Custo Capital - CorpFin - C13 (Modo de Compatibilidade)

1
Copyright 2012 Pearson Prentice Hall. All rights reserved.

Chapter 13
Custo do
Capital
The Cost of
Capital
13-2
Chapter Outline
13. 1 A First Look at the Weighted Average
Cost of Capital
13.2 The Firms Costs of Debt and Equity
Capital
13.3 A Second Look at the Weighted
Average Cost of Capital
13.4 Using the WACC to Value a Project
13.5 Project-Based Costs of Capital
13.6 When Raising External Capital Is Costly
13-3
Learning Objectives
Understand the drivers of the firms overall
cost of capital
Measure the costs of debt, preferred stock,
and common stock
Compute a firms overall, or weighted
average, cost of capital
2
13-4
Learning Objectives (contd)
Apply the weighted average cost of capital
to value projects
Adjust the cost of capital for the risk
associated with the project
Account for the direct costs of raising
external capital
13-5
13.1 Uma Primeira Viso sobre o
Custo Mdio Ponderado do Capital
Estrutura de Capital duma Empresa
Capital
Estrutura de Capital
13-6
Figura 13.1 Um Balano Bsico
3
13-7
Figura 13.2 Duas Estruturas de Capital
13-8
Custo de oportunidade e custo global do
capital
Mdias ponderadas e custo global do
capital
Custo Mdio Ponderado do Capital (WACC)
Balano a valor de mercado (Market-Value
Balance Sheet)
Valor de mercado do capital prprio + valor de mercado da
dvida = valor de mercado dos activos
Market Value of Equity + Market Value of Debt =
Market Value of Assets (Eq. 13.1)
13-9
Clculos
alvancagem
sem alvancagem
com alvancagem
4
13-10
Clculos do Custo Mdio Ponderado do
Capital
Custo Mdio Ponderado do Capital: empresa
no alavancada
r
WACC
= Custo do Capital Prprio
13-11
Clculos do Custo Mdio Ponderado do
Capital
Custo Mdio Ponderado do Capital: empresa
alavancada
(Eq. 13.2)
13-12
Exemplo 13.1 Calculando os Peso
para o WACC
Problema:
Suponha que Kenai Corp. tem dvida com valor
contabilstico de $10 milhes, transacionada a 95% do valor
facial. Tem tambm capital prprio a valor contabilstico
$10 milhes, e 1 million aces de aces ordinrias
transacionada a $30 por aco. Que pesos deve a Kenai
usar no clculo do seu WACC?
5
13-13
para o WACC
Soluo:
Plan:
Equation 13.2 tells us that the weights are the
fractions of Kenai financed with debt and financed
with equity. Furthermore, these weights should
be based on market values because the cost of
capital is based on investors current assessment
of the value of the firm, not their assessment of
accounting-based book values. As a consequence,
we can ignore the book values of debt and equity.
13-14
para o WACC
Execute:
Ten milhes dollars in debt trading at 95% of face value is
$9.5 milhes in market value. One million shares of stock at
$30 per share is $30 milhes in market value. So, the total
value of the firm is $39.5 milhes. The weights are:
9.5 39.5 = 24.1% for debt and 30 39.5 = 75.9% for
equity
13-15
para o WACC
Evaluate:
When calculating its overall cost of capital, Kenai will use a
weighted average of the cost of its debt capital and the cost
of its equity capital, giving a weight of 24.1% to its cost of
debt and a weight of 75.9% to its cost of equity.
6
13-16
Exemplo 13.1a Calculando os Peso
para o WACC
Problema:
Suponha que McDonalds Inc. tem dvida com valor de
mercado de $18 bilies. Tem tambm capital prprio a valor
de mercado de $52 bilies, e com valor contabilstico de $36
bilies. Que ponderadores deve a McDonalds usar no clculo
do seu WACC?
13-17
para o WACC
Soluo:
Plan:
fractions of McDonalds assets financed with debt
and financed with equity. We know these weights
should be based on market values because the
cost of capital is based on investors current
assessment of the value of the firm, not their
assessment of accounting-based book values. As
a consequence, we can ignore the book value of
equity.
13-18
para o WACC
Execute:
Given its $18 bilies in debt and $52 bilies in equity, the
total value of the firm is $70 bilies.
18 70 = 25.7% for debt and 52 70 = 74.3% for equity
7
13-19
para o WACC
Evaluate:
When calculating its overall cost of capital, McDonalds will
use a weighted average of the cost of its debt capital and
the cost of its equity capital, giving a weight of 25.7% to its
cost of debt and a weight of 74.3% to its cost of equity.
