You are on page 1of 30
Bee Va connag pasintss wits Spa Pitinegs current ane Stee oe : am i nuit aa Fenny, sen candy 4 “wird in Te Hom Argus signating off ( uit vy nani wo ry care es = so 2 at se diiteate ind ty * Cree, sia ete sar ft fnnee ening ies nw recente meveng,, Destine = lee ons pare A ar sent » Sarai Se = inca ge ae ae ney ees oer se oot Dividends: a “one aot ra tn ‘Turnover Debt Debt Debt Eauity | | Equity ‘Seve tue Perr Z interest tty, eo ms a SF otc vate Fos eset cenyto vac smear : Pate nting o Sehangs Se s asa \\ /_ 89 44am ee ote fester ay niin (70. fete rode Spent en fit eset Pate ad tg iat cron 52 nse Oe oe Shee “ages ws ovine a Perse ahs ot sons te os a ee , ‘ = re ts Se are P 4 supe we a Ts wnt ce ee ean 20 = one as ie pedo nonin at vos 2 A . seme Caen oe a ae SU. 2h erat : se ae otc faye ered ‘, maemo i set anna ref age enn t= sang ti ant foe niga eines ew aa ae eee eee Ave. Accounting Profit PAM) Se, ‘Average Investment , Aoi Og e a nse TW nance tte , eae J . ware woot certo 6 hemes rites, sons of nt eens ® = J £ a woe Lo tain — Perera So x] 8] »! gi xB x | x] Bx Vea ‘Working Cota | ‘ceanFowe |) oo Secs nc ti ca ee ng poet vm ef] rings > ry in et) eee en 0 A recy Co nee rane > Saori = ease eve cee, ete frcae OY pti stefan oe afi on Mfparnns eeS conde Tne vag Seaae St po Tak cr At fre So EEE SP hy Helden tag oat sae ae me sco ne = eee poet cesta — vm vee wth = Wight ae %& a ere) = a Parana meat fare °cmessenone entn t ee pom / as fw. wae Ng = rae mars lon @) \ RL —_ us = Se e at Pee wong ana gagte Se alee meee ess Soret ane ue Tracom 2 8H : ‘i pon eeneo i = ee ; sateen | . oil "a se er Fire orton fons. te Se tr ar coins T+DRion T+ Inteon Expected Rate rox 2. T+DRoo 1 ¢Intoor Spot Rate oon Micrain a5 och fo ot lal wo | tm a acter, td | oan sb Soon 2 iyi dit ee & in 3 wend eon a {pea oe ay 5 ar es [GD \ y gti i i yepaon te ee OB ie ke eee unten ji “aaa Rees at onlin a os } i yt dir sos cost of Equity Ke) = + AxRm-R}| \ J: 2 2 a semi ide sfimstcng, (om) = At aha noe ri feces a ate win Hai 187 we rc mpm opens cm fsa cusses ite Raine, Se ses Gamat ie “oats mato yma) TS ‘Bus Bg (Vo / Vo + Vd (1-0) eat amar non ties a pene % fee s site Bee ay : Soc — “ est Valut +f Sty (our i ce Ae reenter na, : wit Goaines | [Bg= bus (bu Wa (i-0/ vel "= a fourm = sorta eet, aman St int ayer ten ng Bg= Bu (Bua) (Va (1-0) Ve) aan omen wast Sn ny Si css sents opine : we ss rsive seven se nec were ee . af Sew. oe ; j gepeamain Sree condone i nt change seein onsets i or es a egret a in ney suncne a Hen gna nome 0 \ ae tease, ¥ insta noise encase Seiten yin 4 tats = — on futures as sussrtin 3 Value Call Option = PaN(di) - PsNGdile* a \¥ eet ore cei = rinein yess “| inpayre) + r+ 0.585 ioe made 0 inte mS Poort £ Ere = a emia = conta poise I ‘enerrica rice = dea dine/t sven ema, i semen, goes enti tye Eg» omen nd OS i Ye. eee i equi os J a res seeminiin nasne ¥. crm hy, ii Frias cts Seri ess y Pn de Divs x ert eseion2 we 2 “ of om a in Shee vo one ‘pane 8) Tay " ine soni oe ste porate ot semen na . Hee owas eS cnn posta ns bn p= ear eine agen a a ca omnes Spy fon fm nee : Re eer leans SE ye aera — Tose mune Ve te Eat hey, ae ses, . a en Leste myieoninnas® YY = ce <= =? Set mst ee ene oe eet ay Loess nin == ‘ stoma eee fs tose witeigg ; & A Perc er ieee at Naya 2 W,.., Frcs soniseion Sats wuts Wh a ain a Sw» reomaasist Constant Dividend Required Return (Ke)| pest nr nny 2-( [Constant Dividend (19) ic stint yn Required Return (Ke no ase it eee SD Rerng tits enemies poten = ec fon_ NA gant cry Sn Le fl i n= et et hn 0S Fat alent is Sion (vise nig se — : i samen — pene Pe

You might also like