LU1 : cosr OF CAPITAL. .COii h 0£,_gq,u.i~l
• Divi ct,md gm Nth model :
tQ£t Of iITeQQQfY1a}ll.Q ciQ~e]
Po = ...QL _,, r~ = ..Q!. +<] 1 Cost of
rd= l
Po (fe - g) Po J retain@d eamirq.s
"cte\>t in i&&Ug with rom.ina.l vctLLlP of RICb _ 1 cost
re - g tg } hPW
1~wng
Q&chq ts'rlalt?S
\I IUUU.I a.l ivtteve&t (ell;Q Of I~,. 11 ~ Po x(, -®)
\I martQt 1)riC{l (ex-·1nte.1"Q&t) f& t<.90 11
\\ 6haro.s cuxrentuJ L"(a.de ab 1<300 eacn ¥
, \I expected d.ividl?t'ld fOr V1QXt y&iY i.s £IS '1
tij1;t Of rro~'lG 00:it./ 1 "dlvictQnd groNt\1 ,ate of c1. 11
11
' 1 f\Obat\on eo&t;t o<-- ~'I-
Cfo " (maxtet va.1.Ue)
CF1 - CF1o = aft;Q,v--taJt iY\.terQ.St pmt • CAPrv\
= [CP<W vawe ')(A) ll (I- o.2&i1
re~ Rf t fl X (R.m - RF)
CF1 = comm~ ion vatu.E? + aft-eY -tax il'\W"ru pll'l.t 11
&\1aro nas i, Seta Of 1.s•
: · I Rl2. = /VV'v-,, .
\I ri&~ -ft"W nue of re.tum ir. 1/- "J. "
© EnteY au ca&h f\OWt " B)l'pro:ec\ re.tu.m of rnanet i~ 10·1. ''
, @ DividQnd gml'lltn rate ,. Dm.q "010.s x (I +9)it-
[ a{t· Of . ae61;1
ijf~CTI
CFo Cn\?t proa;,ed&) WACC " [WdX rct(H;)} + (1-,lplffp) \- (Wex r~)
~.:•nt ")~ \
Cgto&& proceoos - ® ems)
CF 1 - (l=q prP -toX 7 = af ter /
CF10 = paY' Value+ after /pre -tax in..ta"m rm.t Co&t-,. WQig\'U:1ng·1 ~! +
.'. IR~,. /VVV'-
(D Enter au ca,h ttow, tq.Ult!J . ~-
@ ('2.ndF] (cM@ ___________,
~ _t_.Qt_~mf-e.rillliJ?_&t1ru;e17
(V - ~xpfCWC! div rd.t:e ,c: nominal V31JJe
uro~ rrocet,U&
~ ,-1
p) - (eq,u)red dl~- r~ I
NQt f)mceed& (Np)" \Jp x (I - ®)' ;;,
OR
\Jp - Ri!Y\d ,a.LLt,e
• l"ln- .Qe
'. "-r - Np
II
,IitSSU€l G/ prPr 6ha~
.. ~ar "a,I..Ue Of- RIO eac,,
l,, ,,
,, cw'Y'Bnt mai'tet rdte ror p1~F .snares in .sa.irie
c1a&s na& incroa&ro to m. ''
\l f'\Ota.t\OYI c~ts of- v . //
• Divi ct,md gm Nth model :
tQ£t Of iITeQQQfY1a}ll.Q ciQ~e]
Po = ...QL _,, r~ = ..Q!. +<] 1 Cost of
rd= l
Po (fe - g) Po J retain@d eamirq.s
"cte\>t in i&&Ug with rom.ina.l vctLLlP of RICb _ 1 cost
re - g tg } hPW
1~wng
Q&chq ts'rlalt?S
\I IUUU.I a.l ivtteve&t (ell;Q Of I~,. 11 ~ Po x(, -®)
\I martQt 1)riC{l (ex-·1nte.1"Q&t) f& t<.90 11
\\ 6haro.s cuxrentuJ L"(a.de ab 1<300 eacn ¥
, \I expected d.ividl?t'ld fOr V1QXt y&iY i.s £IS '1
tij1;t Of rro~'lG 00:it./ 1 "dlvictQnd groNt\1 ,ate of c1. 11
11
' 1 f\Obat\on eo&t;t o<-- ~'I-
Cfo " (maxtet va.1.Ue)
CF1 - CF1o = aft;Q,v--taJt iY\.terQ.St pmt • CAPrv\
= [CP<W vawe ')(A) ll (I- o.2&i1
re~ Rf t fl X (R.m - RF)
CF1 = comm~ ion vatu.E? + aft-eY -tax il'\W"ru pll'l.t 11
&\1aro nas i, Seta Of 1.s•
: · I Rl2. = /VV'v-,, .
\I ri&~ -ft"W nue of re.tum ir. 1/- "J. "
© EnteY au ca&h f\OWt " B)l'pro:ec\ re.tu.m of rnanet i~ 10·1. ''
, @ DividQnd gml'lltn rate ,. Dm.q "010.s x (I +9)it-
[ a{t· Of . ae61;1
ijf~CTI
CFo Cn\?t proa;,ed&) WACC " [WdX rct(H;)} + (1-,lplffp) \- (Wex r~)
~.:•nt ")~ \
Cgto&& proceoos - ® ems)
CF 1 - (l=q prP -toX 7 = af ter /
CF10 = paY' Value+ after /pre -tax in..ta"m rm.t Co&t-,. WQig\'U:1ng·1 ~! +
.'. IR~,. /VVV'-
(D Enter au ca,h ttow, tq.Ult!J . ~-
@ ('2.ndF] (cM@ ___________,
~ _t_.Qt_~mf-e.rillliJ?_&t1ru;e17
(V - ~xpfCWC! div rd.t:e ,c: nominal V31JJe
uro~ rrocet,U&
~ ,-1
p) - (eq,u)red dl~- r~ I
NQt f)mceed& (Np)" \Jp x (I - ®)' ;;,
OR
\Jp - Ri!Y\d ,a.LLt,e
• l"ln- .Qe
'. "-r - Np
II
,IitSSU€l G/ prPr 6ha~
.. ~ar "a,I..Ue Of- RIO eac,,
l,, ,,
,, cw'Y'Bnt mai'tet rdte ror p1~F .snares in .sa.irie
c1a&s na& incroa&ro to m. ''
\l f'\Ota.t\OYI c~ts of- v . //
