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Case 1

DER 0.25 1.5 4


10% LTD 20000 60000 80000
18% Equity ( FV =10) 80000 40000 20000
100000 100000 100000
PBIT ( 15% 0f CE) 15000 15000 15000
interest 2000 6000 8000
PBT 13000 9000 7000
Tax 3900 2700 2100
PAT 9100 6300 4900
no of shares 8000 4000 2000
EPS 1.14 1.58 2.45
Higher the DER higher is the EPS
ICR 7.50 2.50 1.88

Wacc 16% 11% 9%

EVA

DER 0.25 1.5 4


10% LTD 20000 60000 80000
Equity ( FV =10) 80000 40000 20000
100000 100000 100000
PBIT ( 9% 0f CE) 9000 9000 9000
interest 2000 6000 8000
PBT 7000 3000 1000
Tax 2100 900 300
PAT 4900 2100 700
no of shares 8000 4000 2000
EPS 0.61 0.53 0.35
Higher the DER Lower is the EPS

BS1

E 50000
LTD 30000
CL 10000
90000
Assets
Cash 10000
Oassets 80000
90000
EV 70000
NOPAT Chart Title
PAT 9100 6300 4900 4.5

interest 2000 6000 8000 4


3.5
less Tax B -600 -1800 -2400 3
10500 10500 10500 2.5

less CC 2
1.5
CE *WaCC 16000 11000 9000 1
EVA -5500 -500 1500 0.5
0
1 2 3
DER EPS

Chart Title
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
1 2 3
DER EPS
BS2

50000
30000
10000
90000

0
90000
90000

80000
Title

Find EPS
under
2 3 different
EPS DER