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1.2.3.1.2.3.4.=+EBIT=--EBITDA=EBIT+CF(A)=--=CF(B)+CF(S)OCF=+-=+=-1.=/=(-)/=/2.=(-)/or(+)/=/=1+=EBIT/(Cashcoverageradio)=EBITDA/3.=/=365/=/=/=1/4.=/ROA=/ROE=/5.=/EPSEPS=/=/EV=+-EV=EV/EBITDA6.ROE=xxROA=x7.d==/b+d=1b==/T=L=PM=EFN=?--PM1-d8.ROA1-ROA..ROE1-ROELPbL+1T-PbL+11.2...3...4...9.1.2.3.4.1.FV=C0(1+r/m)mTC0erT2.PV=CArT=C1-(11+r)TrPV=C[1-(1+g1+r)Tr-g]1.1+R=1+rx1+h2.3.g=xROE/R4.EPS/RNPVGO1.2.NPV5.P/EPSNPVGO=1/R+NPVGO/EPS1.2.3.1.1.2.3.r2.1.2.3.4.3.1.2.3.4.IRR1.2.3.4.1.2.3.5.PI=PI1PI11./IRSFASB2.OCF1.OCF=--2.OCF=+3.OCF=-x1-t+xt3.EACOCFNPVEACP-1251.1.NPV2.1.NPV2.2.=+1-t-1-t=EAC+(1-t)-(-)(1-t)/3.*1.2.3.4.5.NPV4.1.=+or2.3.BlumeNTR(T)=N-TN-1+T-1N-1CAPM1.2.Portfolio3.MVMV4.MV5.=++6.CML(R?)0RFMM1.2.CML7./i=Cov(RiRM)2(RM)R?=RF+(R?M-RF)SML(R?)CML&SMLAPT1.2.GNPR=R?+IFI+GNPFGNP+rFr+FR=R?+(RM-R?M)+03.APT&CAPMAPTCAPM1.==RWACC=SS+BRS+BS+BRB(1-tC)2.CAPM1.CAPMXX2.DDMDDMr=D/P+g3.1.2.3.1.1,2,2.33.3.AB4.=S/(S+B)x+B/(S+B)x=S/(S+B)xPSC/C1.2.EMH1.Pt=Pt-1++2.3.3.1.2.1.2.3.4.5.3.1.2.3.4.1.2.3.1.2.S=(EBIT-tCB)(1-tC)RSV1=V+NPVB1VV-(B-B1)tcBVSVS=V-B3.MM1.2.3.4.5.6.WACCVL=VU=EBITRWACC=EBITR0WACCMMIRWACC=RoRS=R0+BS(R0-RB)RoRWACCRsWACC=+VL=EBIT(1-tC)RWACC=VU+tCB=EBIT(1-tC)R0+tCB=+RS=R0+BS(R0-RB)(1-tC)RWACC=SVLRS+BVLRB(1-tC)1.2.1.2.3.1.2.3.3.1.2.3.4.MM1.2.1.2.3.5.?1..2.3.4.6.1.2.3.7.1.2.8.9.-100%100%10.VL=VU+[1-(1-tC)(1-tS)1-tB]BtC=tSVL=VU+tCBVU=EBIT(1-tC)(1-tS)R011.1.S,B,Vt=EB/EB=B/EB2.=min=/-1=/-11.APV=NPV+APV=NPV+NPVF=UCFt(1+R0)tt=1+1.2.3.4.2.AFTEWACC1.LCF---=UCF+(1-tC)RBB2.RS=R0+BS(R0-RB)(1-tC)RS=RF+SRM-RF3.LCFt(1+RS)tt=13.WACCWACCLCFt(1+RWACC)tt=1UCFRWACC4.1.APVWACCUCFAPVR0WACCRWACCNPV2.FTELCFAPVWACCUCFLCFUCF3.1.WACCorFTE2.APV5.S=A(1+BS)U=SSS+BS=U(1+B(1-t)S)U=SSS+B(1-t)RsRoRS=R0+BS(R0-RB)(1-tC)1.100,50600.1EB=(600.5+500.5)/1.1=50=60/50-1=20%2.3.4.1.2.3.5.1.NPVNPV=CFt(1+r)tnt=1-C01.NPVNPV2.NPV...2.NPV=0r1.IRRr02.IRRIRR...3.6.1.12.13.7.1234.5678:.9.10111213141516171118551920212223.24.2526.272829303132333435363733839401234;5:678910,3311125000331000100025%415%31331415161718192021300040%312324;25:2627282930313233343536373839ABCABCABCABCABC