this paper is on WACC. what is the logic for wacc determination of wacc and importance of wacc

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this paper is on WACC. what is the logic for wacc determination of wacc and importance of wacc

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which each category of capital is proportionately weighted. All sources of capital,

including common stock, preferred stock, bonds and any other long-term debt, are

included in a WACC calculation. A firms WACC increases as the beta and rate of return

on equity increase, as an increase in WACC denotes a decrease in valuation and an

increase in risk. To calculate WACC, multiply the cost of each capital component by its

proportional weight and take the sum of the results. The method for calculating WACC

can be expressed in the following formula:

This paper explores the method of determining WACC and the importance of wacc to

calculate weighted averagecost of capital

Key words : Cost of Capital. WACC, CAPM, required rate of return, risk premium.

Introduction:

The Weighted Average Cost of Capital - WACC is the average rate of return that a company must

payto shareholders and creditors. It is usually an adjusted discount rate to the risk of the cash

flows ofcompanies (Vukicevic et al. 2010, p. 166). In addition, a company is financed by

borrowing, i.e.borrowing funds from banks, individuals or other sources. Interests are paid to the

amount of the debt,i.e. the price of the debt is paid. Payments for interests made by company also

serve for the directreduction of taxes, because interest costs are recognised as expenses.

The determination of the WACC rate is very important for the capital market because it enables

saferinvestment in a company and regulation of the market. This rate is the most important for

theenterprise management and future investors. It is of importance for the management because

itenables them to analyse the current state of the enterprise on the market and for future investors

forsafer investments of their capital.

Page 1 of 19

The main purpose of preparing this report is to know how to Calculate a cost of equity using

Dividend Valuation Model (DVM), the Capital Asset Pricing Model (CAPM) and Modigliani

and Miller's Proposition 2 formula

To know how to calculate a cost of debt using DVM, CAPM and credit spreads.

To understand how lenders set their interest rates on debt finance.

To know how to calculate a weighted average cost of capital.

To understand the circumstances in which the WACC can be used as a project discount

rate.

In order to structure this study, three major limitations are set. Data Constraint, as secondary and

processed data has been used to prepare the report, deep and diversified insights cannot be

brought down in several cases.

Finally the Time constraint, the period spent to prepare the report was not sufficient to have

effective insight,

It is very much relevant that a partial job is done by following methods. As we tried to make a rational

report we have followed the proper methods to perform our job. Our presented report is related with

secondary data. At first we assigned a topic for report Overview of Weighted Average cost

of Capital (WACC). Then we had taken a guide line. The total procedure of report is as follow:

Page 2 of 19

Page 3 of 19

Cost of Capital:

In economics and accounting, the cost of capital is the cost of a company's funds (both debt and

equity), or, from an investor's point of view "the required rate of return on a portfolio company's

existing securities".It is used to evaluate new projects of a company. It is the minimum return

that investors expect for providing capital to the company, thus setting a benchmark that a new

project has to meet.

For an investment to be worthwhile, the expected return on capital has to be higher than the cost

of capital. Given a number of competing investment opportunities, investors are expected to put

their capital to work in order to maximize the return. In other words, the cost of capital is the rate

of return that capital could be expected to earn in the best alternative investment of equivalent

risk. If a project is of similar risk to a company's average business activities it is reasonable to

use the company's average cost of capital as a basis for the evaluation. However, for projects

outside the core business of the company, the current cost of capital may not be the appropriate

yardstick to use, as the risks of the businesses are not the same

A company's securities typically include both debt and equity, one must therefore calculate both

the cost of debt and the cost of equity to determine a company's cost of capital. Importantly, both

cost of debt and equity must be forward looking, and reflect the expectations of risk and return in

the future. This means, for instance, that the past cost of debt is not a good indicator of the actual

forward looking cost of debt.

Once cost of debt and cost of equity have been determined, their blend, the weighted average

cost of capital (WACC), can be calculated. This WACC can then be used as a discount rate for a

project's projected cash flows.

Page 4 of 19

Investing in factories, machinery, and equipment capital requires money. Those funds can

be borrowed (external equity), or the business can raise the funds internally, equity either from

the firms or the owners financial resources.

