Salma Ahmed
English Lit. GCSE Student
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cOPORATE fINANCE
- Words:
- 2207
- Submitted:
- Fri Nov 13 2009
- Mark submitted by Author:
Have a little read: ... Company - GlasoSmithKline a) Calculate the company's weighted average cost of capital and explain/justify your calculation. The calculation of GSK's WACC for the year 2008 is stated below: WACC (WEIGHTED AVERAGE COST OF CAPITAL): WACC = Debt % (Cost of debt) + Equity % (Cost of Equity) (1-T) = 79% (5%) + 21% (10.04%) (1- 29.2%) = 5.44% SUPPORTING CALCULATION AND ASSUMPTIONS: Ks = Dp/Pp+g 0.57/12.85+10% 10.04% * Business growth in the year 2008 with reference to the annual report is 10% (GSK Annual Report, 2008, p.15). * Dividend per share is 57p in the year 2008 (GSK Annual Report, 2008, p.03). * Price of the stock in the year 2008 is £12.85 (GSK Annual Report, 2008, p.94). * Overall weighted average cost of debt is 5% as mentioned in the financial report (GSK Annual Report, 2008, p.145). * Tax rate applied in the year 2008 for 12 months operation is 29.2% (GSK Annual Report, 2008, p.188). GSK is highly dependent on debt
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