8325 25.50078
643.959
TS 14 15.75 16.45 18.2 18.9 20.223
510.6818

Wd 0.4
Kd 0.1
We 0.6
Ke 0.116

Ku 0.1096

23.125 3.395 12.2625 22.3 667.7915

$444.30
14 15.75 16.45 18.2 529.5818
$364.30

$808.61
$508.61
ს-წინებს ვწერთ რა )
 Market value AD Price AD Tan
1 1155 15.4 12

2 1515 15.30303 12.24242

3 1335 15.34483 12.13793

 360 300 60
30

367.2727 300 67.27273

22.72727

364.1379 300 64.13793

25.86207
 Bu Bchveni
1 50 1.6 0.1 1.509434 1.871698 0.333333
2 40 1.2 0.3 1.016949 1.261017 0.266667
3 60 1.15 1 0.71875 0.71875 0.4

B 1.247671
D/e 0.4
Tax 0.4
a WACC 0.098
100=FCF1/(WACC-g)
FCF1 6.8
new price P
repurchased x

XP= 25
(4-x)p= E*
0.6*0.07*(25/(E*+25))+E*/(E*+25)*(0.05+0.04*b') WACC'
1.2*(1+0.6*25/(E*)) b'
6.8/(WACC'-0.03)-25 E*

X 0.909091
P 27.5
E* 85
b' 1.411765
25
WACC' 0.084

25