thecostofcapital(英文版)(編輯修改稿)
2025-03-07 07:53 本頁面
【文章內(nèi)容簡介】 Irwin/McGrawHill WACC ?Taxes are an important consideration in the pany cost of capital because interest payments are deducted from ine before tax is calculated. 169。The McGrawHill Companies, Inc.,2023 11 12 Irwin/McGrawHill WACC Weighted average cost of capital= [ ] [ ]W A C C = x ( 1 T c ) r + x rDV d e b t EV e q u i t y169。The McGrawHill Companies, Inc.,2023 11 13 Irwin/McGrawHill WACC Example Executive Fruit has issued debt, preferred stock and mon stock. The market value of these securities are $4mil, $2mil, and $6mil, respectively. The required returns are 6%, 12%, and 18%, respectively. Q: Determine the WACC for Executive Fruit, Inc. 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 15 Irwin/McGrawHill WACC Issues in Using WACC Debt has two costs. 1)return on debt and 2)increased cost of equity demanded due to the increase in risk ? Betas may change with capital structure ? Corporate taxes plicate the analysis and may change our decision [ ][ ]B = x B + x Bassets DV d
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