The cost of using external equity or debt capital is the interest rate you pay lenders. However,

because interest expenses are tax deductible, the after tax cost of debt (k d) is the interest rate (r)

multiplied by 1 minus the firms marginal tax rate (t) or

Internal equity from the firm or the firms owners also has a cost. The opportunity cost of funds

you invest in the firm is the interest you could have earned if you invested those funds elsewhere.

You can choose from among three alternatives to determine the cost of internal or equity capital.

Risk premium method: The risk premium method assumes that you incur some

additional risk in the investment. This methods cost estimation uses a risk-free rate of

return, rf, plus an additional risk premium, rp, or

where ke is the cost of equity capital. The U.S. Treasury Bill rate is often used as the riskfree rate of return.

attitudes. A shareholders rate of return equals the dividend (D) divided by the stock price

per share (P), plus any expected earnings growth (g). Using this shareholder return as the

cost of equity capital results in

Page 5 of 19

Capital asset pricing method: The final method for determining the cost of internal

equity is the capital-asset-pricing method. This method incorporates a risk premium for

variability in a companys return stocks with greater variability in return have higher

risk premiums. The cost of internal equity using the capital-asset-pricing method is

where rf is the risk free return, km is an average stocks return, and measures the

variability in the specific firms common stock return relative to the variability in the

average stocks return. If equals 1, the firm has average variability or risk. values

greater than 1 indicate higher than average variability or risk, while values less than 1

indicate below-average risk. The term (km - rf) gives the risk premium for holding the

firms common stock.

Problem: The directors of Moorland Co, a company which has 75% of its operations in the retail sector

and 25% in manufacturing, are trying to derive the firm's cost of equity. However, since the company is

not listed, it has been difficult to determine an appropriate beta factor. Instead, the following information

has been researched:

Retail industry quoted retailers have an average equity beta of 1.20, and an average gearing

ratio of 20:80 (debt: equity).

Manufacturing industry quoted manufacturers have an average equity beta of 1.45 and an

average gearing ratio of 45:55 (debt: equity).

The risk free rate is 3% and the equity risk premium is 6%. Tax on corporate profits is 30%.

Moorland Co has gearing of 50% debt and 50% equity by market values. Assume that the risk on

corporate debt is negligible.

Required:

Calculate the cost of equity of Moorland Co using the CAPM model.

Solution: In order to use CAPM we shall need to derive a suitable equity beta for Moorland Co.

Page 6 of 19

This will be done by first finding a suitable asset beta (based on the asset betas of the 2 parts of

the business) and gearing up to reflect Moorland Co's 50:50 gearing level.

Retail industry

The asset beta of retail operations can be found from the industry information as follows:

(assuming the debt beta is zero)

a= e

Ve

V e +V d ( 1T )

= 1.02

Manufacturing industry

Similarly, the asset beta for manufacturing operations is:

a= e

Ve

V e +V d ( 1T )

= 0.92

Moorland Co asset beta

Hence, the asset beta of Moorland will be a weighted average of these two asset betas:

a (Moorland) = (0.75 1.02) + (0.25 0.92) = 1.00

Moorland Co equity beta

So, regearing this asset beta now gives:

1.00 = e [50/(50 + 50(1 0.30))]

So, e = 1.00/0.59 = 1.69

Moorland Co cost of equity

Using CAPM:

Ke = RF + (E(RM) RF) = 3% + (1.69 6%) = 13.1%

Page 7 of 19

The ModiglianiMiller theorem (of Franco Modigliani, Merton Miller) is a theorem on capital

structure, arguably forming the basis for modern thinking on capital structure. The basic theorem

states that under a certain market price process (the classical random walk), in the absence of

taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market,

the value of a firm is unaffected by how that firm is financed. [1] Since the value of the firm

depends neither on its dividend policy nor its decision to raise capital by issuing stock or selling

debt, the ModiglianiMiller theorem is often called the capital structure irrelevance principle.

The key Modigliani-Miller theorem was developed in a world without taxes. However, when the

interest on debt is tax deductible, and ignoring other frictions, the value of the company increases

in proportion to the amount of debt used.[2] And the source of additional value is due to the

amount of taxes saved by issuing debt instead of equity.

Modigliani was awarded the 1985 Nobel Prize in Economics for this and other contributions.

As part of their theory, they derived a formula which can be used to derive a firm's cost of equity:

Problem:

Moondog Co is a company with a 20:80 debt: equity ratio. Using CAPM, its cost of equity has

been calculated as 12%. It is considering raising some debt finance to change its gearing ratio to

25:75 debt to equity. The expected return to debt holders is 4% per annum, and the rate of

corporate tax is 30%.

