Você está na página 1de 3

Inputs

Book value of debt 3068


Market value of debt 3200
No of shares 62
price per share 64
market value of equity 3968
Tax rate 40%
Beta 1.1
Risk Free rate 7%
Market risk premium 6%
Growth rate (1) 9.5%
Stable growth rate 3%
Calculation of WACC (growth )
Cost of debt 8%
Cost of equity 13.600%
proportion of debt 0.45
proportion of equity 0.55
WACC 9.67%

Calculation of WACC in stable period


Cost of debt 7.50%
cost of equity 13.600%
propotion of debt 0.3333333
proportion of equity 0.6666667
WACC 10.57%

1993 1994 1995 1996 1997


Revenues 13500 14782.5 16186.84 17724.59 19408.42
EBITDA 1290
Depreciation 400
EBIT 890
EBIT(1-t) 534 584.73
Depreciation 400 438
Capex 450 492.75
WC 945 1034.775
Change in WC 89.775
FCFF 440.205 482.0245 527.8168 577.9594

440.205 482.0245 527.8168 577.9594


PV 401.38531 400.7579 400.1315 399.506
Value of the firm 7430.371
Value of equity 4230.371
Value of equity per share 68.2318
1998 1999
21252.22

632.8655
8614.778
9247.643
5828.591
EPS 2.880769
Diviidends 23920 g1 15% DEP 0.807692
DPS 2.3 gs 8% FI 1.153846
No of shares 10400 NWC 0.423077
Net debt proceeds 0.307692
cost of equity 13.0% FCFE 2.419231

2005 2006 2007 2008


DPS 2.3 2.645 3.04175 3.28509
65.7018
2.645 68.74355
PV 2.340708 53.83628
Value of share 56.17699
FCFE 2.419231 2.782115 3.199433 3.455387
69.10775
2.782115 72.30718
2.462049 56.62713
59.08918

Você também pode gostar