13-20
Exemplo 13.1b Calculando os Peso
para o WACC
Problema:
Suponha que 3M Corp. tem dvida com um valor
contabilstico de $25 milhes, e com valor comercial de
110% do valor nominal. Tem igualmente capital prprio
com valor contabilstico de $35 milhes, e 3 milhes de
aces ordinrias transacionadas a $25 por aco. Que
ponderadores deve 3M Corp usar para calcular o seu WACC?
13-21
para o WACC
Soluo:
Plan:
fractions of 3M financed with debt and financed
with equity. Furthermore, these weights should
be based on market values because the cost of
capital is based on investors current assessment
of the value of the firm, not their assessment of
accounting-based book values. As a consequence,
we can ignore the book values of debt and equity.
8
13-22
para o WACC
Execute:
$25 milhes in debt trading at 110% of face value is $27.5
milhes in market value. Three milhes shares of stock at
$25 per share is $75 milhes in market value. So, the total
value of the firm is $102.5 milhes. The weights are:
27.5 102.5 = 26.8% for debt and 75 102.5 = 73.2%
for equity
13-23
para o WACC
Evaluate:
When calculating its overall cost of capital, 3M will use a
weighted average of the cost of its debt capital and the cost
of its equity capital, giving a weight of 26.8% to its cost of
debt and a weight of 73.2% to its cost of equity.
13-24
13.2 Custo da Dvida e do Capital
Prprio duma Empresa
Custo da Dvida
Yield to Maturity e custo da dvida
a Yield to Maturity a rendibilidade que os investidores
exigem para terem dvida da empresa (dvida nova ou
existente).
Impostos e Custo da Dvida
Custo efectivo da dvida
r
D
(1 T
C
) (Eq. 13.3)
sendo T
C
a taxa de imposto da empresa.
9
13-25
Exemplo 13.2 Custo Efectivo da
Dvida
Problema:
Usando a yield to maturity na dvida da DuPont, obteve-se
custo da dvida antes de imposto de 3.66%. Se a taxa de
imposto da DuPont for de 35%, qual o seu custo efectivo
da dvida?
13-26
Dvida
Soluo:
Plan:
We can use Eq. 13.3 to calculate DuPonts
effective cost of debt:
r
D
= 6.09% (pre-tax cost of debt)
T
C
= 35% (corporate tax rate
Ou 3.66%?
13-27
Dvida
Execute:
DuPonts effective cost of debt is
0.0366 (1 0.35) = 0.02379 = 2.379%.
10
13-28
Dvida
Evaluate:
For every $1000 it borrows, DuPont pays its
bondholders 0.0366($1000) = $36.60 in interest
every year. Because it can deduct that $36.60 in
interest from its income, every dollar in interest
saves DuPont 35 cents in taxes, so the interest
tax deduction reduces the empresas tax payment
to the government by 0.35($36.60) = $12.81.
Thus DuPonts net cost of debt is the $36.60 it
pays minus the $12.81 in reduced tax payments,
which is $23.79 per $1000 or 2.379%.
13-29
Exemplo 13.2a Custo Efectivo da
Dvida
Problema:
Usando a yield to maturity na dvida da Gap Inc.s , obteve-
se custo da dvida antes de imposto de 7.13%. Se a taxa de
imposto da Gap Inc. for de 40%, qual o seu custo efectivo
da dvida?
13-30
Dvida
Soluo:
Plan:
We can use Eq. 13.3 to calculate GAPs effective cost of
debt:
r
D
=7.13%% (pre-tax cost of debt)
T
C
=40% (corporate tax rate)
11
13-31
Dvida
Execute:
Gap Inc.s effective cost of debt is
0.0713 (10.40)= .0428 = 4.28%
13-32
Dvida
Evaluate:
For every $1000 it borrows, Gap Inc. pays its
bondholders 0.0713($1000) = $71.30 in interest
every year. Because it can deduct that $71.30 in
interest from its income, every dollar in interest
saves Gap Inc. 40 cents in taxes, so the interest
tax deduction reduces the empresas tax payment
to the government by 0.40($71.30) =$28.52.
Thus Gap Inc.s net cost of debt is the $71.30 it
pays minus the $28.52 in reduced tax payments,
which is $42.78 per $1,000 or 4.28%.
13-33
Prprio duma Empresa
Custo do capital das aces preferenciais
Admita que as aces preferenciais DuPonts class A
tm um preo de $66.67 e dividendo anual de $3.50.
O custo das aces preferenciais portanto de $3.50
$66.67 = 5.25%
Prefered Dividend
Cost of Preferred Stock Capital =
Preferred Stock Price
pfd
pfd
Div
P
=
(Eq.
