obtniematoral B) [Boks Lorton bank offer. Hae 29[etle4 Twor- > Trier bawk aor Rat - “MPOR 3 Mite Mumbal Jeu offer wae Finance! Maneagunet fa Fred coat ost — Rectdnguter, Mpperboley Cc AF ZL ~ 7 Shutdown point 6 © AR fe colbert equal to AVC. . MC AC 2 4 : AVe T > Shiedovsn Po tur e a MR 0 @ 7 > Normal popgft f poset, _ (edt - Tore tout > Intrenk + Rent + Aodfitt wages] Te > T+k+PtW — Repo — Rabe '- _ Remur ipo fase '- Gore Rape >AH fiebentvabur fe ange equal jo falure volun Hho Pv —s Higher RV _ _ - ate Ts alto mony 6- a _ : _ samy How _(out}ons) a > os a dash flow | aa er eee Deco =>, Tybes oy cash flow Classical [redifleral —_ Nlon= Tradivloral. [Non clase | [Cath flow Cath How =e = Peguore fo Pnteaval — -fos_eg. =) PME va > R e interval, a _ > Duration rt ae a > Perot tas dun = : To Enero meloctig tds ee @Book > MY Khaw aud Pk wTatn > Van Home (FM) > PM by Damotacn Awash? ? Defautt Annulhy Ly “Pou ae Eduretitfon Lean. 2 EM? —> Bakes Prfrutple Re-Paymest “+ -tnprene Re~Payment. > EM fs corverned pth 6- © Cost of Q@ Mobilisation of, fuels (coucefon of money ) caftieu deckste {| @ Atlocaton Of funda SO oe fred - ® copital Qvs buagerig Ones ened Deeksion Deck fom/Mauapiuent 7 B iat dectsfon _" = u 7 FM fs rel Pa _ 4 NobiUleaition 0, prenels ~~ a Pructimens | Sy i on feb- voy ___ 3 AWocat fon Oh frencls 7 Mobltzaiton > pneu economical Aource. $9 FBO wg > PrAvdE Placement, O, shastey > [on Pretvtelual , who Ge fox Pale. > Corporate, depacfie. > | wutirg Shanes 49 Prt Peuton o« aue, Heady do~ fmucat in Compasy. : tow ECB Bie age Cs extemal borwwhies ond je i PY oO com $5 bowtowlug Loans or Matses funds gone 2 Pout of lev . | =) unleuesced Com paves Au equél | mn fs Enown as unlevesed comy (00 €. ee Trad lg on. cast > ad 4 bonsowstig CapFlal sft 7? Htpha. degree % fPricnetal Les cd Cheapes AOE 4 porenee. 2 > F+D 60 +20 > iT > ass befoue Prirent and taxes, = @ ke 3 3 2 : : > Process ‘, oa; boniowstig funds 5 coUled leverwge . =] 4 J }E BIT (ali know cs Net epuatiig Yncome ) = Int EBT - Tax __ _ - EAT Ceasentug After Tax) = Prefrence dfvideut Nek drome => 7 Tax 30 4 Eat -» 68 =P. = EPs (easorterg Pew chase) | 25am. jon SUT = Ps (Darter Per chane) orn smn [3 =T6 naa Ae mond from afk sources , so poweue _dlupuiped - 2 To maxinvize. the Poot @By feayeraee PAL > Tawa iw Long team “Tharsiliy try shot = bare Asse AES NE v buolget tly wv captialeDectstony Woulliog capfiat managment J > Taped por Recewgy ptelan {from DPvfettewt) > capfial apporuteattor ( moue importeu fos tong jesm). He Dfefdunt Deetstond 1 AF BAY bho accowr'tlyy and @eonomée coset * Econo Corl —> Explleld cout + Ompllet Coste : Adtowuulfiy coe > Orly enprleel Cart » ™ Tr PM econonile cout & constlened . _[eoronte, pm ft > Aces prottt — Ompured ci | or wrote pi Nerreee perk "P “ iano manegull aia nor bovtheved PRrarefl dlechfons aie Q Npproaches of, PM etka at cnbitectt pte « egachuut ah bute, “Trtatfi ton’ Approach Moclem Approach * Natutow tp nature. FA Crm fs ony concerned vvfin o Moblitzatton and alloca for procrument of rend {o Long Of fundy Jom eactitan eo ¢he + Broder “wy nasure- bute and there, PArtanc 4 equim ate. Eposatee tn ty maurt » nakere ecto ast? pot Al= Chaweholded Obie S' Maxtmize He progit 2 Wlalth maximizatfon oh | eH “Te. value. 