BI TP CHI PH VN

BI 1:
a. Doanh thu rng: 1010 - 30 = 980
b. Dng tin:
Nm
Dng tin

0
1
.
15
+ 1010
- 120
- 120
- 30
- 1000
c. Chi ph sd vn:
Id1 = YTM1 = (120+(1000-1010)/15)/((1000+1010)/2) = 11.87%
Id2 = id1(1-t) = 11.87*(1-40%) = 7.12%
BI 2:
a. Chi ph sd VCP: ip1 = (12%*100)/(97.5-2.5) = 12.63%
b. Chi ph sd VCP: ip2 = (10%*100)/90 = 11.11%
BI 3:
a. Chi ph s dng vn ca cc ngun ti tr.
Id = 12%*(1-0.4) = 7.2%
Ip = 11/100 = 11%
Ie = 3.6*1.09/60 + 0.09 = 15.54%
b. Chi ph s dng vn sau khi pht hnh c phiu mi.
Id2 = id
Ip2 = 11/95 = 11.57%
Ie2 = 3.6*1.09/(60(1- 0.1))+ 0.09 = 16.27%
BI 4:
a. V= 140*6.4177 + 1000*0.4224 = 1320.878
b. Gi thun P = 1320.878*(1-0.1) = 1188.7902
c. S c phiu: 500 000/1188.7902 = 421
BI 5:
a. S tin d ton m bo cu trc vn: 135tr*0.5= 67.5 tr
b. Vn c ng mi 13.5 tr, vn c ng c: 67.5 tr- 13.5tr = 54 tr
c. Chi ph vn
im gy: BP = 13.5tr/0.5 = 27 tr
Id1= id2 = 10%*(1-0.4) = 6%
Ie1 = 2.4/60 + 0.08 = 12%
Ie2 = 2.4/54 +0.08 = 12.44%
0->27tr
WACC = (6% + 12%)*0.5 = 9%

T trn 27tr -> 135 tr

WMCC = (6% + 12.44%)*0.5 = 9.22%
BI TP N TP 8 BI
BI 2: p = 27.33% .
BI 3:
im gy:
BPcp = 12tr/0.6 = 20 tr
Id = (40 + (1000 1030)/10)/((1000+1030)/2) = 3.645%
Id = 3.645*2*(1-0.34) = 4.8114 %
Ie1 = 3*1.05/70 + 0.05 = 9.5%
Ie2 = 3*1.05/(70*(1-0.06)) + 0.05 = 9.78%
T 0 -> 20tr
WACC = 0.4*4.8114 + 0.6*9.5 = 1,62456%
T trn 20tr -> 160tr
WMCC = 7.79256 %
BI 4:
a. NPV A = -17.93
b. NPV B = 1.83
BI 5:
a. Mua
b. YTM = (300 + (10000 9000)/5)/((10000 + 9000)/2) = 5.26% => mua
Bi 6:
C(Anh) = 0.04
C(Mex) = -0.02456
Id(Anh) = 0.05*(1 + 0.04)(1 - 0.45)+0.04 = 0.0686
Id(Php) = 0.059*(1 - 0.45) = 0.03245
Id(Mex) = 0.12*(1 - 0.02456)(1 - 0.45) - 0.02456 = 0.03981
Id = 4.83%

BI 7:
P = 3*0.8929 + 3*1.15*0.7972 + (3*1.15^2 + 3*1.15^2*1.08/0.04)*0.7118 = 84.5
-> mua
BI 8:
im gy:
BP n = 50000/0.4 = 125 000
BP cp = 75450*0.6/0.5 = 90540
Id1 = 0.12*(1 - 0.34) = 0.0792
Id2 = 0.134*0.66 = 0.08844
Ip = 0.12*75450/(100* 500) = 0.18108
Ie1 = 4*1.07/80 + 0.07 = 0.1235
Ie2 = 4*1.07/(80 -8) + 0.07 = 0.1294
WACC = 11.1538
WACC2 = 11.4488
WACC3 = 11.8168
BI N TP 4 BI

BI 1: 2.15%
BI 2:
a. 40*3.6048 +500*0.5674 = 427.892
b. 377.892
26463 c phiu
BI 3:
im gy:
BP n = 600000/0.46 = 1,304,347
BP cp = 256000*0.85/0.42 = 518,095
Ip = 0.05

Id1 = 0.072*(1-0.37)= 0.04536

Id2 = 0.12*(1-0.37) = 0.0756
Ie1 = 5.2*1.09/75 + 0.09 =0.16557
Ie2 = 5.2*1.09/[75(1-0.08)] + 0.09 = 0,17214
WACC = 9.6405
WACC2 = 9.91644
WACC3 = 11.30748