Professional Documents
Culture Documents
Mc tiu chng hc
Tm quan trng ca quyt nh ti tr i vi doanh nghip Nm c cc phng thc ti tr c bn ca doanh nghip, u v nhc im ca tng phng thc Xc nh chi ph s dng vn v chi ph s dng vn bnh qun Xy dng c cu vn ti u
Ni dung
Tng quan v ngun ti tr ca doanh nghip Chi ph s dng vn ca doanh nghip C cu vn v n by
Tng quan
Khi nim Ngun ti tr ca doanh nghip chnh l ngun vn m doanh nghip s dng ti tr cho ti sn ca doanh nghip, hay cn gi l ngun hnh thnh nn ti sn ca doanh nghip.
Tng quan
Tm quan trng ca quyt nh ti tr - m bo ngun vn cho doanh nghip - Ti a ha gi tr doanh nghip
Tng quan
Phn loi Theo thi gian s dng - Ti tr ngn hn - Ti tr di hn
Phn loi
Ti tr ngn hn Thi gian s dng Chi ph s dng Hnh thc biu hin Th trng giao dch
Ti tr di hn
Phn loi
Ti tr ngn hn
Ti tr di hn
Bng hoc ln hn Trong vng 1 nm 1 nm Thp hn ti tr di hn Vay n Th trng vn ngn hn Cao hn ti tr ngn hn Vn ch s hu hoc vay n Th trng vn di hn
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Tng quan
Phn loi Theo tnh cht s hu - Vn ch s hu - N vay
Phn loi
Vn ch s hu Ngi cung cp vn Li tc Yu cu ti sn bo m Khu tr vo thu nhp chu thu
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N vay
Phn loi
Vn ch s hu Ngi cung cp vn Li tc Yu cu ti sn bo m Khu tr vo thu nhp chu thu Ch s hu ng gp N vay i tc bn ngoi DN
Cc phng thc ti tr
Ti tr di hn Ti tr ngn hn
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Ti tr di hn
Vn ch s hu
Vn gp ban u Gi li li nhun Pht hnh c phiu
Vay n di hn
Pht hnh tri phiu Vay di hn Tn dng thu mua
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Vn gp ban u
Vn gp ban u (hay cn c gi l vn u t hay vn iu l) c hiu l ngun vn c huy ng khi thnh lp
doanh nghip.
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Vn gp ban u
Quy nh php lut v vn gp ca Vit Nam (ti Lut Doanh nghip 2005)
Hnh thc gp vn V vic tng, gim vn iu l Quy nh v vn php nh
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Vn gp ban u
iu 4-Lut Doanh nghip 2005
Ti sn gp vn c th l tin Vit Nam, ngoi t t do chuyn i, vng, gi tr quyn s dng t, gi tr quyn s hu tr tu, cng ngh, b quyt k thut, cc ti sn khc ghi trong iu l cng ty do thnh vin gp to thnh vn ca cng ty.
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Vn gp ban u
iu 60. Tng, gim vn iu l (Cty TNHH)
Theo quyt nh ca Hi ng thnh vin, cng ty c th tng vn iu l bng cc hnh thc sau y: a) Tng vn gp ca thnh vin; b) iu chnh tng mc vn iu l tng ng vi gi tr ti sn tng ln ca cng ty; c) Tip nhn vn gp ca thnh vin mi.
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Vn gp ban u
iu 60. Tng, gim vn iu l (Cty TNHH)
Theo quyt nh ca Hi ng thnh vin, cng ty c th gim vn iu l bng cc hnh thc sau y: a) Hon tr mt phn vn gp cho thnh vin theo t l vn gp ca h trong vn iu l ca cng ty nu hot ng kinh doanh lin tc trong hn hai nm, k t ngy ng k kinh doanh; ng thi vn bo m thanh ton cc khon n v cc ngha v ti sn khc sau khi hon tr cho thnh vin; b) Mua li phn vn gp theo quy nh ti iu 44 ca Lut ny; c) iu chnh gim mc vn iu l tng ng vi gi tr ti sn gim xung ca cng ty. 18
Vn gp ban u
Vn php nh :
Li nhun gi li
T ti tr bng thu nhp gi li l mt phng thc to ngun ti chnh quan trng v kh hp dn i vi doanh nghip.
