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(APV ~ Adjusted Present Value) mane an Ty oven n> muwn oyMxny qwnA MxM Franco Modigliani & Merton Willer 1nO19 1963 TY mun nena 7rOA TOMY dy Man Te AUNAA IN nyQUTA OYTOW ame 1958 man 9p jawna nn Yan nan yw AMY MY AIA Ye AWABAIA TNA OD 1958 econ mana wT a ]aWRa AN WK TAN Tw AMY WROD WEI ("rR XA Mw") Avan AY Nye NMA Nx AAT OUD BHAT PSMA MNAA Mw syn AMS pina rire nina Yay nao XY MANY NIA PY NWA.AAE MPD Mw TP 2/7 onyya on amxnna aeyMDSINA NA MMW wan OF On MAA WHAM (Homemade leverage) ann Mm {> yor sMaN-wp YY BVEwY MONA WA HDA TIO 17 1963 MBN YMANA Jamar mean jn A) AW OAT MIAN TH MND Mann Ty YNA THREAT INN erin ona napa maMVA AMY AIMAW D2 TVW AYN Tw TM fama pn us? “won mn ma man sAbIwa ANAM Muymxa a NEAR wD jor iy pa MMs.25% TY TNAN oD WY TWA NY 1,000, emmy ra ARTA NY 4000 RAMA ATMNY ARNIA ANY AMINA MHRA WANA owe rq xYTHAND MaNANWA MND 2 {879 Aye ONIYNAD THN 79a NANA TE TODA NMA NT Modigtariand Miley “The Cost Capital Cororaton anes ane the Theory afore ‘american Canam Review 8 une 198), 95.26%-297| Corrector F Wosigan end. % lr, “Carerete Income Taxes and the Cost of Cap: A ‘fonercan Economie Review 3 ne 1963), 20.438 403. ‘ahr Ju ew nar smn yen nawmA nay aN MATTE 2JePaW aM ApANE,AMMEN MANU AWAY PITBA 396, "won nin fon nin (oon AD) (400) won ninwiny| nin 600 op 397 nin (250) (oon nnd 450 "ann smnan se wnat 9a yx UNA VA BA NMA Fe HATA MYBAT TNA OID awn yen Maran ona navn vw sryAN Mw TH YAN qa ;A"e 100-93 OMT Javan rr re" ND FI Debt Tox Shield = rx D t= 0.1 x 4,000 0.25 = 100 eID HWY OME AM ANN YY MPAA MD YOI? AT 7 OI. (Pannn Area nana ManA ye MTVAA ME + (9.3) V,=Vp+ PV (Debt Tox Shield) mann 7 mrwsn mw =V, panna Ansa xrimx mana yw mrwaA mw - VY, ‘onl napa Pw ‘Manin naw - PV (Debt Tax Shield) {yo miner nx 92 JaMa WHA yan BWANA TYME [HAA TX wINDAY OD pas (003) ,09 31 nina APV 7 ovFn FID 7 IMA THD Nx aN HT wWOreY AP TRA WY THEN xvNI TTA ATA 187 main (WACK) n?AMUAA pn IVY ZIM OR PAM MPA NX AWIPAD WIAA fawn anya mavanns qe nweT yy Ta ANY, 7AM NaI oe (9.2) Wace =r (1-t) Pog ‘ OTE TEa97 Ayan mY TWAT MI9gU MOw:9 a ean niven maya reagnnn ona napa mae aa nna NeAwHA HAA TAY bmn Ams way wa mana yw pA aan NM FMUBWA ANIA P¥D 7a vB neva MAN wAD MI AN.AIONYCT VI WM YMA HA RE WAL MT AAD ‘ony onraw ‘p ow wnn Twa ABYY "BBY ARMOR 9 MYA 13 Te RNA NAY TIN ‘niwynxa. x! THWMANA MAWAN OvyAWTAA OMEN Mx Ny 7AM KT AE TAR 74:3°7Y i wupq na AAHNAN OMA TavAN INNA OVAMYTY AYAAA WAAAY fexnna Ayann w AMW Mx awNT AMY MAUAY ay man TY TA THAN Wr pany omx >on MPwaA MY YY BI DVA MY MATION WMI ANND,2.1 MANA? Adjusted ~ oximnT nonA Twa Pow Qua ANA TAD mNPWsA My TN a7 ‘RW Ww TH ON OTD Present Value (APY) sya nmr WACC mivymra ANAM He OND WA ava NEY 999 DUI ‘ry qonon mayaw nwa jinn mw Ty TaMMOR WACC-A TrPHNL AND THAN “1K.(7 779 MO) ONO rR ONTIWN NYARA IEA TH;FM NB MY WACC-A TTD ann repo x APA Te Vy = nen xr TVA ANE RYI ATOM I.2wsINA DUMMMA OMIT MA MWA AANA NIV 3 AD Nw nrg pen many amen nme MAL PI TMHAVD MANA TaN WY 1SMRT wa finn xv mtPyan NY Fm TayFY "Wain ovMTAA BT HT poran groin Ty ARNETTE DAA =F, ART IPA rw ArT YT sx gy o1na o'r xa {6 799 AWN TAY AR) MANA TW NasIMN x NO'IA The Unlevered ova nt'7ma o'nvY O*DN PyIYMMA NAGA AMINA Tw YnwanA TOA raw po-on inTw pron zamn XP AIBA Te "axwT TIAA YA “MID Cost of Equity :nonnn aoa x7 AN W9A OX MYA A! 7A 7 man Pw HAA YAN Ton SML-A MAMWMI NaNAM XH ROTA WINE TM xan jane awinn nan Ww awn 9.1.1 1+ Ba ER) ) Jone ain awn x7 APD Me Fer, FOR ten Gen) Grn)Imray aM APA AMMEN TINAN NW AWAY PITA 398 (31.12.10) nan inn oxnina nanan Ann x7 PX ODN TY “MAUA TIAA-YARARAWM AAA o7¢ arn groan nov 5.3%-9 8A ToT Mon MIA MN? FAI MAIAW Dox mw mA TITY AMIN SML-A MxNwM »-"y.5.85% ma!A BAN" FNM (425.38 + 0,74 x (5.85%) = 9.656 7 ;M9a NW waINA BAMMDA BEY AAT-wAINA BAMA BIN annn x7 man mw aw OOX -9.1 AID Bary way noIN 9 OH 1 236 zor 2 307 212 3 339 2018 4 a7 2018 5 396 2015 6 a2 2016 7 416 2017 @ 436 2018 3 462 2019 195) 10 490 2020 Ban 10 3.560 naKw Ty) 6,169 (Romy xy ATA) PSR se Dix nw NTN 6169-9 XIAN AY DOR TNAN YY "WO MUA HINT sMODRAAKY NiPVAA MY THC IaWIN WwIO Nw HN 6521-9"7Y ME TV PV (Debt Tax Shield) - ona napa mw awn 9.1.2 ww Ya Yay men? ws ZMaPMAA nA MavA yw snaNA AD MX AWN WY TEA map imo pa MAPA OMA NaVM niaMY wayY TINA THRNIA IH THEN erin min pawa Man 7w OMA Ww Mys2n WH 4 MwA {ORT aM) }oN|Aa99 Ayan my nowAY MeN MOw:9 a Debt Tox Shield terest Expense, xt |Jmwwa oni pin ~ Debt Tax Shield, Jsnwa mrarva mein ~ Interest Expense, shun ona wry =t van oni yw shonin uA MwA T's WREHND AMY TIYKCIN FIMWA MPA {on 87 om pny Vy XA ON MHA NYA ANNA IT TH? 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