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Tax rate
Times interest earned (interest coverage
ratio)
Leveraged Beta
Unleveraged Beta
Risk free rate
Market Risk Premium
Market value of Equity
Market value of Debt
Market value of the Company
Rating of debt
Cost of debt before taxes
Cost of debt after taxes
Cost of equity (current)
E/D+E
WACC (current)
Rate of growth (gFC)
954.80
496
0
0
496
48%
415.13
0.8
0.798
14.0%
7.0%
EBIT/Interest
Data
$4,665
$14
$4,679
AAA
14.20%
7.38%
19.60%
99.70%
19.56%
8.09%
Capitalization
Data
Add
Rating
Rating
Data
Data
$5,502
50%
100.00%
$2,751
$955
$557
$398
$191
$207
1.71
B14.0%
6.25%
20.3%
48%
10.53%
$5,601
55%
122.22%
$3,081
$955
$624
$331
$159
$172
1.53
B14.0%
6.25%
20.3%
48%
10.53%
$4,809
5%
5.26%
$240
$955
$34
$921
$442
$479
27.96
AAA
14.0%
0.20%
14.2%
48%
7.38%
$4,956
10%
11.11%
$496
$955
$70
$884
$425
$460
13.57
AAA
14.0%
0.20%
14.2%
48%
7.38%
$5,705
60%
150.00%
$3,423
$955
$693
$262
$126
$136
1.38
B14.0%
6.25%
20.3%
48%
10.53%
$5,086
15%
17.65%
$763
$955
$114
$841
$404
$437
8.40
A+
14.0%
0.90%
14.9%
48%
7.75%
$5,812
65%
185.71%
$3,778
$955
$765
$190
$91
$99
1.25
B14.0%
6.25%
20.3%
48%
10.53%
$5,225
20%
25.00%
$1,045
$955
$159
$796
$382
$414
6.01
A
14.0%
1.20%
15.2%
48%
7.90%
$5,534
70%
233.33%
$3,874
$955
$852
$103
$49
$53
1.12
CCC
14.0%
8.00%
22.0%
48%
11.44%
$5,364
25%
33.33%
$1,341
$955
$208
$747
$359
$388
4.59
A14.0%
1.50%
15.5%
48%
8.06%
$5,608
75%
300.00%
$4,206
$955
$925
$29
$14
$15
1.03
CCC
14.0%
8.00%
22.0%
48%
11.44%
$5,484
30%
42.86%
$1,645
$955
$263
$692
$332
$360
3.63
BBB
14.0%
2.00%
16.0%
48%
8.32%
$5,114
80%
400.00%
$4,091
$955
$961
-$7
-$3
-$3
0.99
CC
14.0%
9.50%
23.5%
46%
12.76%
$5,440
35%
53.85%
$1,904
$955
$343
$612
$294
$318
2.79
B+
14.0%
4.00%
18.0%
48%
9.36%
$4,859
85%
566.67%
$4,130
$955
$971
-$16
-$8
-$8
0.98
CC
14.0%
9.50%
23.5%
43%
13.48%
$5,453
40%
66.67%
$2,181
$955
$414
$540
$259
$281
2.30
B
14.0%
5.00%
19.0%
48%
9.88%
$4,628
90%
900.00%
$4,165.05
$955
$979
-$24
-$12
-$12
0.98
CC
14.0%
9.50%
23.5%
40%
14.12%
D/D+E
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
D/E
0%
5%
11%
18%
25%
33%
43%
54%
67%
82%
100%
122%
150%
186%
233%
300%
400%
567%
900%
Beta
0.80
0.84
0.89
0.94
1.00
1.06
1.14
1.23
1.33
1.45
1.60
1.77
1.99
2.28
2.66
3.19
3.99
5.32
7.98
re
19.58%
19.88%
20.20%
20.57%
20.98%
21.44%
21.98%
22.59%
23.31%
24.15%
25.17%
26.41%
27.96%
29.95%
32.61%
36.33%
41.92%
51.22%
69.83%
D/(D+E)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
D/E
0%
5%
11%
18%
25%
33%
43%
54%
67%
82%
100%
122%
150%
186%
233%
300%
400%
567%
900%
re
19.58%
19.88%
20.20%
20.57%
20.98%
21.44%
21.98%
22.59%
23.31%
24.15%
25.17%
26.41%
27.96%
29.95%
32.61%
36.33%
41.92%
51.22%
69.83%
rd
7.38%
7.38%
7.38%
7.75%
7.90%
8.06%
8.32%
9.36%
9.88%
9.88%
10.53%
10.53%
10.53%
10.53%
11.44%
11.44%
12.76%
13.48%
14.12%
WACC(ra)
19.58%
19.25%
18.92%
18.65%
18.36%
18.10%
17.88%
17.96%
17.94%
17.73%
17.85%
17.67%
17.50%
17.33%
17.79%
17.66%
18.59%
19.14%
19.69%
With growth
Level of D/D+E
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
D/E
0%
5%
11%
18%
25%
33%
43%
54%
67%
82%
100%
122%
150%
186%
233%
300%
400%
567%
900%
WACC(Ra)
19.58%
19.25%
18.92%
18.65%
18.36%
18.10%
17.88%
17.96%
17.94%
17.73%
17.85%
17.67%
17.50%
17.33%
17.79%
17.66%
18.59%
19.14%
19.69%
$5,900
20.00%
$5,700
19.50%
$5,500
Value of the
company
$4,671
$4,809
$4,956
$5,086
$5,225
$5,364
$5,484
$5,440
$5,453
$5,570
$5,502
$5,601
$5,705
$5,812
$5,534
$5,608
$5,114
$4,859
$4,628
FCF
496
496
496
496
496
496
496
496
496
496
496
496
496
496
$496
$496
496
496
496
19.00%
$5,300
18.50%
$5,100
18.00%
$4,900
17.50%
$4,700
17.00%
$4,500
0%
20%
40%
60%
80%
100%
0%
20%
40%
60%
80%
100%
D/D+E
Leveraged Beta
Cost of Equity (Re)
Interest rate (after tax)
WACC
Rate of growth (g)
Market value of Equity
Market value of Debt
Market value of the Company
Number of shares (millions)
Shares bought back (millions)
Price per share
Current
0.3%
0.80
19.60%
7.38%
19.56%
8.09%
$4,665
$14
$4,679
155.50
0.0
$30.00
Optimal
65%
2.28
29.95%
10.53%
17.33%
8.09%
$2,034
$3,778
$5,812
46.79
108.71
$37.29