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30 =:<:<:K,% $ $$( & ) $ 9 # *( * 4 4#1) ) ( ''' $$* O+ # 1 & $ ( ' P # Q[! S # " $ # P # * P44#1) $' P # PWD*[P?*E% PW7E'$ & $ &4' PE'EDQ?!E*7ESE*ED" PE*7E =:=:1,7 &4# & ( $' ( * # (. % 1 4 ) $' ( #$ * #.4#1$( ) $% 1&4' E D k = k e + k d ( 1 t) D + E D + E $ 9.+ 9B 4 9F. 9C) 3 &4 '0 4$ $ & ( & $ 1 4. $ $ &4' (*& $$() 4% () &4' * $ $! "($ ) *# $ ($ ) $' =:6: * $ $$). 4# 4 $ 4$'34 4 $ $ $1( ' 30

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32 )1* ) ) %# # 4 $ ( ( ' # 4$ * ) $ ( ( # *4 $ ')1 * 4 $( 64( ($' =:6:6:7..""'". *# 4 4( ( ( # ' % $ ( 4.% &( $ ( ) 4( ' 0 4 (. ) ( ) 4 $ $ ( '/1 (.$ $ $ ((..*( ) $ $ # 44 4 *%('(.4 4 $$ ( ' 4 4. )).( *(( ) $ ' 0 *# $ ( 4() $ ' $($$). 4 4$ 1 ( ' * $ ). $ $. $% % 4 4 $' 32

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önen Varlıklar htiyatlı Dengeli Riskli,6:8 Satılar 34

35 1%$( *&% % $ $ )11$ ($$' 0 * $ $ ( ( * $ ( ( )1# $ $&#$ ' 6:8:<:: """'%"/ ( % 4 $* $ )1*) #*%.( $ ( ' ) # 4 * $1% %$ ( * $ % %$ # $ $ ' )14* %$ () 1$ $). ( ' Çalıma Sermayesinin Deiken Kısmı Kısa Vadeli Finansman Çalıma Sermayesinin Sabit Kısmı Duran Varlıklar Uzun Vadeli Finansman,6:PA%""""""+,), Z 4 * $% $1% * % $ $ ( %$ # $ * $1 % % $)$ $ %$ (# $ $ ' #)1*( # $$ $' Çalıma Sermayesinin Deiken Kısmı Kısa Vadeli Finansman Çalıma Sermayesinin Sabit Kısmı Duran Varlıklar Uzun Vadeli Finansman,6:<PA%""""""+9), 35

36 4 * $%% $1% ( ( * $1 % $ ( (1 $ %$ # $ $ '2 $ #( *$ # $ %$ $ $ $ * $ #)1$&$ ' Çalıma Sermayesinin Deiken Kısmı Kısa Vadeli Finansman Çalıma Sermayesinin Sabit Kısmı Uzun Vadeli Finansman Duran Varlıklar,6:=PA%""""""+00;0), 6:8:=: %D;""%& -!#"D" 1 $# ) $1# $(. ) #& $ '..1$( $% &1 $ ' 1$* ) $1. 4 & $% & (1 & &4' $% & # ). $ $ $ ( ' P O# ). &? -*(L& W7E,$ ' ).. )*. =E)*(.. 8E)$' %(&($8) 1$ $ ' ). & $$J Satilan Malin Maliyeti = 1milyon YTL = 800,000 YTL Isletme Sermayesi Devir ( )( ) Hizi = 360 ( ) = 8 800,000 YTL (Net) sletme Sermayesihtiyaci = = 100,000 YTL 8 6:8:6:,#" * $. 9 # 9<1$ 4 36

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38 ,000 Ekonomik Sipari Miktarı = = 32 ton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

39 6::=:: + #" -1*%) ) #4*( ). &) $). )$ ' =1 < 0$ P 0 = $* O E P- O P-) $ ' < 1$ *$ 46 &$ ) '. %$4$ )11* $ 1%*) 1$ $ 46 $& ($*) 1$ $ ) $ ' 6::6: ",#" 6::6:8: '0G ", 1 * # () $ & 4 ( 46 4*# $ '-(. * $ $& () $ ) & 4 46 '- ) ()$ $ # MF )N #$$' n Ct NBD = C0 + t t= 1 (1 + r) 6 ) ()$ * ()$ $# * 46 4 # () $ & 4 ' # 4 # () $ & 4 46 & $$$' $( * )( $ ()$ 4 # 46($ ' 6::6:: (/7".% * ()$ # $' n Ct 0 = C0 + t t= 1 (1 + VO) $$ $ )*46 ( 46$% ' 46. $( $ %* ( ) %. )1( *( 46 46$ ' F 46 $ ( 4 #.% %$' ( $#$ 1 * ( $#.%.( '<$*( 46 4 #. % $ $ $$' 39

