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Secondly, using these estimates, we calculate values for the WACC of three companies chosen for the diversity of their activities, their size and their liquidity (Boeing, News Corp and Wal-Mart). The analysis of the results shows that the WACC cannot be calculated as a single value, as the...
Why is excess cash a nonoperating asset (NOA)? Why does it make sense to add the value of excess cash to the value of the discounted cash flows when we use the WACC or FCFE approach to value a business? Explain the two reasons why ...
Why is excess cash a nonoperating asset (NOA)? Why does it make sense to add the value of excess cash to the value of the discounted cash flows when we use the WACC or FCFE approach to value a business? Explain why the write-down of impaired assets is considered a non c...
1. What is the rationale behind the NPV method? 2. According to NPV, which franchise or franchises should be accepted if they are independent mutually exclusive? Why is the marginal tax bracket important? How is your net worth calculated? Why is it important? What is the underlying cause ...
It is calculated by the companies total liabilities divided by its total assets and is used as a percentage. Total assets and total debts can be found on the balance sheet. “It can be used to evaluate a business’s ability to pay its debt” (Nobles p. 89). The debt ratio can be ...
Rather than doing it manually, a simpler approach for an internal rate of return calculator is to use a spreadsheet formula such as in Microsoft Excel or Google Sheets. The IRR is calculated by working out what discount rate makes the NPV zero at the end of the investment term. The higher...
The issue at hand is finding the correct costs of debt and equity in order to find an accurate calculation of WACC. Cohen used the 20-year yield on U.S. Treasuries as the risk free rate‚ which we found to be the correct figure given that Nike Inc. debt was valued ov...
Why is it necessary to convert accrual-based net income to cash-basis income when preparing a statement of cash flows? Explain why interest charges are not deducted when a project's cash flows for use in a capital budgeting analysis are calculated. Why a company's...
The cost of capital anddiscount rateare somewhat similar and the terms are often used interchangeably. The cost of capital is often calculated by a company's finance department and used by management to set a discount rate (or hurdle rate) that must be beaten to justify an investment. That ...