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Li nhun gi li
u im - Quyn s hu vn c phn tng ln - Khng phi chia s quyn kim sat cng ty vi c ng mi nu pht hnh thm c phiu - Tr hon c vic nh thu thu nhp c nhn khi cng ty khng chia c tc. - tn km hn pht hnh c phiu; Nhc im Trng hp doanh nghip khng c nhng d n u t ha hn mang li t sut sinh li mong i cho cc ch s hu, vic gi li li nhun i ngc li vi li ch ca ch s hu.
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Li nhun gi li
Cc yu t nh hng n chnh sch gi li li nhun
Kt qu kinh doanh ca doanh nghip C hi u t v hiu qu ca vic u t nh hng ca thu Trin vng tng trng ca doanh nghip Lm pht u tin ca c ng
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C phiu ph thng
Khi nim L chng ch xc nhn quyn s hu cng ty v cho php ngi nm gi c hng cc quyn li thng thng ca cng ty c phn
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C phiu ph thng
Quyn ca c ng ph thng Quyn kim sot cng ty Quyn i vi ti sn cng ty Quyn chuyn nhng c phiu
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C phiu ph thng
u im
Khng c ngha v hon tr vn Tng mc vng chc v ti chnh To ro chn i vi lm pht
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C phiu ph thng
Nhc im
C ng hin hu b chia s quyn b phiu, kim sot v phn phi thu nhp
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Initial Offering
Value of Issues ($mil) 2 - 9.99 10 - 19.99 20 - 39.99 40 - 59.99 60 - 79.99 80 - 99.99 100 - 199.99 200 - 499.99 500 and up All Issues
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Huy ng vn c phn
Venture Capital
v mt qun l ca bn cung cp vn v vn c gii ngn theo tng giai on, ph thuc vo s thnh cng ca doanh nghip ny.
32
C phiu u i
Khi nim: C phiu u I l chng ch xc nhn
quyn s hu trong cng ty c phn ng thi cho php ngi nm gi loi c phiu ny c hng mt s quyn li u I so vi c ng thng.
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C phiu u i
c im
Quyn u tin v c tc v thanh ton khi thanh l cng ty C tc tch lu Khng c hng quyn b phiu
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C phiu u i
u im
Cng ty khng bt buc phI tr li tc ng hn hng nm m c th han tr sang k sau. Cng ty trnh c vic chia phn kim sat cho c ng mi thng qua quyn biu quyt Cng ty khng phI th chp, cm c ti sn. Quyn li ca c ng c vn c m bo
Nhc im
C tc c phiu u I thng cao hn li tc trI phiu. u t vo c phn u I c tnh ri ro cao hn so vi u t vo trI phiu C tc c phiu u I khng c tr vo thu nhp chu thu ca cng ty.
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Theo li sut
Tri phiu li sut c nh
Cc loi khc
Tri phiu chuyn i Tri phiu thu nhp (Income Bond)
Subordinated debenture
Senior debenture
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Vay di hn
Khi nim: L mt tha c tn dng di dng mt hp ng din ra gia ngi vay v ngi cho vay m theo ngi vay c ngha v hon tr tin vay theo mt thi hn xc nh.