13.4)
12
13-34
Prprio duma Empresa
Custo de capital das aces ordinrias
Capital Asset Pricing Model
do cap. 12
1. Estimar o beta do capital prprio da empresa,
tipicamente fazendo a regresso de 60 meses das
rendibilidades da empresa contra as rendibilidades de
60 meses pra uma proxy do mercado tal como
S&P500 ou PSI20.
2. Determinar a taxa de juro sem risco, tipicamente
usando a rendibilidade dos bilhetes do tesouro ou
obrigaes.
13-35
Prprio duma Empresa
do Cap 12
3. Estimar o prmio de risco do mercado, tipicamente
pela comparao rendibilidades histricas de uma
proxy do mercado com taxas de juro sem risco
actuais.
4. Aplicar o CAPM:
Custo do capital prprio = taxa sem risco + Beta do capital prprio
Prmio de risco do mercado
13-36
Prprio duma Empresa
Assuma que o beta da DuPont 1.37, a
rendibilidade dos bilhetes do tesouro a 10 anos de
3%, e o prmio de risco do mercado de 6%.
O custo do capital prprio da DuPont de:
3% + 1.37 6% = 11.22%
13
13-37
Prprio duma Empresa
Modelo de Crescimento Constante dos
Dividendos (Constant Dividend Growth Model ou CDGM)
(Eq. 13.5)
13-38
Prprio duma Empresa
Modelo de Crescimento Constante dos
Dividendos (MCCD)
Admita que em meados de 2010 a previso mdia para
o crescimento os resultados de longo prazo da
DuPontera de 6.2%. Com um dividendo esperado a
um ano de $1.64 e um preo de $36.99, a estimativa
do custo do capital prprio da DuPont ser (using Eq.
13.5):
1
$1.64
Cost of Equity = 0.062 0.106 or 10.6%
$36.99
E
Div
g
P
+ = + =
13-39
Quadro 13.1 Estimando o Custo do
Capital Prprio
14
13-40
Exemplo 13.3 Estimando o Custo do
Capital Prprio
Problema:
O beta do capital prprio da Johnson & Johnson (ticker: JNJ)
de 0.67. A rendibilidade a 10 anos de bilhetes do tesouro
de 3%, e estima que o prmio de risco de mercado seja
de 6%. Alm disso, Johnson & Johnson paga dividendos a
uma taxa annual de $2.16. A sua cotao actual de
$60.50, e espera que os dividendos aumentem a uma taxa
constante de 4% ao ano. Calcule o custo do capital prprio
da J&Js, utilizando as duas metodologias (CAPM e MCCD).
13-41
Capital Prprio
Soluo:
Plan:
The two ways to estimate J&Js cost of equity are to use the
CAPM and the CDGM.
1. The CAPM requires a taxa de juro sem risco, an
estimate of the equitys beta, and an estimate of the
market risk premium. We can use the yield on ten-year
Treasury bills as a taxa de juro sem risco.
2. The CDGM requires the current stock price, the
expected dividend next year, and an estimate of the
constant future growth rate for the dividend:
13-42
Capital Prprio
Soluo:
Plan (contd):
Risk-free rate: 3% Current price: $60.50
Equity beta: 0.67 Expected dividend: $2.16
Market risk premium: 6% Estimated future dividend
growth rate: 4%
We can use the CAPM from Chapter 11 to estimate the cost
of equity using the CAPM approach and Eq. 13.5 to estimate
it using the CDGM approach.
15
13-43
Capital Prprio
Execute:
The CAPM says that
For J&J, this implies that its cost of equity is 3% + 0.67
6% = 7.0%
The CDGM says

Cost of Equity =Risk-Free Rate+ Equity Beta Market Risk Premium
Dividend (in oneyear) $2.16
Cost of Equity Dividend Growth Rate 4% 7.6%
Current Price $60.50
= + = + =
13-44
Capital Prprio
Evaluate:
According to the CAPM, the cost of equity capital is 7.0%;
the CDGM produces a result of 7.6%. Because of the
different assumptions we make when using each method,
the two methods do not have to produce the same answer
in fact, it would be highly unlikely that they would. When
the two approaches produce different answers, we must
examine the assumptions we made for each approach and
decide which set of assumptions is more realistic. We can
also see what assumption about future dividend growth
would be necessary to make the answers converge. By
rearranging the CDGM and using the cost of equity we
estimated from the CAPM, we have:
13-45
Capital Prprio
Evaluate (contd):
Thus, if we believe that J&Js dividends will grow at a rate of
3.4% per year, the two approaches would produce the same
cost of equity estimate.