2 Contes TV. Money + Consfeley_ capftal budgetig * Does not lonstdes eed deePefons Cul ay wellas eatpflal mnanagemene SO Hoot capri mauagement‘ \y O8 fel oat ‘ . | Sythe. vatue of Money ts > Monuy lnday AN the, WONty sie be Hecetied (0 (uutire ~ AMG Not sane ‘ Ih titer « * Stinple. Tarreat e rede han Annu Due Compound Prt pial fate nti De Aon coe BEML cnmatty wd Regelay anmatiy * Nonitiat fe ace 8 ERE Hu dete se Sfmple Tintrest Rote SEs PRT PXR xT fo» 1a + Untbom. tr even polod . 6 Potrest Uh neve “he Prue, tg ot Compound ntrast hUncrement on tntrect , Year. o—- 4 lt=3208 2-3 + tm pie plod SP mer. Q: Pp ing] [or SYUOWNWUREREBEUPERE Resa ae Assumtiy that Compoundty % dene Anuatly Btanto los dompouredllsg ! a _conyountiy 3s moe, Ty one, Yeo , aF Frequency ¢ ‘| compuunttey w one. yeah “Ony! pra. fate mie Mae Ey eewppovintitg Hime yeas >t" gg ome U2) ufo Me OOS t=) yar. aE | foutette Its State. = {- c 9 tJ 4 { vo-ef perfods My" = mxb | A= Hoooo © DV, Compecndty= 2 are [ tro vc | : y Lompountiiy = 4 {= 5ocoo [: + oat | NM u Th Compouurettty = 12 A= Boooo [yt ovog ) X! Ta AF DL peasy & Cae “frou, . ? “hae 4 (08) 2 | ol a (ou) ga 9 3 a \ om 4 (hoes) \ a5HF Nlomtnod tnt Pate 1 Ago knoumn as Alesed [vsmtuen | ogred upon - Ebecte for. Hoke [Eze a ceo" f 2 peufeate. Fret “rate ne ae q pusiodlt. Bop PNB Ky 1%6 2 (1+ 010825 -4 z 0-0425 -4 Geaees) (1+ a-stas) =D: OFS3 = 0: 0453 ER = 8 S4- EIR = 3:53-)- He Infptaifen Adfussed Hm 6° L+NR ] mA NR > Nomfnal Fut wok - Ltefag NR = ol ih o-0oS t+ 0-01 eee HE fmnutty 6 2 + Depfntle. perfod He * Same amount | + Sami fnirat = 1 OF a GUUE Of cash flow Lone ait cas 00 happens ok nequlon Sneval fee ie Oeming tcha A Reqetare Arnall) Due. dinnutty- d begntu + at he wifey Te © the. ek of tke, month - Month | Ve astun ‘eleposic hs med. at s when aopoctie. fs meds. ad fu { qe end Of the Month . begntyg of anonth - > Defrerted Annulyy 1- uu you fixed fy 1om feture a le qe Poxpeduatty ' Annully for an Prdeltotie. pesttod of me. HE Pv and fv et oh monn Ya sels of cash floret / fmnuty, . Hz Pv and _#v of a fn —— A Nor ot Single sum of m. a Peinceple prone value “b md fimourt fur. Value . fue vol of Roa & [ev= Ix Uso" ] utp > Compounding factor - € jo000 ( bnt crate. of jo-/- P+ for a compounding freq 91/2 / 3 4/8] 1a peat a 1 year: @FV Compoundtyy factor Tiree Déscouufieg factor + ce comp. factor we Clot)! (1+ 0+06)* (140.04)3 C4003)" C1002) 4 Ci+0.01)'* ™m t See @ a ff PP |2 ie Pp [ev = PY X Compouncltug factor } a. A fv = _fv¥ = Compoundiig factor ~ C+ te 3 a ie AX Ls ] { : (+0” = 4. a : ep Discounts factor - 3 > PVe TLak Yok Pat —> Bt —> 0:08 2 0-04. i t= 4 geoug i ' m= 8 (half yeudy ) Pv =P : Me UX 2 =8 compoundtug factor = [++ ooy)8 = fav(l-ou)? Pxva = 7, Yoooo = SYogo- 540936 - (1+04)3“dues Q 24000 yhfe cow be pouwked into a bank depostte , ptuch is efjesctug a fk of 8-61 PsA Compounded 4 What shall be. the fV_of the Sum ff fovstemare 16 im for A pertiod of 24 pent. _ gb. PV= 94000 — Compoundiug actos = [ite of 2 Lvs Quoeo + Ceoais) ® - [eve asyso) Serta 6{ Cas Cash Plows oo The (end Othe peed) _t- 2 3 M4 6 ee shroud D h “AL Ag Ay Ag ~ PV. ef Amntig. a A A S (4b! Urb G0) Cat) OFF (rey = ae Ea Tn | qe A PV ef 0 Hague ann annufty I= ev ey 0 annutty = — fromatty * fasta . t ; PY ef an annatiy = Frvaity [te0"]BYR BRBBRERBRUEDRRE ARES heron sty. t + jonoe Ho | (0000 + {0000 [‘ ae > jah Pra Leow 1 er tot)” Ol ‘ {Ev = 1nbars | j @ , t SI12-Jeb-2024y Seda oH, Cashflow = Aonreuindhy Av of Annuity = Amati x [20"] EV of, annuity = fonutty & [osor=s ] SE 62 caleulator « Assumpifon > ® fp cousin amt: fe borrned from Semen: Qs lo Lakh borroted ba 4 peton— Ontreat rede. 9 Jo} pw, - Teme 3.5 yeas P never use. pacctur. fosmula- Alusaigs UL the adduct 7 Pv = 100000 _ Roe = 9-/- pia. 7 Ths =5 yeous ie Re-fasyment freq = Monthy + Reautyed ° Mepay the loon ‘in €MI. _ mn (no. of parpmua tn 9 year) = 12 zs 7 null tonal) : pep anne Cop A = frnt (rae , npr, ew, [eevT's ype] ) Synser 04 Pmt optional (ether fur =0 or sep Lr) Tote. f Gomsab portodte. rote “w fotat_time. (1245 = 60] np t-_No- of f' banereted borviwed amour py. 3 a uath ae Ft ;‘ C1] —> opronat. Sy PPmr: Precip yepayment - Sy. P Prueture Velie rf opHonal . ~~ = Pv (yak, npor, pre (revi, Type) ae _ pv Coat, per, Prot fina, a ped) = fhe —_ =3 Sonu Lae; 5 = oe lev) » Uypel) oe 8 componat Oh arnutty (for. supiig me) — mnt ty crt ~ ee ee amount =3 > Even oaext £ML 2 prndfple_suepaygmant Ahoutd high. = Evuty next eM? >? Ontrest should 1 be Lower: =a fou faivest ealeulaston pe Hee Ce, 1 fs Hs pe Ps Cpv1,- » lyre). = Threat Poypmens gk = = Pew m0.04 He finstatimunt = HE 1. bed ore —2 60 uefa uted pak. = 0'007S = Soa pym ager =o arn ef pt “alt 00 5 603 - 83) a Ascumpifons 1 - Seo Now change. up Prt rade - A. pho. Thou ke no Oley aunt in Kepatyment A Tere is mo advance _ Meaparypmont other then Em) a)Gtr lock whe cideeus Of fhe, eatf EMI Calauaton- aoa —_ _ O/S Patane (Drerease) (Decrease) CRermg, sinins) Inst: No PPMT IpMT emMr = 10, 00000. a = Os + PPM = 2 3 (epmat + pur =P) 60 §Ue hoan of & 10,00000 (Pv). | te ere in “equased rent Pnst- m - iF ——— Ne MAL Time > S yeauy. | Int rake = 12] EMI = 2 leh Em = , t+ 0-61 n= 60° x fin ce? | et at =e vot aces ee 7 a fe = yams,Meer patie, of Fphone ay ovo, (IN) + Deetded to buy rhopn y han ‘poorly final frajatle wt tes ew of Thee frectod Trt Wale (OP Pr amt» Of edoh hath yenuby frat t py ie OOD, pee 6 | enyr a %: Pv o SMyE [L -Civo05) | 0806 guooo novos = ery Cr Choe) 4) yoooe = eutvt [10 144) yaoog > entyt (0260 CHYL 2 200 yfooo, DS envi 5 1658.54 | duel fv oy 4 borrowed aml» & 60,000,(PV) fh the Paupment ts mace, every foremn Gynt ct The. ent of the. puuod Tak Yale. = ¥y Pev Monthy NO " Per Pym Ue (6 hfs find the Equated ferinyntty amount = ? fe 30 = 54. 7 Or Ols: 2 Me Ib Qnnetly =y t+ (ut o-01s) Y= | wees io]. (o- To 60000 XO-0IS & =Y [Ci vos b '] goo = ¥(1+26g-1 Y= (gooe x 19000 2689 Y= °0-334X)0000 = 336.90, e Héghes, Afecount yak. —s lowe Pv - lower devour var. > neyhes pv 9 Tnveue HelaHon bfiv PY end alscourt vase - HNO: O| puctods tere —> Pvt, Ebpeetite. One rae 1 Pus annum ante = F4 Times L year [pnt = G40) =a} 7 Hehe the ne. Compourdiag —> Higher the effect. tere, > EIR SNR. > Nomenat mne- rare .KRBRSOQQD RRB OEE EER HABA AAA [6-02-24 \| Yonithy peated yun [ ¢eanpourd Arnval growth care Cenc) t x = fh hulp pate (OP) oa HER 24 he Graces aeatCry) pate, Cap) Ma 8 ere | Ig mone th Wy Bihae ' saanorahs Retuen to Yergt furs aye = on yliy) Paice 4 Y Moldy peedid arto C11PR) = (Ms ) X00 BP (#4 = ft) Xoo | HPR = 4-1) 190 DMPR CHD Pra is (ie mente | X1ov taiime ty Yuu. (Eo ta 4 yeas, 7 TPR pig = {(3) ! =| xtoo =(1*5-1) Xt = SO] YP te 2 year Ve “ NPR pig = [ws “] Koo = [os “1 | x lov 2227: th 425 yous HR pa © 2 (ee M1] xtoo + @fF t= Grmonths - Yo Yeats. HPRpa = [wy | Axle (ioe) Kiso = kgned last. TP tsiBmontys = “a yeas. 18/2 MB _ = 44. | HPAP, [ve 1] Aloo = SI fP t= 992 days = 897] 3¢5 yoo, | HP Apa { (2%) = nai E ares “4 holdaug Peifod = 2yeaus {9 ments 68 days Prd aut the. Het per ounnum ? ___-2Y__I8M Gad ay Wy 68 iy _ [2 Br Y = — tte tg bt = o+is+ 0+(86 = 3.686-y a HPA. =f "baa -t] Xoo HR. po Cornpounded ‘annual Growth cra. (A GR) _ Source of caphat Sean care 1+ Bond _| PPked Pinvome. seeuty] 8 Pup. Shas. cayorral a By 8: equbty shaw Copel - as a feneatly beltuod 2 “The cost of bowed iam ft lover then, Coat 9, equty « ©Change —— BOL Pocket enpensles ond et uP) Chou, Caphal unites Pred Corapary « 0 equity Fr dabt lewd donpavs, Trout seq ully 40 dabhuryes Ow Fr cophas “Keak Geoartug oo Mf Gr equi ‘Lor feb ~Svay AE Mat Avon, Stouetty ! X \ ‘ p> aleetaled on Jane vy BOo Ag eee tk ena teat angen ate od —_ SMe Virhie bebe & Sv hort g Sey rte COUN eunually 3 1% Warlabe 8 u AE Atom OY Sy BY WL ry wutecer Glues thea bond haw ag, ERE SKS Venter ates WAR PE hate tos oeedteens el pel WHAT HE Chat ay caster { Yet manure 9 STH Berd Bo phat /vdhvyte bod + We Loe Ny Keegutar Anvotut *} Met and hau a SHEL J Bee ale. Re 8 abs AeKY Coane bs corel) a | Be WU el Pry oy coapon fPvedt coought ecul Uye. . Reud fo vy Cong peed of tne. " Prat mankee (sPee tb e Mots ae Tay “ty Pe (afte oy the lsond | Ove) Ue? Quay Gas} ayy = Tolvert Peuyrront a Vr HedPte. euocceet SS Decent W960 6 S80 yA Lse Bo sO Loe tel Cae Cre Bil Cn, S Cast Of Capfial fos Me compre Pde at whtey Me hue seu fe scored aad equal IO to Podent rates Seated cect Of, taptiat . oy, Ped tue Prtea DL, We bonds ef “a (A) SMe Coupon aate Whe Lost : _ ae Sb a @| { frvous julatfonghsp bfrd mmaset prte- curd face value 4 sk compen v/6 zc. as. 4H Plein vic exelle, bon 0 aves tus. added fo bond. m a great he value 4, Les the Po o> aise Fr hj rnvutel Pree veld Faull othur Hkugs puma come. Favuue. Helakimsntp b/w Hand mute pote (%). AW} Sle coupon rok and sedampiforn append ak pee, and Than _maubet prfee of tue bond % equal to face value. Hs Coupen watt , MP = FV _ Lo) ff we los > Couper rate f fn ynauket Price (fe). i = MP4 - MC > maubet Pater i fh se sae ) 2 oo oN 1 Nand bh 3000 By ole PAULL Maes eos Of RL. = Deh evn Raained coolly {ood Oh co] | : [oven War Coe = before tare Coe [Prete © jo PAX COG 2 ALOE Her Coe | rt ; ahr Srranrypte Cod for a debtatune, WL) Kegqurar Kr foysy cebentare: Cstecleemabte) (a) Gegwae hee ree alebenteur. Cttedeemabte ) o Syed Peet Tee GRD? Wk, (Ee Coc Preaent manner prveo. pa Sb. whlch ee combiy & punter Cn = Poiriple. Ly mothy ant ghee PASGUME LAL Medempifon at pac], tat) Coka Cheqoue. an) = ne tfme period , T= fhe: Jno 2 podempifon value Pos Present meter Prtee i > Post veline. huey ejoeo Th, RW odo bond radtig act FJ ed tm the macebet Bavatlabte. for stecempiton outa Preméum of Ue: ayer 4 yeas What ts cast of debenture babe Jan. ash. tas S10. , Pra (000+, Premfumoy uo = 1ou0- Po= 963. , m2 71 Ka = ot [ sue =a63 ] [tous on] a e sqo+ No = 0. 