公司理財本科班第八講紅利政策和資本結(jié)構(gòu)-資料下載頁
2025-01-04 22:00本頁面
【正文】 valuation horizon (H) Horizon value is also called terminal value,Valuing businesses,In this case, r = WACC,Freecashflow projections, rio corporation ($ Millions),Freecashflow projections, rio corporation ($ Millions),Valuing businesses,Example: Rio Corporation Free cash flow = profit after tax + depreciation – investment in fixed assets – investment in working capital FCF = 8.7 + 9.9 – (109.6 – 95) – (11.6 – 11.1) = $3.5 million,Valuing businesses,Example, Continued,Valuing businesses,FlowtoEquity Method Discount cash flows to equity at cost of equity capital, after interest and taxes If firm has constant debt ratio over time, flow to equity will give same answer as discounting total cash flows at WACC and subtracting debt,Using WACC in practice,AfterTax WACC Preferred stock and other forms of financing must be included in formula,Using WACC in practice,Example, Continued Calculate WACC for Sangria Corporation given preferred stock is $25 million of total equity and yields 10%,Using WACC in practice,Determining Costs of Financing Derive return on equity from market data Cost of debt set by market, rating of firm’s debt Preferred stock often has preset dividend rate,Example: Sangria Corporation Firm has marginal tax rate of 35%. Cost of equity is 12.4%, pretax cost of debt is 6%. Given book and marketvalue balance sheets, what is taxadjusted WACC?,Aftertax weightedaverage cost of capital,Example, Continued,Aftertax weightedaverage cost of capital,Using WACC in practice,Example, Continued Sangria Corporation changes to 20% D/V Step 1: r at current debt Step 2: D/E changes to 25% Step 3: New WACC,Adjusted present value,Adjusted Discount Rate Modify to reflect capital structure, bankruptcy risk, other factors Adjusted Present Value Assume allequityfinanced firm, adjust value based on financing,Adjusted present value,APV = Base Case NPV + PV Impact Base case: Allequityfinanced firm NPV PV impact: All costs/benefits directly resulting from project financing,Adjusted present value,Example Project A has $150,000 NPV. Firm must issue stock to finance project, with $200,000 brokerage cost Project NPV = 150,000 Stock issue cost = ?200,000 Adjusted NPV = ?50,000 Do not invest in Project A,Adjusted present value,Example Project B has ?$20,000 NPV. Firm can issue debt at 8% to finance project. New debt has PV tax shield of $60,000. Assume Project B is only option Project NPV = ?20,000 Stock issue cost = 60,000 Adjusted NPV = 40,000 Invest in Project B,194 adjusted present value,Example Rio Corporation A
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