WACC (Weighted Average Cost of Capital)
Statement dalam perhitungan WACC yaitu hutang jangka panjang, saham preferen, dan saham biasa.
Cara menghitung WACC
1. Berdasarkan jumlah modal
Langkah-langkah:
- Adjustment
Contoh:
Cost before tax for debt= 6%, Cost before tax for Preferred stock= 12%, Cost before tax for common stock= 16%
Tax for debt= 40%, tax for preferred stock= 33,3%, tax for common stock= 37,5%
Cost after tax for debt = 6% (1 – 0,4)
= 3,6%
dst contoh penghitungannya sbb:
Statement | Jumlah modal | C.o.C | Total (modal x C.o.C) |
Hutang jangka panjang Saham preferen Saham biasa | 400.000.000 25.000.000 1.075.000.000 | 3,6% 8% 10% | 14.400.000 2.000.000 107.500.000 |
1.500.000.000 | 123.900.000 |
WACC = (123.900.000 : 1.500.000.000) x 100%
= 8,26%
2. Berdasarkan % modal (proporsi)
Sesuai data seperti di atas diketahui prosentase modal adalah sbb:
Debt = 26,67%
Preferred stock = 1,67%
Common stock = 71,67%
Statement | % modal | C.o.C | Total (%modal x C.o.C) |
Hutang jangka panjang Saham preferen Saham biasa | 26,67% 1,67% 71,67% | 3,6% 8% 10% | 0,0096 0,0013 0,0717 |
100% | 0,0826 |
WACC = 0,0826 x 100% = 8,26%
3. Penghitungan langsung
Sesuai data di atas:
WACC = (26,67% x 3,6%) + (1,67% x 8%) + (71,67% x 10%)
= 8,26%
Exercise 1
1. The effect of tax rate on WACC. Equity Lighting Corp. wishes to explore the effect on its cost of capital of the rate at which the company pays taxes. The firm wishes to maintain a capital structure of 30% debt, 10% preferred stock, and 60% common stock. The cost of financing with retained earning is 14%, the cost of preferred stock financing is 9%, and the before-tax cost of debt financing is 11%. Calculate the weighted average cost of capital (WACC) given the tax rate assumptions in parts a to c.
a. Tax rate = 40%
b. Tax rate = 35%
c. Tax rate = 25%
d. Describe the relationship between changes in the rate taxation and the weighted average cost of capital.
2. WACC – Book weighted. Ridge Tool has on its books the amounts and specific (after-tax) costs shown in the following table for each source of capital.
Source of Capital | Book value | Specific cost |
Long-term debt Preferred stock Common stock equity | $700,000 $50,000 $650,000 | 5.3% 12.0% 16.0% |
a. Calculate the Firm’s weighted average cost of capital using book value weighted.
b. Explain how the firm can use this cost in the investment decision-making process.
3. WACC – Book weights and market weights. Webster Company has compiled the information shown in the following table.
Source of Capital | Book value | Market value | After-tax cost |
Long-term debt Preferred stock Common stock equity | $4,000,000 $40,000 $1,060,000 | $3,840,000 $60,000 $3,000,000 | 6.0% 13.0% 17.0% |
$5,100,000 | $6,900,000 |
a. Calculate the weighted average cost of capital using book value weights
b. Calculate the weighted average cost of capital using market value weights
c. Compare the answer obtained in parts a and b. explain the differences.
