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1、P1:OTA/XYZP2:ABCc11JWBT347/MckinseyJune12,201012:58PrinterName:Hamilton11EstimatingtheCostofCapitalTovalueacompanyusingenterprisediscountedcash?ow(DCF),discountyourforecastoffreecash?ow(FCF)bytheweightedaveragecostofcapi-tal(WACC).TheWACCrepresentsthe
2、opportunitycostthatinvestorsfaceforinvestingtheirfundsinoneparticularbusinessinsteadofotherswithsimilarrisk.ThemostimportantprincipleunderlyingsuccessfulimplementationofthecostofcapitalisconsistencybetweenthecomponentsoftheWACCandfreecash?ow.Sincefree
3、cash?owisthecash?owavailabletoall?nancialinvestors,thecompany’sWACCmustalsoincludetherequiredreturnforeachinvestor.Toassureconsistencyamongtheseelements,thecostofcapitalmustmeetthefollowingcriteria:Itmustincludetheopportunitycostsofallinvestors—debt,
4、equity,andsoon—sincefreecash?owisavailabletoallinvestors,whoexpectcompensationfortheriskstheytake.Itmustweighteachsecurity’srequiredreturnbyitstargetmarket-basedweight,notbyitshistoricalbookvalue.Any?nancing-relatedbene?tsorcosts,suchasinteresttaxsh
5、ields,notincludedinfreecash?owmustbeincorporatedintothecostofcapitalorvaluedseparatelyusingadjustedpresentvalue.11Formostcompanies,discountingforecastfreecash?owataconstantWACCisasimple,accurate,androbustmethodofarrivingatacorporatevaluation.If,howeve
6、r,thecompany’stargetcapitalstructureisexpectedtochangesigni?cantly—forinstance,inaleveragedbuyout,WACCcanoverstate(orunderstate)theimpactofinteresttaxshields.Inthissituation,youshoulddiscountfreecash?owattheunleveredcostofequityandvaluetaxshieldsandot
7、her?nancingeffectsseparately(asdescribedinChapter6).235P1:OTA/XYZP2:ABCc11JWBT347/MckinseyJune12,201012:58PrinterName:Hamilton236ESTIMATINGTHECOSTOFCAPITALItmustbecomputedaftercorporatetaxes(sincefreecash?owiscalcu-latedinafter-taxterms).Itmustbebas
8、edonthesameexpectationsofin?ationasthoseembeddedinforecastsoffreecash?ow.Thedurationofthesecuritiesusedtoestimatethecostofcapitalmustmatchthedurationofthecash?ows.Bearingthesecriteriainmind,todeterminetheweightedaveragecostofcapitalforapartic
