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标题: 请finance 或 accounting高手帮我分析一个关于cost of capital 案例 [打印本页]

作者: cx1205 时间: 2009-3-6 05:19
标题: 请finance 或 accounting高手帮我分析一个关于cost of capital 案例

一个公司ACME要投资一个5million的项目，现在有balance sheet and income statement . 让计算wacc

给的条件是Industry average debt ratio is 30%. Acme wants to stay close to their current capital structure.

A check with the Financial Planning department determines our Beta as: 1.150

Investment Banker says that Flotation Costs for Common Stock for ACME is 12%.

Long-term growth for Acme’s common stock has been about 8% per year.

Investment Banker says that Flotation Costs for Bonds for ACME would be 7%. The existing bond was sold at par. Assume the same for any new bonds.

Investment Banker says that we should not consider any more Preferred Stock

in the current economic environment. (There would not be any buyers.)

Tax advisor says that there would be no change to the tax rate in the short run from any change in the capital structure that we are considering.

还有这个公司bond rating ratio is A

bond yield is 5.93%

要求是可以选择发行新bonds 或新stock,也可以不发行，

Assets YEAR YEAR

Income Statement

LAST
THIS

YEAR YEAR

Net Revenues

$18,000,000
$18,830,000
Cost of Sales

13,500,000
15,150,000
Research and Development

       750,000
       600,000
Selling, General & Administrative

    1,500,000
    1,167,000

__________
__________
Operating Income

    2,250,000
    1,913,000

Interest Income

        40,000
        40,000
Interest Expense

    (140,000)
    (140,000)

__________
__________
Income before Income Taxes

                                             2,150,000
1,813,000
Provision for Income Taxes

       664,350
     562,030

__________
__________
Net Income

$ 1,485,650
$ 1,250,970

Provision for Preferred Dividend

       400,000
      400,000

Net Income avail. to Comm. Shareholders

$ 1,085,650
$   850,970
EPS

$      5.428
$     4.255

我现在就是弄不清楚 cost of debt 怎么算，如果我不发行新bond，因为从balance sheet 和 income statement 我没办法确定以前公司是否发行过bond

请哪位高人帮我指点一下

Additional data

LAST THIS

Stock Price at year end: YEAR YEAR

Preferred stock price
$   16.00
$ 13.00

Common stock price
$   18.00
$ 18.50

Currently, only preferred stock holders

     Receive a dividend

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