Dividend(inoneyear)
DividendGrowthRate Costof Equity
CurrentPrice
7% 3.6% 3.4%
=
= =
16
13-46
Exemplo 13.3a Estimando o Custo do
Capital Prprio
Problema:
O equity beta da Harley-Davidson (HOG) is 2.3. A yield dos
bilhetes do tesouro a 10 anos de 2%, e estima que prmio
de risco do mercado seja de 4.5%. A Harley-Davidson paga
um dividendo anual de $0.40. O preo actual das aces
de $23.76, e espera que os dividendos cresam a uma taxa
constante de 6% ao ano. Estime custo da equity da HOG
utilizando as duas metodologias (CAPM e MCCD).
13-47
Capital Prprio
Soluo:
Plan:
The two ways to estimate HOGs cost of equity are to use
the CAPM and the CDGM.
1. The CAPM requires a taxa de juro sem risco, an
estimate of the equitys beta, and an estimate of the
market risk premium. We can use the yield on 10-year
Treasury bills as a taxa de juro sem risco.
2. The CDGM requires the current stock price, the
expected dividend next year, and an estimate of the
constant future growth rate for the dividend.
13-48
Capital Prprio
Soluo:
Plan (contd):
Risk-free rate: 2.0% Current price: $23.76
Equity beta: 2.3 Expected dividend: $0.40
Market risk premium: 4.5% Estimated future dividend
growth rate: 6.0%
We can use the CAPM from Chapter 12 to estimate the cost
of equity using the CAPM approach and Eq. 13.5 to estimate
it using the CDGM approach.
13-
48
17
13-49
Capital Prprio
Execute:
The CAPM says that
The CDGM says that
Dividend(inoneyear)
Costof Equity= +DividendGrowthRate
CurrentPrice
0.40
6.0% 1.68% 6.0% 7.68%
23.76
= + = + =
Costof Equity=Risk-FreeRate+EquityBetaMarketRiskPremium
2.0% 2.3 4.5% 12.35% = + =
13-50
Capital Prprio
Evaluate:
According to the CAPM, the cost of equity capital
is 12.35%; the CDGM produces a result of 7.68%.
Because of the different assumptions we make
when using each method, the two methods do not
have to produce the same answer in fact, it
would be highly unlikely that they would. When
the two approaches produce different answers,
we must examine the assumptions we made for
each approach and decide which set of
assumptions is more realistic.
13-51
Capital Prprio
Evaluate:
We can also see what assumption about future dividend
growth would be necessary to make the answers converge.
By rearranging the CDGM and using the cost of equity we
estimated from the CAPM, we have
Thus, if we believe that Harley-Davidsons dividends will
grow at a rate of 10.67% per year, the two approaches
would produce the same cost of equity estimate.
Dividend(inoneyear)
DividendGrowthRate=Costof Equity-
CurrentPrice
12.35% 1.68% 10.67% = =
18
13-52
13.3 Uma Segunda Viso sobre o
WACC Equation
r
wacc
= r
E
E% + r
pfd
P% + r
D
(1 T
C
)D%
Para uma empresa que no tem aces
preferenciais, o WACC ser:
r
wacc
= r
E
E% + r
D
(1 T
C
)D%
(Eq. 13.6)
(Eq. 13.7)
13-53
Equao do WACC
Em meados de 2010, os valores de mercado
das aces ordinrias da DuPont, aces
preferenciais, e dvida eram de $30,860
milhes, $187 milhes, e $9543 milhes,
respectivamente. O seu valor total era portanto
de $30,860 milhes + $187 milhes + $9543
milhes = $40,590. Dado o custo das aces
ordinrias, aces preferenciais, e dvida, o
WACC da DuPont no final de 2010 era de:
13-54
WACC Equation
( )
30,860 187 9,543
11.22% 5.25% 1 0.35 3.66%
40,590 40,590 40,590
9.11%
WACC
| | | | | |
= + +
| | |
\ . \ . \ .
=
19
13-55
Exemplo 13.4 Calculando o WACC
Problema:
a rendibilidade esperada do capital prprio da Target de
11.5%, e a empresa tem uma yield to maturity da sua
dvida de 6%. A dvida pesa 18% e o capital prprio 82% do
valor de mercado da Target. Se a taxa de imposto for de
35%, qual o WACC da empresa?
13-56
Soluo:
Plan:
We can compute the WACC using Eq. 13.7. To do so, we
need to know the costs of equity and dvida, their
proportions in Targets capital structure, and the empresas
tax rate. We have all that information, so we are ready to
proceed.
13-57
Execute:
20
13-58
Evaluate:
Even though we cannot observe the expected rendibilidade
of Targets investments directly, we can use the expected
rendibilidade on its equity and dvida and the WACC formula
to estimate it, adjusting for the tax advantage of dvida.
Target needs to earn at least a 10.1% rendibilidade on its
investment in current and new stores to satisfy both its
dvida and equity holders.