40 6%.% $(*()$& 4 #*$(46($ $ ' 6::6:<: Q,"+, 1 $() $ ' L $ $*() $ 1.' 5) $ ()$ (' =1 1+ = 0 F () $* # $$* () $ '3$*!E"()$* $!?"$ ) ' $ *( $. * ()$ $$ %()$) # ' $ *( $ *()$4 # ' 6::>: "*)"0", -% ( $$'& $4' $( # $& & ) $ ' $ (&$ )1 # 46 )( $' # $ 46 $$ * # $ $# $ ) $ ' -4( * ( ) 4 # & $ ) ( # $ # &41 $ ' $)1&4 $ $ ) ' $ $$ ) ' *# $. $($( $' )$ $1. 4 # & $. %$ ) $ # % 4 )# 4 1'1% *)&$$ *%& # *# *(*$. &$$ %'(4$1 $ '$1. *# & & 1 $ ' 40

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

42 >::<:,*1 F #$ *(( #!%"%4 #!(."4 $ ( $ %:%& 4$ () ' 0 *( ( #$ $(. & $ * $ ( #$ $($$ % $$( 4 $!& $ B (%%&% ($ "* $$$ 4 $!(%$ $ () & 4( Q()& $!($ 4& "$. ($ ( ( # $ $( $($ ( () $ ) $ "* ) %$ $%4 $ * ( % 4 $ 4 ( $$ 4 $%$4 $ * $$ 4 $ 4( $.) '.( $(& 4$ $ ' F #$ &4 * # & $ # % ( ( ' (* #$ ( $ # $ $' * # 1 $ $$* ($ 4.4$ $$&( 'F # $ *()11$($$' $.%(6 #( 1 #$ *#% 4 # 4 $ ( ( $ )( (6 # ($$$*(6 #( 1& $1 ( ' >::=:.!)"01 & $ %$.$) &$ $ ' <$ +$ *( & $ $ )( $ $ $1)1' 2 t D ( 1 g) D ( 1 g) D ( 1 g) D ( 1 g) Hisse Senedi Deeri = = ( 1 k) 2 t ( 1 k) = + + t = 1 ( 1+ k) k g E 9O!-"F ) 93 9!4 "3 4 $*.$$( ( * ( & % )!4 "( ) ( 4. ' 42

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

45 E D k = k e + k d ( 1 t) D + E D + E $ 9.+ 9B 4 9F. 9C) 3 0 &4. C +$ ) ' P Q\ ]! "S # #^ # 92 3 \ 90! 2 0."! "S # 92 4! < 2 3 " $ ) 1 $*46 ) ( $) ( $1. &' 6 $1. <$ +$ (.$('5.$ ( 46 $1. &4 () $ ) 44 $ ' T Ci Uç Deer irket Deeri = + i i= 1 ( 1+ k) ( 1+ k) T CT ( 1+ g) Uç Deer = k g O 96 1 G -$ (F 93!3+ " O $ (F ) 9F 6 1 B Yukarıdaki formülde, nakit akımı olarak operasyonel nakit akımı, iskonto oranı olarak da aırlıklı ortalama sermaye maliyeti kullanıldıı takdirde, bulunan deer irket deeridir. Hisse senedi deerine ulamak için, önce, irket deerinden net finansal borçlar (hazır deerler ve menkul kıymetler düüldükten sonra) rakamı çıkarılarak hisse senetlerinin toplam deerine ulaılır. Hisse senetlerinin toplam deeri toplam hisse senedi sayısına bölünerek bir hisse senedinin deeri bulunmu olur. 45

46 >:<: D&1 >:<:8: D&1)+ &% $ *%$$(4# 1$ %%$ $1$&% $ * # () $ )! $ "$ 4 ' Tahvil Deeri = n C t + FV t ( 1+ r) ( 1 r) n t= 1 + 9&% C$!4 0$1" O 914 0$ C 9&% F 91 3 ",)0>:8P %$ *$( 41$ *$1!4"# W?7'8!4# W78"% $?EE*EEE-( &%!"# $ J O # 4# $%' 1!4"# W?7'8$)1*4# 1$ * ,000 TL = 12,500 YTL,$' 1! "# *$1!4"# W?7'8, ($ * 4 12,500 YTL 100,000 YTL Tahvilin Satis ( Arz) Fiyati = + * t 4 t= 1 ( ) ( ) $&4' $ ( $ ' &4#* 12,500 YTL 1 100,000 YTL Tahvilin Satis ( Arz) Fiyati = 1 100,000 YTL 4 + = * ( ) ( ) (' ( #$9 JK*!)",0.)"*!)"" %$ D&")" +1"+":L $$1# ( # $$'&%!"# $ $$ #$$ (!( # W7@*8@"9 Tahvilin Satis ( Arz) Fiyati = 4 12,500 YTL 100,000 YTL = 100,000 YTL' t t= 1 ( ) ( ) ",)0>:P =7EEH & $ &.$ *8+7EEA%$ * $?EE*EEE- (D+7EEA & (!"!( " # 46

