Scribd Logo
Unggah

Selamat datang di Scribd!

  • Equity Beta, Cost of Capital and NPV Analysis for 8 Companies

    Diunggah oleh

    Christopher Williams
    4K tayangan6 halaman
    This document contains financial information for 8 companies, including their equity beta, debt, debt to equity ratio, unlevered beta, and cost of equity calculations. It then shows projections for revenue, expenses, EBITDA, interest payments, depreciation, profit before tax, and profit after tax for the next 5 years. It maintains a constant debt to equity ratio of 1:3 and calculates the levered beta, cost of equity, WACC, and NPV for the projected cash flows. The NPV is positive at Rs. 3,185.35 crores.

    Deskripsi Asli:

    Shows how to calculate the cost of capital using levered and unlevered beta with no information of initial investment. WACC, PV, Capital Structure, unlevered beta

    Judul Asli

    2014 03 22 Caso Frozen Food Costo de Capital

    Hak Cipta

    © © All Rights Reserved

    Format Tersedia

    XLSX, PDF, TXT atau baca online dari Scribd

    Apakah menurut Anda dokumen ini bermanfaat?

    Apakah konten ini tidak pantas?

    Laporkan Dokumen Ini
    This document contains financial information for 8 companies, including their equity beta, debt, debt to equity ratio, unlevered beta, and cost of equity calculations. It then shows projections for revenue, expenses, EBITDA, interest payments, depreciation, profit before tax, and profit after tax for the next 5 years. It maintains a constant debt to equity ratio of 1:3 and calculates the levered beta, cost of equity, WACC, and NPV for the projected cash flows. The NPV is positive at Rs. 3,185.35 crores.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai XLSX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    4K tayangan6 halaman

    Equity Beta, Cost of Capital and NPV Analysis for 8 Companies

    Diunggah oleh

    Christopher Williams
    This document contains financial information for 8 companies, including their equity beta, debt, debt to equity ratio, unlevered beta, and cost of equity calculations. It then shows projections for revenue, expenses, EBITDA, interest payments, depreciation, profit before tax, and profit after tax for the next 5 years. It maintains a constant debt to equity ratio of 1:3 and calculates the levered beta, cost of equity, WACC, and NPV for the projected cash flows. The NPV is positive at Rs. 3,185.35 crores.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai XLSX, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 6

    Company

    Advanta India td.


    Britannia Industries td.
    GlaxoSmithkline
    Jubilant
    Kwality
    Rei Agro
    Venky
    Zydus

    Equity

    Equity
    0.5472
    0.2638
    0.0959
    0.9856
    0.6357
    0.5393
    0.6690
    0.5372

    Debt

    3,744.20
    5,200.40
    11,441.80
    2,995.50
    910.50
    23,611.80
    3,157.90
    1,868.60

    Debt/Equity Ratio
    5,738.30
    281.50
    4,248.00
    38,540.50
    985.70
    -

    Unlevered

    1.53
    0.05
    4.67
    1.63
    0.31
    -

    0.26
    0.25
    0.10
    0.99
    0.15
    0.25
    0.55
    0.54

    >>

    30%

    >>

    0.39

    >>

    0.48

    Exp[ Unlevered ] :

    Donde:
    BL is the firm's beta with leverage.
    Tc is the corporate tax rate.
    D/E is the company's debt/equity ratio.

    Unlevered

    Levered = Unlevered *(1+(1-T_c)*D/E)


    Apalancando Unlevered con la estructura de capital de la Empresa
    cuando la razn deuda-patrimonio es constante, 1 a 3 :

    Levered
    Cost of Equity = Risk free rate + Levered_*Risk premium
    Donde:
    Risk premium (survey estimate)
    Risk free rate (India)

    Cost of Equity (k_p)

    8.0%
    8.0%

    >>

    11.8%

    >>

    8.0%

    WACC:
    Donde:
    Re = cost of equity
    Rd = cost of debt (see income statement)
    E = market value of the firm's equity
    D = market value of the firm's debt
    V=E+D
    E/V = percentage of financing that is equity

    D/V = percentage of financing that is debt


    Tc = corporate tax rate

    WACC

    >>

    30%

    >>

    10.3%

    Projected Income Statement


    Year
    revenue
    expenses
    EBITDA
    Interest payments @8%
    Depreciation @ 15%
    Profit Before Tax
    Tax @30%
    Profit Ater Tax

    1
    4400
    2400
    2000
    165
    900
    935
    281
    655

    2
    4900
    2700
    2200
    175
    945
    1080
    324
    756

    3
    5400
    3000
    2400
    185
    983
    1232
    370
    862

    Projected Balance Sheet


    Year
    Equity
    Debt
    Total liability
    Gross Fixed Assets
    Less Acccumulated Depreciation
    Net Fixed Assets
    Working Capital
    Total Assets

    0
    6000
    2000
    8000
    6000
    0
    6000
    2000
    8000

    1
    6375
    2125
    8500
    7200
    900
    6300
    2200
    8500

    2
    6754
    2251
    9005
    8400
    1845
    6555
    2450
    9005

    3
    7104
    2368
    9472
    9600
    2828
    6772
    2700
    9472

    Razn deuda-patrimonio es constante 1:3


    Equity %
    Debt %

    75%
    25%

    75%
    25%

    75%
    25%

    75%
    25%

    Levered

    0.48

    0.48

    0.48

    0.48

    Cost of Equity (k_p)

    11.8%

    11.8%

    11.8%

    11.8%

    WACC

    10.3%

    10.3%

    10.3%

    10.3%

    PV_flujos
    NPV

    594.08

    621.90

    643.15

    4
    5900
    3300
    2600
    194
    1016
    1390
    417
    973

    5
    6400
    3600
    2800
    202
    1043
    1554
    466
    1088

    4
    7429
    2476
    9905
    10800
    3844
    6956
    2950
    9906

    5
    7734
    2578
    10312
    12000
    4887
    7113
    3200
    10313

    75%
    25%

    75%
    25%

    0.48

    0.48

    11.8%

    11.8%

    10.3%

    10.3%

    658.44

    667.78
    3,185.35

    Anda mungkin juga menyukai