marrott-資料下載頁
2025-08-12 13:37本頁面
【導讀】objective?price.themarketprice.
【正文】 To assist in determining the base rate, three . government interest rates were provided in Table B. The case implied that the cost of longterm debt was most appropriate for the Lodging division, so there we employed the 30year maturity rate It further stated that for the Contract Services and Restaurant businesses a shorterterm debt was a good model, so there we used the 10year maturity rate Therefore, to calculate the whole pany’s rate, we make a weighted average of the two rates using the sales percentages, because the cost of debt of the pany is the weighted average of the 3 divisions. To justify it, the debt rate premium above government is already a weighted average of the three divisions Then we apply the cost of debt formula: rdebt = interest rate + risk premium We could also just keep the 30year maturity rate because it is the longest interest rate but according to the text, it appears better to choose this way. The WACC The Weighted Average Cost of Capital is measured using the following equation: WACC = (1t)(D/V)(rdebt) + (E/V)(requity) t = the corporate tax rate we know the ine before interest taxes (IBIT) and the ine taxes. To find the corporate interest taxes we have to divide the ine taxes by the IBIT. It is different for each year, therefore we choose to make an arithmetic average between 1978 and 1987. As we said before, the portions (D/V) and (E/V) of the equation are in the case study, it is indicated that Marriott39。s target debt percentage in capital is 60%. We then calculate the remainder of its capital value, or 40% (100% 60%), to be in equity. So, the ratio D/V for the pany is set at 60% and the ratio E/V is set at 40%. We can now replace in the formula Now we have the cost of financing the operations, it represents the average cost of debt and equity funding weighted by the proportion of the pany39。s capital structure that those two ponents constitute
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