A model to evaluate a growing levered firm is proposed. The model is based on the APV and it is shown that such an evaluation cannot be based on WACC approach. The existence of the optimal level of leverage is proved.
On the Valuation of a Growing Levered firm
CIGOLA, MARGHERITA;MASSARI, MARIO;PECCATI, LORENZO;VULCANO, ANTONIO;ZANETTI, LAURA
2003
Abstract
A model to evaluate a growing levered firm is proposed. The model is based on the APV and it is shown that such an evaluation cannot be based on WACC approach. The existence of the optimal level of leverage is proved.
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