A RATIER AF
Ex the company jut iscucd a diidond of tae /rhoop-
3 mad ras > ye 8246 .Car ce, Daten
the aa tg + eM 1002 152, = 40,48% |
Cer. Ree & + be ~ Bay > Py ?
= 4804 A2.CAe- 482 = 2.242
bxs -@ Apply, Suc apy aso. ; Re = e + be CF Ry?
the mosket poamium is 72 > (Bu- by )=- 44
Tobills ane yording, 40% 7 Ry = $52
a hee 4504 12 a4 = Ar.22
@ Apply ver axprrarh s fe = Be 4 g =
7 Bee AACHEEI ie
rg),
Py &
3 the best estimate of Re: oes = Ad FAQ
Ext sing, de aithmetic aunage :
-4 een eel 0 4
+t + “4 + +
gases 4a AS ASE ASG
t
ASI= Ab.
he eg > 8% qe “ene 4332
Scanned with CamScanner mm 9,5 (2 Ae ~ 492 44. = 4.8 -
y 7 4.43 iu a = 598%
45 THR Adee BACH Sc ae
De M65 «CAS AR DY) oh aag
ers AE + cam 5 eye
Weirg de yrometie aumrage :
ABS CA EGE = Ad
a8 So. 7462
7 Re 5 ABA FREED Sg sae 9.302
: & 9.30
gd
bes, Rp = vee
ix, hee fib has a clebt issue outefanding vat 1 ypoors
a vnatunity diet is qustad at Ate of he ype valluw |
his issue makes cemiannruak payrnants aud hax an
embeded cost 4 6% arn hy
> Ned to oo, fev by the joamela PV
api whinge 5 $e
anmaihy, coh yous ad Na a ving corh atrount
aCe P
Care)
v
Opp maT bain ‘ei = PV oda pat qe + PV le tin ge
Scanned with CamScanner
Ve: C*® F (yore value) = § 400
= A074 . A00 = $ Aq
C2 6% am 2 bef = £3 / 6 moths
36 periods (tack perl = ¢ mors)
4 > AS yes =
4- 4—
5 At 2 gx __CAtue , doe
Care)
ar 469% f mons e 539 Yop
7 Tartar ecct of colt = 6.892
+ Ajlertaxt cost of dott - 6.39% Am 354) = 35%
Ft Qkie he pr Wlasiv vimifonky by ex6
The fom ested dhe bond Wee arr ane
~ the runrbew of yeoss tb machouhy = $0 -3 = 27 yoos
FT. ¢ doo
Yee 93% x a0 2h %
Cs ye. ao - $4, works
2
(nach paied = Cmoatts )
$2 242 = St poieds
4-4 =
4 % 2 4« CAtn)* Fi 400 =
v (Ate)
7 he 434 UK he = 068 byt
3 Incfax cost og debt = 862
4 Ayteian cot Pali = ac? ovien x CA sot) = 6642
Scanned with CamScanner The afte note & more relevant beaune Phat & or”
acta — cast of dobt 4 the compouny Trtarest expense
reduues Te jours tax Riabiaty % Ania aeduchow Ww
axes anduas ¢ Ae col dobt .
