问题如下:
An analyst gathered the following information about a private company and its publicly traded competitor:
Using the pure-play method, the estimated equity beta for the private company is closest to:
选项:
A.1.029.
B.1.104.
C.1.877.
解释:
C is correct.
Inferring the asset beta for the public company: unlevered beta = 1.75/[1 + (1 − 0.35) (0.90)] = 1.104. Relevering to reflect the target debt ratio of the private firm: levered beta = 1.104 × [1 + (1 − 0.30) (1.00)] = 1.877.
请教老师,为什么计算pure-play method时候,W asset*贝塔asset=W equity*贝塔equity里的两个权重都考虑了debt的税盾,但算WACC时,每一项的权重系数W里不需要考虑debt的税盾?