财务管理第十四章课件.pptx
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财务管理第十四章课件.pptx
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Chapter14CostofCapitalMcGraw-Hill/IrwinCopyright2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsKnowhowtodetermineafirmscostofequitycapitalKnowhowtodetermineafirmscostofdebtKnowhowtodetermineafirmsoverallcostofcapitalKnowhowtohandleflotationcostsUnderstandpitfallsofoverallcostofcapitalandhowtomanagethem14-2ChapterOutlineTheCostofCapital:
SomePreliminariesTheCostofEquityTheCostsofDebtandPreferredStockTheWeightedAverageCostofCapitalDivisionalandProjectCostsofCapitalFlotationCostsandtheWeightedAverageCostofCapital14-3WhyCostofCapitalIsImportantWeknowthatthereturnearnedonassetsdependsontheriskofthoseassetsThereturntoaninvestoristhesameasthecosttothecompanyOurcostofcapitalprovidesuswithanindicationofhowthemarketviewstheriskofourassetsKnowingourcostofcapitalcanalsohelpusdetermineourrequiredreturnforcapitalbudgetingprojects14-4RequiredReturnTherequiredreturnisthesameastheappropriatediscountrateandisbasedontheriskofthecashflowsWeneedtoknowtherequiredreturnforaninvestmentbeforewecancomputetheNPVandmakeadecisionaboutwhetherornottotaketheinvestmentWeneedtoearnatleasttherequiredreturntocompensateourinvestorsforthefinancingtheyhaveprovided14-5CostofEquityThecostofequityisthereturnrequiredbyequityinvestorsgiventheriskofthecashflowsfromthefirmBusinessriskFinancialriskTherearetwomajormethodsfordeterminingthecostofequityDividendgrowthmodelSML,orCAPM14-6TheDividendGrowthModelApproachStartwiththedividendgrowthmodelformulaandrearrangetosolveforRE14-7Example:
DividendGrowthModelSupposethatyourcompanyisexpectedtopayadividendof$1.50persharenextyear.Therehasbeenasteadygrowthindividendsof5.1%peryearandthemarketexpectsthattocontinue.Thecurrentpriceis$25.Whatisthecostofequity?
14-8Example:
EstimatingtheDividendGrowthRateOnemethodforestimatingthegrowthrateistousethehistoricalaverageYearDividendPercentChange20081.23-20091.3020101.3620111.4320121.50(1.301.23)/1.23=5.7%(1.361.30)/1.30=4.6%(1.431.36)/1.36=5.1%(1.501.43)/1.43=4.9%Average=(5.7+4.6+5.1+4.9)/4=5.1%14-9AdvantagesandDisadvantagesofDividendGrowthModelAdvantageeasytounderstandanduseDisadvantagesOnlyapplicabletocompaniescurrentlypayingdividendsNotapplicableifdividendsarentgrowingatareasonablyconstantrateExtremelysensitivetotheestimatedgrowthrate-anincreaseingof1%increasesthecostofequityby1%Doesnotexplicitlyconsiderrisk14-10TheSMLApproachUsethefollowinginformationtocomputeourcostofequityRisk-freerate,RfMarketriskpremium,E(RM)RfSystematicriskofasset,14-11Example-SMLSupposeyourcompanyhasanequitybetaof.58,andthecurrentrisk-freerateis6.1%.Iftheexpectedmarketriskpremiumis8.6%,whatisyourcostofequitycapital?
