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ie e@- tt e determe,
onshtp bettieer (he ftir) aie
J th coi (Een ,
Opeouang pao t ;
tan alto be measured ty tevin of degree og
eos PRESORE: ® a) Oe >
- Fovraulo.:
Penyer 0} eptratrig’ levesage
4 oe ee
+ poroblemy fu Solutrong ¢
1 Grven,
vic= £50 pu
Fee ~ 7 Dp000 p-a-
SPs FtO0 pu.
Calurtation of elt uh eBIT eae
JOO une 2oOd Unt “Beco _unet
400000 |20000D S0©0000
50000 | |ov000_—‘|_ |Se000
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ie cir 5 6006 [prrere
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00
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% toncluded that for every (fia
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usta hold = (000 a
Break Even Soles fn unre = Frued cogt
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= 000 ;
~1D-6
= 2000 » 500 un rift
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. 82000
(Leeo0- Goo)
sulin
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Tenttbubton PrO-
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ths 8.
§ B.€+g (Arount) = (000% U1
= Flood
even dala = Freed cont
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% BemIDOFO? SUED o ge 33a unr
e5 3
Be B(fucunt) + 333% 8
~F2.664
SR FINAN CLL SO ERAGE t
ip related to Been eek acttve trex oh CRe perm:
the Kource from which peered Can be rarsed by
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Mtoe shee carry a jretd yeraucral change auch
Thofe whech do not trvolve ander gined
{ j Ngee
© Fenanctout tverage K Concerned. utth Che
, cp ang 9H tBIT OF Tre comMfi
| ee ae
for “€.8-4.
ee D4 fmoneat - ‘1 charge #y eS
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bis &
BE Ga ico - | 4507.
: @
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50000,
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Sa
HYyoe
30000
i ae
ol 1 40 a
From tse above Muuttr, et 'cdn be
A gemaattyed that
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y Fow in Oe es,
core p= A Yt Pnerease fn EBIT Lecioky, 2
» Tot Fee th ihe epg) oa
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ach BO ao. Change ee
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3.€. 000
i Boo0o Bo000 4oo00
Beo00 | _o Ap006
> love 1000 “1200
E Ego | 20 Ted
: ee “ee
pear C= 7: change 1 €Ps
4. change ern ewnr-
‘Pcharge tir €F9>@)~ 0-90 yip9 = - 100%.
20
© = 40-20 ing = +1007,
90
th change 17 €81T= © = 60000-10000 = “- Gor.
loopoo
© [Yoood- lo0000 es
100000.
Dial = 2 100. 2 95
uD
Beeb Ove ves > tt can be perc a
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oor. ri eps.
Cose a: A Yor]. Pncreose (O EBIT loods
+o [0b% ratae fm €PS.
the Con tf oo vohrch mean {*f- chonge
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PS = CASH 50000
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ia per
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5
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f OFL = ecu = 200000 eet.
EBT Teoo0o
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@ OL- Ygo000 - aH
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|5e000b)
iz [go000
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HFOCOD)| 640000
450000 | 640000] e6ébooo | 490000
< - - F5000
450000 A0000| 660060 | 645000
ERS
pce 790000 | ga0000| 660000 | 645000
No. of, ES —— | =e =e
| 50000 | 53000
12.9%
40000 | 55000 |
fot | 1a. | Bam
eB!T
€BT
J5p0000 =
1500000
| 00000 = 104
{38 0000
Bs
oo: j00000 = LY
[20000
e ©= !5o0000 me
(500000
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Be peop ates tou tt bade montage
Mhostholdey Nearth. Te returns to the SHA elm
by How et drytdend vecefptt ov capt tal! garns 7
Pore aggected by the daviders ore og tre fers aay
Tre roodelt nthe study TR. devidexnd polteses ose
© Horta Model.
© © Gprdors moedel-
go @ MMi. +g pothen tf
tow"
© Natrer Mooeré Accords ng to amen. &. Natier, de
are relevant and they do cgfect the thos puree.
dn thep model he Studied the retattorshtp cbluy
Anteral wi of Return (xJ and tre cont of cop.
ore yom (RJ, to otve 0 devrdend pelt thot
mostrot ge The shasuebolde. clealth. che roles
gtudies the relevance of dove derd pelray 9p 3a
aatoattons ? U) ¥>ke ‘
i T= ke
® yKo 5 Hitt slow devidend — | ;
out yatto.
