Weighted Average Cost of Capital ???????????????????? “????????????? ” • WACC ???? Weighted Average Cost of Capital ????? ??????????????????????????????????? ? ???????????????? ??????????????????? (Cost of debt) ?????????????????????????? (Cost of equity) • ??????????????????????????????????? ???????????????? WACC ??????????? ?????? ????????????? ??????????????????? ?????????????????????????????? ????????????????????? ??????? ???????????????????????????????????????????????????????????? ?????????????????????????????????????? WACC ???????????????????????? equity ??????? Cost of Equity ???? Ke ???? ???????????????????????????
CAPM ???? Capital Asset Pricing Model • CAPM ???????????????????????????????????????? ??????????????????????????? (Risk premium) ?????????????? ?????????? • ???????????????????????????????????????????????????????????? ????? ? ?????????????????????????????????????? % ?????????????????????????????????????????? 1% • Ke ??? CAPM ?? =Rf +(Rm – Rf) x Beta • ??????????????????????????????????????????????? ??????? ??????????????????????????????????????????????????????????? • ????????????????????????????? ???????????????????????????????????????????????????????????? ?????????????????????????? ?????????????????????? 1. ????????????? 2. ??????????????????????????? 3. ??????????????????????? Liquidation Stock Price ??? Going Concern Stock Price ???????? ??????????????? 400 ???? ??????????????????? 100 ???? ??????????????????? ?????????????????????????? ???????? Cost of Debt ????????????? Kd ???????????????????????? 10 % ??????????????????????????????????? ???????? Cost of Equity ????????????? Ke ????????????????????????? 20 % ?????? 20 % ??? ?????????????????????????????????????? ????????????????????????????????? ???????????????????????????????????????????????????????????? ?? ?????????????????????????????????????????????? (WACC-Weighted Average Cost of Capital) ??? WACC = [Debt / (Debt + Equity) * Kd ] + [Equity / (Debt + Equity) * Ke ] ????????????????? WACC = 400/500 * 0. 10 + 100/500 * 0. 20 ??????????? 12 % ?????????????????????????????????????? ????????????????????? ??????????????????????????? (???? Generate Cash Flow) ?????????????????????? ????????????????? Stock Price 1. ???? Generate Cash Flow ??? ??????? ??????????????????????????????????????? 2. ???? Generate Cash Flow ?????????????????????????????????????????????? 3. ???? Generate Cash Flow ?????????????????????????????????? (?????????????? ?????????????????????????????????????????? ) ????? Stock Price ?????????????? ???????
Going Concern Stock Price ??????????? ????????????????????????????????????????? ?????????????????????????? ??? Value of the Firm ?? Going Concern (?????? Vf- ???????????????????????????????? ) ??????? Value of Debt (?????? Vd) ???????????????? Value of Equity (?????? Ve) ???????????????????????? ????????????? Stock Price ?? Concept Going Concern ????????? Liquidation Stock Price ?????????????????????????????????????????????????? ????????????????????????????????????? ??????????? ?????????????????????????????????? ??????????????????????????????????????????????? ???????????????????????????? ?????????????? Value of the Firm ?? Going Concern ??????????????????????????????? Value of Firm ?? Concept Going Concern ????? “?????????????? (Present Value) ??? Cash Flow ??? Firm ????? Generate ?????????? ” ????????????????? ????????????????????????????????????????? ???????????????????????? (????????????????????????????????????????????????? ) ??????????????? = ??????????????????????????????????? ??????? ????????????? ???????????????????????????????????????????????? Cash Flow ??? Generate ??????????????????? ????????????????? ????? WACC ??????? ??????? ??????? ??? Cash Flow ??? Generate ?????????????? 60 ???? ??? WACC = 12% ??????? Value of the Firm (?? Going Concern) ?????????? 0/0. 12 = 500 ???? ???????????????????????????????????????????????????? Finance ????????????????? ????????????????????????????? Stock Price ?? 3 ???? ????????????????????? ??????? 1 ??? Generate Cash Flow ??? ??????? ??????????????????????????????????????? …………………………………????? 1…….????? 2……..????? n Interest (Kd=10%)……. 40………. 40………. 40 Dividend(Ke=20%)…. 20………. 20………. 20 ????? Cash Flow ???????? Generate ?????????? ???………………………………. 60………. 60………. 60 ??? Firm ???????????? 60 ????????????? ????????? Value of the Firm = 60/0. 12 = 500 ???? ?????????????? Going Concern Stock Price ????????? (500-400)/10 = ?????? 10 400 ??? Value of Debt ; 10 ????????????????????????????? ?????????????? Liquidation Stock Price (???????????????????????????????????????????????????????? ) ????? Liquidation Stock Price ????????? 10 ???????????? (?????????????? Total Asset ???? ??????? Debt ???????????????????????????????????? ????????????????????? 10 ????????????????????????????????????? (Going Concern Stock Price ???? ) ????????????????????????????????? Maximized Shareholders’ Wealth ???????????????????????????????? Wealth ????????????? ??????????????????????????????????????? Going Concern Stock Price) ??????????????????????????????????????????? ( Liquidation Stock Price) ???? ??????? 2 ???????????? Generate Cash Flow ?????????????????????????????????????????????? ???? ????????????????? 20% ??? Firm ???????? 15% ???????????????????? (??????????? 1) Firm ????????? Generate Cash ???????????? 55 ???????????? ???????????????? Vf ?? Going Concern ???????????? 55/0. 12 ??????? 458. 33 ???? ???????????????? Going Concern Stock Price ???????????? (458. 33-400)/???????????? 10 ???????? ???????????????????? 5. 83 ??? ???????????????? Stock Price ?? Liquidation ??????? 10 ????????????? ????????? ????????? 2 ???
Stock Price ?? Going Concern ????????? Stock Price ?? Liquidation ?????????????? “???????????????????? ???????????? ??????? trade ??????????????????????????????? Liquidation ??????????? Time Interest of Return ??????????????????????????? ” *** ????????? Maximized Shareholders’ Wealth ??? ????? Time Interest of Return ?????????????????????????????????? **** ???????????????????? ????????? ????????????????? 400 ???? ?????????????????????? 100 ???? ??????????????????????? 500 ???? ????????????????????????? (WACC) ??????? 12% ?????????????????? Generate Cash Flow ???? 60 ???? ????????????????????? 500 ???? ?????????????????????????????? 0/500*100 = 12% ??????????????????????????? ???????? Stock Price ?? Going Concern ??????? Stock Price ?? Liquidation ?????????????????????? ????????? Generate Cash Flow ??????? 55 ???? ????????????????????????????? 55/500*100 = 11% ???????????? ??????????????????? 12 % ???????????? Stock ????????????? ??????????? Stock ??????????????? ??????????????????????? Generate Cash Flow ??? 70 ???? ????????????????????????????????????????????????? ??????????? Stock ?????????????? Liquidation **????????????? Maximized Stock Price ** ?????????? ** ???????????????????? Return ??? Project ????????????? Cost of Capital ???? **
