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cost of capital 1 cost of capital two types of capital debt equity two types of cost of capital cost of debt cost of equity cost of capital weighted average of cost of capital 2 3 wacc
the weighted average cost of capital (wacc) is essentially the return that a company requires to operate a business.it is often used in valuation as a discount rate.
what happen if the firm¡¯s profit is less than wacc?
wacc we x ke wd x kd x (1-t)
we equity / (debt equity) wd debt / (debt equity) ke cost of equity
kd cost of debt (effective rate a company pays on current debt)
t tax rate 4 ke-estimation of cost of equity gordon¡¯s dividend growth model ke re (d1/p0)g, ȤÀº kee/p
d1dividend at time 1, p0stock price at time 0, ggrowth rate
enet profit or capm ke re rf ¥â x [e(rm)-rf] 5 capm
if rf 8.7%, ¥âi 1.23, e[rm] 14.5%
then ke e(ri) rf ¥âi(e[rm]-rf)
8.7% 1.xxxx.xx.xx%)
15.8%
6 gordon model if p 100, d110, g5%, ke re (d1/p0)gxxxx.xx.xx%15% 7 estimating the cost of debt
the cost of debt is the rate at which you can borrow at currently, it will reflect not only your default risk but also the level of interest rates in the market.
the three most widely used approaches to estimating cost of debt are:
1) looking up the yield to maturity on a straight bond outstanding from the firm.the limitation of this approach is that very few firms have long term straight bonds that are liquid and widely traded
2) looking up the interest expense in income statement and debt amount i in balance sheet.then cost of debt rd interest/debt
3) looking up the rating for the firm and estimating a default spread based upon the rating.while this approach is more robust
if possible, use 1) bond grade c.f.> rd rf risk premium example) yield premium aaa
6.00
43 bp aa
6.04
47 bp a
6.20
63 bp bbb
6.44
87 bp bb
7.47
190 bp b (ÀÌÇÏ »ý·«)
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