Calculate cost of equity, Financial Management

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1. Why do you think you are asked to perform valuation given an array of discount rates?

a. Would it not be more accurate to utilize, for example, CAPM to calculate cost of equity and then use the result of that calculation to find out firm value??

b. Do you think your work loses/gains accuracy by discounting FCFs by an array of discount rates ("theoretical WACCs)? Why or why not?

2. Regarding terminal value: do you think it should be discounted using the same WACC as initial FCF forecasts? Or do you think you should pick a different discount rate?

3. What if... you consider Nantucket is currently at the growth stage but you think this growth will level off in the years ahead. How would you factor this in your valuation?

4. Say Tom & Tom decide to sell their company, but their valuation is significantly higher than that of their potential buyer, who applies valuation shown under point number three. Buyer argues that it is T&T's management that adds value to the company, so future FCFs will not meet T&T's forecasts under new management. How do you propose you bridge this gap? Hint: think of a way that would align objectives between T&T and potential buyer!


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