Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
=
=
=
=
3,000,000
5,000,000
0.60
600,000 410,000
1,000,000
1,000,000
100,000 -
500,000
5,000,000
0.10
90,000
1,000,000
1,000,000
5% (6,000,000)
(1-70%)
300,000
0.30
Vop =
Vop =
FCF
x (1 + g)
WACC - g
$400,000 x 1.05
12 % - 5%
$420,000
7%
Vop = $6,000,000
Vop =
2010
$ 606.82
2011
$ 667.50
FCF
2012
$ 707.55
x
WACC - g
$ 707.55
x
11 % - 6%
$750
5%
$15,000
2013
$ 750.00
(1 + g)
WACC - g
1.06
1 % - 6%
$750
5%
Capital
Vop =
$400,000
x
12 % - 5%
1.05
$420,000
7%
Vop =
Vop
$6,000,000
$ 200,000,000 x
(9%-10%)
10% - 5%
MVA = $(40,000,000)
MVA =
Vop
Vop
= $ 200,000,000 - $40,000,000
= $160,000,000
$ 200,000,000
-0.01 $ (2,000,000)
-40000000