开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

wyrw · 2024年10月27日

为何WACC公式

NO.PZ2023090507000002

问题如下:

A financial analyst is evaluating the capital structure for Plover, Inc., a European-based unleveraged firm with a constant (perpetual) cash flow of EUR10.0 million per year before taxes. The firm has a market value of EUR100.0 million and a corporate tax rate of 20%. Plover plans to issue EUR35.0 million in debt to retire an equivalent amount of equity, so the size of the firm will remain unchanged. The debt will have a cost of 4.5%. Assume the cost of financial distress is close to zero.

After the debt issuance and change in the capital structure, Plover’s WACC is closest to:

选项:

A.

5.47%.

B.

7.48%.

C.

8.82%.

解释:

B is correct. The calculations to determine the WACC are as follows:

The after-tax cash flows for the company are EUR10.0 million (1 – 0.20) = EUR8.0 million. Since the cash flows are assumed to be perpetual, WACC for the unlevered firm is calculated as

rWACC = CF(1 – t)/V = EUR8.0 million/EUR100.0 million = 8.0%.

The market value of Plover with the debt financing is EUR107 million:

VL = VU + tD = EUR100.0 million + 0.20(EUR35.0 million) = EUR107.0 million.

To find the cost of equity, we first need to find the market value of equity:

VL = D + E, where D and E are market values of debt and equity, respectively.

E = EUR107.0 million – EUR35.0 million = EUR72.0 million.

The cost of equity is given by

re = r0 + (r0 − rd)(1 − t)D/E

= 8.0% + (8.0% – 4.5%)(0.80)(EUR35.0 million/EUR72.0 million) = 9.36%.

Plover’s WACC is calculated as follows:

WACC = (Weighting of debt × Cost of debt) + (Weighting of equity × Cost of equity)

= (EUR35 million/EUR107.0 million)(4.5%)(1 – 0.2) + (EUR72.0 million/ EUR107.0 million)(9.36%) = 7.48%, which is lower than the 8.0% for the unlevered firm.

WACC = CF(1 – t)/V  的公式对应原版书哪里,该公式的原理是什么

1 个答案

Kiko_品职助教 · 2024年10月28日

嗨,爱思考的PZer你好:


原版书企业发行人320页。例题这个公式的变形。这个公式的原理是未来现金流折现法,公司价值 V,等于未来现金流除以折现率 WACC。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 51

    浏览
相关问题

NO.PZ2023090507000002 问题如下 A financianalyst is evaluating the capitstructure for Plover, Inc., a European-baseunleveragefirm with a constant (perpetual) cash flow of EUR10.0 million per yebefore taxes. The firm ha market value of EUR100.0 million ana corporate trate of 20%. Plover plans to issue EUR35.0 million in to retire equivalent amount of equity, so the size of the firm will remain unchange The will have a cost of 4.5%. Assume the cost of financistress is close to zero. After the issuananchange in the capitstructure, Plover’s WAis closest to: A.5.47%. B.7.48%. C.8.82%. B is correct. The calculations to termine the WAare follows:The after-tcash flows for the company are EUR10.0 million (1 – 0.20) = EUR8.0 million. Sinthe cash flows are assumeto perpetual, WAfor the unleverefirm is calculateasrWA= CF(1 – t)/V = EUR8.0 million/EUR100.0 million = 8.0%.The market value of Plover with the financing is EUR107 million:VL = VU + t= EUR100.0 million + 0.20(EUR35.0 million) = EUR107.0 million.To finthe cost of equity, we first neeto finthe market value of equity:VL = + E, where anE are market values of anequity, respectively.E = EUR107.0 million – EUR35.0 million = EUR72.0 million.The cost of equity is given byre = r0 + (r0 − r(1 − t)E= 8.0% + (8.0% – 4.5%)(0.80)(EUR35.0 million/EUR72.0 million) = 9.36%.Plover’s WAis calculatefollows:WA= (Weighting of × Cost of bt) + (Weighting of equity × Cost of equity)= (EUR35 million/EUR107.0 million)(4.5%)(1 – 0.2) + (EUR72.0 million/ EUR107.0 million)(9.36%) = 7.48%, whiis lower ththe 8.0% for the unleverefirm. 为什么是rWACC而不是r0,而且为什么要乘(1-t)?

