Cf Financing 7

In 2000, Philip Morris generated in cash $11billion. It paid 4.5b as dividends, repurchased shares for 3.6b & 2.9b was reinvested in business. The company borrowed 10.9b and raised 100m thru equity.

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Our cost of capital is calculated using the approximate market value weightings of debt and equity used to finance the company. The cost of debt is simply our after-tax, long-term debt rate, which is around 5.7%. The cost of equity is approximately 11.4%. - The Quaker Oats Company, 1992 Annual Report.

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Miller Modigilliani Hypothesis ,[object Object],[object Object],[object Object]

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Cf Financing 7

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Cf Financing 7