Stratgies financires

Cot du Capital

ETUDE DE CAS : Socit KATEL

4-

CP = 672.676 M => CP/(CP+D) = 55,45% avec : Rc = 16,56%

D(LT) = 390,25 M => D(LT)/(CP+D) = 32,17% avec : R(DLT) = 8% => R(DLT) *(1-T) = 5,28%

D(CT) = 150 M => D(CT) /(CP+D) = 12,36% avec : R(DCT) = 9,5% => R(DCT) *(1-T) = 6,27%

CMPC = 0,1656*0,5545 + 0,0528*0,3217 + 0,0528*0,3217+0,0627*0,1236

CMPC = 11,66%

CMPC = Ra * ( 1 (T*D/(CP+D)))

Ra = CMPC/ ( 1 (T*D/(CP+D)))

Ra = 13,74%

5-

Rc = Ra + (1-T) * (Ra-Rf) * D/CP

Rc = 18,43 %

CMPC = Ra * ( 1 (T*D/(CP+D)))

= 0,1374*(1-0.34*150/(100+150))

CMPC = 10,93%