Réconciliation dette financière et dette nette - modèle excel

Component
Capital Invested
After-tax Earnin
V g
als
ue
PE
P/BV
Operating Assets
1000
125
1250
10,00
1,25
Cash
250
10
250
25,00
1,00
Firm
1250
135
1500
11,11
1,20

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Gross Debt Approach Net Debt Approach
Debt =
$500,00
$250,00
Equity =
Err:522
Err:522
Cash =
$250,00
Unlevered beta of operating assets =
1,42
1,42
Levered beta
Err:522
Err:522
Cost of equity
Err:522
Err:522
Cost of debt
Err:522
7,80% ! Cost of debt used has to be adjusted to reflect assumptions about cash holdings.
Cost of capital
Err:522
Err:522
Operating Assets
Err:522
Err:522
Cash
$250,00
$0,00
Firm Value
Err:522
Err:522
Debt
$500,00
$250,00
Equity Value
Err:522
Err:522
Operating Earnings =
125
125
Cash Earnings =
10
10
Tax Rate =
40%
40%
Riskfree rate =
4,00%
4,00%
Risk premium =
5,00%
5,00%
Cost of debt for the firm =
5,90%
5,90%

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! Cost of debt used has to be adjusted to reflect assumptions about cash holdings.
The gross and net debt approaches make different assumptions about how the cash in a firm is funded.
In the net debt approach, cash is entirely funded with riskfree debt and the operating assets are funded with all
of the equity and the remaining debt. In the gross debt approach, cash is funded with the same mix of debt and
equity as the operating assets of the firms.
The upshot of this is that the cost of debt that we use in the cost of capital for the two approaches has to be adjusted
to reflect these assumptions. In the net debt approach, the debt carried by the operating assets is much riskier since
the safest asset (cash) is fully funded with debt. In the gross debt approach, the cost of debt will be lower because
cash shelters some of the debt. In neither case, can the stated cost of debt for the entire firm (which includes cash
and operating assets) be used in the cost of capital.
When the tax rate is 0% and the costs of debt are adjusted to reflect the different risks (which this spreadsheet does),
the two approaches will yield the same value for equity. As the tax rate rises, the two approaches will diverge with the
net debt approach yielding a lower value. This is because the net debt approach assumes that any tax benefit from the
debt used to fund cash is fully offset by the tax that will have to be paid on the interest income from cash.

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