554                                                    18

P=D\ l+g

|^7                        (18.22)

    :

^ ^o(l+^),
k =^+s=

' +
'-^+8-



      Cooper, ,  k* = 9,72% [$1,80 
 (1 + 0,05)/$40 +0,05 = $1,89/$40 + 0,05].  IRR    
 Cooler     (9,72% < 11%),   
 ,    Cooper .

18.3.3       

 ,    ,  ,   -
   .  ,    g   ,
            ,  
  .    (18.20)  (18.23)  g = 0, 
   (18.13)  (18.15) .

         -
,    ,      
  . ,    ,    ,
        .

  

   DDM      
  (multiple-growth model).     - 
    (  ),   , 
      g.    -
    ,     ,   
     -  .   -
   ,      
 .  ,         
     - D^, Dy Dy ... D^.  
   . ,    
        g,  :

^,=/1 +g);

2)^=Z),+ l(l+g)=D,(l +g)1;

D^,=D^,+[(l+g)=D^+g)3

  .  . 18.1       
,     .