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Pitfalls in the use of WACC

Although discounting free cash flows by WACC is widely used in the valuation of assets, its use involves many assumptions that are not likely to hold in practice. Moreover, it is limited in dealing with many realistic non-operating cash flows. Join Ron Giammarino, Professor of Finance with the Sauder School of Business at the University of British Columbia, as he provides an overview of the problems associated with WACC and show how Adjusted Present Value or Valuation by Components can overcome these shortfalls. Ron will also discuss how APV can be used to account for debt guarantees, tax loss carry-forwards, and expected value of tax shields.

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