Unternehmensbewertung mit dem WACC-Verfahren: Steuern, Wachstum und Teilausschüttung

Abstract

We determine the weighted average cost of capital (WACC) to be used in the valution of a firm if the EBIT grows and the plow black ratio is positive. This is done under consideration of the german tax system. Corporate taxes and personal taxes of investors are integrated. It is shown that the correct WACC depend on the tax rates, the growth rate, and the plow back ratio. Hence, in most cases they differ quite clearly from the value calculated by using the Text book formula.