08q ¢2 jool.Ss ka = 0-087 “hf Tae Of tae UE) = 20-F = 0-2, Wha Shall be aber tan cost capftal 2 : * kd Copies ron) =f x -t) * [tate | n eo or K 190.ha Coen je7') A Opn A752, bog j \b) ley G4 _capfias tee OM WHOBIII IAS Bihatiivt § ka (baste tax) 2 fn 4° tnz- £40 =f, GBeeiso | (ey. Le tep 4b wstou ten) 2 [eo jr 2 & (l,4e% ae - (oper ter) = = bie) ok ° J Pragirs-crous tN oy, SE Gxenose, pe D Fesdesrabie 2) Weds rrayss. - 2) ce ie my petderranln PePe Lape) Py a [Rate] _ x (oD- UA fr caus of frredornantsn PS we (oye tony = [f] x00.| \ % ~ Ol - 03-2024 5 ~ Z * es ae a a sy A Coss of eguty & > “ed shou.” holds ane the Heal Quant Of ie— 3 com i Equity > a. aquliy Shaw oxpPaul SB Shoholdeu fund — ) ne (Retatned cast = eee aud. Poin. 3 fest snout “of Ded 9 Rake Of, Shout = Suum_torul_velue oh jeter. Pv of au 3 1. tclbatcLudt (Prvomes) 3 = y= rnasexer fits =e 72.1 Ascumpitin.,cerapossy y yada DPufdint (Cretanled, Déident pelt atl at Hue. end a ) 3 78 Comfy naa _purpetuol Lefe. (Accumpifon) . ee Po a5 Dy te Prt Dg + ---- oot fie | af es a OY an 2 uty ens an fuscomdable « Fy 5.¢5thot oo K 6 krown to Us: = PoxsD a ____— (rR) A - e, = abs 3 (rk)t 2 ©Nodd 34 6 Zow Growth dfvfdut rnodes / toncsoxt Biv tbsuk e004 Nocltl _ & 6 @Pogte Londant Growth rode [ng Pras. Grover, Moc! 3 6- “Tio sterge growth ynodul . Modul UU 6- TWistee Phade. growth voodat / rou? Prod grevte. Model « Mod 5 6 H- modet (mot fr staybut) Model © = Copal csseut Paferig rood! Compo). HH Zero Crowth dfrfdent Model 6- > Pree of Hee chowe Pr Hie maukek Ps sum Pv ef cut future modu « — BR Comp pr diutdiut and jt & ~came thyeughoct Sates Poa "3 fo = Prevunk vatuur (mamtet prite) 2 fo = Dr Di = oftbat haste fe fad Ke at We end ey He hfe Yeas * én Dy (Ol he 0,08: Po: a09 = \25. > betan & for he culty) Shaue holder « > coe. © fo . : - = Sealer tap tae PW OF wake : huadd dpe => MPafmurn _enpected rate o otun Bi Momus TE ®& A shaur €& qvaflable. Ty the market At F O34 . The. Compa — Jusr_pard a dfylclot oy, ZS th Prevus yeay + RON ~The compou bust shes phat tbe. dfviduat will mot Fertedtes - WSe = — Dy = 516 Py 2 O34 = lWs3o He Constant growth model ¢~ 9 fissumptfen, _dfuldlent wil sifee vous COnstaut YAH. Othe _accumptfor cur san. . 1? __frewth pate s Nghe : > Coc shay _alwary itt le. greater than Growth sae oO: New be equal ore. (Must tmp- ascamptton). De > DPtdewt at Hoe end of the nh fesied Doz Dfvielent cet tue begniig — - _ 9 = Growih are Dee 3Cito-08 ) * Back = tL) ca EN ete se fomuwid = + (+) : [Ds = wyae | i _ Po = _ Dy > DANA which wu Palit Chal x“. | He end of ue 434 yeas ) oke-§ $O & Ke &s ~not Amavien than’ g 'AU A co has Paki Devidunt (0) = F3 Th enpectt track Loidunk “wi pice ab Ul Do = £35 embected fe _2 Use = _3+12 4 p-04 a2 es O+0g3R} Ques _l0_yeou before a teripaayy flo. clfeidont of, FO Afvidint {5 Jrouwtug at Yo coneaut reve oS —_ Manker _pitee Po) “= F U9 . what fo the (oc a 42-10 Dip 6 ie Dye Dap itg)” 33 / : _ Dis lito) 1 Sy Digest (1G) eet eo-e Be tg ozs 1O-0¢ : Ke = 85-93 w i)i Two clege. Growth ods 6 46 Compasy forys Atvldad pysutorsy O- Thou. q rowth en oliidaat t fur 4% di. prose, 7 The Yicct Phase. Pr growth of, dfuldaus (toe detent 4 afr. , Wheueds creend Phast. Pr Grovth Pedhectuat mM natuve Oud Low pre. ~~ & => bfrse Prose 2 > Sscend Dhow - Pp > Current [| preeet rnasunek Phen ke > Cour AH equity . 