Inputs

Formula Macro Data

βe=βa*(1/(1-L)) Risk Premium
Risk Free Rate
Re=Rf+βe(Rm-Rf) Tax Rate
Debt Rate Premium

Capital Structure

Market Value of Equity Value of Debt

Price per share $94.72 Debt
Number of Shares outstanding $ 413,300,000.00
Market Value of Equity $ 39,147,776,000.00

Asset Beta

Equity Beta 1.09

Asset Beta 0.872

Cost of Capital

Cost of Debt 2.6800%

Cost of Equity Re - CAPM 7.3700%
WACC 6.3650%
 5.00%
1.92%
13%
0.8%

Market Leverage
$ 8,225,000,000.00 Actual D/V 17.36%
Target D/V 20%
Inputs

Formula Macro Data

βe=βa*(1/(1-L)) Risk Premium
Risk Free Rate
Re=Rf+βe(Rm-Rf) Tax Rate
Debt Rate Premium

Capital Structure

Asset Beta

Comparable 1 Comparable 2

Equity Beta 1.72 Equity Beta

Market Leverage 18% Market Leverage
Asset Beta 1.4104 Asset Beta

Average Asset Beta 1.25725

Cost of Capital

Equity Beta 1.5715625

Cost of Debt 3.2%
Cost of Equity Re - CAPM 9.8%
WACC 8.38%
5.00%
1.92%
13%
1.3%

Leverage
Actual D/V 17%
Target D/V 20%

Comparable 3 Comparable 4

1.51 Equity Beta 1.38 Equity Beta

16% Market Leverage 9% Market Leverage
1.2684 Asset Beta 1.2558 Asset Beta
 1.52
28%
1.0944