WACC的计算

NO.PZ2018103102000119

问题如下：

Matt is preparing to calculate the intrinsic value of Company M’s equity by using the FCFF model with the constant growth rate of 5% indefinitely. The most recent FCFF is $2,000 million and the company is in the 30% tax bracket. The relevant information is shown in the following table. What `s the value of Company M?

选项：

$ 96,153.85million

$ 107,836.20million

$$101,204.82 million

解释：

C is correct.

考点：Valuation Models

解析：先计算WACC = w_d × r_d× (1–T) + (w_p × r_p) + (w_e × r_e)

= (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)

= 7.075%

$V=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million$

WACC = wd × rd × (1–T) + (wp × rp) + (we × re)，这个公式没见过，不敢用。

那是不是，equity value=firm value-debt -优先股 value?

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王园圆_品职助教 · 2023年01月29日

嗨，从没放弃的小努力你好：

同学你好，是的，quity value=firm value-debt -优先股 value这个理解完全正确

WACC = wd × rd × (1–T) + (wp × rp) + (we × re)这个公式和讲义上的公式其实是同样的原理呀

讲义上的公式如下，而Equity又可以分为优先股和普通股，所以就可以由讲义上的两块权重变成普通股权重+优先股权重+债务权重三块，原理一样哦

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NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0×(1+g)=7.075%−5%2,000×1.05=$101,204.82million 你好，计算求得V0(EV)=101,204.82后，为什么不是Value=EV-mkt value of bt=101,204.82-15,000

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NO.PZ2018103102000119 $ 100,836.20million $100,961.54 million C is correct. 考点Valuation Mols 解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0×(1+g)=7.08%−5%2,000×1.05=$100,961.54million算WACC时,优先股不需要1—t吗

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WACC的计算

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