[기업가치평가론]외환은행 기업가치 구하기(CAMEL RATIO)

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"[기업가치평가론]외환은행 기업가치 구하기(CAMEL RATIO)"에 대한 내용입니다.

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본문내용

- Those data sets for FCF are from Financial Supervisory Service.

To discount FCF with (k_i-g), we need to know the value of k_i. Using given assumptions, we can get the value of k_e by CAPM. However, we can’t access the information about k_d and it’s ambiguous to estimate. So I tried to estimate k_d with corporate bond rate data on ECOS of Bank Of Korea.
Normally, corporate bonds are graded by three major credit rating agencies called Moody’s, S&P and Fitch. If bonds are rated under BBB, those bonds are called “Junk bonds.” But we don’t know KEB how many AA rated or BBB rated bonds has.

참고 자료

http://www.joseilbo.com/news/htmls/2011/07/20110701119274.html
http://www.mt.co.kr/view/mtview.php?type=1&no=2012020908561319915&outlink=1