13-59
Exemplo 13.4a Calculando o WACC
Problema:
a rendibilidade esperada do capital prprio da Macy de
10.8%, e a empresa tem uma yield to maturity da sua
dvida de 8%. A dvida tem um peso de 16% e o capital
prprio 84% do valor de mercado da Target. Se a taxa de
imposto for de 40%, qual o WACC da empresa?
13-60
Soluo:
Plan:
need to know the costs of equity and dvida, their
proportions in Macys capital structure, and the empresas
tax rate. We have all that information, so we are ready to
proceed.
21
13-61
Execute:
r
wacc
= r
E
E% + r
D
(1 T
C
)D%
= (0.108)(0.84) + (0.08)(1 0.40)(0.16)
= .0984 or 9.84%
13-62
Evaluate:
of Macys investments directly, we can use the expected
rendibilidade on its equity and debt and the WACC formula
to estimate it, adjusting for the tax advantage of debt.
Macys needs to earn at least a 9.84% rendibilidade on its
investment in current and new stores to satisfy both its debt
and equity holders.
13-63
Exemplo 13.4b Calculando o WACC
Problema:
a rendibilidade esperada do capital prprio da Honeywell
Internationals (HON) de 12.0%, e a empresa tem uma
yield to maturity da sua dvida de 5.1%. A dvida pesa 28%
e o capital prprio 72% do valor total de mercado da HON.
Se a taxa de imposto for de 39%, qual o WACC da
empresa?
22
13-64
Soluo:
Plan:
need to know the costs of equity and debt, their proportions
in HONs capital structure, and the empresas tax rate. We
have all that information, so we are ready to proceed.
13-65
Execute:
r
wacc
= r
E
E% + r
D
(1 T
C
)D%
= (0.120)(0.72) + (0.051)(1
0.39)(0.28)
= .0951 or 9.51%
13-66
Evaluate:
of Honeywells investments directly, we can use the
expected rendibilidade on its equity and debt and the WACC
formula to estimate it, adjusting for the tax advantage of
debt. Honeywell needs to earn at least a 9.51%
rendibilidade on its investment in current and new stores to
satisfy both its debt and equity holders.
23
13-67
Figura 13.3 WACCs for Real
Companies
13-68
Mtodos em Prtica
Dvida lquida
Dvida lquida = dvida Caixa e ttulos sem risco
(Eq. 13.8)
WACC E D C
Market Value of Equity Net Debt
r =r r (1 T )
Enterprise Value Enterprise Value
| | | |
+
| |
\ . \ .
13-69
Mtodos em Prtica
A taxa de juro sem risco (Risk-Free Interest Rate)
Maior parte das empresas usam as
rendibilidades das obrigaes do tesouro a
longo prazo
Prmio de Risco do Mercado
Considerando 1926 como ano de partida, a S&P 500
calcula em 7.1% a rendibilidade acima da taxa de 1
ano de ttulos do tesouro.
Se considerarmos 1959, a S&P 500 calcula o excesso
de rendibilidade de somente 4.7% acima da taxa a
um ano dos ttulo do tesouro.
24
13-70
Quadro 13.2 Histrico de Excesso de Rendibilidades do
S&P 500 Comparado com Bilhetes do Tesouro a um ano
e Ttulos do Tesouro dos US a Dez anos
13-71
13.4 Usando o WACC para Valorizar
um Projecto
Valor com alavancagem
O valor dum investimento, incluindo o benefcio
fiscal dos juros, tendo em conta a poltica de
alavancagem da empresa
Mtodo de valorizao do WACC
Descontar (actualizar) os free cash flows
incrementais futuros usando o WACC da
empresa (which produces the levered value of
a project).
13-72
um Projecto
Valor com alavancagem
( ) ( )
3 1 2
0 2 3
...
1 1 1
L
WACC WACC WACC
FCF FCF FCF
V
r r r
= + + +
+ + +
(Eq. 13.9)
25
13-73
Exemplo 13.5 Mtodo do WACC
Problema:
Suponha que a Anheuser Busch InBev est a considerar
introduzir uma nova cerveja ultra-light com zero
caloriascom a desiganao de BudZero. A empresa acredita
que o sabor e o apelo conscincia anti-calrica ir tornar
este produto nun sucesso. O risco do projecto considerado
como semelhante ao da empresa. O custo de colocar a
cerveja no mercado de $200 milhes, mas Anheuser
Busch InBev espera realizar no 1 ano um free cash flow
incremental de $100 milhes e crescer a 3% ao ano em
seguida. Se o WACC da Anheuser Busch InBev for de 5.7%,
dever ir em frente com o projecto?