Required:

Calculate the theoretical cost of equity in Moondog Co after the refinancing.

Page 8 of 19

Solution:

Using M+M's Proposition 2 equation, we can de-gear the existing ke and then re-gear it to the

new gearing level:

De-gearing:

ke = kei + (1 T)(kei kd )(Vd / Ve)

12% = kei+ (1 0.30)(kei 4% )(20 / 80)

Rearranging carefully gives kei =10.8%

Now re-gearing:

ke = 10.8% + (1 0.30)(10.8% 4%)(25/75)

ke = 12.4%

Many firms finance capital investment with a combination of external and internal funds. The

composite cost of capital (kc) is a weighted average of the cost of internal equity and the cost of

external or debt equity. In the following equation

we and wd are the weights or proportions of internal equity and debt you use to finance the

project.

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on

average to all its security holders to finance its assets. The WACC is commonly referred to as the

firms cost of capital. Importantly, it is dictated by the external market and not by management.

The WACC represents the minimum return that a company must earn on an existing asset base to

satisfy its creditors, owners, and other providers of capital, or they will invest elsewhere.

Page 9 of 19

Companies raise money from a number of sources: common stock, preferred stock, straight

debt, convertible debt, exchangeable debt, warrants, options, pension liabilities, executive stock

options, governmental subsidies, and so on. Different securities, which represent different

sources of finance, are expected to generate different returns. The WACC is calculated taking

into account the relative weights of each component of the capital structure. The more complex

the company's capital structure, the more laborious it is to calculate the WACC.

a firm generally uses more than one type of funds to finance its assets, and the costs of, or the

returns associated with, those funds usually are not the same. For example, the existing assets of

firm might be financed with some debt, which has a market return (cost) equal to 8 percent, and

with some stock, or equity, which has a market return (cost) equal to 15 percent. If 50 percent of

the firms financing is debt, then the other 50 percent is equity. Thus, 50 percent of the funds the

firm is using costs 8 percent while the other 50 percent costs 15 percent, and the average rate that

the firm is paying is 11 percent, which is the weighted average of the two costs (11% = 0.50

8% + 0.50 15%).

Cost of Debt, rd: The after-tax cost of debt, which is designated rdT, is simply the yield to

maturity (YTM) of the debt, which represents the bondholders required rate of return, stated on

an after-tax basis:

'

After Tax cost of debt= bond holde r srequird Tax saving associate

with Debt

rate of return

Where

rd

)(

r d r d T

r d (1T )

is the required rate of return of investors who hold the firms bonds and T is the

marginal tax rate of the firm? Remember from the notes titled Risk and Rates of Return that

rd

is the rate of return that investors demand (require) investing in the firms bonds. This rate

is also referred to as the market return or the yield to maturity (YTM) on the bond. Thus,

Page 10 of 19

effectively, investors who are the participants in the financial markets determine the firms cost

of debt.

Problem: Mackay Co has some irredeemable, 5% coupon bonds in issue, which are trading at $94.50

per $100 nominal. The tax rate is 30%.

Required:

Calculate Mackay Co's post tax cost of debt.

Solution : Mackay Co's post tax cost of debt is 5(1 0.30) / 94.50 = 3.7%

Cost of Preferred Stock, rps as with debt, the cost of preferred stock is based on the rate of return

required by the firms preferred stockholders, which is determined by the market price of the

preferred stock. Remember that the dividend associated with preferred stock is a perpetuity, which, as

was noted in previous sections, can be valued as follows:

D 0=

P ps

r ps

Where Dps is the constant dividend paid to preferred stockholders and rps represents the rate of

return investors require to purchase the preferred stock. Thus, in general terms, the cost of

preferred stock can be stated as follows:

Component cost of equity=r ps

D ps

D ps

=

NP 0 P0 (1F)

Where NP0 is the amount per share that the firm receives when issuing preferred stock. NP 0 is the

market price of the stock less expenses that are associated with issuing the stock, which are called

flotation costs (designated F in the above equation). Therefore, NP 0 = P0 Flotation costs = P 0(1 F),

where F is stated in decimal form.

rs

Page 11 of 19

This refers to the return that common stockholders require the firm to earn on the funds that have

been retained, thus reinvested in the firm, rather than paid out as dividends. In this case, what we

are saying is that the firm must earn a return on reinvested earnings that is sufficient to satisfy

existing common stockholders investment demands. If this required return is not earned, then

the stockholders will demand that the firm pay them the earnings in the form of dividends so that

they can invest the funds outside the firm at a better rate. In essence, then, the common

stockholders are telling the firm that if it cannot invest at some minimum rate of return, then the

earnings should be paid out as dividends so that the investors can invest in alternatives of their

choice.

