Chipter 8 - Rotc & PA ya Bem commit cupen ta) Nopat = ? | fre each alternative Net Tocome = ? 2, Zyeue Fam bende tetene, wives with is fy eaupon Kon = NPAT wow NepyT= NoA x RNOA (Sumtgom) x ok $ bm « 10% ree es Kamen 4 sabe cafey. (= Tae rate) Net-trtome = bbe, 20 [ue im «12 arty =: yoy = $b00,000 -[$120, > 1 [ obo} = $bev,ood - $ raed asst mony CORAMAleR ate > of = _NepAT Now detenipime:tbs + alternative > Een SERORTNE |? RECE = Net moome — Preferred dimdend a Bw ¢ Shae hod oa jee: tmmen shave holders’ © pate ee ge tarty ane * = $838,000 - 40 Se Fume Sim—> Fim commer eeuck Sram nthe aa sr, 202 45™ = 0 1056 / she ce iis veut TE Taken From etend alternative = a Bete tay geewna aller neti ae Rece = 4hSb, cop - $o Rom note a , there tS ne: mention. X sam i BAY Geter camer SteLk se . Vk Sspgeef He commen shacehaidars egy Sa colitis a TE eng Ake For Betend ——— \ atteenatve CO), Fiest alternative > ee Woh (4hmt dom) Fist alternatives . Assets —bo- equity § Goer, eed ‘Snes ve, cod * Second alternative : fresets—te-equrty = $ bore ord Eee)" a thie vawe TS S Nea (4 4m4 gam)—_—er Execeise g-3 C7 481) (4) Roa 2 Net operating pet margin x vet oft ent Aueoe vi = Sth w 2 TNS ptestion 75 asked to compute dis aggre gating Retuen on net opeenting aatets oa Se 6 sev spread i Nenana (hy, Reee = fo ch + (UBBOe Ae We) aggregating = Oey Ea Return on Common Soe ot ysst ide ae as Ge . « M4 ol pail & Roce eRwen + (Lev x seead) C2 RWoA = Io ‘/o Jey advantage = 4-86 “Jo Ret “ian — Reluen on epuity = lwo ig a Further explanation ce hers texthovk ee Wo . The etfert o& Pinenctal levernge --. Exercise SF CAQATD* Problem 9-3 l PIN43-444 ) Cay. Roee = Net tnceme - prejected dovidend ANeage Common gharehor ders’ ity = Slbso = §o § 3860 2 o-k¥s | eee Cbd. NOPAT = OPermting Tacome w C1 — Tax ake =(4$2550 4 4 py *(1- 0.as) 2 §$ astro x os = bG $1 te NOR = operntin ry assets - 0 Pesating wabilttieg $250 - faye § 34 bo Sy Thi S focmulA Cefers: Kw Fen thurk page kth - NOW = OR -OL