Phn loi:
Cn c vo hnh thc bo m: vay c bo m v vay khng bo m
44
Vay di hn
u im: li sut huy ng vn vay thng thp hn cc chi ph s dng ngun vn ch s hu Nhc im: th tc phc tp, chu cc rng buc v iu kin tn dng, vic kim sat ca ngi cho vay trong qu trnh s dng vn
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C cu vn ca cc cng ty M
120
100 80 60 40 20 0 -20
1989 1991 1993 1995 1997 1999 2001 2003
-40
Year
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Cc ti sn ti chnh di y c xp theo th t mc ri ro tn dng t thp n cao. Th t no l ng nht? a. C phiu thng cng ty Kim Linh; C phiu u i cng ty Kim Linh; Tn phiu kho bc nh nc; Tri phiu cng ty Kim Linh; Chng ch tin gi Vietcombank b. Chng ch tin gi Vietcombank; Tn phiu kho bc nh nc; Tri phiu cng ty Kim Linh; C phiu u i cng ty Kim Linh; C phiu thng cng ty Kim Linh c. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; Tri phiu cng ty Kim Linh; C phiu thng cng ty Kim Linh; C phiu i cng ty Kim Linh d. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; Tri phiu cng ty Kim Linh; C phiu u i cng ty Kim Linh; C phiu thng cng ty Kim Linh e. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; C phiu u i cng ty Kim Linh; Tri phiu cng ty Kim Linh; C phiu48 thng
Cu hi
Cu hi
Cng ty c phn Phng ng c th huy ng vn di hn bng cch: a. Mua li c phiu ca mnh trn th trng chng khon th cp b. Bn tri phiu ca mnh cho cng ty bo him nhn th Bo Vit c. Mua tri phiu ngn hng BIDV d. Pht hnh thng phiu trn th trng tin t e. Mua tn phiu kho bc nh nc.
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Ti tr ngn hn
N tch ly Tn dng thng mi Vay ngn hn
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N tch ly
Cc khon n tch ly ch yu bao gm n lng cng nhn v n thu chnh ph, tin ng trc ca khch hng. c im:
Bin i theo cc hat ng kinh doanh L hnh thc ti tr min ph Hnh thc ti tr gii hn
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Tn dng thng mi
Tn dng thng mi l hnh thc bn tr chm ca cc nh cung cp. Hnh thc:
Bn hng chit khu: VD 2/10 net 30 Hng k gi: ngi mua thanh ton tin cho nh cung cp sau khi hng ha c bn xong
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Vay ngn hn
L cc khon vay c thi hn di 1 nm Hnh thc:
Cho vay theo hn mc tn dng Cho vay theo phng n sn xut kinh doanh
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Cc yu t cn xem xt
Vic hon tr ngun vn, thi hn hon tr Chi ph s dng Tc ng n ch s hu hin hu Trch nhim khi thanh l ti sn Tc ng ca thu C cu vn ca doanh nghip
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Chi ph s dng vn
Khi nim Chi ph s dng tng ngun vn Chi ph s dng vn bnh qun
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Chi ph s dng vn
Khi nim: Chi ph s dng vn c th xem l t sut sinh li ca mt doanh nghip phi to ra t nhng d n u t m bo duy tr gi c phn trn th trng. Chi ph s dng vn cng c th c hiu nh l mc t sut sinh li m cc nh cung cp vn trn th trng yu cu doanh nghip phi tr nhm m bo ti tr vn ca h i vi doanh nghip.
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Chi ph n vay Chi ph c phn u i Chi ph c phn thng (li nhun gi li hoc pht hnh c phiu mi)
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Chi ph n vay
Kd= Kd (1-T)
Kd: Chi ph n vay trc thu Kd: Chi ph n vay sau thu T: Thu sut
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Chi ph c phiu u i
Kp= Dp/Po
Kp: Chi ph c phiu u i Dp: C tc c phiu u i Po: Doanh thu thun t vic pht hnh c phiu u i
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Chi ph c phn u i
V d: Cng ty Kinh d nh pht hnh c phn u i vi mc chia c tc d kin hng nm l 8,5% trn mnh gi pht hnh l 10000. Chi ph pht hnh l 500/CP. Xc nh chi ph s dng vn c phn u i.
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ke =
D1 P0
+ g
g: T l gia tng c tc khng i Ke: T sut sinh li cn thit theo th trng D1: li tc c phn k vng k tip ca mi c phn
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V d:
Cng ty Kinh c li tc mi c phn trong ln chia mi nht l 2000 VN, gi bn c phn hin nay l 20.000 VN v t l gia tng li tc c phn khng i l 5%/nm.
