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1、1. WhatistheWACCandwhyisitimportanttoestimateafirm’scostofcapital?DoyouagreewithJoannaCohen’sWACCcalculation?Whyorwhynot?1.1ThedefinitionofWACCWeightedaveragecostofcapital(WACC),isaweighted-computationalmethodofanalyzingthecostofcapitalbasedonthewholecapitalstructureofafirm.Theresul
2、tofWACCistherateafirmusetomonitortheapplicationofthecurrentassetsbecauseitrepresentsthereturnthefirmMUSTget.Forexamplethisratecouldbeusedasthediscountrateofevaluatinganinvestment,andmaintainingthepriceoffirm’sstock.1.2AnalysisofJohannaCohen’scalculationWeanalyzedtheprocessofJohannaCohen
3、’scalculation,andfoundsomeflawswebelievecausedcomputationalmistakes.i.WhenusingtheWACCmethod,thebookvalueofbondisavailableasthemarketvaluesincebondsarenotquiteactiveinthemarket,butthebookvalueofequityisn’t.InsteadofJohanna’susingequity’sbookvalue,weshouldmultiplythecurrentpriceofNike’ss
4、tockpricebythenumbersofsharesoutstanding.ii.WhencalculatingtheYTMofthefirm’sbond,Johannaonlyusedtheinterestexpenseoftheyeardividedbytheaveragedebtbalance,whichfullyignoredthediscountedcashflowofthecostofdebt.2. IfyoudonotagreewithCohen’sanalysis,calculateyourownWACCforNikeandbeprepa
5、redtojustifyyourassumptions.Combiningtheanalysisabove,wenowgiveourownWACCcalculationasfollowing:2.1Thevalueofdebt(basedonEXIHIBIT3).Sincethebookvalueofdebtmayrepresentthemarketvalue,wemerelyneedtosumupthevaluesofLong-termdebt,Notespayable,andtheCurrentportionoflong-termdebt:435.9+855.3+
6、5.4=$1,296.6m2.2Thecostofdebt(basedonEXIHIBIT4):PV:-95.6FV:100n:40Pmt:6.75/2=3.375(asit payssemiannually) So,wegettheYTMisi*2=3.58*2=7.16%2.3Thevalueofequity(basedonEXIHIBIT1&4):Priceofstock*numbersofsharesoutstanding=42.09*273.3=$11,503.2m2.4Thecostofequity(basedonEXIHIBIT4):E(Ri)=Rf+【
7、E(Rm)-Rf】*βiBecausethegovernmentbondyieldis5.74%,Geometricalhistoricalriskpremiumis5.90%,andtheaveragehistoricalβofNikeis0.80,thenweget:E(Ri)=5.74%+5.90%*0.8=10.46%2.5Weightsofeachsecurity(basedon2.1&2.3)Weightofdebt=1,296.6/(1,296.6+11,503.2)=10.13%Weightofequity=11427.44/(1,2
