WACC Estimation $.$ On January $1,$ the total market value of the Tysseland Company was $$60$ million $.$ During the year, the company plans to raise and invest $$30$ million in new projects $.$ The firm's present market value capital structure $,$ shown here $,$ is considered to be optimal $.$ There is no short$-$ term debt $.$ Debt $ $30,000,000$ Common equity $30\mathrm{.}000\mathrm{.}000$ Total capital $ $60,000,000$ New bonds will have an $8\%$ coupon rate, and they will be sold at par. Common stock is currently selling at $$30$ a share. The stockholders $\text{'}$ required rate of return is estimated to be $12\%,$ consisting of a dividend yield of $4\%$ and an expected constant growth rate of $8\%.($The next expected dividend is $$1\mathrm{.}20,$ so the dividend yield is $$1\mathrm{.}20/304\%)$ The marginal tax rate is $25\%.$ a$.$ To maintain the present capital structure $,$ how much of the new investment must be financed by common equity? b$.$ Assuming there is sufficient cash flow for Tysseland to maintain its target capital structure without issuing additional shares of equity $,$ what is its WACC $?.$ Suppose now that there is not enough internal cash flow $,$ and the firm must issue new shares of stock $.$ Qualitatively speaking $,$ what will happen to the WACC?

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