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Progresso di Studio
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Taught in English
Questo esame si sostiene in inglese: le lezioni e le domande sono in inglese. L'interfaccia resta in italiano.
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Key formulas
WACC
After-tax cost of debt: R_d(1−T_c). V = E + D (total firm value).
MM (No Tax) — Irrelevance
Without taxes, firm value is independent of capital structure. Leverage is irrelevant.
MM (With Tax) — Tax Shield
Each euro of debt saves T_c in taxes, permanently. Levered firm is worth more.
Gordon Growth Model
Growing perpetuity formula for stock valuation. Requires r_e > g.
The Valuation Chain
Every topic in corporate finance connects into this chain.
Part 1 of 1
WACC is the blended cost of all the firm's financing. Any project must earn at least this rate to create value.
Worked example
60% equity at R_e=12%, 40% debt at R_d=6%, T_c=25%. WACC = 0.60×0.12 + 0.40×0.06×(1−0.25) = 0.072 + 0.018 = 9.0%. A project returning 11%: NPV > 0 → accept. A project returning 7%: NPV < 0 → reject.
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