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1 3
4 M&A DCF NPV 1-1
BIS 1-3 1-2 5
6 1-3
2 2 0 200 010 2-1 A B B A B 7
8 Coffee Break CAPM Capital Asset Pricing model
3 IRR NPV EVA BS PL 9
2 ROA 3-1 EBIT Earnings Before Interest,Taxes) 3-2 3-1 BS 10
3-2 BS BS BS EBIT Earnings Before Interest,Taxes) WACC Weighted Average Cost of Capital 11
12 WACC 3-3 EBIT EBIT ROIC EBIT ROIC PL BS
1 CAPMWACC CAPM Capital Asset Pricing Model) WACC CAPM CAPM(Capital Asset Pricing Model) CAPM WACC WACC CAPM CAPM WACC 13
14 CAPM CAPM CAPM CAPM 1 1 1 1 CAPM 1-1 CAPM 0 =1 A A A A CAPM CAPM
15 WACC WACC EBIT WACC WACC WACC WACC WACC CAPM CAPM 1-2 WACC EBIT EBIT 1 WACC 1 EBIT EBIT EBIT 1-tc EBIT EBIT 1-tc 2 2
1-3 WACC rd re CAPM D WACC DE E DE D E tc D E tc 50 30 2% 6% 40% 50 30 WACC 5030 2% 140% 5030 0.75% 2.25% 3.00% 6 CAPM(Capital Asset Pricing Model) CAPM 1 WACC WACC 16
2 CAPM WACC CAPM Capital Asset Pricing Model) 2-1 CAPM CAPM 2-1 re re r 1tc e rmrf re rf e rm tc rf 2% e 1.2 rm 6% tc 40% re 2% 140% 1.2 6%2% 6% 17
18 2 CAPM web CAPM 2-2 100
2-3 ROE 12.8 2.4 ) 2-3 * 800 1000 1000 1000 200 3% 60 20 60 20 24 24 0 0 36-4 60 20 40% 14.4 0 40% 24 8 21.6-4 36 12 ROE 10.8% -2% ROE 3.6% 1.2% 19
Coffee Break P.34 100 WACC LBO Leveraged Buy Out CAPM 20
3 CAPM 3-1 3-2 21
3-1 29.2% 3 BB 1. 6% 1% 0 1 20037 0.851.15% 2 2003710 31 1.6% 3 29.2% 3-2 29.2% 1. 6% 1% 0 22
CAPM 10 CAPM 3-3 CAPM 8-9 3-4% 10 20 3-3 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 90.3 91.3 92.3 93.3 94.3 95.3 96.3 97.3 98.3 99.3 00.3 01.3 02.3 23
24 CAPM 3-4% Coffee Break 20039 CLO 9/26 A B 3,000 1,000 6 3 6 1 2.5% 9.0% 9% C 500 5 3.8% D IT 9/29 E 9/26 2004 9/10
1 25
26 1-1
2 2-1 A B NA 1 2 3 0 120 120 100 CF 250 20 20 0 CF FCF 250 100 100 100 FCF 250 95.2 90.7 86.4 100 100 100 1+0.05 (1+0.05) 2 (1+0.05) 3 WACC WACC 27
EVA (Economic Value Added) EVA NPV IRR NPV NPV IRR Internal Rate of Return NPV IRR IRR 2-2 EVA Economic Value Added EVA WACC NPV IRR Net Present Value Internal Rate of Return NPV NPV NPV 28
100 2-3 29
Coffee Break 30
3 31
32 3-1
33 3-2
3-3 1 2 3 CF CF 1 2 3 1 2 3 CF 1 2 3 CF 1 2 3 34