求WACC和Capital Structure

来源：百度知道 编辑：UC知道 时间：2024/05/30 11:53:55
Proton Systems is a private manufacturing company that makes electrical components. You have been employed as a consultant to Proton Systems to assist them in their capital budgeting process. You have the following information about Proton Systems, as well as three listed companies in the electronics industry.

Proton Fermion Electron Tachyon
Book value of assets (£m) £83.9 £91.3 £66.9 £112.0
Book value of debt (£m) £24.2 £99.9 £70.0 £85.2
Number of shares (m) 4.52 3.82 3.51 7.24
Share price na £50.2 £38.1 £29.4
Corporate tax rate 32.1% 34.4% 28.9% 34.3%
Beta na 1.21 1.99 1.19

Proton Systems has recently issued a four year 6% annual coupon bond at a 1.717% premium over face value. You have estimated the following schedule of borrowing interest rates (expressed as a premium over the 10 year Treasury bond yield) for Proton Systems at different levels of debt/

You must go to Vietnam to study Master of Finance and then you would know how to solve this easy assignment.

Q1: WACC ~ 9.92%
Q2: Optimal capital structure 30% debt 70% equity Wacc = 9.66%.

Solve it yourself and compare to.
Try and do it.
Good luck.
Regards.
Vietnamese guy ^^

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I am ur tutor Jean Shen
so , who r u?