Valuation by unknow
Author:unknow
Language: eng
Format: epub
ISBN: 9781119611882
Publisher: Wiley
Published: 2020-05-16T17:00:00+00:00
Cost of Capital
Each business segment should be valued at its own cost of capital, because the systematic risk (beta) of operating cash flows and their ability to support debt—that is, the implied capital structure—will differ by business. To determine an operational business unit’s weighted average cost of capital (WACC), you need the unit’s target capital structure, its cost of equity (as determined by its levered beta), and its cost of borrowing. For a financial business, you simply need the cost of equity following from its equity beta. (For details on estimating the cost of equity and WACC, see Chapter 15.) The results for ConsumerCo’s segments are summarized in Exhibit 19.8.
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