{"id":1172,"date":"2025-08-08T17:37:01","date_gmt":"2025-08-08T13:37:01","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1172"},"modified":"2026-04-11T21:09:30","modified_gmt":"2026-04-11T17:09:30","slug":"levering-limitations","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/08\/08\/levering-limitations\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d4\u10d1\u10d8 \u10d2\u10d0\u10dc\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e0\u10d4\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1\u10d0\u10e1<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">In the final sections, I want to address themes of capital valuation, where the formulas for financial &#8220;levers&#8221; and &#8220;revenues&#8221;, formulas you are familiar with, come into play. Now, I want to discuss those nuances which, in practice, distribute errors in the calculation of distress, default, and agency costs:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Distress, default, and agency expenses:<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">These formulas consider the interest tax shield, which is obtained from the increase in leverage, but they do not consider the expenses that arise due to the increase in leverage during a crisis or default scenario (such as legal expenses, managerial misbehavior, etc.).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These expenses, arising from their individual and systemic benefits, are usually included directly in the valuation of capital in leveraged companies. Therefore, when comparing comparable companies, attention must be paid to the financial levers&#8217; levels\u2026<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li>Real interest tax expense is determined by:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a) Balances and non-basic data &#8211; Formulas 10.7 and 10.8 are used for the basis and leverage data of loans, but real interest tax expenses, which reduce profit and consequently taxes paid. If the real interest expenses change after the obligation&#8217;s issuance or due to inflation, then the basic and balance data will differ\u2026 However, a good piece of news is that error as a principle is unlikely &#8211; if capital increases, the basis for the loan decreases, and with relative comparison, stability is recommended\u2026<\/li>\n\n\n\n<li>b) The tax system &#8211; Sometimes tax legislation does not allow for the full inclusion of interest expenses in income expenses, and sometimes deductions and income do not coincide;<\/li>\n\n\n\n<li>c) On the current state of the organization &#8211; If the organization is liquid, it may not be possible to calculate the interest expenses, which may also affect the creation of income tax.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">And finally, most importantly:<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li>&#8220;Leveraged&#8221; and &#8220;unleveraged&#8221; practices often use a simplified Miller model &#8211; 10.7 (you may want to Google this formula only). However, the current version of the general formula allows for the calculation of absolute volatility in both capital and debt. Therefore, the use of the simplified version leads to significant errors in the final evaluation, especially in the evaluation of growing companies.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/08\/image.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"361\" data-attachment-id=\"6947\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/08\/levering-limitations\/image-482\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/08\/image.png?fit=768%2C361&amp;ssl=1\" data-orig-size=\"768,361\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/08\/image.png?fit=768%2C361&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2025\/08\/image.png?resize=768%2C361&#038;ssl=1\" alt=\"\" class=\"wp-image-6947\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Corporate Valuation Theory, Evidence and Practice<br \/>Mark E. Zmijewski; Robert W. Holthausen<br \/>Second Edition<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10d1\u10dd\u10da\u10dd \u10e9\u10d0\u10dc\u10d0\u10ec\u10d4\u10e0\u10d4\u10d1\u10e8\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10d7\u10d5\u10da\u10d8\u10e1 \u10d7\u10d4\u10db\u10d4\u10d1\u10e1 \u10e8\u10d4\u10d5\u10d4\u10ee\u10d4, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 &#8220;\u10d2\u10d0\u10dc\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&#8221; \u10d3\u10d0 &#8220;\u10e0\u10d4\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&#8221;, \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d4\u10d1\u10e1 \u10da\u10dd\u10db\u10d8\u10e1 \u10ec\u10d5\u10da\u10d8\u10da\u10d8 \u10db\u10d8\u10e3\u10eb\u10e6\u10d5\u10d8\u10d7. \u10d4\u10ee\u10da\u10d0 \u10db\u10d8\u10dc\u10d3\u10d0 \u10e8\u10d4\u10d5\u10d4\u10ee\u10dd \u10d8\u10db \u10dc\u10d8\u10e3\u10d0\u10dc\u10e1\u10d4\u10d1\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10d7\u10d0 \u10d2\u10d0\u10e3\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10da\u10dd\u10d1\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10d2\u10d0\u10d5\u10e0\u10ea\u10d4\u10da\u10d4\u10d1\u10e3\u10da \u10e8\u10d4\u10ea\u10d3\u10dd\u10db\u10d4\u10d1\u10e1 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1:1. \u10d3\u10d8\u10e1\u10e2\u10e0\u10d4\u10e1\u10d8\u10e1, \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10d3\u10d0 \u10d0\u10d2\u10d4\u10dc\u10e2\u10d8\u10e1 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8:\u10d4\u10e1 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":6943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,37372,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445690,784445692],"eon_framework":[],"class_list":["post-1172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-risk","category-wacc-coc-structure","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>levering Limitations - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/08\/08\/levering-limitations\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"levering Limitations - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10d1\u10dd\u10da\u10dd \u10e9\u10d0\u10dc\u10d0\u10ec\u10d4\u10e0\u10d4\u10d1\u10e8\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10d7\u10d5\u10da\u10d8\u10e1 \u10d7\u10d4\u10db\u10d4\u10d1\u10e1 \u10e8\u10d4\u10d5\u10d4\u10ee\u10d4, \u10e1\u10d0\u10d3\u10d0\u10ea \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 &quot;\u10d2\u10d0\u10dc\u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1&quot; 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