From the notes titled Risk and Rates of Return, we know that we can estimate the cost of

retained earnings, ,

rs

r s =r RF ( r M r RF ) s =

D1

+ g=r s

P0

Where the variables are as defined previously: rRF is the risk-free rate of return,

rM

is the

return on the market, s is the beta coefficient associated with the firms common stock, is the

dividend the firm expects to pay next year assuming constant growth exists, P0 is the current

market price of the stock, and g is the constant rate at which the firm is expected to grow in the

future.

The CAPM Approachusing the CAPM, which is given in the above relationship, the

cost of retained earnings is stated as follows:

r s =r RF ( r M r RF ) s

Page 12 of 19

Thus, if the risk-free rate of return is 6 percent, the market risk premium is expected to be 8

percent, and the firms beta coefficient is 1.5, then the cost of retained earnings is 18% = 6%

+ (8%)1.5.

for a particular firm is approximately 3 to 5 percentage points higher than the return on

its debt. Thus, as a general rule of thumb, firms often compute the YTM for their bonds

and then add 3 to 5 percent to the result. For example, earlier we found that the beforetax return (YTM) on our illustrative firm is 12 percent. Thus, as a rough estimate, we

might say the cost of retained earnings is 16% = 12% + 4%.

This refers to the rate of return required by common stockholders after considering the cost

associated with issuing new stock. The cost of external equity is determined in exactly the same

manner as the cost of retained earnings, except we recognize the fact that there are costs involved

with issuing new stock and these costs reduce the total amount of funds that can be used by the

firm for financing new assets. Because the firm has to provide the same gross return to new

stockholders as existing stockholders, when the flotation costs associated with a common stock

issue are considered, the cost of new common stock always must be greater than the cost of

existing stock (that is, the cost of retained earnings). If we modify the DCF approach for

computing the cost of retained earnings to include flotation costs, the cost of newly issued

common stock is stated as follows:

re=

D1

D1

+ g=

NP0

P0 (1F )

Weighted Average Cost of Capital, also known by the acronym WACC, is the average cost of

capital (financing) of a firm calculated as weighted arithmetic mean of all components of its

capital.

Components of a firms capital include particularly the following:

Page 13 of 19

common equity,

preferred equity,

bonds,

convertible bonds,

other debt,

options,

warrants, and

Other liabilities.

WACC with Equity and Debt Only

Calculating WACC for small firms or for companies with simple capital structure is quite

straightforward. The two most typical components of a firms capital are common equity and

debt. Weighted Average Cost of Capital is calculated as:

where:

V is the market value of all outstanding securities issued by the firm (E+D)

Page 14 of 19

Multiplying the debt component by (1-t) reflects the fact that interest expense (the cost of debt)

qualifies as cost for tax purposes and therefore reduces the firms payable tax by r d t and the next

cost of debt is rd (t-1).

WACC with Common Equity, Debt, and Preferred Equity

If a company is financed by common stock, preferred stock, and debt, preferred equity also

enters the calculation, using the same logic:

where:

V equals E+D+P

Big companies often have complex capital structure, which makes the calculation of WACC

more complicated. In general, for a company with n different sources of capital, weighted

average cost of capital is calculated as:

Where:

Page 15 of 19

bonds)

Note: If there is debt as one of the components, the r i in this case already reflects the effect of

taxes (1-t).

Weighted Average Cost of Capital Formula

The general formula for WACC with any number of sources of capital is:

where the meaning of individual parameters is the same as in the previous formula.

This is in fact nothing more than weighted arithmetic mean:

Problem:

An entity has the following information in its balance sheet (statement of financial position):

$000

Ordinary shares (50c nominal)

2,500

1,000

The entity's equity beta is 1.25 and its credit rating according to Standard and Poor's is A. The

share price is $1.22 and the debenture price is $110 per $100 nominal.

