. , , . [1]. , , , - . , . , , .. . EPS-EBIT, , (EPS) (EBIT). (1):
Eps_(l-T)x(EBIT-I)-PD
, (1) n - , I - , PD - , T- .
1 EPS-EBIT. 1 , EBIT , EPS.
1 .
EPS EBIT [3]
, % (EPS), ..
EBIT = 100 .. EBIT = 200 ..
0 2,40 4,80
30 2,91 6,34
60 3,03 9,03

. 1. EP

. 1.        EP

. EPS (.2).
EPS, Rs,
, % .. (1) .. (2) , .. (3)=(1)/(2)
0 2.40 11.5 20.87
10 2.55 11.7 21.79
20 2.72 12.1 22.48
30 2.91 12.5 23.28
40 3.12 14.0 22.29
50 3.18 16.5 19.27
60 3.03 19.0 15.95
, , , (2), - [3] .
D=EPS EPS " < > <
Rs Rs (2)
, .
, , , : , . , , : , ; , . , 4 ( 2).

. 2.

. 2.

, : (), (), () (.3)
3.
, ()
: :
; ;
(.3).

. 3.

. 3.

, , , .

1. Modigliani, F. M. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment - American Economic Review, v48, 261-297, 1958.
2. Aswath Damodaran, Applied corporate finance 3rd ed. - chapter 7, 8 9.
3. Lawrence J.Gitman, Principles of managerial finance 12th ed - Prentice Hall, 2009.
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