thecostofcapital(英文版)-全文預(yù)覽
【正文】 n S t o c k 100$ 13%R e t a i n e d E a r n i n g s 300$ 38%T o t a l 800$ 100%169。The McGrawHill Companies, Inc.,2023 11 14 Irwin/McGrawHill WACC Example continued Step 1 Firm Value = 4 + 2 + 6 = $12 mil Step 2 Required returns are given Step 3 [ ] ( ) ( )W A C C = x().06 + + =.123 or %412212612169。The McGrawHill Companies, Inc.,2023 11 10 Irwin/McGrawHill WACC Three Steps to Calculating Cost of Capital 1. Calculate the value of each security as a proportion of the firm’s market value. 2. Determine the required rate of return on each security. 3. Calculate a weighted average of these required returns. 169。The McGrawHill Companies, Inc.,2023 11 6 Irwin/McGrawHill Cost of Capital Example Geothermal Inc. has the following structure. Given that geothermal pays 8% for debt and 14% for equity, what is the Company Cost of Capital? %=(.7x14%)+(.3x8%)= ReturnPortfolio169。The McGrawHill Companies, Inc.,2023 11 2 Irwin/McGrawHill Topics Covered ?Geothermal’s Cost of Capital ?Weighted Average Cost of Capital (WACC) ?Capital Structure ?Required Rates of Return ?Big Oil’s WACC ?Interpreting WACC ?Flotation Costs 169。The McGrawHill Companies, Inc.,2023 11 1 Irwin/McGrawHill Chapter 11 Fundamentals of Corporate Finance Third Edition The Cost of Capital Brealey Myers Marcus slides by Matthew Will 169。The McGrawHill Compani
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