bx Aiea ext oy Lobt - aL .(&-$st) = 4552
WAC = 04 « MS + Sx 52 t 0.5T% F5F%
= S042 (sh)
The yorident wo Pot cost op proprad ebook is smear
Mon unt of nun but te pref ) astortnx cot of debt ic onlay
4064 which is srnalOs, Pron cmt of parjored cook |
edd, Afleviox cost dof - A9ZCA- 2) = Cael
4a ware = Wy. 0.4% t We: AL2 = 96%
Wp + We = A00%,
4 Wy = 54.96% , We = 6.42
4 dhe tetapt bt aquity ratho = ee. = 0S
ke,
gq Po wlus :
quaky = 6,004,400. $4 = $ % 001, 600
Debt . $95 000,00 + F sa 000,000 as 000,000
a THe capital Ved Se0,000 + 435 009, 000 - MM, 209, 00
4 & . $200,000 = 9 D = Ao ~ 29.292
A * “7a, 9,00 MRL 9 7 Ses 2
Scanned with CamScanner Maho? value
a 7
Lea. G000,000 x $4 = $ S¥4,000,000
Debt . 944 x¥ ¢e 009 000 + AoeZ x $ ,0G,000
= 4 436,452,000
Vi = ¢ S%4.000,00 + ¥ 436,480,000 = $ 420,400,000
% ~ 2S 4000,00 = 94,062
720, 480, 000
Aol — 4.06% = 10,942
%
@ The mrovfop oloe wei are. mono aolauent becayne bey
Prrsend & mot mn auation oy ho debt « equity :
eS. Aly, Sik axpaansts ty compcte, tae mepcted Neha
4
he TH vole 4% 9 Yo FB
dhe exyeefad neti ov dha mookh 1 MAL 9 Rm = 442
hy jie’
3 Rue FE £06 x (412 -4%4) =BE < 4a, (oo 40
aka 42 £0.90 CML -4% Jc 995% < M2
4 Ry 4% + AAS x CM ~ 42) = Ar 95% > MZ
5 Ree 4h t MAE CAD ~ 40) = A ASAD MZ,
z de
by Compare. tha project ‘5 sepaciled Achun. with TAR of project:
ty focide accept om RF aajeot dae. paroject ;
Fojact We: Rw 20.2% < MR h82 9 Accept
Project XK: Rew 895% 7 TW. SL 7 Rejeok
Scanned with CamScanner Arocha NCE RY =r 42004 > Why = 44.9 > Reject
foyect 2: Ry = lS),
Net Toone = ERLT-T.
ay) No Abt
Noamal Expansion Retertine
cgay [f 23,000 _|4 2a00 «CAF ab) $ 2500 | T25000 «(4-802 ) = FAG A00
zt © o 0
Net — | ¢ 23,000 + 24,600 € 46,400
Dacond,
¢
ets |Fw0$ | $ 24400 - fac | $agaco 4,
—--- gee 6,000 Coo eae
8 4.6 - 383 _ 2 —
wn EI Scie 20% | 2s 28 _202,
by tad maukef value. = ¢ 4%0, 000 wit 6000 oushatiry sheas
-j rewrket value og tach che = EAB 008 a 20//ehare
dhe yam wilh Bene dobt to repaslase droves s
a= he mumbo + shaves, Wik be. nepmchroned + SA 2 200
= the number of, along shares wil issuliy doht .
6,000 - 2,50 = $500 hones
=) Repoat joke) We ow dhs yoARowsing. shbfe 5
Scanned with CamScanner Ait. debt
Nomad Eejartow Recesvion-
{B00 4 A600 s,s
oD [$F AS $529 |g So
ater | |
Wet Temt {28,000 - G20 | # 244600 - 5250 $ AG soo — 52
a4aqaso | = 4 22,30 = ¢ 20, %
Ets $ AVA fo 4230 46 34 4 491 . ¢ yi
3,00 2,500 2,500
$683 - S0F q3
mS Sem Tide Sd: Wx
a cH oa Pe 8I2
ke Toe are vo Taxes
a Plan 2 (ne debt) - Net Insome = E827 = $ sto, 000
> FS, = 4.800000 ~
ES 210, 000 f 2.88
Plan 2 (with debt): De $ 2,240,000 22 = ¢ A2,400
ict Theme « ERIT-T. = $ S000 ~ 402,400
= ¢ 315,600
Ke = $ S44 600 ii,
: a a ASO, 000 t 4
3 Plow t has the haga ers b2s¢ D2)
1) Repuat pr @) wit RIT = ¢ 780,200
4 fsa - { Ano0_ . $ ASF
2A0, 000
Scanned with CamScanner Sy. = ¢ ASD, 100 — 132, 490 ~ $3,%
ASO, 009
Fling Aas the high brs C € 440 > £54)
D) The bask ome CIT 5 the vali makes ERS, equal EP
eet =. ERA - 482,400
10, 000 ASD, 060
7 BIT = § £29,400
Be. Cock ep canal = Mauined segy »
nee coh ee Recah ate mguihe hg th
om the. wustrent on, tra gi how ty pode the innestoag
te role of BL or Aaiving, equity .
he corel mori raflua of the aquaty = £ AE mobleon
F Nef Teme to equity vwesfors = 0% x Say ada
Ow
No taxes ii EBIT = Net Teme = ¢ Ag million
No debt
Ged. Ty fia presins quastinn, ipl sale 862 yMP=RIMe
-> Chip: Not Rome /CA-t)
= 4 444 / (A038) $2.22 milion,
wace is £% [nat change because Re 19 4, aplorbac cost )
Scanned with CamScanner
