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. . . ; , (16.1) . 16.5, , . ( , , .) (Discounted Cash Flow Model, DCF-model), , :

1 .

    1 . 19; DCF- . , . 8.2.

: (1) , , (Vt); (2) (PV); (3) (IC); (4) (m) ( ) (n); (6) (km); (7) , (r); (8) , , , (k).

, DCF-.

, . 16.5: , , , . (16.1) (16.2) ; (16.2) , , . , : , . () , .

(16.2). Vt ; , {CFk}.

r, : (1) (16.2) , r ; (2) (16.2) () , r , . , DCF- , r , , , , () ( , ).

(n) , , ; , .

(16.2), , : (1) {CFk, n, r} Vr; (2) {Vt, CFk, n} r. , .; , , .

DCF- .. (16.2) , . .

DCF- . DCF- () , . () DCF-, ( !) .

, : DCF- () , :

  • , . . , DCF- : (. . ), , , (, , .);
  • DCF- : , , ( ), .

, . . , , . , , , . . . , , . , . . , , , .

, . , (m = Vt). , . . , , - (, , , , ) , () . , , DCF- r, , (16.2) .

    10 . . (.): 2000, 4000, 3000, 4500. () ?

    , , 13,5 . , . 3,5 . , 4 . , . , . 16.6, (16.2), 10 . , (IC), (PV) .

    DCF- r :

    r, ( ): r = 11,87%.

    , , . . , , . 16.2.

      r

    ( ), . , r, DCF-, , , .

, . -, DCF- . (, ), .

-, DCF- , . . , (, , . . ).

-, DCF- . , .

-, . , , , ( ) . ( , .) , , , (, r , , . . ). , . (16.2) , , , . . . , , k, ().

-, , , , .

 

 

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