13-74
Soluo:
Plan:
We can use the WACC method shown in Eq. 13.9 to value
BudZero and then subtract the upfront cost of $200
milhes. We will need Anheuser Busch InBevs WACC, which
is 5.7%.
13-75
Execute:
The cash flows for BudZero are a growing perpetuity.
Applying the growing perpetuity formula with the WACC
method, we have:
26
13-76
Evaluate:
The BudZero project has a positive NPV because it is
expected to generate a rendibilidade on the $200 milhes
far in excess of Anheuser Busch InBevs WACC of 5.7%. As
discussed in Chapter 3, taking positive-NPV projects adds
value to the empresa. Here, we can see that the value is
created by exceeding the required rendibilidade of the
empresas investors.
13-77
Exemplo 13.5a Mtodo do WACC
Problema:
Suponha que a Starbucks est a considerar
introduzir um novo caf Mocha com zero calorias,
com a designao de Caff Mucho. A empresa
acredita que o sabor e o apelo conscincia anti-
calrica ir tornar este produto nun sucesso. O
risco do projecto considerado como semelhante
ao da empresa. O custo de colocar a cerveja no
mercado de $280 milhes, mas Starbucks
espera realizar no 1 ano um free cash flow
incremental de $80 milhes e crescer a 5% ao
ano em seguida. Deve Starbucks ir em frente com
o projecto?
13-78
Soluo:
Plan:
We can use the WACC method shown in Eq. 13.9 to value
Caff Mucho and then subtract the upfront cost of $280
milhes. We will need Starbucks WACC, which was
estimated in Figura 13.3 as 11.0%.
27
13-79
Execute:
The cash flows for Caff Mucho are a growing perpetuity.
Applying the growing perpetuity formula with the WACC
method, we have:
L 1
0 0
WACC
FCF $80million
V FCF 280 $1,053.33million($1.05billion)
r g 0.11 .05
= + = + =

13-80
Evaluate:
The Caf Mucho project has a positive NPV because it is
expected to generate a rendibilidade on the $280 milhes
far in excess of Starbucks WACC of 11.0%. As discussed in
Chapter 3, taking positive-NPV projects adds value to the
empresa. Here, we can see that the value is created by
exceeding the required rendibilidade of the empresas
investors.
13-81
um Projecto
Principais Pressupostos
Risco mdio
Assume-se que inicialmente o risco de mercado do
projecto equivalente ao risco mdio dos outros
projecto de investimento da empresa
Debt-Equity Ratio Constante
Assume-se que a empresa ajusta a sua alavancagem
continuamente para manter um rcio constante entre
o valor de mercado da dvida e o valor de mercado do
capital prprio.
28
13-82
um Projecto
Principais Pressupostos(cont.)
Efeitos limitados de alavancagem
Assume-se que inicialmente o principal efeito de
alavancagem na valorizao resulta do benfcio fiscal
da taxa de juro e que quaisquer outros factores no
so significativos para o nvel de dvida escolhido
13-83
um Projecto
Aplicao do Mtodo do WACC:
aumentando a vida de uma fbrica da
DuPont
Suponha que DuPont est a considerar um
investmento que aumentar a vida de uma das
suas fbricas de qumicos por mais quatro anos
O projecto necessitar custos iniciais $6.67
milhes mais $24 milhes de investmento em
equipmento
o equipment estar obsoleto em 4 anos e ser
amortizado pelo mtodo de quotas constantes.
13-84
um Projecto
DuPont
Durante os prximos 4 anos, DuPont espera
vendas anuais de $60 milhes por ano nesta
fbrica.
Os custos das matria primas e custos de
operao devem ascender a $25 milhes e $9
milhes, respectivamente, por ano.
DuPont no espera ter necessidades em fundo
de maneio no projecto. A taxa de imposto de
35%.
29
13-85
Quadro 13.3 Free Cash Flow esperado
do projecto da fbrica da DuPont
13-86
um Projecto
DuPont
VAL (NPV) = $61.41 milhes - $28.34 milhes =
$33.07 milhes
0 2 3 4
19 19 19 19
$61.41million
1.0911 1.0911 1.0911 1.0911
L
V = + + + =
13-87
um Projecto
Resumo do Mtodo do WACC
1. Determine o free cash flow incremental do
investmento
2. Calcule o custo mdio ponderado do capital
usando Eq. 13.6
3. Calcule o valor do investimento, incluindo o
benefcio fiscal da alvancagem, actualizando
(ou descontando) o free cash flow
incremental do investimento usando o WACC
30
13-88
13.5 Projecto Baseado nos Custos
de Capital
Custo of Capital of Nova Aquisio
Suponha que a DuPont est a considerar
adquirir a Weyerhaeuser, a empresa
especializada na rea dos produtos florestais
Weyerhaeuser enfrenta riscos de mercado mais
significativos do que a DuPont na sua actividade
de qumicos.
