scholarly journals Системatски ризик и оцена рентабилности инвестиционих пројеката // Systematic risk and assessment of investment projects profitability

2013 ◽  
Vol 11 (18) ◽  
pp. 105
Author(s):  
Милорад Иванишевић
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Systematic Risk ◽  
Weighted Average ◽  
Direct Connection ◽  
Capital Asset ◽  
Rates Of Return ◽  
Investment Projects

Резиме: У раду се прво разматра просечна цена капитала као критеријум за оцену рентабилности инвестиционих пројеката. После тога се расправља о моделу процењивања капиталних улагања, који објашњава међузависност приноса на уложени капитал и систематског ризика. Затим се анализира повезаност ова два модела с обзиром на директну везу захтеваних стопа приноса на дуг и сопствени капитал са њиховим бета коефицијентима. Такође се констатује да се захтевана стопа приноса утврђена коришћењем Модела процењивања капиталних улагања може, под одређеним условима, користити као критеријум рентабилности инвестиционих пројеката.Summary: In the article is, first of all, considered weighted average cost of capital (WACC) as criteria for estimation profitability of investments. Afterwards, it is considered the Capital Asset Princing Model offering explanation for invested equity return correlation and systematic risk. Then it is analyzed connection between these two models in regard to direct connection of required rates of return on debt and equity with their beta coefficients. It is also stated that required rates of return affirmed by usage of the Capital Asset Princing Model can, under certain conditions, be used as criteria for estimation profitability of investments.

A Comparison of the Weighted-Average Cost of Capital and Equity-Residual Approaches to Valuation

2017 ◽  
pp. 1-5
Author(s):  
Robert S. Harris
Keyword(s):  
Cash Flow ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Technical Note ◽  
Discounted Cash Flow ◽  
Investment Projects ◽  
Discounted Cash Flow Valuation

This technical note compares two methods of treating debt usage in discounted-cash-flow valuation of investment projects or companies. The note demonstrates that the approach using weighted average cost of capital (WACC) and the approach using equity residual (ER) yield equivalent results if consistent assumptions are used. General features are illustrated with specific examples, including a spreadsheet.

scholarly journals Acerca de la tasa de descuento en proyectos

Quipukamayoc ◽  
2014 ◽  
Vol 15 (29) ◽  
pp. 101 ◽  
Author(s):  
Beatriz Herrera García
Keyword(s):  
Asset Pricing ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Capital Asset Pricing Model ◽  
Capital Asset Pricing ◽  
Pricing Model ◽  
Capital Asset ◽  
Asset Pricing Model ◽  
Para Determinar

Cuando se evalúan proyectos de inversión a nivel de perfil, los flujos de caja se descuentan a una tasa de descuento igual a la tasa de interés activa vigente en el mercado; esto es así porque a nivel de perfil, la exigencia y precisión del estudio es relativa; sin embargo, en la etapa de evaluación del proyecto la tasa de descuento se torna en un dato relevante y esta debe representar el coste del capital del proyecto en particular, es decir, para determinar la tasa de descuento para un proyecto en particular, luego de elaborado el flujo de fondos netos, se debe proceder al cálculo del coste del capital utilizando los métodos o modelos más importantes: el capital asset pricing model (modelo de valoración de activos financieros), y el weighted average cost of capital (modelo del costo del capital promedio ponderado). Luego se podrá obtener el nivel de rentabilidad esperado utilizando los distintos criterios existentes.

scholarly journals Custo de capital das concessionárias de transmissão de energia elétrica no Brasil: um estudo da Companhia Estadual de Geração e Transmissão de Energia Elétrica - CEEE-GT

2018 ◽  
Vol 4 (2) ◽  
pp. 320-339
Author(s):  
Thaís Mattei LANZIOTTI ◽  
Ricardo Letizia GARCIA
Keyword(s):  
Asset Pricing ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Capital Asset Pricing Model ◽  
Capital Asset Pricing ◽  
Pricing Model ◽  
Capital Asset ◽  
Asset Pricing Model

O artigo tem como objetivo demonstrar que o Custo de Capital regulatório fixado pela Agência Nacional de Energia Elétrica – ANEEL para as empresas Transmissoras de Energia Elétrica no Brasil está aquém dos reais custos de oportunidade de capital próprio e de recursos oriundos de capital de terceiros necessários aos investimentos empregados no setor. Dessa forma, realizou-se uma análise do custo de capital atual da Companhia Estadual de Geração e Transmissão de Energia Elétrica – CEEE-GT, utilizando os mesmos parâmetros e metodologias de cálculo empregadas pelo Órgão Regulador, que consiste na combinação dos modelos CAPM (Capital Asset Pricing Model) e WACC (Weighted Average Cost of Capital).  

LA FUSIÓN CARULLA-VIVERO, ¿CREÓ VALOR?

2014 ◽  
Vol 5 (10) ◽  
pp. 93
Author(s):  
Andrés Villegas Cortés ◽  
Luz Ángela Rojas La Rota
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Economic Value ◽  
Weighted Average ◽  
Value Added ◽  
Economic Value Added ◽  
Estudio De Caso

El presente trabajo busca determinar si la fusión de las empresas Carulla-Vivero ocurrida en el año 2000 generó valor. Para esto, se estudia el conceptode valor, posteriormente se explica el estudio de caso como metodología deinvestigación para concluir con la exposición del caso mismo de la fusión, ysu resultado. Una vez realizado el análisis de las dos empresas, se hace unacomparación y una valoración por dos metodologías ampliamente aceptadas:los métodos Economic Value Added (EVA) - Weighted Average Cost of Capital(WACC) y Flujo de Caja Histórico, con lo cual se explora en su interior la fusióny se explican los resultados obtenidos en ella. Finalmente, se hace una seriede observaciones, conclusiones y recomendaciones sobre la fusión, asícomo de la metodología del estudio de caso, para el abordaje de temas de laadministración.

The Weighted Average Cost of Capital for the Analysis of Innovative Projects Integrated into the Company

2021 ◽  
pp. 103-111
Author(s):  
Sergey N. Yashin ◽  
Egor V. Koshelev ◽  
Natalya A. Yagunova ◽  
Victor P. Kuznetsov ◽  
Elena V. Romanovskaya
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average

scholarly journals Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

2009 ◽  
Vol 10 (6) ◽  
pp. 101-131 ◽  
Author(s):  
Ignacio Vélez-Pareja ◽  
Joseph Tham
Keyword(s):  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Cost Of Debt ◽  
Cost Of Equity ◽  
Tax Rate ◽  
Market Values ◽  
Equity Cost ◽  
Tax Payments ◽  
The Cost

Most finance textbooks present the Weighted Average Cost of Capital (WACC) calculation as: WACC = Kd×(1-T)×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis) that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

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