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【正文】 t first glance to be far different from the other two. ?For the FTE, only the firm’ s contribution to the initial investment is subtracted out. ?Under FTE, only the future cash flows to the levered equityholders are valued. 15 Chapter 17 A Comparison of the APV, FTE, and WACC Approaches ? A suggested Guideline – NPV of project is exactly the same under each of the three methods. – However, one method usually provides an easier putation than another, and, in many cases, one or more of the methods are virtually impossible putationally. 16 Chapter 17 A Comparison of the APV, FTE, and WACC Approaches ? A Suggested Guideline – Use WACC or FTE if the firm’ s target debttovalue ratio applies to the project over its life. – Use APV if the project’ s level of debt is known over the life of the project. 17 Chapter 17 Capital Budgeting When The Discount Rate Must Be Estimated ? The previous sections of this chapter introduced APV, FTE, and WACC—the three basic approaches to valuing a levered firm. ? One important detail remains, we assumed a discount rate. ? We now want to show how this rate is determined for realworld firms with leverage. 18 Chapter 17 APV Example ? If firms set a ta
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