Qh Te above problem; botn the Perms bave fa
erxgorrnadton emerot daunderd pow pliose Vorrakfon.
co Yt hap morntretged chase pyres ysrth love
_deviderd paryrnert, ‘
We
| 3 Followtiq Pyorenatton avoelabl A,
Wee PS an i ae
< Coprtates atton ame Love 4
| s, Aypunud ek ve te 8 nv Od: Ola: O1od O
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on tte MP ghost use ao oe es
fe ut vatto fp OC! Oa © 34-51 OSL
ok @ too a
[a statoant:dhnong mem pox ow [ 4Io) ‘ a
pe 10+ (0-toJo-tedlaon! )
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= 10+ we
old
<= Yoo
= 325"
lp. 1o(40-1) P= 15-4 Co-toloto)C¥e
> aot t(aed
fin, jcorsmrensers) Pe
* 460
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floxas ji @-13{en0)v0- 3°
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= 830
a ) DPR= 100").
a Yo» 100° y(ons}oid(4e4y) p=4u0t 0) to)
eercio O10
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O-l0
°
yoo
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=
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pe
5) prist O°
sfo-io)(40-15)
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= 154 0.8(85)
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p= sot0- 8 (10)
O10
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| pores
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goo.
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© Beane ko, the shase
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davtdind payout rotto ff torte
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@ Goroen's Mopel?
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devraluncty cure relivant and daviderd deces?on
eco agnecth tp Nolue- am
tert model, A ferro ghose porte of
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sepodind op DPR. La mode!) Up atock voluoteo
uitig drytderd capttaltzateon approach,
p= €0-» !
fo - b.%
e@= PS
Pe rrost ket price pe hos
b= Retertton. ratto
we pate of veturn.
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(-b)= dovtdind payout ratfe.2 Fiom the follourer PHor™motmn of geo. Id.
| couch tole Aho V oles.
ep = E10
| Coat O Caps = 15*-
Yoke retin on povedtttent = O61 GIS]. @wel.
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retention otto
Value Of § Co, ltd.
[Sabo | 12h
| igh 154 teh. <1
ps EL-b) |
6o- q
sto (1-0-4) P= 10 (10.4)
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5 BaKo4y)to (t-0.60)
015- (6.60 x 0.16
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= 66.64
OS = (0.40.15)
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OU
4
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= ue Yy ae
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x 66.64 = 60.61
|
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= £66fevens vate of return tr) %
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ustth decreore *P vetentton ratto os @O!
drvidend pospous: reutro- Therepove TH oper a
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chen vr Ko, fe shone parce rennotns Lneypected!
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dnaderd ore volo, Therepore thera 9 0,
optt mod drident poryoutt you e e
© whan vsKo, Tre oP ener usgth decxeage #9
petention yatfo oy encreape @> DIP vatio. rerefore. Tre
optirest davidend pores reckt Dn IK tooy-
cTreetevance THeoRy
@ Mem Approach > Miles ard Modégleanr Malet:
Po = Dit P
=
peeeadend ot the end of the tren
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for Cusent Mox parce.
mon Po (t+Ke) - D1
PABC itd» hop Caprtat (0, 0v,000 #n &S ©
ye rico each « The hast aste cesurle ntly quoted —
+ Connpony hows, pea Hp ‘declore ae say
end of Tro pex & - ak (ke ond |
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/ uwvent i 4
pope 5 00000 | 5 coDSms
edeviderd 1o000d
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Lanne! to Ore Anotier pe log lernouee OL oY
fod pang and % — ree Otten ve
mcthode of _ ae 249
ty To MLW ITECD ty 6 hasua TOO each.
to Te ggue IF O00 Sy) Eee , Ttop each:
ty To emus 95000 gil pang shasten of e100 each.
ig expected eBlt w49ll be F8.00,000, ume
ie Bee, rode Of Borle 5’ detexmrne aa ~
each geno) plan and ake detesrrane whrolh plan
Ae best one.
2 Coluttation of EPs
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ET 0 Sag a
—< - a
Postre ass | equttey a debentusus | Ps.
carr | 8oo0000 00000 000068
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er 5600008 Pls 4yov000
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€000b
120000
€00000 —4
| 600000
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ID 8000 Xa = ME000
= d&4bo00