47 W77'E> ). ' &! " # (' #8H)$)1* 100,000 YTL Bononun AgirlikliOrtalama Satis Fiyati = 96,937 YTL* ( ) ( ) = (' >:<:: (/7"3/++/5 &% $ #$*&% $ &% # #. % $%$$% $ '.% &4*)$* $G 1 )( ' *( ) $&4 ( $ &4 4) ( ( ( ' ( $ ( % $%$ $1. # ( $ MC$$- C 3N1 ( ' FV PV Ct + r n Y = FV + PV 2 - PC$$ C 3 CP&% O!" ",)0>:<P F $?*EEE-* # D>A-*%$ 8%# WA&% ) $ J 1&% %$$).) $ ) ( (9 D>AP?*EEE!E*EA"Q?*EEE!E*EA"Q'''Q?*EAE!?Q"!?Q" 7!?Q" 8 PWD*=8 1&% ) % 1 ) r 5 Y = PWD*7A$ ' 47

48 % 1 )1(,%, $* ).) $!WD*=8"$#( $& 4$$ $ $ ' 1&4$ ). ( * ( 1 $ $ %. $ $ )( $$ $ ' ",)0>:=P 7'?'7EE8 & $ &.$ %$ *$( 41$ *$1!4" # W?7'8!4# W78"% $?EE*EEE-( &% # ='@'7EE@ & $???*8EE-,$'='@'7EE@ & ( &%.% &4' ='@'7EE@ & ( *( % 41$ )..4 1$ 7D)*$1$4%&% $ 1$ 7?=) ' * ,000 YTL ,000 YTL 100,000 YTL 111,500 YTL = + + * ( 1 + r) 365 ( 1 + r) 365 ( 1 + r) 365 ( ' #$$* $ &% # *$.41$ $ $ * $1$41$ $ $ *. &% $ $ $ $ 'G 1!$( ( ) % &4 $"* PW7>'E=* (' >:<:<:!7""+,1%"D&1", &% *$1% $#$ *41$ %&% $ ( $ ' *%$ ) %:% 4 $ # $ &% $ $ ' $ $ &% $ $ $ 1$' $&% $ $ ' $ $ *&% $ ' ",)0>:6P 0@'?,$* &$($ ( # W7>!@W?7" * ).!"# $ J Tahvilin Satıa ( Arz) Fiyatı = 4 12,500 YTL + ( ) t ( ) t= ,000 YTL 12,500 YTL 1 100,000 YTL Tahvilin Satıa ( Arz) Fiyatı = 1 101,519 YTL 4 + = ( ) ( 1 + # W?7'8 W?7$$*&%!"#?EE*EEE-?E?*8?D-). $ ' 4 48

49 ",)0>:>P &$($ # W?= *).!"# $ J 4 12,500 YTL 100,000 YTL Tahvilin Satis ( Arz) Fiyati = + t 4 t= 1 ( ) ( ) 12,500 YTL 1 100,000 YTL Tahvilin Satis ( Arz) Fiyati = 1 + = 98,513 YTL ( ) ( ) O # W?7'8 W?=$$*&%!"#?EE*EEE- DA*8?=-). $ ' >:=:!-"+1 >:=:8:!-"+& & $ (1$& $ *(1$ &% ( )1 '$ 1 & $ & 4 )1* & $ & 4 $ & $ & 4 )11 %$' 1(. 4%# 1$$' & $ $ & $ $11$ '* L $ *( $ 1$( ' & $ * ( $. *&% # 1$ ('0$* & $ $ & $ ( * $%$ $' >:=::!-"+1)+ &.& ( ( &% ' & $ %$ $)11$($$$* & $ $ # &4( ' D mtiyazlı Hisse Senedi Deeri = k 9!( " 93 >:6: -"+1 - $ $ ( ) * M/ -1 %N$% ' >:>: /+%#!%""" >:>:8: /+%"'',% C$ 1 # $ +!OG#GO" +$, $$' $ # $*%$ 1 $ ( $ $' * 49

