L co vay n gD !Ai suit RD nen hang nam se tao them mOt khoan dugc goi la la chin thud cua no vay Gia tri cua la chin thus chinh bang Tc*D.
a(EPS) LAn 480,
3.3.1 Thay dai trong trong thanh phan von
Viec sir dung ng vay DH trong ca cAu von gifip cong ty tao dugc don bAy tai
chinh, tan dung dugc lgi ich tir la chin thud, tao them nhieu lgi nhuan han cho cong ty. Tuy nhien, ng vay DH có chi phi v6n cao nhat trong cac ngu6n tai trg. Ng NH co uu diem la chi phi von thap han tuy nhien tS, trong trong ca cau rat lan, han num viec chiem dung ngu6n von se anh huong khong nho den hinh inh dm cong ty. Tir do to se xem xet den kha nang phat hinh co phieu thuang mai, giarn ng vay DH, giiip ding ty tier kiem them chi phi.
Dat gia thiet trong nam 2012, cong ty se huy d6ng v6n bing each phat hinh c6
Biing 3.1 Chi phi phat hanh ct, phieu thuirng mei
Chi tieu Don vI tfnh 2012
EPS Nghin ding 2.041
TS/ le Chia co tirc % 14%
DPS Nghin ding 285,76
Po Nghin ding 12.100
F (1*Po) Nghin (long 121
g LAn 0,058
Chi phi vim % 8,19%
(Ngu n: tac gia at gia thi t va tinh town) Chi phi von binh quail sau khi thay dOi ti trong
Ng vay DH trong qua 3 nAm khong &Si IA 30 tS/ ding moi nArn. De xem xet tinh ti& ki'em trong viec phat hanh co phi6u mai, dAt gia thuy& cac y&I to khac khong dii, to se chuy6n dich dan lugng ng DH sang lugng phat hanh co phiL mai vai cac phucmg an nhu. sau:
Phucmg an 1: Ng DH IA 20 tS/ ding va lugng phat hanh mai la 10 tS/ ding. Phucmg an 2: Ng DH IA 10 tS, ding va luomg Oat hanh mai IA 20 tS/ ding. Phucmg an 3: Phat hanh co phieu thuang mai 30 tS/ ding.
Bang 3.2 Chi phi vim binh (lan WACC khi phat hanh them di phi4u (Dan vi Nghin ding)
Chi lieu 2012 Phulmg an 1 Phtrang an 2 Pinning in 3
Phai tra nguiri ban 69.049.912 69.049.912 69.049.912 69.049.912
TS/ tong 21,15% 21,15% 21,15% 21,15%
Chi phi Vim NH 7,35% 7,35% 7,35% 7,35%
Ng vay DH 30.000.000 20.000.000 10.000.000 -
Ty trong (%) 9,19% 6,12% 3,06% -
Chi phi vim DH (%) 12,00% 12,00% 12,00% -
Co phiL thirsting mai 10.000.000 20.000.000 30.000.000
TS/ trong (%) 3,06% 6,12% 9,19%
Chi phi yin (%) 8,19% 8,19% 8,19%
4
Von CSH va lgi nhuAn sau thu6 chua phan phoi het
227.496.328 227.496.328 227.496.328 227.496.328
TS/ tong (%) 69,67% 69,67% 69,67% 69,67%
Chi phi von CSH (%) 8,16% 8,16% 8,16% 8,16%
Ting NV sir ding chi
phi (tS/ tong 100%) 326.546.240 326.546.240 326.546.240 326.546.240
WACC (%) 8,34% 8,23% 8,11% 7,99%
EPS 2.041 2.111 2.180 2.250
Don by tai chinh
Bang 3.3 Don bay tai chinh ctia cac plum -rig an
(Dan vi:nghin d6n Chi Wen 2012 Phtrcrng an 1 Phirong an 2 Phtrang an 3 EBIT 44.251.974 44.251.974 44.251.974 44.251.974
I 4.392.000 2.928.000 1.464.000 0
DFL (Ian) 1,11 1,07 1,03 -
(ngu n: tac gia tfnh todn) Nhan thay, giam ng vay DH, tang von CSH bang cach phat hanh c6 phitu thuang mai gift') cong ty giam chi phi mOt cach rO ret. Nam 2012, WACC (fat mirc thAp nhAt trong 3 nam, 8,34% nhung khoan ng vay khong doi, nguyen nhan chit ytu la do khoan nwc phai tra ngtrall ban giam d6t ngOt khitn chi phi binh quan twang umg giam. Vai phtrcmg an 1, sau khi phat hanh them 1 trieu c6 phitu mai yeti menh gia 10.000 d6ng (Wang dtrcmg 10 ty' demg) cung vai do ng vay DH giam xuting con 20 tS , d6ng, WACC giam dr 8,34% xu6ng 8,23%. Cac phtumg an tit!) theo cho thay, cang sir ding it ng DH, tang v6n CSH giOp cong ty tit kiem chi phf mOt cach clang kE (WACC dual 8% ntu khong sir ding ng). Kern theo dO, EPS qua tirng phtrcmg an ding tang len. EPS
cua phuang an 1 da tang len mire 2.111 va (tat dtrgc mix 2.250 ntu hoan toan khong
huy dOng ng vay DH. Tuy nhien, d6 by tai chinh cling theo dO giam xding a mix 1,07 va 1,03. Vi vay, de vira co the giam chi phi binh quart, tang thu &tap tren moi c6 phitu cho cong ty ma van tan ding dtrgc kha nang dm don bAy tai chinh, ding ty van duy tri hot dOng vay DH vai s6 lugng nha ding vai do phat hanh them c6 phitu thuang mai.