Page 16 of 19

Rating

1 yr

2 yr

3 yr

5 yr

7 yr

10 yr

30 yr

AAA

10

15

22

27

30

55

AA

15

25

30

37

44

50

65

40

50

57

65

71

75

90

The risk free rate of interest is 6% and the equity risk premium is 8%. Tax is payable at 30%.

Required:

Calculate the entity's WACC.

Solution:

WACC=

] [

Ve

Vd

K e+

K (1T )

V e +V d

V e +V d d

Workings:

From CAPM, ke =Rf + i (E(Rm) Rf) = 6% + (1.25 8%) = 16%

Ve = $2,500,000 1.22 / 0.50 = $6.1m

kd (yield on debt) = risk free rate + credit spread = 6% + 65 basis points = 6.65%

Hence, post tax cost of debt = 6.65% (1 0,30) = 4.66%

Vd = $1,000,000 110/100 = $1.1m

Therefore, WACC = (6.1 / 7.2) 16% + (1.1 / 7.2) 4.66% = 14.3%

Cost of the capital is the rate of return which is minimum which has to be earned on investments

in order to satisfy the investors of various types who are making investments in the company in

the form of shares, debentures and loans. It is used in financial investment which refers to the

Page 17 of 19

cost of a company's funds or the shareholders return on the company's existing deals. It is the

required rate that a company must achieve to cover the cost of generating funds in the market. By

seeing this only the investor invests the money in the company if the company is giving the

required rate of return. It is a guideline to measure the profitability of different investments.

The importance of cost of capital is that it is used to evaluate new project of company and allows

the calculations to be easy so that it has minimum return that investor expect for providing

investment to the company. It has such an importance in financial decision making. It actually

used in managerial decision making in certain field such as(1) Capital Budgeting Decision. Cost of capital may be used as the measuring road for adopting

an investment proposal. The firm, naturally, will choose the project which gives a satisfactory

return on investment which would in no case be less than the cost of capital incurred for its

financing. In various methods of capital budgeting, cost of capital is the key factor in deciding

the project out of various proposals pending before the management. It measures the financial

performance

and

determines

the

acceptability

of

all

investment

opportunities.

(2) Designing the Corporate Financial Structure. The cost of capital is significant in designing

the firm's capital structure. The cost of capital is influenced by the chances in capital structure. A

capable financial executive always keeps an eye on capital market fluctuations and tries to

achieve the sound and economical capital structure for the firm. He may try to substitute the

various methods of finance in an attempt to minimize the cost of capital so as to increase the

market

price

and

earning

per

share.

(3) Deciding about the Method of Financing. A capable financial executive must have

knowledge of the fluctuations in the capital market and should analyze the rate of interest on

loans and normal dividend rates in the market from time to time. Whenever company requires

additional finance, he may ave a better choice of the source of finance which bears the minimum

cost of capital. Although cost of capital is an important factor in such decisions, but equally

important are the considerations of relating control and of avoiding risk.

(4) Performance of Top Management. The cost of capital can be used to evaluate the financial

performance of the top executives. Evaluation of the financial performance will involve a

Page 18 of 19

comparison of actual profitability of the projects and taken with the projected overall cost of

capital and an appraisal of the actual cost incurred in raising the required funds.

(5) Other Areas. The concept of cost of capital is also important in many others areas of

decision making, such as dividend decisions, working capital policy etc.

Conclusion:

One of the basic issues of financial management is the choice of capital structure, i.e.

combination of debt and equity in order to reduce the cost of capital and increase the value of a

company. The weighted average cost of capital is an important factor when making investment

decisions. The calculation of the weighted average cost of capital implies a combination of

different factors that influence an investor's decision to invest securities. Certainly, one of the

most important components in calculating the weighted average cost of capital is a systemic risk,

represented by the coefficient beta. It is well known that the risk cannot be eliminated, but it is

important to know the degree of exposure of individual securities to that risk so it could be

reduced by proper diversification. This rates usually said to reflect the risk of future cash flows

for creditors and shareholders. Every company whose cash balance exceeds the debt will have a

negative net debt and use the net negative relations to give the beta without the leverage that is

greater than the beta with a lever. Companies that have extensive cash balances that exceed their

borrowing could have a beta with a lever below the beta without leverage for their operations.

Page 19 of 19

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