These are 3 questions from the topic of Weighted Average Cost of Capital (WACC)

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Topic: Weighted Average Cost of Capital (WACC) Question 1 Steamless Dry Cleaning Ltd operates a chain of dry cleaning stores in Brisbane, Sydney and Melbourne. The company has 1,000,000 shares listed on the ASX, which are currently trading for $5.20 each. Recently, the company paid a dividend of $0.50 per share and given the nature of the business and Steamless' expansion plans, the market general expects dividends to grow by 4.00% p.a. into the foreseeable future. Steamless has also issued 10,000 bonds that have a face value of $100, pay an annual coupon of 10.00% and have 3years to maturity. These bonds currently trade for $105.154 each. Based on this information and using a tax rate of 30%, calculate Steamless' WACC. Question 2 You are considering the acquisition of a brewery, the rationale being that you need the cash flows that the brewer generates. The average beta coefficient for brewers is 1.786, while the historic market risk premium has been 7.00% over the last 10 years. The yield on 10 year government bonds is currently 7.50%. The brewery that you are considering acquiring has just paid a dividend of $0.32 per ordinary share and the shares are currently trading at $4.00 with a market capitalisation of $20 million. You have calculated the before tax cost of debt for the target to be 12.60% when the debt/equity ratio (using market values) is 40%. The current tax rate is 39%. a. b. c. d. Calculate the expected constant dividend growth for the target. Calculate the market value of debt for the target. Calculate the WACC to be used to discount before debt and after tax cash flows. Briefly explain why the WACC of the target is used in discounting cash flows generated by the investment, as opposed to the WACC of the offering firm. Question 3 The following table has been provided by Keepers Ltd. Funding Source Ordinary Shares Preference Share Retained Earnings 10%, $100 Debentures Bank Overdraft Also, the tax rate is 30% Quantity 700,000 250,000 Price 5.00 4.50 11,500 108.00 Value 1,000,000 500,000 Based on this information, calculate Keepers' weighted average cost of capital. Cost 18% 14% 17% 8% 10%