3 Catt of equily shasee, captial %& greater than Os | rake in seeorid pha) , . ke > g 2 QUDE A chaue B available Wo the nmouber od E74, ts fuse fofd a dfvidut of 2 fox srauc on ik . EF that fpr ent S gears the dfividudr tu gree od “th mH bh PA Ofte, that ‘ue fu grow 4I- PA forsee. 12 6+ ae, 9 2 ED Ke = 101 pa fy Bh 4-93-2024 <——spigcouatly wie | fareton Me DiviR), PV faerae 0 2600 \ }riuer 2 (boo) Vien JPEN soo)? aw? Sion tind? Arioy? q alos Veto)" 54 ALLO) A wy) “tat ' % (aia "4 [oe Do (4g) y . -f Fay Vee begniog dL OM yea oF cud of he SY poor « Do > Po at second Phase t- Coy © Park x Ken Ga. Orv ° 2-00 - \ AAD 0+ 909 2. aan 08 26 3 Q: 38 0:15) u co 6 Thm e. Q 62 0+ 643 a £64 7 0-62) TAA fou ee PVP Aloy “y= 8he (%/1) Pv of ov. (bia OVE) gue {elo POY Aw)? 2 (10), 4D)? oll oy, ob WMO Zo» Pola "> san Yolal OL, Py al bru % i he. Prd phan. Crk)” | A 179971 1-850 (.187 |. at (+664Yat fun s Dner , 4 = i Ke-O2 (ek 2 8 9.14 b+1- 0-04 = 2019 y J 299-47 004 [-6) @b@dEGHkEaL A SE US 8 cempary wos clad nat BL eipinsed Mebswers of Crovetcihe Gn shits Inuit en ov terbauy fe 141+ o£ ary, bad, Poll a dividue ef 240 fin crow 10 yous kefous + SJ dfvidua pe os ths 0H. OY b1- for tu. 5 hak ft Grew and lk _enpurd to gre = = = FFrd ramet fete. D-yp =740 » War ler ut _ascume D-ip = Dy - Keo 14}. - Teme zeuoyers/ ty Ove @ tue]. pag a gf D-4, Yo(pos) = 4B ZO. YA be Dag aia 4o( pos)? Vs pez | 3 Yolt-o3)3 Sp. 9B Yu = = A = By | + olny sual Vwi) A B 2 peg S YoltesyS 68-47 Wey )S on Dy ¢ Yolros (00) 281 =6l-T Dn 0[tee anne Coy, Gil x 41 Aiton qs CHEM” = Ale) a) Joan On 66 KOT © Bongo Poyy 2 BGG tO! » (Osh of, equity, dp Copal f\eseat Pafellng ryedket ow eompuslon 4, (96 ¢ eo) Developed bay “Qalltlarns harp. 8) Rte Reluim of anete, Rp a rntntmum sudan (atch fuer, salu) , Rte R Ao} Mowe = A, [f Ee: f ate pts len tvon 4 thon | REY Premium me Rin = Rp ALG Leas satihy PB Senatitelly aya gttturn of, drcutly founds the. pctorn of The yneukel (Begebrret -Prdeo) + | ? Dogue. ol, raponat wes _ Peturn of, fawehmoat Find ea er FR + [le =Ry) |p Quel Peiurn Of benetvnaut Pridiem Vi, 901. , Whew. du tue putin OO}, sth qyee FO WN IPB Of Mee See 16 2 «What fe (Mo. Mmentraum enpeced JUL \ fur CAfM . Rmoddl = 019 R¢ » beoTd [ o+ge -0.01) x 168 o OOTY oo Ihe. Seely as, dA Weed aug toc. ¢- “2 Wight Of fn Source % Specific (OL Z wugre G what f5 ue Proporifen o, each Soune of 0 Company - Equity = Yo Uke) r DobtY - 80 (ka) & woulgnt f6 greater tran a tee | Prepree se = SD (kp) Abvide by sh-(usedene), | Total + 600 - Welghkd Ovg Coc = ° SWEKe -" Cwrtc) ZW 2 Source. solu. coc (ke) we —wekt 7 E usd ole 2/3 oa [08 a P SO oy in D160 oo ye 2025 600 _ SW 0-184), J WACO = Yeo] ye _ “Capfal Structure and “theootu $- Dura \- a . Net income the or’ [Net Preome Approach (NP appraach’) » Nu ee ae ayprarch (NOL approach) Medfgatidat an Heder roach » Treel'Honol grronch' @ SYUB&ECobftal Structure cud Tis Assumptfons t * slo 4a. & ‘bh’ Cxetention ratte) = 0 be = 9 (growth) 20: | Dividuut Payout serio 2 1001+ ( B= D PD= Prekrance dtulelent = N= mo-oh ofs equity shoves ko = WANE Ke= tost oy equity. = Ka] kts Cour of clftelunt Te tan vole ; oe tL Nee Frcome they - __ tt