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

Abstract

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. KEYWORDSWeighted average cost of capital; Firm valuation; Capital budgeting; Equity cost of capital; Market value. RESUMOA maioria dos livros apresenta o cálculo do custo médio ponderado de capital como: CMePC = Kd×(1-T)×D% + Ke×E%, em que Kd é o custo de capital de terceiros antes dos tributos; T, alíquota de imposto; D%, o porcentual dos empréstimos em relação ao ativo total; Ke, o custo do capital próprio; e E%, o porcentual do patrimônio líquido sobre o ativo total. Todos eles necessitam (mas não com suficiente ênfase) que os valores para calcular D% e E% sejam valores de mercado. Muito embora se dedique atenção especial para calcular Kd e Ke, pouco esforço é destinado ao cálculo correto de seus valores de mercado. Isso significa que há inúmeros pontos que não são suficientemente esclarecidos: valores de mercado, localização no tempo, ocorrência do pagamento de tributos, a variação do CMePC ao longo do tempo e circularidade no cálculo do CMePC. O objetivo deste artigo é esclarecer esses conceitos, resolver o problema da circularidade e discutir alguns ideias geralmente ainda obscuras. Igualmente, algumas sugestões são apresentadas para o cálculo ou estimação do custo do capital próprio. PALAVRAS-CHAVECusto médio ponderado de capital; Avaliação da empresa; Orçamento de capital; Custo do capital próprio; Valor de mercado.

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