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1、1.WhatistheWACCwhyisitimptanttoestimateafirm’scostofcapitalDoyouagreewithJoannaCohen’sWACCcalculationWhywhynot1.1ThedefinitionofWACCWeightedaveragecostofcapital(WACC)isaweightedcomputationalmethodofanalyzingthecostofcapi

2、talbasedonthewholecapitalstructureofafirm.TheresultofWACCistherateafirmusetomonittheapplicationofthecurrentassetsbecauseitrepresentsthereturnthefirmMUSTget.Fexamplethisratecouldbeusedasthediscountrateofevaluatinganinvest

3、mentmaintainingthepriceoffirm’sstock.1.2AnalysisofJohannaCohen’scalculationWeanalyzedtheprocessofJohannaCohen’scalculationfoundsomeflawswebelievecausedcomputationalmistakes.i.WhenusingtheWACCmethodthebookvalueofbondisava

4、ilableasthemarketvaluesincebondsarenotquiteactiveinthemarketbutthebookvalueofequityisn’t.InsteadofJohanna’susingequity’sbookvalueweshouldmultiplythecurrentpriceofNike’sstockpricebythenumbersofsharesoutsting.ii.Whencalcul

5、atingtheYTMofthefirm’sbondJohannaonlyusedtheinterestexpenseoftheyeardividedbytheaveragedebtbalancewhichfullyignedthediscountedcashflowofthecostofdebt.2.IfyoudonotagreewithCohen’sanalysiscalculateyourownWACCfNikebeprepare

6、dtojustifyyourbiningtheanalysisabovewenowgiveourownWACCcalculationasfollowing:2.1Thevalueofdebt(basedonEXIHIBIT3).SincethebookvalueofdebtmayrepresentthemarketvaluewemerelyneedtosumupthevaluesofLongtermdebtNotespayablethe

7、Currentptionoflongtermdebt:435.9855.35.4=$1296.6m2.2Thecostofdebt(basedonEXIHIBIT4):PV:95.6FV:100n:40Pmt:6.752=3.375(asitpayssemiannually)SowegettheYTMisi2=3.582=7.16%i.Calculation(basedonEXIHIBIT4)::Basedonthedividenddi

8、scountmodelP0=D0(1g)(k–g)thenwegetthereturnrate(thecostofequity)k=D0(1g)P0g=0.48(10.055)42.090.055=6.7%ii.AdvantagesFirstDDMfullyconsidersthetimevalueofconsistentcashflowofaninvestment.Seconditisprettyeasytogetthenecessa

9、ryhisticaldata.ThirdDDMisflexibleenoughftheadjustmentofanyfuturesituation.Fourthoncethegrowthpatternisconfirmeditisverystraightfwardtogetthediscountrateofassessinganinvestment.iii.DisadvantagesFirstwithoutenoughconsidera

10、tionofriskcostDDMmayunderestimatetheequitycost.Secondallofthedataisbasedonhisticalrecdsotheresultisnotreliableconsideringofthefuturesituations.Thirdwiththepredeterminedgrowthrateitisobviouslypracticalfthestockinveststoes

11、timatethepossibleprofitbutmaymisleadthestockissuingfirmfromabetterbudgetingdecisiontoacomparativelyunsubstantialinvestment.3.3Calculatingthecostsofequitybytheearningscapitalizationratioitsadvantages&disadvantagesi.Calcul

12、ation(basedonEXIHIBIT1&4)Accdingtotheearningscapitalizationmodelwehavecostofequity=E1P0=2.1642.09=5.13%ii.AdvantagesFirstit’sveryeasytocalculateunderst.Secondit’seasytogetthenecessaryaccountingdataiii.DisadvantagesWithou

13、tanyconsiderationoftheriskthegrowthofthefirmitdoesn’treflectthetruevalueofaninvestmentthecostofthebudgetingatall.4.WhatshouldKimiFdrecommendregardinganinvestmentinNikeAccdingtoEXIHIBIT2themarket’sfecastingsensitivityofeq

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