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V d:
Cng ty Kinh c cc thng s v chi ph s dng tng ngun ti tr ring bit trong c cu vn ca cng ty nh sau: Chi ph s dng vn vay sau thu: 5.6%, t trng 40% Chi ph s dng vn c phn u i: 9%, t trng 10% Chi ph s dng vn t thu nhp gi li: 13%; t trng 50% Xc nh chi ph s dng vn bnh qun ca cng ty?
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69
70
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Li nhun gi li v pht hnh c phiu Nu li nhun gi li khng b p th Dn s cn nhc vic PH C phiu Gi s chi ph pht hnh CP l 10% Ks= 14%
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75
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Cu hi: Cn im gy no na khng?
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79
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D n
Tng vn T
(triu )
IRR (%)
A
B
50
50
13
12.5
C
D
80
80
10
10.2
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C cu vn ca doanh nghip
C cu vn l s kt hp gia cc ngun ti tr
ca doanh nghip: n, c phiu u i, li nhun gi li, pht hnh c phiu C cu vn cp n t l ti tr bng n v t l ti tr bng vn ch s hu ca doanh nghip c phn nh bi n by ti chnh Liu gi tr doanh nghip c ph thuc vo vic xy dng c cu vn hay khng? Nu c th nh th no?
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n by: n by ti chnh cng cao th t sut sinh li ca ch s hu cng cao nhng ri ro cng cng ln Chi ph s dng vn: Mi ngun ti tr u c chi ph ring. Vic xy dng c cu vn nh hng n chi ph s dng vn ca doanh nghip C cu vn ti u l c cu ti thiu ha chi ph vn ca doanh nghip v ti a ha gi tr doanh nghip.
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85
n by
n by l vic doanh nghip s dng ti sn v n c chi ph hat ng c nh v chi ph ti chnh c nh trong n lc gia tng li nhun tim nng cho cc ch s hu.
n by kinh doanh lin quan n s dng ti sn c nh ph trong khi n by ti chnh lin quan n s dng n v vn c phn u i c chi ph ti chnh c nh.
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n by
87
n by
88
n by
89
90
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n by hot ng
L vic s dng chi ph hot ng c nh (fixed cost) so vi chi ph hot ng bin i (variable costs).
EBIT
n by hot ng
92
Chi ph c nh: khu hao, bo him, mt b phn chi ph in nc, mt b phn chi ph qun l Chi ph bin i: nguyn vt liu, lao ng trc tip, mt phn chi ph in nc, chi ph bn hng, mt phn chi ph qun l
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Bng vic s dng n by hot ng, mt s thay i trong doanh thu c th phng i mt s thay i ln hn trong li nhun hot ng. Tc ng phng i ny c gi l mc nh hng ca n by hot ng hay nghing n by hot ng (degree of operating leverage).
94
DOLs =
% thay i EBIT % thay i doanh thu Thay i EBIT EBIT Thay i doanh thu Doanh thu
95
DOLs =
Q(P - V) Q(P - V) - F
96
V d: Cng ty Minh Hng mun xc nh nghing n by hot ng ti mc doanh s 6000 sn phm, bit nh ph l 100 triu, bin ph l 18 nghn/sp v gi bn l 43 nghn/sp
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ngha: DOL cng ln th phng i ca thay i doanh thu i vi thay i EBIT cng ln. DOL= 2 ngha l mt s thay i 1% trong doanh thu s a n mt s thay i 2% trong EBIT cng chiu vi thay i doanh thu. C th l nu doanh thu tng 10% th EBIT cng tng 20%, ngc li, doanh thu gim 10% th EBIT cng gim 20%.
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EBIT + F EBIT
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im ha vn
im ha vn l im m ti doanh thu bng chi ph hay li nhun hot ng bng 0 EBIT: li nhun trc thu v li (li nhun hot ng) P: n gi V: bin ph/n v Q: S lng sn xut v tiu th F: nh ph
100
im ha vn
Ta c:
PxQ(BE) = VxQ(BE) + F Q(BE) = F/ (P-V) V d: Cng ty sn xut xe p Phng Nam c n gi l 50$, chi ph c nh hng nm l 100.000$, chi ph bin i l 25$/xe. Xc nh Sn lng v Doanh thu ha vn ca cng ty?
