Содержание
- 2. Topics Covered Company and Project Costs of Capital Measuring the Cost of Equity Capital Structure and
- 3. Company Cost of Capital A firm’s value can be stated as the sum of the value
- 4. Company Cost of Capital
- 5. Company Cost of Capital A company’s cost of capital can be compared to the CAPM required
- 6. Measuring Betas The SML shows the relationship between return and risk CAPM uses Beta as a
- 7. Measuring Betas Dell Computer Slope determined from plotting the line of best fit. Price data –
- 8. Measuring Betas Dell Computer Slope determined from plotting the line of best fit. Price data –
- 9. Measuring Betas General Motors Slope determined from plotting the line of best fit. Price data –
- 10. Measuring Betas General Motors Slope determined from plotting the line of best fit. Price data –
- 11. Measuring Betas Exxon Mobil Slope determined from plotting the line of best fit. Price data –
- 12. Measuring Betas Exxon Mobil Slope determined from plotting the line of best fit. Price data –
- 13. Beta Stability % IN SAME % WITHIN ONE RISK CLASS 5 CLASS 5 CLASS YEARS LATER
- 14. Company Cost of Capital simple approach Company Cost of Capital (COC) is based on the average
- 15. Company Cost of Capital simple approach Company Cost of Capital (COC) is based on the average
- 16. Capital Structure - the mix of debt & equity within a company Expand CAPM to include
- 17. Capital Structure & COC COC = rportfolio = rassets rassets = WACC = rdebt (D) +
- 18. Capital Structure & COC Expected return (%) Bdebt Bassets Bequity Rrdebt=8 Rassets=12.2 Requity=15 Expected Returns and
- 19. Union Pacific Corp. Requity = Return on Stock = 15% Rdebt = YTM on bonds =
- 20. Union Pacific Corp.
- 21. Union Pacific Corp. Example
- 22. International Risk Source: The Brattle Group, Inc. σ Ratio - Ratio of standard deviations, country index
- 23. Asset Betas
- 24. Asset Betas
- 25. Risk,DCF and CEQ
- 26. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 27. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 28. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 29. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 30. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 31. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 32. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
- 33. Risk,DCF and CEQ Example Project A is expected to produce CF = $100 mil for each
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