Modigillani Miller Approach (Assuming no PSC): Ke = Ko + D (Ko – Kd) D = Debt or Loan E E = Equity
EBIT E 1 & E2 I 1 & I2 t
RM Storage Period (In Days)
Rm = Rate of return of Mkt Rf = Risk free return b = Beta
= Indifference point = Number of Equity Shares in Alternative 1 & 2 = Interest in Alternative 1 & 2 = Tax-rate
Overall Cost of Capital Ko = (Kd * D) + (Kp* P) + (Ke * E) D+P+E
n
Period
ROE = PAT Equity or NW
Ke = Cost of equity
Ke = D1 D1 = Dividend of year 1 P0 P0 = Price of year 0 Earning Price Approach: Ke = E1 E1 = Earnings of year 1 P0 Realized Yield Approach: Ke = D1 + (P1-P0) P1 = Price of year 1 P0 Capital Asset Pricing Model Approach (CAPM):
(e)
I = Interest Rate per
Future Value of Annuity
RV = Redn Value
Ke = Rf + b ( Rm – Rf)
P0 (1 + i) P0 = Present Amt
Note: (Fin. Leverage Formula in Du Pont Chart is different.)
NP = Net proceeds/Mkt. Price
Cost of Equity / Retained Earnings: (a) Dividend Price Approach:
(f) → 1.1 “*” 4 times “=”
PD NP
2
(c)
(Assumption: The Cash Flow is at the end of year)
Compounding of Rs 1: Future Value @ 10% for th 5 yr (FV5)
K p = Cost of Pref. Shares PD = Preference Dividend
Cost of Redeemable Preference Shares: PD + (RV – NP) Kp = Cost of capital Ke = N PD = Pref. Dividend (RV + NP) NP = Net Proceeds
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