Que custo do capital deve a DuPont usar para
valorizar a possvel aquisio da Weyerhaeuser?
13-89
de Capital
Custo of Capital of Nova Aquisio
Como os riscos so diferentes, o WACC da
DuPont ser inapropriado para valorizar a
Weyerhaeuser
Em vez disso, a DuPont deve calcular e usar
WACC da Weyerhaeuser de 8.8% quando
avaliar a aquisio
13-90
de Capital
Custos de Capital da Diviso
Agora, admita que a DuPont decide criar uma
diviso interna de produtos florestais, em vez
de adquiri a Weyerhaeuser
Qual ser o custo do capital para a nova
diviso?
se a DuPont planeia financiar a diviso com a mesma
proporo de dvida como usada pela
Weyerhaeuser, ento a DuPont deveria usar o WACC
da Weyerhaeuser como o WACC para a sua nova
diviso
31
13-91
Exemplo 13.6 Um Project numa
Nova Linha de Negcio
Problema:
Imagine que est a trabalhar para a Microsoft avaliar a
possibilidade de vender DVRs (digital video recorders). O
WACC da Microsoft 8.8%. Os DVRs sero uma nova linha
de negcio para a Microsoft. O risco sistemtico deste
negcio difere provavelmente do risco sistemtico do
negcio corrente da Microsoft. Por isso, os activos deste
novo negcio deve ter um custo do capital diferente.
Necessita, assim, de calcular o custo do capital para o
negcio dos DVR. Admitindo que a taxa de juro sem risco
de 3% e o prmio de risco do mercado de 6%, qual o
custo do capital estimado para este tipo de investimento?
13-92
Soluo:
Plan:
The first step is to identify a company operating
in Microsofts targeted line of business. TiVo, Inc.,
is a well-known marketer of DVRs. In fact, that is
all TiVo does. Thus, the cost of capital for TiVo
would be a good estimate of the cost of capital for
Microsofts proposed DVR business. Many Web
sites are available that provide betas for traded
stocks, including http://finance.yahoo.com.
13-93
Soluo:
Plan (contd):
Suponha you visit that site and find that the beta of TiVo
stock is 1.3. With this beta, a taxa de juro sem risco, and
the market risk premium, you can use the CAPM to estimate
the cost of capital prprio for TiVo. Fortunately for us, TiVo
has no dvida, so its cost of capital prprio is the same as its
cost of capital for its assets.
32
13-94
Execute:
Using the CAPM, we have:
Because TiVo has no dvida, its WACC is equivalent to its
cost of capital prprio.
13-95
Evaluate:
The correct cost of capital for evaluating a DVR investment
opportunity is 10.8%. If we had used the 8.8% cost of
capital that is associated with Microsofts existing business,
we would have mistakenly used too low of a cost of capital.
That could lead us to go ahead with the investment, even if
it truly had a negative NPV.
13-96
Exemplo 13.6a Um Project numa
Problema:
Imagine que est a trabalhar para a H.J. Heinz Company
avaliar a possibilidade de vender bebidas. O WACC da Heinz
6.6%. O ramos das bebidas ser uma nova linha de
negcio para a Heinz. O risco sistemtico deste negcio
difere provavelmente do risco sistemtico do negcio
corrente da Heinz. Por isso, os activos deste novo negcio
devem ter um custo do capital diferente. Necessita, assim,
de calcular o custo do capital para o negcio das bebidas.
Admitindo que a taxa de juro sem risco de 3% e o prmio
de risco do mercado de 5.4%, qual o custo do capital
estimado para este tipo de investimento?
33
13-97
Soluo:
Plan:
The first step is to identify a company operating
in Heinz targeted line of business. Coca-Cola
Company is a well-known marketer of beverages.
In fact, that is almost all Coca-Cola does. Thus
the cost of capital for Coca-Cola would be a good
estimate of the cost of capital for Heinz proposed
beverage business. Many Web sites are available
that provide company betas, including
http://finance.yahoo.com.
13-98
Soluo:
Plan (contd):
Suponha you visit that site and find that the beta of Coca-
Cola is 0.4. With this beta, a taxa de juro sem risco, and the
market risk premium, you can use the CAPM to estimate the
cost of capital prprio for Coca-Cola. Coca-Cola has a
market value debt/assets ratio of .58, and its cost of debt is
3.8%. Its tax rate is 28%.
