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Answer
What is WACC, and how do you calculate it?
The blended required return of all capital providers, used as the DCF discount rate. WACC = E/V × cost of equity + D/V × cost of debt × (1 − tax rate). Cost of equity usually comes from CAPM: risk-free rate + β × equity risk premium.
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The terminal value (often 60–80% of total value): the perpetuity growth rate and the exit multiple. Then WACC — too low inflates value — and the revenue/margin assumptions in the projection.
If the after-tax yield on what you're acquiring exceeds the after-tax cost of financing it (cash, debt, or stock), EPS rises. Rough all-stock rule: higher acquirer P/E than target → accretive.
EV is the cost to acquire the operating business. Cash is a non-operating asset the buyer effectively gets back, so it nets against the debt assumed and reduces the net price.
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