Tradéfonal_ approach - Guta Prtretjores i -Sfgnalin theory ae feck tug order teow |___ &. Net opexarfug frveme theon EP 3. Modfyfuilaut Mfr Apporench: theorteg 6- Eart sents ear Tat EAT —PD NI 18 -Naush - 2024 Yo bl Aw rating Devanpfutdu Payout weuto (D/P) 2 —_a Assumpter f — Dunes capt re 4 TR CHUL & SOU 4 fur Borvowed cape 2 ewe ase nd axes» ar D/P Is (ol. YU Th Fore assedt O} “he. sf met Chowuge. ho eptta est oe the capftel of the compe 5 Totol BIT, of, the fs_mot enpected To grees _— wb bie clfsttou tty entie amt: b] sheucholder _fs. _haufg Penpereucal Like - sk of, —theco! eo fs_comsteut __ a _we_{s_ fnrdependisto Ynieuctal isk ortsk/ ffrandal Levewaye —vatup cussed -cappetal ¢m emt a, pa Pruuitows au. latent —duad tse tory cut. we [coset z ee about the - 1S my sett bs _same « i ite Hg oo Epit_ (Net openatteg x on ee ; ° EBIT ___S_= vile of equity =r Be AL OL) debt EBT _ Vs StB > tok vay bust uses a a NT tNee freee) | kes NE ERT “NE - ke (lob) ‘S | Bet geet) kao = | | Ka E | —— ve Ea | ko = E8tL | Ko uw| a ie _Weke $* Wa kd. Ke. = kp + CKa— ka)-B A Net Prume approach & - 2 #§ you go en Suosfrustig equtly wth cleot the “ovulll COC ust be cl and te valu offen wu joes + COC min — 100+ OL the capfiel Fr te fos Ol, lebih: + COC max —> lol OL the capfiel tr the (oar 6) equtty , | Ys, = leuustoge ras Y * at au foul o firantol jumrage tos. £ = (ost Of debt WU pain carne. woo, ke 1 This ts mot the Meallette, accumpifon- Ke gy 8 COE wsf parnain carne od oe lout Of ffranefal Joveusye . a Ko = Ke tev ~ — We great te. propotfen of dubt the lowur Coe . Lowur tHe Peoporien OL debt | Hue higher Coc . ° Bg joo: Abt —) value dh the Company Ys‘ | ‘ ox. Valite of, Compatry ATE Fufge poten Haplectoy biphirts Coat uy abt wattly lowed Coat oh equally Wid hs JUL | Sxamnple EBLE 50,0000 Combany hay Y2L tod abel dunia, Equetly Captlfaseuton L0le s [ai Ceo ) () Compo cleafoley Wert vat veut fred Laon of Mh Ll ) Redeeming tA alo by Wik GS Coe curl © eve Q | nate ie) cake i Cake me EBIT 0000 Hovoo hoovo I 20000 30000 (000 (tou. apar) Clo oYaL) Copoy ye) | EBT= 80000 20000 [oo00 EAT(NT) Ke Orla HDS, Oob., , S:Nl . 30000 —_g0000 joo0e Ke rl2S 2 Orl26 2 240000 160,000 pe . Be 209000 3, 04000 Veoooo ve cre Ve U,Yo,000" 60 ,o00p Y20000 Ko =. EBIT f $0000 — 0000 7 Vv YU, 60,000" 20 000 = 50000 use Koz O56 Ky rOf0BL es ig @| oe thee opeinsten fares, Wrnny 9° 1 woditanns Upped sstusr ff cod t nod suhiug on shPog tio he. COE | Jurnain corns. 0 0 bys. OLi0 0 taat0in teu TE YF ME. + Oso Loe Via —* ples, Fn, tran Hox and aftes Trak Asctive, _ re. 6 (6 WHY ysrnain Some oper EHD Dotrz ater trot te yp © COE & +e .preuss volue. ko = Ove COC — 2 Mesfdusl valu (oven 24 coe) ioe Phacerr op CO of deb WHY sumain Sars jou COP of afin gradually. Ke L ke Sarrs- ka a Ble ®- Puede Assume that £8IT = FS0000 COD =lo-l (mot charge) - OLS dabt =¥Q,00 000 — Oval capitalisation wae > 12+5 +1 “Total Velie, Of, fim Vola oh eque Gee —Equtly Caphefeliaution eke 2V_ EBrr (Nor) e000 kp 4 06126 — we CBIT 0000 Ko On 125 _ — a Y,00,000. & 00,000 S2y-B 00, 000 ee o-l ko a O25 ee a —- opo° he 2 Ko +Ckg- kg) 2B. 0-106 + (or25-0-1) « 200000 Ss 2.00c000 Ke. 0 Aep us Gsoume a D> The tim tue alto & 8b» Same fox Bepurchi vg Ho Cgutty Ghat + find 3 equty cob FH alice