1 / 8

Part III Valuing Real Assets

Part III Valuing Real Assets. Chapter 13 Corporate Taxes and the Impact of Financing on Real Asset Valuation. Assets Debt Tax Shield (TX) T c D Unlevered Assets (UA) D + E - T c D. Liabilities and Equity Debt D Equity E.

willa
Télécharger la présentation

Part III Valuing Real Assets

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Part III Valuing Real Assets

  2. Chapter 13 Corporate Taxes and the Impact of Financing on Real Asset Valuation

  3. Assets Debt Tax Shield (TX) TcD Unlevered Assets (UA) D + E - TcD Liabilities and Equity Debt D Equity E Exhibit 13.1: Balance Sheet for a Firm with Leverage When Debt Interest Is Corporate Tax Deductible

  4. Exhibit 13.2: Sources of Shareholder Value

  5. Exhibit 13.3: The Unlevered Cash Flows and Debt Tax Shields for Acme Industries Note: r DS represents the promised interest rate on the senior debt and r DJ is the promised interest rate on the junior subordinated debt.

  6. Exhibit 13.4: WACC, Cost of Equity, and Cost of Debt vs. With No Taxes

  7. Exhibit 13.5: WACC, Cost of Equity, and Cost of Debt vs. with Corporate Taxes

More Related