EV/EQ Changes
If you increase equity, what changes are made in theWACCformula?
- My thought was that cost of equity would go down由于杠杆beta但是公平量增加。另外,由于您有更多的债务和债务/权益下降,债务成本也会下降吗?
如果您增加了首选股票,则在WACCformula?
- 如果优先股,它被认为是增加债务在the levered beta so cost of equity increases? Does it affect cost of debt or does it only affect amount of preferred stock?
注释 (5)
When you say "increase equity" I'm assuming you mean increasing equity as a percentage of the cap. structure.
Increasing equity in this way will: (1) likely increase your overallWACC,因为股权几乎总是比如今的税后债务昂贵。(2)以上可能会被较低的beta指示稍微偏移(如果您使用常规的Comp Remissions以确定betaCAPM)as less debt usually results in a lower summary statistic of "relevered" beta in the comp set. (Reply to this comment and I can expand on this point more).
帽结构中的首选库存增加基本上与上述相反。首选股票在资本资产定价理论中被视为债务,因此您将拥有较低的WACC((but the cost of the preferred stock should be the coupon rate, which might be slightly higher than like a AA or A or BBB composite proxy for pretax cost of debt) and it also should result in a slightly higher beta indication when you relever thecomps。
我认为您的最后一个问题的答案是根据客户的答案WACC, would be to (1) get to required return on equity in the conventional way, (2) get to post tax cost of debt in a conventional way (look at borrowing rates for the comps), and (3) add an additional component of the cap structure w the preferred stock and say its cost is the coupon rate. This way you have 3 capital sources (I only recommend this if preferred stock is significant in the larger scheme of all this). Another important factor is this might only be necessary if the coupon in (3) and the debt pricing in (2) are materially different, otherwise you're getting to the same spot. So just use =SUMPRODUCT() in excel to figure this out w the array having 3 dimensions as opposed to the conventional 2 inCAPM。
I just want to make sure so increase in equity decreasesCAPMbut percentage of equity goes up soWACC往上。Does it in any way affect the coupon rate for bonds?
对于优先股,因为它被视为债务确实CAPM上升,优先股的百分比上升?同样,它是否以任何方式影响债券的价格?
I'm assuming when you say "CAPM [goes] up" you mean theWACC往上。(1)简短的答案是否。上限结构的更多股权不会影响债务优惠券定价。(2)第二个可能是肯定的,但更有可能否;如果优先股的优惠券高于您所需的权益回报率,则是,是的,WACC会上升。但是,优先的股票收益率通常低于权益成本,因此优先股通常会降低您的WACC。Lastly, preferred stock shouldn't impact the debt coupon pricing (generally because preferred stock is subordinated to debt).
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