Hon ayer bolee ? ' @EBIT 50000 50000 Ko 0/25 0125 v Uooo0o yoo 000 b 300000 loocce Ss [eo00o- 300000 Kes ko tOKe-Ki) 8! Kez 0126 +(O25—o+1) Ss 3) kes 01125 + (012520 -1))_3 O25 + 0025xXL I 3 Ke = 0125 +0-075 O125 + 0, 0083 -| -Apztl - 2024 o i = -E Mod Pues = Meuex (MM) @pproch 6- F Reo fn COE but oveutl coc fs some. -Assumpifoy ts $2 sources Of capftal _ ___=3_No cha -W)_OvieHo ; — Pertertur “tsk of, te ribet 41 ae Whatever _lewena ge, Bs_holelfuag tle soune —__leuenoge fo _hotd yidlual shaicholder . bee Coed demes Rg a [Shassholde _ ley : = tiie intestate witu be cart_e He compar ata A Pind fvfeluol Shaueholder ena: No 4axes . — —_____— Bent 2 om = t mee con (- paleuurdl = _ 7 aan W) teurted, —_ Cotentaled: the anit Of both the compowteds Te ValuaLtens 7 4 Company. he higher thaw oma Shourhollu wl fake Come Lown. 2 Balawsehiy prowess | Auber Protea @Brooyyple Asseuvre HUE thet au Qo Compruced booted UR Levewed gud U Ps Un levered - Compu k had lor Ry 5 taki, debtemaes - SOIT fos beth Compact Rl 1 Loutely . COE ghauccapitet for comps L fs Lok pa, " é u " " Us 12.0+ pa. Valuation. a} co "LU" and"! Qreateutares Us Epit dm 2) Loov00 | lo0000 Int (my 2) _So000 (tora) coro Earle) 50000 Joovoo. Ter ts ee im NI\Q) 50000 l[o0000- Ke 01 onas Se 3, 12,500. “goov0e Ke 500000 aa V (\rateatfon) Bsl21 S00. ~ €00000 : = Thee fan Quebftrage. Opportu WY ad vateuaforw ace cLigg- _ Ma Pranfe cu futur Whe RAL Ih Gare WY compusy Le Ww bhe equely ee ‘ ‘gs Poston ts (Oofs grecke Py coe be dovesrmenmt CV Bl2S5o. (ih esudy onty ) Peleern —> 5eao .mn TE Na. Ss Boars buys fot glabe in Co" UY, . AMO ‘Haqulred £000 Onn quty 3125v - Tet wu . & oar Mh Same. as dhe. Coporule vee , YI Boaus has go jake Loon, Of, & Svea0 a “AM Leaqutvect 20000: ' Ou equa} 3 lo.50. Lom @ Jo). Ror Sovvo. Si ©" lebo000 Prutsred Pry tory, a U aud thaw te prope m3 los0'), | Ariforéfon Procest t= wire nw Aw sheeholde. i: Mutton buys A: Shaun ¢ from + & market hich has loas Value cud deety SCU Pr the mautete Lohtde has Weghea. value» PIy Must fn compay iby Foust Ra» 60000: , the. Mahun eo og evi (hey op Seeir) , “Jawtmeut nt: Return le000 —— Sooo, 000, cohen ee oscg ee ee 000. 6000 — $0000'-_, 2000 J { S—aeiiat Postavon See Conypuy 'y | Lept Out amt- —»& la5v. = So jaesy, 186.92 5: = O30000 + [250 Beso" dues Thee ae 2 fompauted Land U ,both aque fansticel eBitT Fue Cast OF equtty shauecapfral fm UV — Isl- (Ovts) } COE shawcupies Ww L— 24+]. (0.04) | Compo L has debt OF LOL GIS). th Pet cape | structue. Hd cut Hue yoties fre both tHe Companies . ~ Aldo Lind the dubltrPye Process:fosuttutaney - ee oO m eBlr (2 Y, 00, v00 U,60 jp00 _ Gu @ 3,600,000 (Istoyzor) = —£BT [&)_ 11.60,000 WIE COC a Ont, os 0+ Is: S$ (9 tee 2-6, 66, 6677 BB (® ____ 2-0, 00,000 ea MAR Le BOT 86 66 CB —_ Selig the Stare dn fernfang Vand burt in cornfauy he CReroue arbutivagey on lek ad assume chat On Prwutos pas lO Stake do toe = supe aR — 20 00 | 000 -s)0+. > _200000' Vi — 24,16) 667, QU 667 _ Sou!) 26, 66, 6F> = = 2uyl 667 85000. (legt cud gerrfyg Same behurn )ek YRooe Te. a Sapeba | TrodfHonal approach &- | le 4 QU Hue approached . Piety Ko wd fau tien ft wt be Conacher cick Cutryatty fo neta Aue a, Cemeapt'o of, teu Mognhy hg the benef 4 Sornarntig Buys print on eases Gece la = ©