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At 6.61% WACC, this creates significant value. The $12M investment is approved.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Example 3: Retail Chain Expansion","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"heading","version":1,"tag":"h3"},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"Situation:","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" FreshMart is considering opening 5 new locations. Each store costs $800K and projects $90K annual profit—an 11.25% return. Worth it?","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"Their numbers:","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Cost of equity: 12%","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":1},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Equity market value: $12 million","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":2},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Cost of debt: 6.5%","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":3},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Debt: $8 million","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":4},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Tax rate: 22%","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":5}],"direction":null,"format":"","indent":0,"type":"list","version":1,"listType":"bullet","start":1,"tag":"ul"},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"Calculation:","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Total capital: $20 million","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":1},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Equity weight: 60% | Debt weight: 40%","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":2},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"WACC = (60% × 12%) + (40% × 6.5% × 0.78)","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":3},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"WACC = 7.2% + 2.03% = ","type":"text","version":1},{"detail":0,"format":1,"mode":"normal","style":"","text":"9.23%","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"listitem","version":1,"value":4}],"direction":null,"format":"","indent":0,"type":"list","version":1,"listType":"bullet","start":1,"tag":"ul"},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"Decision:","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" Store expansion at 11.25% return exceeds the 9.23% WACC by nearly 2 percentage points. Each store creates roughly $16,000 in annual value above the cost of capital. Expansion approved.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""},{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Common Mistakes (And How to Avoid Them)","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"heading","version":1,"tag":"h2"},{"children":[{"detail":0,"format":1,"mode":"normal","style":"","text":"Mistake #1: Using book value instead of market value","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" Book value is backward-looking—it tells you what shareholders invested historically, not what the company is worth today. A successful company's market value often exceeds book value by 3-5x or more. 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34:["$","div",null,{"className":"bg-white rounded-lg shadow-sm p-8","children":[["$","h2",null,{"className":"typo-large mb-6 text-mist-950","children":"Frequently Asked Questions"}],["$","div",null,{"className":"space-y-6","children":[["$","div","0",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"What is a good WACC percentage?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"\"Good\" depends entirely on context. A 6% WACC is excellent for a utility company but would signal serious problems for a tech startup (investors would expect much higher returns for that risk). Generally, established companies in stable industries see WACCs between 6-10%. Growth companies and riskier businesses typically range from 10-15% or higher. Compare your WACC to industry peers rather than looking for a universal benchmark.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}],["$","div","1",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"How do I calculate cost of equity if my company isn't public?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Use the CAPM formula with a proxy beta. Find 3-5 public companies that match your business model, industry, and size as closely as possible. Average their betas, then add a small premium (1-3 percentage points) for illiquidity and company-specific risk. Private company cost of equity is typically 2-4% higher than comparable public companies.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}],["$","div","2",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"Should I use book value or market value for debt?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"For most companies, book value of debt is fine—it's usually close to market value unless you've had dramatic interest rate changes since borrowing or your credit quality has shifted significantly. If you have publicly traded bonds, you can use their current market price. For standard bank loans, book value works.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}],["$","div","3",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"Why does adding debt sometimes lower WACC?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Two reasons. First, lenders accept lower returns than shareholders because they get paid first in bankruptcy—they're taking less risk. Second, the tax deductibility of interest creates a government subsidy on your borrowing costs. So up to a point, replacing expensive equity with cheaper after-tax debt reduces your blended cost of capital. But there's a limit—too much debt increases bankruptcy risk, scares off investors, and eventually pushes WACC back up.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}],"$L36","$L37","$L38","$L39","$L3a","$L3b"]}]]}]
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36:["$","div","4",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"How often should I update my WACC?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"At minimum, once per year during your planning cycle. Also recalculate after major financing events (new loans, equity raises, debt payoffs), significant stock price movements (up or down 20%+), or meaningful interest rate shifts. For active M&A or capital allocation work, use a fresh WACC for each analysis.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
37:["$","div","5",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"What's the relationship between WACC and discount rate?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"WACC ","type":"text","version":1},{"detail":0,"format":2,"mode":"normal","style":"","text":"is","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" a discount rate—specifically, the one you use to evaluate projects with similar risk to your overall company. For most corporate investment decisions, WACC and discount rate are interchangeable. However, if you're evaluating a project that's significantly riskier or safer than your core business, you should adjust the discount rate accordingly. A conservative expansion deserves a lower rate; a speculative R&D bet deserves a higher one.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
38:["$","div","6",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"Can my WACC ever be too low?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Technically, lower WACC is better—it means cheaper capital and higher company valuations. But an unusually low WACC might signal that you're being too aggressive with assumptions (understated cost of equity, for example) or that you're overleveraged. Very high debt loads can produce artificially low WACCs that don't account for increased bankruptcy risk. Always sanity-check your result against industry benchmarks.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
39:["$","div","7",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"How do I find the cost of debt for a company with no current borrowings?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Look at what rate you ","type":"text","version":1},{"detail":0,"format":2,"mode":"normal","style":"","text":"would","type":"text","version":1},{"detail":0,"format":0,"mode":"normal","style":"","text":" pay if you borrowed. Check rates for comparable companies, ask your banker for indicative terms, or use yields on corporate bonds for your credit rating and industry. You can also add a spread (typically 1-3%) over the risk-free rate based on your company's creditworthiness.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
3a:["$","div","8",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"Why is interest tax-deductible but dividends aren't?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"This is a quirk of tax law that significantly affects capital structure decisions. Interest payments are considered a business expense and reduce taxable income. Dividends are paid from after-tax profits and provide no tax benefit. This asymmetry makes debt financing more attractive from a pure cost perspective, which is why the tax shield appears in the WACC formula.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
3b:["$","div","9",{"className":"pb-6 last:pb-0","children":[["$","h3",null,{"className":"text-lg font-medium text-mist-950 mb-3","children":"What if my WACC calculation seems way off from expectations?"}],["$","div",null,{"className":"prose max-w-none text-mist-600","children":["$","$L31",null,{"content":{"root":{"children":[{"children":[{"detail":0,"format":0,"mode":"normal","style":"","text":"Double-check your inputs systematically. The most common errors: using book value instead of market value for equity, forgetting the tax shield on debt, using an outdated beta, or including non-interest-bearing liabilities in debt. Compare your result to the industry benchmarks above. If you're still getting strange numbers, walk through the CAPM calculation step-by-step—that's usually where errors hide.","type":"text","version":1}],"direction":null,"format":"","indent":0,"type":"paragraph","version":1,"textFormat":0,"textStyle":""}],"direction":null,"format":"","indent":0,"type":"root","version":1}}}]}]]}]
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