bmedaf.py

Created by matthieumorvant

Created on February 24, 2025

599 Bytes

MEDAF :
DONNÉES
TAUX MARCHÉ = 5 %
STRUCTURE FINANCIÈRE 
= 75 % CAPITAUX PROPRES, 
25 % DETTES
TAUX ACTIF SANS RISQUE = 1 %
BÊTA DAF = 1,2
TRI = 10 %
TAUX IMPÔT = 25 %
COÛT DES CAPITAUX PROPRES
FORMULE :
 RC = RS + βt * (E(Rm) - RS)
RC = 1 % + 1,2 * (5 % - 1 %)
RC = 1 % + 1,2 * 4 %
RC = 1 % + 4,8 %
RC = 5,8 %
COÛT DU CAPITAL
FORMULE : 
CMPC = (RC * PART CP) 
+ (RD * (1 - IMPÔT) * PART DETTES)
CMPC = (5,8 % * 0,75) + (1 % * (1 - 0,25) * 0,25)
CMPC = (4,35 %) + (0,75 % * 0,25)
CMPC = 4,35 % + 0,19 %
CMPC = 4,54 %
CONCLUSION
TRI = 10 % > CMPC = 4,54 %
LE PROJET EST RENTABLE

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