RE=6.1+.58(8.6)=11.1%SincewecameupwithsimilarnumbersusingboththedividendgrowthmodelandtheSMLapproach,weshouldfeelgoodaboutourestimate14-12AdvantagesandDisadvantagesofSMLAdvantagesExplicitlyadjustsforsystematicriskApplicabletoallcompanies,aslongaswecanestimatebetaDisadvantagesHavetoestimatetheexpectedmarketriskpremium,whichdoesvaryovertimeHavetoestimatebeta,whichalsovariesovertimeWeareusingthepasttopredictthefuture,whichisnotalwaysreliable14-13ExampleCostofEquitySupposeourcompanyhasabetaof1.5.Themarketriskpremiumisexpectedtobe9%,andthecurrentrisk-freerateis6%.Wehaveusedanalystsestimatestodeterminethatthemarketbelievesourdividendswillgrowat6%peryearandourlastdividendwas$2.Ourstockiscurrentlysellingfor$15.65.Whatisourcostofequity?
UsingSML:
RE=6%+1.5(9%)=19.5%UsingDGM:
RE=2(1.06)/15.65+.06=19.55%14-14CostofDebtThecostofdebtistherequiredreturnonourcompanysdebtWeusuallyfocusonthecostoflong-termdebtorbondsTherequiredreturnisbestestimatedbycomputingtheyield-to-maturityontheexistingdebtWemayalsouseestimatesofcurrentratesbasedonthebondratingweexpectwhenweissuenewdebtThecostofdebtisNOTthecouponrate14-15Example:
CostofDebtSupposewehaveabondissuecurrentlyoutstandingthathas25yearslefttomaturity.Thecouponrateis9%,andcouponsarepaidsemiannually.Thebondiscurrentlysellingfor$908.72per$1,000bond.Whatisthecostofdebt?
N=50;PMT=45;FV=1000;PV=-908.72;CPTI/Y=5%;YTM=5
(2)=10%14-16CostofPreferredStockRemindersPreferredstockgenerallypaysaconstantdividendeachperiodDividendsareexpectedtobepaideveryperiodforeverPreferredstockisaperpetuity,sowetaketheperpetuityformula,rearrangeandsolveforRPRP=D/P014-17Example:
CostofPreferredStockYourcompanyhaspreferredstockthathasanannualdividendof$3.Ifthecurrentpriceis$25,whatisthecostofpreferredstock?
RP=3/25=12%14-18TheWeightedAverageCostofCapitalWecanusetheindividualcostsofcapitalthatwehavecomputedtogetour“average”costofcapitalforthefirm.This“average”istherequiredreturnonthefirmsassets,basedonthemarketsperceptionoftheriskofthoseassetsTheweightsaredeterminedbyhowmuchofeachtypeoffinancingisused14-19CapitalStructureWeightsNotationE=marketvalueofequity=#ofoutstandingsharestimespricepershareD=marketvalueofdebt=#ofoutstandingbondstimesbondpriceV=marketvalueofthefirm=D+EWeightswE=E/V=percentfinancedwithequitywD=D/V=percentfinancedwithdebt14-20Example:
CapitalStructureWeightsSupposeyouhaveamarketvalueofequityequalto$500millionandamarketvalueofdebtequalto$475million.Whatarethecapitalstructureweights?
V=500million+475million=975millionwE=E/V=500/975=.5128=51.28%wD=D/V=475/975=.4872=48.72%14-21TaxesandtheWACCWeareconcernedwithafter-taxcashflows,sowealsoneedtoconsidertheeffectoftaxesonthevariouscostsofcapitalInterestexpensereducesourtaxliabilityThisreductionintaxesreducesourcostofdebtAfter-taxcostofdebt=RD(1-TC)Dividendsarenottaxdeductible,sothereisnotaximpactonthecostofequityWACC=wERE+wDRD(1-TC)14-22ExtendedExample:
WACC-IEquityInformation50millionshares$80pershareBeta=1.15Marketriskpremium=9%Risk-freerate=5%DebtInformation$1billioninoutstandingdebt(facevalue)Currentquote=110Couponrate=9%,semiannualcoupons15yearstomaturityTaxrate=40%14-23ExtendedExample:
WACC-IIWhatisthecostofequity?
RE=5+1.15(9)=15.35%Whatisthecostofdebt?
