Comparable Company Country Total Debt Total Equity
Street and Co Unitetd States 20,000 89,098
HDW Buildings Unitetd States 32,322 101,098
BR Constructions Unitetd States 44,644 113,098
Stereo invest Unitetd States 56,966 125,098
BlueFish Unitetd States 69,288 137,098
Average
Median
Cost of Debt
Pre-tax Cost of Debt 6.00%
Tax Rate 15.00%
Post Tax Cost of Debt 5.1%
Capital Structure
Current Target
Total Debt 50,000 2% 4.85%
Market Cap 2,000,000 98% 95.15%
Total Capital 2,050,000 100% 100%
Debt/Equity 2.50% 5.10%
Other Risk premiums
Size risk 1.00%
Specific risk 1.00%
Total risk premium 2.0%
Notes:
1. Tax Rate consisted on Marginal Tax Rate for the country
2. Levered Beta is based on 5 year monthly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate)*Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity)
Tax Debt/Equity Debt/ Capital Levered Beta Unlevered Beta
34.0% 22.45% 18.33% 0.70 0.61
23.0% 31.97% 24.23% 0.998 0.80
23.0% 39.47% 28.30% 1.20 0.92
22.0% 45.54% 31.29% 1.10 0.81
19.0% 50.54% 33.57% 1.23 0.87
24% 37.99% 27.14% 1.05 0.80
23% 39.47% 28.30% 1.10 0.81
Cost of Equity
Risk Free Rate 4.00%
Equity Risk Premium 4.50%
Levered Beta 0.85
Other Risk Premiums 2.0%
Cost of Equity 9.8%
Levered Beta
Comps Median Unievered Beta 0.81
Target Debt/ Equity 5.10%
Tax Rate 15.0%
Levered Beta 0.85
Weighted Average Cost Of Capital
Cost of Equity 9.81%
Equity Weight 95.15%
Cost of Debt 5.10%
Debt Weight 4.85%
WACC 9.58%
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