50 1#.$%$ 1 $4 $$ $' +$*%# % # %$ # $ $ 1.$ '+$)1%$ # * & $1 &&) ( $1$ # $$$'$ 1.$ # *1 & $%1 ( & $ # $ ' G. #!# " G G ) %G F% %G $1. $ $ )( $ $ $' )1*$ $#$ $ 9 C$ PF Q + Q + C S R T t t t,t ( ) F ct = St + + G t,t & $ 4 & $ 1 %$ # 9 & $ # 2 * 9G$1. & $(.( # < * 9S$1 $4 ( $ ( % ). $$ $ ' %9?G C$ 1 % # 4 ( ) % * 7G.%% $&&) ( * =G.%% # $4* >G * 8G K 1 $$$$ C) ' $ $ # %$ # $ $$ #$ ( 9 + PC$ SF < %$ 4 $*4 $). %$ # &4%$ # $4( #$)1$ '( $ * 4 $ $' $ * ( 6 (# % $ '$*%$ 1 # $ %%$ 4 $ ( 6 ( 1$'( 6 M%. #1-1 $ N(1$* MC$ 1 #1-1 $ N ( $ ) ( $ $ $ ' 50

51 >:>:: -""+,"/+%#!% < ($ $ $ %$ 1 $ 4 $ # 4#1 $ 1 $#$$' & ). 4#1$( $ % * 4#1 $ $%$ 1 %$( ). $ $B ( $4$ $' 4#1%$$ $ $ %$$ $ $. $ % 1$ ) 4$ ' 4#1 %$$ $ *$ %$$ $ 1 # $ #%B (%$$ 4$ ' 4#1$ ( B ( 1 $ $ $ $ $ ' $ B ( %$ $ $ $ ( ' ( $ *B (%$$ $( ). $ B (1$#.4$'?' 19$1$$ Q 7' 19!$1 ). $ $ S1 $( $ $ "Q$1B ($ 9$ %$( ). & $ $ Q? 9$ $1$ 9$ 1 $ %$ # 9 B Q? 9B ($1$ 94 # $ 9% + T = E E HB E T = E s + HB t +?' t 1 ( t+ 1 s ) t 1 7' 1 =' HB t+ 1 = ( 1+ r) E t$$ T = E + 1+ r E %1 #! " >' s ( ) t 8' E ( 1+ r) E T s = % $* t d = T = E t d E $$1 # * t E = 1+ r E d E $ ( #$ * H' s ( ) t t A' s t ( ) t E = E + r d E ' P 97=*EEE 9WAE!W7E=" $ 9W?@!W>=" C$ 9= E s = 23,000 + ( ) 23,000 E = 26,680 s 51

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

53 ) %,$ *)%4,$ %$ 4 $& 4 4 $ )1$ ' 7.)"P!O 34 " 34 #* 1 % 1$( ( #!# "* & 4 $' 7.)"P! 34 " 34 #* 1 % * 1$ ( ( #! # " & % 4 $' 0"P!_ * "1 % * 4 $$*4# ' 0"P34!5"#$ & $ ' /+)"0P34 &)$' >::<: 7.)""'""?" ( $9 G G G G G 1 4 #!" 34 #!" C!σ" 34!" 2 #!" $ $4 4 4 $ ($ 9 O!34 "!34 " - σ >::=: ';,E;D)7.)")+ # $ *1$ 4% &4?DH=$ &%+&#$) ' +$ $* &($4 *4 &($ 4 # $) $$( 4#1 $ $ ' ( $ *( 6 $ '4 $ *O* $ $&49 53

54 rt ( ) Ke N( ) C = SN d 1 d 2 S ln rt Ke d1 = + 0.5σ σ t d 2 1 σ = d t t P$) F!'"P$$. #$# $' **σ**$. '+$ ) $$$1#1$ $ ( '$%!σ"&4$ ' 4 $ * * 4 4 $( #!4G 4 "&4( 9 rt P = C + Ke S %4 $ $ ( $( 6.' 4 4 $(# 4 $. G& $ #$ % #$ ( $ $* 4 $ ** $ $&49 rt P = Ke [ 1 N( d 2 )] S[ 1 N( d1 )] G& $ ( % $.. $ '% $9 G K%# 1$ 4' G 34 %4 4 $ ' G 2 # 4 1(( ' G K) $ ' G K 4 $ %. %$' -$ % ( $ ( * G& $ ( $$ '-(44 $ 4 <G&&)$ *%$ 4 & $ * 4 4 O_G2G2( $ 1 % ( ' 54

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