552                                                    18

18.2.2     

 (18.13)     IRR     
  . -,  ^   
 , -,  /  k*.   :

-^.

k*
    :

D
^=---                              (18.15)

 Dy = D..

D

<:*=                                 (18.156)



      Zinc, ,  k* = 12,3% ($8/$65).
 IRR      Zinc   
     (12,3% > 10%),    ,  
 Zinc 5.

18.2.3   

      ,    .
,     ,   
      .    -
      ,  ,
    .

 , DDM        -
      .   ,
       -
        .  ,  -
     ,   
    . ?  
   , ,    -
 ,        -
 6.

  

   DDM-  ,   ,
          , ..  
 .        (constant growth
model)7. ,     ,    
Dy     g ,        -
 Z)g(l + g).     ,      
  g, .. D^ = D^(\ + g).   D, = Dy(l + g),   
: D^ = 1>(1 + g)1,    :