2024-11-08 18:20 2 · 回答

NO.PZ2023090507000002 问题如下 A financianalyst is evaluating the capitstructure for Plover, Inc., a European-baseunleveragefirm with a constant (perpetual) cash flow of EUR10.0 million per yebefore taxes. The firm ha market value of EUR100.0 million ana corporate trate of 20%. Plover plans to issue EUR35.0 million in to retire equivalent amount of equity, so the size of the firm will remain unchange The will have a cost of 4.5%. Assume the cost of financistress is close to zero. After the issuananchange in the capitstructure, Plover’s WAis closest to: A.5.47%. B.7.48%. C.8.82%. B is correct. The calculations to termine the WAare follows:The after-tcash flows for the company are EUR10.0 million (1 – 0.20) = EUR8.0 million. Sinthe cash flows are assumeto perpetual, WAfor the unleverefirm is calculateasrWA= CF(1 – t)/V = EUR8.0 million/EUR100.0 million = 8.0%.The market value of Plover with the financing is EUR107 million:VL = VU + t= EUR100.0 million + 0.20(EUR35.0 million) = EUR107.0 million.To finthe cost of equity, we first neeto finthe market value of equity:VL = + E, where anE are market values of anequity, respectively.E = EUR107.0 million – EUR35.0 million = EUR72.0 million.The cost of equity is given byre = r0 + (r0 − r(1 − t)E= 8.0% + (8.0% – 4.5%)(0.80)(EUR35.0 million/EUR72.0 million) = 9.36%.Plover’s WAis calculatefollows:WA= (Weighting of × Cost of bt) + (Weighting of equity × Cost of equity)= (EUR35 million/EUR107.0 million)(4.5%)(1 – 0.2) + (EUR72.0 million/ EUR107.0 million)(9.36%) = 7.48%, whiis lower ththe 8.0% for the unleverefirm. 完全看不懂这道题的解法和考点,能详细一下吗?

2024-09-14 16:45 1 · 回答

NO.PZ2023090507000002 问题如下 A financianalyst is evaluating the capitstructure for Plover, Inc., a European-baseunleveragefirm with a constant (perpetual) cash flow of EUR10.0 million per yebefore taxes. The firm ha market value of EUR100.0 million ana corporate trate of 20%. Plover plans to issue EUR35.0 million in to retire equivalent amount of equity, so the size of the firm will remain unchange The will have a cost of 4.5%. Assume the cost of financistress is close to zero. After the issuananchange in the capitstructure, Plover’s WAis closest to: A.5.47%. B.7.48%. C.8.82%. B is correct. The calculations to termine the WAare follows:The after-tcash flows for the company are EUR10.0 million (1 – 0.20) = EUR8.0 million. Sinthe cash flows are assumeto perpetual, WAfor the unleverefirm is calculateasrWA= CF(1 – t)/V = EUR8.0 million/EUR100.0 million = 8.0%.The market value of Plover with the financing is EUR107 million:VL = VU + t= EUR100.0 million + 0.20(EUR35.0 million) = EUR107.0 million.To finthe cost of equity, we first neeto finthe market value of equity:VL = + E, where anE are market values of anequity, respectively.E = EUR107.0 million – EUR35.0 million = EUR72.0 million.The cost of equity is given byre = r0 + (r0 − r(1 − t)E= 8.0% + (8.0% – 4.5%)(0.80)(EUR35.0 million/EUR72.0 million) = 9.36%.Plover’s WAis calculatefollows:WA= (Weighting of × Cost of bt) + (Weighting of equity × Cost of equity)= (EUR35 million/EUR107.0 million)(4.5%)(1 – 0.2) + (EUR72.0 million/ EUR107.0 million)(9.36%) = 7.48%, whiis lower ththe 8.0% for the unleverefirm. The cost of equity is given byre = r0 + (r0 − r(1 − t)E这个公式怎么推导来的?根本记不住

2024-07-05 11:22 1 · 回答

NO.PZ2023090507000002 问题如下 A financianalyst is evaluating the capitstructure for Plover, Inc., a European-baseunleveragefirm with a constant (perpetual) cash flow of EUR10.0 million per yebefore taxes. The firm ha market value of EUR100.0 million ana corporate trate of 20%. Plover plans to issue EUR35.0 million in to retire equivalent amount of equity, so the size of the firm will remain unchange The will have a cost of 4.5%. Assume the cost of financistress is close to zero. After the issuananchange in the capitstructure, Plover’s WAis closest to: A.5.47%. B.7.48%. C.8.82%. B is correct. The calculations to termine the WAare follows:The after-tcash flows for the company are EUR10.0 million (1 – 0.20) = EUR8.0 million. Sinthe cash flows are assumeto perpetual, WAfor the unleverefirm is calculateasrWA= CF(1 – t)/V = EUR8.0 million/EUR100.0 million = 8.0%.The market value of Plover with the financing is EUR107 million:VL = VU + t= EUR100.0 million + 0.20(EUR35.0 million) = EUR107.0 million.To finthe cost of equity, we first neeto finthe market value of equity:VL = + E, where anE are market values of anequity, respectively.E = EUR107.0 million – EUR35.0 million = EUR72.0 million.The cost of equity is given byre = r0 + (r0 − r(1 − t)E= 8.0% + (8.0% – 4.5%)(0.80)(EUR35.0 million/EUR72.0 million) = 9.36%.Plover’s WAis calculatefollows:WA= (Weighting of × Cost of bt) + (Weighting of equity × Cost of equity)= (EUR35 million/EUR107.0 million)(4.5%)(1 – 0.2) + (EUR72.0 million/ EUR107.0 million)(9.36%) = 7.48%, whiis lower ththe 8.0% for the unleverefirm. 请问老师,遇到这种题的解题思路是怎样的,有时候公式给代懵了

2024-06-27 18:09 1 · 回答