N=30;PV=-1,100;PMT=45;FV=1,000;CPTI/Y=3.9268RD=3.927
(2)=7.854%Whatistheafter-taxcostofdebt?
RD(1-TC)=7.854(1-.4)=4.712%14-24ExtendedExample:
WACC-IIIWhatarethecapitalstructureweights?
E=50million(80)=4billionD=1billion(1.10)=1.1billionV=4+1.1=5.1billionwE=E/V=4/5.1=.7843wD=D/V=1.1/5.1=.2157WhatistheWACC?
WACC=.7843(15.35%)+.2157(4.712%)=13.06%14-25EastmanChemicalIClickonthewebsurfertogotoYahoo!
FinancetogetinformationonEastmanChemical(EMN)UnderProfileandKeyStatistics,youcanfindthefollowinginformation:
#ofsharesoutstandingBookvaluepersharePricepershareBetaUnderanalystsestimates,youcanfindanalystsestimatesofearningsgrowth(useasaproxyfordividendgrowth)TheBondssectionatYahoo!
FinancecanprovidetheT-billrateUsethisinformation,alongwiththeCAPMandDGMtoestimatethecostofequity14-26EastmanChemicalIIGotoFINRAtogetmarketinformationonEastmanChemicalsbondissuesEnterEastmanChtofindthebondinformationNotethatyoumaynotbeabletofindinformationonallbondissuesduetotheilliquidityofthebondmarketGototheSECwebsitetogetbookvalueinformationfromthefirmsmostrecent10Q14-27EastmanChemicalIIIFindtheweightedaveragecostofthedebtUsemarketvaluesifyouwereabletogettheinformationUsethebookvaluesifmarketinformationwasnotavailableTheyareoftenverycloseComputetheWACCUsemarketvalueweightsifavailable14-28Example:
WorktheWeb14-29Table14.1CostofEquity14-30Table14.1CostofDebt14-31Table14.1WACC14-32DivisionalandProjectCostsofCapitalUsingtheWACCasourdiscountrateisonlyappropriateforprojectsthathavethesameriskasthefirmscurrentoperationsIfwearelookingataprojectthatdoesNOThavethesameriskasthefirm,thenweneedtodeterminetheappropriatediscountrateforthatprojectDivisionsalsooftenrequireseparatediscountrates14-33Example:
UsingWACCforAllProjectsWhatwouldhappenifweusetheWACCforallprojectsregardlessofrisk?
AssumetheWACC=15%ProjectRequiredReturnIRRA20%17%B15%18%C10%12%14-34ThePurePlayApproachFindoneormorecompaniesthatspecializeintheproductorservicethatweareconsideringComputethebetaforeachcompanyTakeanaverageUsethatbetaalongwiththeCAPMtofindtheappropriatereturnforaprojectofthatriskOftendifficulttofindpureplaycompanies14-35SubjectiveApproachConsidertheprojectsriskrelativetothefirmoverallIftheprojecthasmoreriskthanthefirm,useadiscountrategreaterthantheWACCIftheprojecthaslessriskthanthefirm,useadiscountratelessthantheWACCYoumaystillacceptprojectsthatyoushouldntandrejectprojectsyoushouldaccept,butyourerrorrateshouldbelowerthannotconsideringdifferentialriskatall14-36Example:
SubjectiveApproachRiskLevelDiscountRateVeryLowRiskWACC8%LowRiskWACC3%SameRiskasFirmWACCHighRiskWACC+5%VeryHighRiskWACC+10%14-37FlotationCostsTherequiredreturndependsontherisk,nothowthemoneyisraisedHowever,thecostofissuingnewsecuritiesshouldnotjustbeignoredeitherBasicApproachComputetheweightedaverageflotationcostUsethetargetweightsbecausethefirmwillissuesecuritiesinthesepercentagesoverthelongterm14-38Example:
NPVandFlotationCostsYourcompanyisco
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