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chen · 2022年08月29日

wacc计算

NO.PZ2016021705000030

问题如下:

Happy Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Happy issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent. Happy has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Happy's marginal tax rate is 30 percent. If Happy raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to:

选项:

A.

14.5 percent.

B.

15.5 percent.

C.

16.5 percent.

解释:

B is correct.

Capital structure:Market value of debt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanding at $10 = $12,000,000

To raise $7.5 million of new capital while maintaining the same capital structure, the company would issue $7.5 million × 40% = $3.0 million in bonds, which results in a before-tax rate of 16 percent.

rd(1 t) = 0.16(1 0.3) = 0.112 or 11.2%

re = 0.03 + 2.2 (0.10 0.03) = 0.184 or 18.4%

WACC = [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%

这道题我按计算器算的债券的现值是8.193million

是我哪里算错了么?

1 个答案
已采纳答案

王琛_品职助教 · 2022年08月30日

嗨,爱思考的PZer你好:


请问同学的计算器,屏幕右上角是否有 「BGN」的字样?

如果有,说明同学之前调整成了「先付」模式,即现金流发生在每年的年「初」

但是咱们在企业发行人学科中,都是默认「后付」模式,即现金流发生在每年的年「末」

在先付模式下,算出来的结果是 8.193 million

建议调整成后付模式,请参考:https://class.pzacademy.com/qa/99469

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ2016021705000030问题如下 Happy Resorts Company currently h1.2 million common shares of stooutstanng anthe stoha beta of 2.2. It also h$10 million favalue of bon thhave five years remaining to maturity an8 percent coupon with semi-annupayments, anare priceto yiel13.65 percent. If Happy issues up to $2.5 million of new bon, the bon will pricepanhave a yielof 13.65 percent; if it issues bon beyon$2.5 million, the expecteyielon the entire issuanwill 16 percent. Happy hlearnethit cissue new common sto$10 a share. The current risk-free rate of interest is 3 percent anthe expectemarket return is 10 percent. Happy's margintrate is 30 percent. If Happy raises $7.5 million of new capitwhile maintaining the same bt-to-equity ratio, its weighteaverage cost of capitis closest to: A.14.5 percent.B.15.5 percent.C.16.5 percent.is correct.Capitstructure:Market value of bt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanng $10 = $12,000,000To raise $7.5 million of new capitwhile maintaining the same capitstructure, the company woulissue $7.5 million × 40% = $3.0 million in bon, whiresults in a before-trate of 16 percent.r1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%WA= [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%issue up to 2.5不是指大於2. 5的規模,而issue beyoon則是小於嗎?不是很理解這里的意思

2022-10-19 12:06 1 · 回答

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2022-07-30 13:14 1 · 回答

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2022-05-15 17:10 1 · 回答

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