悉尼大学金融建模课件FINC6019_Lecture_2.ppt

FINC6019Lecture 2;Lecture Outline;WACC;WACC;Estimating WACC;Three Step Procedure;Estimation Issues;Firm Value and WACC;Estimating rE: Gordon Model;Estimating rE: Gordon Model;Euler’s Formula;Gordon Model;Gordon Model: Growth Rate;Gordon Model;Gordon Model: Adjustments;Gordon Model: Adjustments;An Example;An Example;An Example;Equity Cash Flows;Supernormal Growth Model;Supernormal Growth Model;Computing Cost of Equity with Supernormal Growth Model;;Computing Cost of Equity with Supernormal Growth Model;Function TwoStageGordon(P0, Div0, Highgrowth, Highgrowthyrs, Normalgrowth) high = 1 low = 0 Do While (high - low) 0.000000001 Estimate = (high + low) / 2 factor = (1 + Highgrowth) / (1 + Estimate) Term1 = Div0 * factor * (1 - factor ^ Highgrowthyrs) / (1 - factor) Term2 = Div0 * factor ^ Highgrowthyrs * (1 + Normalgrowth) / (Estimate - Normalgrowth) If (Term1 + Term2) P0 Then low = (high + low) / 2 Else: high = (high + low) / 2 End If Loop TwoStageGordon = (high + low) / 2 End Function;Computing Cost of Equity with Supernormal Growth Model;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Linest Example;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Tax Adjusted CAPM;Estimating the Cost of Debt;Cost of Debt: Method 1;Cost of Debt: Method 1;Cost of Debt: Method 1;Cost of Debt: Alternatives;WACC: IBM;Computing the WACC: IBM;WACC: IBM;WACC: IBM;Debt - Equity Ratio ;WACC Issues;WACC Issues