awacc.py

Created by matthieumorvant

Created on June 23, 2025

668 Bytes

WACC (COUT MOYEN
PONDERÉ DU CAPITAL)
FORMULE
WACC =
(E / (D+E)) * Ke
•  (D / (D+E)) * Kd * (1 - IS)
E = capitaux propres
D = dettes financières
Kd = coût dette
Ke = coût FP
IS = taux impôt
DEFINITION
WACC = coût global
du financement de l’E
mélange dettes + FP
mesure le coût moyen
que l’E doit générer pr
rémunérer dettes + actionnaires
ANALYSE
ROCE > WACC →
création valeur
ROCE < WACC →
destruction valeur
CALCULS DETAILLES
Ke ≈ (div / cours) + g
g = croissance attendue
Kd = taux interêt moyen
sur dettes financières
D = dettes fin. LT + CT
(treso passive exclue)
E = capitaux propres
(1-IS) = avantage fiscal
des intérêts sur dettes

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