Preferred Stock and Earnings Capitalization Ratio

Topics: Preferred stock, Arithmetic mean, Stock Pages: 2 (313 words) Published: November 22, 2012
2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and be prepared to justify your assumptions.
承上題,我們不認同Joanna Cohen 的計算假設,因此以下是我們這組的假設。 * 我們認為可贖回特別股應該納入負債中,因為可贖回特別股也是來自投資者的資金成分。 * 普通股應該用市價代替帳面價值,因為投資者收到報酬,是以目前投資的市場價值來估算,所以計算WACC應該以市場價值,而不是帳面價值。 * 業主權益權重的部分應該只須包括普通股和保留盈餘就行了。因為只有這兩項屬於資金成分。 * 我們用殖利率算出負債成本,因為稅前的負債成本應該是公司目前新發行負債應該支付的利率。 * 無風險利率的部分,我們認為該公司持有股票是為了投資,所以是短期持有。而長期國庫券利率,是含有通貨膨脹的預期,若只是想短期投資,那使用短期國庫券利率做為無風險利率就行了。 * 市場風險溢酬的部分,幾何平均(geometric mean)是長期的風險溢酬。而算術平均(arithmetic mean)所算得是下一年的風險溢酬,因此我們選擇算術平均所算的市場風險溢酬。 以下是我們這組重新利用CAPM計算過的加權資金成本(WACC) WACC=Kd(1-t)*D/(D+E)+Ke*E/(D+E)

負債與業主權益的權重: (以百萬為單位)
負債(Debt)
一年到期長期負債(current portion of long-term debt) $ 5.4 應付票據(note payable) 855.3 長期負債(long term debt) 435.9 可贖回特別股(redeemable preferred stock) 0.3

$1,296.9
業主權益(Equity)
普通股,市價(common stock, market) $11,427.4*
保留盈餘(retained earnings) 3,194.3
$14,621.7
*每股市價X在外流通股數=42.09X271.5=11,427.4
負債權重=(1,296.9/1,296.9+14,621.7)*100%= 8.1%
權益權重=(14,621.7/1,296.9+14,621.7)*100%=91.9%

負債成本(cost of debt) :
設殖利率R=2r 95.6=(100*6.75%/2)/(1+r)+ (100*6.75%/2)/(1+r)^2+ ………+100(1+6.75%/2)/(1+r)^40
r=3.58%
R=7.16%
稅後負債成本=7.16%*(1-38%)=4.4%

權益成本(costo f equity) :
CAPM法
ri =rf+ RPm*β
ri=3.59%+7.5%*0.8=9.59%
WACC
WACC=4.4%*8.1%+9.59%*91.9%=9.2%

3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method?

CAPM法
WACC=4.4%*8.1%+9.59%*91.9%=9.2%
DDM法...
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