101
DOLs =
Q(P - V) Q(P - V) - F
Q Q Q(BE)
102
EBIT
DOL
7000
8000
103
EBIT
-100000 -75000 -50000 -25000 0 25000 50000
DOL
0 -0.33 -1 -3 Khng xc nh 5 3
7000
8000
75000
100000
2.33
2
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Nh qun tr xem xt s thay i ca doanh thu nh hng nh th no i vi li nhun hot ng nghing n by hot ng Cng ty c thch DOLs cao khng? VD: American Airlines???
106
n by ti chnh
Ri ro ti chnh
S bin i hoc khng chc chn trong thu nhp trn c phn ca cng ty (EPS) cng nh kh nng thanh ton ca cng ty tng khi cng ty s dng n by ti chnh.
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n by ti chnh
n by ti chnh l vic s dng kt hp cc ngun ti tr bng n vay v ngun ti tr bng vn ch s hu.
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109
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CP thng
EBIT Li EBT Thu Li nhun sau thu C tc u i LN dnh cho c ng ph thng SL CP EPS
CP u i
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112
113
im bng quan gia phng n ti tr bng n v CP thng EBIT= 1,8 triu USD im bng quan gia phng n ti tr bng CP u i v CP thng EBIT= 2,75 triu USD
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n by ti chnh
Bng vic s dng ngun ti tr c chi ph c nh, mt s thay i nh trong li nhun hot ng s phng i mt s thay i trong EPS ca doanh nghip. Tc ng phng i ny c gi l mc nh hng ca n by ti chnh hay nghing n by ti chnh (degree of financial leverage).
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nghing n by ti chnh
(DFL- degree of financial leverage)
DFL =
% thay i EPS % thay i EBIT Thay i EPS EPS Thay i EBIT EBIT
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nghing n by ti chnh
(DFL- degree of financial leverage)
n by tng hp
n by tng hp l khi doanh nghip s dng c hai n by kinh doanh v n by ti chnh trong n lc gia tng thu nhp cho c ng. Bng vic s dng kt hp n by hot ng v n by kinh doanh th mt s thay i nh trong trong doanh thu c phng i thnh s thay i ln hn trong EPS.
% thay i EPS = % thay i Doanh thu Thay i EPS EPS Thay i doanh thu Doanh thu
120
DCL =
Q(P - V) Q(P - V) - F - I
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nghing n by tng hp
DCL - Degree of Combined Leverage
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Leverage
Doanh thu
DCL DOL
EPS
DFL
EBIT
123
Bi tp
S dng s liu ca cng ty X xem xt: Doanh thu (100000 sp) $1,400,000 Bin ph $8/v nh ph $250,000 Li $125,000 Thu sut TNDN 34% S lng c phiu lu hnh 100,000
1)
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Bi tp
1. Nu doanh thu tng 10% th li nhun hot ng nh th no? 2. Nu li nhun hot ng tng 10% th EPS nh th no? 3. Nu doanh thu tng 10%, th EPS nh th no?
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126
127
128
Levered Company
Sales
DCL DOL = 1.714
EPS
DFL =
EBIT
129
130
350,000 225,000
131
Levered Company
Sales
DCL DOL = 1.714
EPS
DFL = 1.556
EBIT
133
DCL =
134
DCL =
135
DCL =
Levered Company
Sales
DCL = 2.667 DOL = 1.714
EPS
DFL = 1.556
EBIT
137
Levered Company
10% increase in sales
Sales (110,000 units) Variable Costs Fixed Costs EBIT Interest EBT Taxes (34%) Net Income EPS
1,540,000 (880,000) (250,000) 410,000 ( +17.14%) (125,000) 285,000 (96,900) 188,100 $1.881 ( +26.67%)
138