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1、P1:OTA/XYZP2:ABCc11JWBT347/MckinseyJune12,201012:58PrinterName:Hamilton11EstimatingtheCostofCapitalTovalueacompanyusingenterprisediscountedcashflow(DCF),discountyourforecastoffreecashflow(FCF)bytheweightedaveragecostofcapi-tal(WACC).TheWACCrepresentsthe
2、opportunitycostthatinvestorsfaceforinvestingtheirfundsinoneparticularbusinessinsteadofotherswithsimilarrisk.ThemostimportantprincipleunderlyingsuccessfulimplementationofthecostofcapitalisconsistencybetweenthecomponentsoftheWACCandfreecashflow.Sincefree
3、cashflowisthecashflowavailabletoallfinancialinvestors,thecompany’sWACCmustalsoincludetherequiredreturnforeachinvestor.Toassureconsistencyamongtheseelements,thecostofcapitalmustmeetthefollowingcriteria:Itmustincludetheopportunitycostsofallinvestors—debt,
4、equity,andsoon—sincefreecashflowisavailabletoallinvestors,whoexpectcompensationfortheriskstheytake.Itmustweighteachsecurity’srequiredreturnbyitstargetmarket-basedweight,notbyitshistoricalbookvalue.Anyfinancing-relatedbenefitsorcosts,suchasinteresttaxsh
5、ields,notincludedinfreecashflowmustbeincorporatedintothecostofcapitalorvaluedseparatelyusingadjustedpresentvalue.11Formostcompanies,discountingforecastfreecashflowataconstantWACCisasimple,accurate,androbustmethodofarrivingatacorporatevaluation.If,howeve
6、r,thecompany’stargetcapitalstructureisexpectedtochangesignificantly—forinstance,inaleveragedbuyout,WACCcanoverstate(orunderstate)theimpactofinteresttaxshields.Inthissituation,youshoulddiscountfreecashflowattheunleveredcostofequityandvaluetaxshieldsandot
7、herfinancingeffectsseparately(asdescribedinChapter6).235P1:OTA/XYZP2:ABCc11JWBT347/MckinseyJune12,201012:58PrinterName:Hamilton236ESTIMATINGTHECOSTOFCAPITALItmustbecomputedaftercorporatetaxes(sincefreecashflowiscalcu-latedinafter-taxterms).Itmustbebas
8、edonthesameexpectationsofinflationasthoseembeddedinforecastsoffreecashflow.Thedurationofthesecuritiesusedtoestimatethecostofcapitalmustmatchthedurationofthecashflows.Bearingthesecriteriainmind,todeterminetheweightedaveragecostofcapitalforapartic
