公司财务原理10e教学课件作者布雷利Chap019.ppt

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1、Chapter19PrinciplesofCorporateFinanceTenthEditionFinancingandValuationSlidesbyMatthewWillMcGraw-Hill/IrwinCopyright©2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.TopicsCoveredAfterTaxWACCValuingBusinessesUsingWACCinPracticeAdjustedPresentValueYourQuestionsAnsweredCapitalProjectAdjustm

2、entsAdjusttheDiscountRateModifythediscountratetoreflectcapitalstructure,bankruptcyrisk,andotherfactors.AdjustthePresentValueAssumeanallequityfinancedfirmandthenmakeadjustmentstovaluebasedonfinancing.AfterTaxWACCTaxAdjustedFormulaAfterTaxWACCExample-SangriaCorporationThefirmhasamarginaltaxra

3、teof35%.Thecostofequityis12.4%andthepretaxcostofdebtis6%.Giventhebookandmarketvaluebalancesheets,whatisthetaxadjustedWACC?AfterTaxWACCExample-SangriaCorporation-continuedAfterTaxWACCExample-SangriaCorporation-continuedAfterTaxWACCExample-SangriaCorporation-continuedDebtratio=(D/V)=500/1,250

4、=.4or40%Equityratio=(E/V)=750/1,250=.6or60%AfterTaxWACCExample-SangriaCorporation-continuedAfterTaxWACCExample-SangriaCorporation-continuedThecompanywouldliketoinvestinaperpetualcrushingmachinewithcashflowsof$1.731millionperyearpre-tax.Givenaninitialinvestmentof$12.5million,whatisthevalueof

5、themachine?AfterTaxWACCExample-SangriaCorporation-continuedThecompanywouldliketoinvestinaperpetualcrushingmachinewithcashflowsof$1.731millionperyearpre-tax.Givenaninitialinvestmentof$12.5million,whatisthevalueofthemachine?AfterTaxWACCExample-SangriaCorporation-continuedThecompanywouldliketo

6、investinaperpetualcrushingmachinewithcashflowsof$1.731millionperyearpre-tax.Givenaninitialinvestmentof$12.5million,whatisthevalueofthemachine?AfterTaxWACCExample-SangriaCorporation–continuedPerpetualCrusherprojectAfterTaxWACCExample-SangriaCorporation–continuedPerpetualCrusherprojectAfterTa

7、xWACCExample-SangriaCorporation–continuedPerpetualCrusherprojectCapitalBudgetingValuingaBusinessorProjectThevalueofabusinessorProjectisusuallycomputedasthediscountedvalueofFCFouttoavaluationhorizon(H).Thevaluationhorizonissometimescalledtheterminalvalue.