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ACCA FM知识点：不同业务资金组合例题

文章来源：ACCA全球官网

发布时间：2021-11-24 14:44

阅读：543次

财务管理的一个基本部分是投资评估：公司应该将资金投入哪些长期项目？

贴现现金流量技术(DCF)，尤其是净现值(NPV)，被普遍认为是评估项目的最佳方法。在DCF中，对未来现金流量进行贴现，以便计入货币时间价值。

上文我们介绍了Project appraisal 3-different business activities,a mix of funds and changing gearing，本文我们详细讲解相关例题。

Example 2

Emway Co is a company engaged in road building.Its equity shares have a market value of$200 million and its 6%irredeemable bonds are valued at par,$50m.The company’s beta value is 1.3.Its cost of equity is 21.1%.(Note:this figure is quite high in the current economic situation and is used for illustration purposes.Currently,in a real situation,the cost of equity would be lower.)

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The company is worried about the recession and is considering diversifying into supermarkets.It has investigated listed supermarkets and found one,Foodoo Co,which quite closely matches its plans.Foodoo has a beta of 0.9 and the ratio of the market value of its equity to its debt is 7:5.Emway plans that its new venture would be financed with a market value of equity to market value of debt ratio of 1:1.

The corporation tax rate is 20%.The risk free rate is 5.5%.The market return is 17.5%.

What discount rate should be used for the evaluation of the new venture?

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In terms of the diagram used in Example 1,for Modigliani and Miller with tax,what we have done for Foodoo’s figures is set out below.We started with information relating to a supermarket with a gearing ratio of debt:equity of 5:7,and an implied cost of equity of 16.30%.We strip out the gearing effect to arrive at an ungeared cost of equity of 12.37,then we project this forward to whatever level of gearing we want.In this example,this is a gearing ratio of 1:1 and this implies a cost of equity of 17.86%.

Finally,we take account of the cheap debt finance that is mixed with this equity finance,by calculating the WACC of 11.33%.This is the rate which should be used to evaluate the new supermarket project,funded by debt:equity of 1:1.

Ken Garrett is a freelance author and lecturer

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