问题如下:
2. Based on MM propositions with corporate taxes, what is Bema’s weighted average cost of capital after the completion of its announced debtfinanced share repurchase program?
选项:
A.6.52%.
B.7.83%.
C.8.88%.
解释:
C is correct.
lre=r0+(r0−rd)(1−t)(ED),andrwacc=(VD)rd(1−t)+(VE)re
re=r0+(r0−rd)(1−t)(ED) =10+(10-6)(1-0.30)(0.60)=10+1.68=11.68%
Therefore,
rwacc=(VD)rd(1−t)+(VE)re
(1.60.6)(6)(1−0.3)+(1.61.0)(11.68)=1.58+7.3=8.88%
老师,这样算可以吗?Vu=EBIT(1-T)/r0=0.6(1-0.3)/0.1=4.2,VL=Vu+t*D=4.2+0.3*D=D+E和D/E=0.6解出D=1.77,VL=4.73。VL=EBIT(1-T)/WACC,解出wacc=8.8%。