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valuation for m a building value in private companies p6

Triển lãm 9-2 lặp đi lặp lại quá trình cho Tổng công ty điển hình (dữ liệu cơ bản)Tổng số tài sản khác Nợ phải trả thương mại và khoản phải trả, phải nộp thu được lãi nợ Nợ phải trả Vốn chủ sở hữu Nợ-Vốn chủ sở hữu Mix (giá trị sổ sách) | 146 Weighted Average Cost of Capital Exhibit 9-2 Iterative Process for a Typical Corporation Fundamental Data Total Assets Other Liabilities trade and accrued payables Interest-Bearing Debt Total Liabilities Equity 2 200 000 200 000 800 000 1 000 000 1 200 000 Debt-Equity Mix at book values Interest-Bearing Debt Equity Invested Capital 800 000 1 200 000 2 000 000 40 60 100 Net Cash Flow Available to Invested Capital 500 000 Forecasted Long-Term Growth Rate 3 Exhibit 9-3 Weighted Average Cost of Capital Applicable Rates Equity Discount Rate.20 Nominal Borrowing Rate .10 Tax Bracket .40 Capital Structure at Book Values Debt .40 Equity.60 Computation of WACC Component Net Rate Ratio Contribution to WACC Debt @ Borrowing Rate 1 t 6.0 40 2.4 Equity 20.0 60 12.0 WACC Applicable to Invested Capital Based on Book Values 14.4 Iterative Weighted Average Cost of Capital Process 147 Exhibit 9-4 Single-Period Capitalization Method Net Cash Flow Available to Invested Capital Converted to a Value for Equity amounts rounded Second Iteration Net cash flow available to invested capital WACC cap rate 14.4 - 3.0 500 000 .114 Fair market value of invested capital 4 400 000 Less Interest-bearing debt 800 000 Indicated fair market value of equity 3 600 000 Exhibit 9-5 Debt-Equity Mix Second Iteration Invested capital 4 400 000 100 Debt 800 000 18 Equity 3 600 000 82 Computation of WACC Second Iteration Component Net Rate Ratio Contribution to WACC Debt @ Borrowing Rate 1 t 6.0 18 1.1 Equity 20.0 82 16.4 WACC Applicable to Invested Capital 17.5 40 debt and 60 equity weightings from Exhibit 9-3 produced the 3.6 million equity value which equals 82 of the resulting 4.4 million value of invested capital. At this point in the computation we do not know what the appropriate debt-to-equity weightings should be but we should recognize that they cannot simultaneously be 40 to 60 and 18 to 82 . The solution is to perform a second iteration using the new debt-to-equity mix of 18 to 82 .1 As .