13-99
Execute:
Using the CAPM, we have:
To get Coca-Colas WACC, we use equation 13.6. Coca-Cola
has no preferred stock, so the WACC is:
' '
3% .4 5.4% 5.8%
Coca Cola s cost of equity Risk free rate Coca Cola s beta Market Risk Premium = +
= + =
% 02 . 4 ) 58 . 0 )( 28 . 1 %( 8 . 3 ) 42 . 0 %( 8 . 5
% D ) T 1 ( r % E r r
C D E WACC
= + =
+ =
34
13-100
Evaluate:
The correct cost of capital for evaluating a beverage
investment opportunity is 4.02%. If we had used the 6.6%
cost of capital that is associated with Heinz existing
business, we would have mistakenly used too high of a cost
of capital. That could lead us to reject the investment, even
if it truly had a positive NPV.
13-101
13.6 Quando Existem Custos para a
Emisso de Capital Externo
Ao emitir aces novas ou obrigaes est
a incorrer num conjunto de custos
Os custos de emisso devem ser tratados como
sadas de cash (cash outflows) que so
necessrias ao projecto.
Estes custos podem ser incorporados como
custos adicionais (cash flows negativos) no
clculo do VAL (NPV)
13-102
Exemplo 13.7 Quando Existem
Custos para a Emisso de Capital
Externo
Problema:
Imagine que est a analisar o potencial de
aquisio da Weyerhaeuser pela DuPont. DuPont
planeia oferecer $23 bilies como preo de
compra para a Weyerhaeuser, e necessita emitir
dvida adicional e capital prprio para financiar
to grande aquisio. Estima-se que os custos de
emisso sejam de $800 milhes e sero pagos
logo que a transao esteja finalizada. O free
cash flow incremental da aquisio ser de $1.4
bilies no 1 ano e crescer depois a 3% ao ano
da em diante. Qual o NPV da aquisio
proposta?
35
13-103
Exemplo 13.7 Custos de
Financiamento Externo
Soluo:
Plan:
We know from Section 13.5 that the correct cost of capital
for this acquisition is Weyerhaeusers WACC. We can value
the incremental free cash flows as a growing perpetuity:
13-104
Soluo:
Plan: (contd)
The NPV of the transaction, including the costly external
financing, is the present value of this growing perpetuity net
of both the purchase cost and the transaction costs of using
external financing.
13-105
Execute:
Noting that $800 milhes is $0.8 bilies,:
36
13-106
Evaluate:
It is not necessary to try to adjust Weyerhaeusers WACC
for the issuance costs of debt and capital prprio. Instead,
we can subtract the issuance costs from the NPV of the
acquisition to confirm that the acquisition remains a
positive-NPV project even if it must be financed externally.
13-107
Exemplo 13.7a Custos de
Problema:
Imagine que est a analisar o potencial de
aquisio da Yahoo pela Microsoft em fevereiro de
2008. Microsoft planeia oferecer $44.6 bilies
como preo de compra pela Yahoo, e necessita
emitir dvida adicional e capital prprio para
financiar to grande aquisio. Estima-se que os
custos de emisso sejam de $1.5 milhes e sero
pagos logo que a transao esteja finalizada. O
free cash flow incremental da aquisio ser de
$1.8 bilies no 1 ano e crescer depois a 3% ao
ano da em diante. Qual o NPV da aquisio
proposta?
13-108
Soluo:
Plan:
We know from Section 13.5 that the correct cost
of capital for this acquisition is Yahoo!s WACC.
We can value the incremental free cash flows as a
growing perpetuity:
% 3 g
% 1 . 7 WACC s ' ! Yahoo r
billion 8 . 1 $ CF
where
) g r ( CF PV
1
1
=
= =
=
=
37
13-109
Soluo:
Plan: (contd)
The NPV of the transaction, including the costly external
financing, is the present value of this growing perpetuity net
of both the purchase cost and the transaction costs of using
external financing.
13-110
Execute:
billion NPV 2 . 2 $
03 . 071 . 0
8 . 1
5 . 1 6 . 44 $ =
+ =
13-111
Evaluate:
It is not necessary to try to adjust Yahoo!s WACC for the
issuance costs of debt and equity. Instead, we can subtract
the issuance costs from the NPV of the acquisition to see
that the acquisition is a negative-NPV project.
38
13-112
Chapter Quiz
1. Why do we use market value weights in the
weighted average cost of capital?
2. What are the major tradeoffs in using the CAPM
versus the CDGM to estimate the cost of equity?
3. Why do different companies have different
WACCs?
4. What inputs do you need to be ready to apply
the WACC method?
5. What types of additional costs does a firm incur
when accessing external capital?

Custo Capital - CorpFin - C13 (Modo de Compatibilidade)

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Custo Capital - CorpFin - C13 (Modo de Compatibilidade)

Uploaded by

Copyright:

Available Formats

1

Copyright 2012 Pearson Prentice Hall. All rights reserved.

You might also like