From: Role of debt-to-equity ratio in project investment valuation, assessing risk and return in capital markets
Month
0
1
2
3
4
5
6
10
15
20
25
Earnings
–
2.1
7.0
10.8
11.7
12.6
10.0
13.4
7.4
1.9
-3.9
Growth rate
7.73
8.59
9.45
9.74
9.65
8.80
5.51
1.74
5.14
-0.63
Payout ratio
1.81
1.95
2.02
2.13
2.28
2.5
2.72
2.87
2.92
3.07