Estimate the most current Weighted Average Cost of Capital of FISERV INC (ticker: FISV). Use CAPM to estimate the cost of equity. Assume that the capital structure (the market debt-to- equity ratio) observed as of the most recent annual financial statements remains in place forever for the company. Also assume that the market risk premium is 5% and that the marginal tax rate is 21%.
Suggested sources of the data: 1. SECs Edgar database for financial statements and annual report 2. Stock returns from CRSP database to calculate the beta (an Excel file with the data is available on Canvas. Column B is the date of the end of the observation month, J is monthly returns on Fiservs stock, L is CRSP value-weighted index, N is S&P 500 index returns). 3. FINRAs TRACE database for public bond yields and prices 4. U.S. Treasurys web-site for T-bond rates 5. Yahoos finance web-site, NASDAQ.com, or NYSE.com for the most current stock price
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D405114 GUES 55.29556 34559 0.014306554 16721 009512149 001073595 0002290983 7370 27198 05451214 Dr 006721339 0.06835360 005520002 73D 29 eur WWW. LALETA 03514015557 01.77300X40 . .... 341 GI22:45 0.01445135 7130 01.275004S . ETA - 0.07.2010 7130 *** 5417 0.00114951 DORM 244 al - 0104772 7370 61.3.000132 235206 0.022481354 243611 . ... 0.01920254 0.0260129 0.02945535 2320 200917 02419 64.2004 243611 -0.0340575. -0.0184349 0.0123 7310 02.01 . Sewer -0.034524 JAN -U.BLUSE GAMES . 20301 war. - 11 W 7200 -202174 ------ 2911011 55.1300013 11 - 507 230281099632297 1 -509560997 -0100914 000 7001 7330 2G 0.1314 9430 0.3142143 U 10/0313 7330 2016 GSM 25.05.2009547 D.SORTES 2.000 -DL.DD5491 REG 7.13D SEMBOLGE .21 3491 GORE COCITIES 162041 007065023 0.05413952 0035342 004356302 7370 66.33000305 172744 00502317 2258 0.0412525 0.08629354 0.04056 2310 154597 0,045606225 0.02405032 0.00126 0.0333258 7130 20.29 141:51 09107 3114 GOOGAZ -0.000100114 -074197 GT4001 LASEI MACER 1104 -DOSTAGE - 1170 MENEZ 7320 72.22000122 1204 CM2206614 29560 0.0541873 0.0335542 7370 70.220723 142070 2:520907 2996/ -U.Bewust C.U.2301 737D 21.3007 2995 ULD2439 GULSNESS 7230 71.49 110 DOMK22 02292516 7370 17631011211696 131473 -504 - 1216 7370 76.995.as 119534 0.025453076 133473 ) 0.000790335 0002946703 7:12 20.02502121 30 190044 02249213 31140 999 DL10137394 7130 199171 CA CALDI. 31140 aw 7.130 1901 0624911 11110 7370 ora 1.2152 87.4500005 w - 0.014.666 0.0355878 W! 91...000US 2310 120016 0.23500669 Tulbs 0.034120 ws - CO2477211 G.ULCES 27.- UUS 1994 415414 299103 DG1549 01228 ATAM m2 is 11110 -DATE - 121197 2014021 96 29:07 1930 99876 20 96250951 12533 M0911703 13500 -DAY -0017278 2017 -0031 TEORI 7330 9 200.000 151000043 ... 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D405114 GUES 55.29556 34559 0.014306554 16721 009512149 001073595 0002290983 7370 27198 05451214 Dr 006721339 0.06835360 005520002 73D 29 eur WWW. LALETA 03514015557 01.77300X40 . .... 341 GI22:45 0.01445135 7130 01.275004S . ETA - 0.07.2010 7130 *** 5417 0.00114951 DORM 244 al - 0104772 7370 61.3.000132 235206 0.022481354 243611 . ... 0.01920254 0.0260129 0.02945535 2320 200917 02419 64.2004 243611 -0.0340575. -0.0184349 0.0123 7310 02.01 . Sewer -0.034524 JAN -U.BLUSE GAMES . 20301 war. - 11 W 7200 -202174 ------ 2911011 55.1300013 11 - 507 230281099632297 1 -509560997 -0100914 000 7001 7330 2G 0.1314 9430 0.3142143 U 10/0313 7330 2016 GSM 25.05.2009547 D.SORTES 2.000 -DL.DD5491 REG 7.13D SEMBOLGE .21 3491 GORE COCITIES 162041 007065023 0.05413952 0035342 004356302 7370 66.33000305 172744 00502317 2258 0.0412525 0.08629354 0.04056 2310 154597 0,045606225 0.02405032 0.00126 0.0333258 7130 20.29 141:51 09107 3114 GOOGAZ -0.000100114 -074197 GT4001 LASEI MACER 1104 -DOSTAGE - 1170 MENEZ 7320 72.22000122 1204 CM2206614 29560 0.0541873 0.0335542 7370 70.220723 142070 2:520907 2996/ -U.Bewust C.U.2301 737D 21.3007 2995 ULD2439 GULSNESS 7230 71.49 110 DOMK22 02292516 7370 17631011211696 131473 -504 - 1216 7370 76.995.as 119534 0.025453076 133473 ) 0.000790335 0002946703 7:12 20.02502121 30 190044 02249213 31140 999 DL10137394 7130 199171 CA CALDI. 31140 aw 7.130 1901 0624911 11110 7370 ora 1.2152 87.4500005 w - 0.014.666 0.0355878 W! 91...000US 2310 120016 0.23500669 Tulbs 0.034120 ws - CO2477211 G.ULCES 27.- UUS 1994 415414 299103 DG1549 01228 ATAM m2 is 11110 -DATE - 121197 2014021 96 29:07 1930 99876 20 96250951 12533 M0911703 13500 -DAY -0017278 2017 -0031 TEORI 7330 9 200.000 151000043 ... 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