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FINC6019Lecture 2;Lecture Outline;WACC;WACC;Estimating WACC;Three Step Procedure;Estimation Issues;Firm Value and WACC;Estimating rE: Gordon Model;Estimating rE: Gordon Model;Euler’s Formula;Gordon Model;Gordon Model: Growth Rate;Gordon Model;Gordon Model: Adjustments;Gordon Model: Adjustments;An Example;An Example;An Example;Equity Cash Flows;Supernormal Growth Model;Supernormal Growth Model;Computing Cost of Equity with Supernormal Growth Model;;Computing Cost of Equity with Supernormal Growth Model;Function TwoStageGordon(P0, Div0, Highgrowth, Highgrowthyrs, Normalgrowth)
high = 1
low = 0
Do While (high - low) 0.000000001
Estimate = (high + low) / 2
factor = (1 + Highgrowth) / (1 + Estimate)
Term1 = Div0 * factor * (1 - factor ^ Highgrowthyrs) / (1 - factor)
Term2 = Div0 * factor ^ Highgrowthyrs * (1 + Normalgrowth) / (Estimate - Normalgrowth)
If (Term1 + Term2) P0 Then
low = (high + low) / 2
Else: high = (high + low) / 2
End If
Loop
TwoStageGordon = (high + low) / 2
End Function;Computing Cost of Equity with Supernormal Growth Model;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Cost of Equity from CAPM;Linest Example;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Estimation of CAPM;Tax Adjusted CAPM;Estimating the Cost of Debt;Cost of Debt: Method 1;Cost of Debt: Method 1;Cost of Debt: Method 1;Cost of Debt: Alternatives;WACC: IBM;Computing the WACC: IBM;WACC: IBM;WACC: IBM;Debt - Equity Ratio ;WACC Issues;WACC Issues
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