{"id":1536,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1536"},"modified":"2026-02-10T09:05:27","modified_gmt":"2026-02-10T09:05:27","slug":"target-capital-structure-wacc","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/target-capital-structure-wacc\/","title":{"rendered":"Target Capital Structure and WACC"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital (2021 Level I CFA\u00ae Exam \u2013 Reading 33)\",\n  \"description\": \"This video lesson covers the fundamentals of the cost of capital, including the calculation and interpretation of the weighted average cost of capital (WACC), tax impacts, cost of debt, equity, and preferred stock, as well as project-specific risks, beta adjustments, and international considerations for optimal financial decision-making.\",\n  \"uploadDate\": \"2018-10-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/I_SgGrDv1YM\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/I_SgGrDv1YM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\",\n  \"duration\": \"PT33M52S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What are company XYZ\u2019s target capital structure weights?\",\n    \"text\": \"If the current market value of company XYZ\u2019s debt and common equity are $55 million and $45 million respectively and represents the company\u2019s target capital structure, what is company XYZ\u2019s target capital structure weights?\\n\\nA. 55% debt; 45% equity\\nB. 45% debt; 55% equity\\nC. 50% debt; 50% equity\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A. 55% debt; 45% equity. The weight of debt is calculated as 55 \/ (55 + 45) = 0.55, and the weight of equity is calculated as 45 \/ (55 + 45) = 0.45.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/XDs9kjMPKTo?rel=0&#038;modestbranding=1&#038;playsinline=1&#038;vq=hd1080\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<p>The target capital structure of a company refers to the capital which the company is striving to obtain. In other words, target capital structure describes the mix of debt, preferred stock and common equity which is expected to optimize the stock price of a company. As a company raises new capital, it will focus on maintaining this target or optimal capital structure.<\/p>\n<h2><strong>Using Target Capital Structure to Estimate the Weighted Average Cost of Capital (WACC)<\/strong><\/h2>\n<p>To determine the weights to be used in the computation of WACC of a company, a manager should ideally use the proportion of each source of capital which will be used.<\/p>\n<p>For example, if a company has three sources of capital: debt, common equity, and preferred stock, then:<\/p>\n<p>\\(w_d\\), the proportion of debt:<\/p>\n<p>$$  w_d=\\cfrac {\\text{Market value of debt}}{\\text{Market value of debt}+\\text{Market value of equity}+\\text{ Market value of preferred stock}} $$<\/p>\n<p>\\(w_e\\), the proportion of equity:<\/p>\n<p>$$  w_e =\\cfrac {\\text{Market value of equity}}{\\text{Market value of debt}+\\text{Market value of equity}+\\text{ Market value of preffered stock}} $$<\/p>\n<p>\\(w_p\\), the proportion of preferred stocks:<\/p>\n<p>$$ w_p =\\cfrac {\\text{Market value of preferred stock}}{\\text{Market value of debt}+\\text{Market value of equity}+\\text{ Market value of preferred stock}} $$ <\/p>\n<p>However, if the target capital structure is known and the company attempts to raise capital in a manner which is consistent with this target, then the target capital structure should be used.<\/p>\n<!-- TOP CTA \u2013 Full Width Outline Button -->\n<div style=\"margin:24px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n       display:block;\n       width:100%;\n       padding:14px 0;\n       border:2px solid #3b6fd8;\n       border-radius:50px;\n       font-size:18px;\n       font-weight:500;\n       text-align:center;\n       text-decoration:none;\n       color:#3b6fd8;\n       background-color:#f4f6f9;\n       box-sizing:border-box;\n     \">\n     Practice WACC questions with free trial access.\n  <\/a>\n<\/div>\n\n<h2><strong>Estimating Target Capital Structure Weights<\/strong><\/h2>\n<p>An external analyst will most likely not know the target capital structure of a company, and will, therefore, have to estimate it using one of the following methods:<\/p>\n<ul>\n<li>assume that a company\u2019s current capital structure, at current market value weights for each capital component, is equivalent to the company\u2019s target capital structure;<\/li>\n<li>examine trends in the capital structure of a company or statements made by its management relation to capital structure policy to infer the target capital structure; and<\/li>\n<li>use the averages of comparable capital structures of companies as the target capital structure.<\/li>\n<\/ul>\n<p>an example will help to explain this concept Further.<\/p>\n<h3>Example: Caculating the Capital Structure<\/h3>\n<p>An analyst wishes to determine the proportion of debt and equity that Company ABC would use to estimate these proportions using (i) the current capital structure of Company ABC, and (ii) the average of company ABC\u2019s competitors\u2019 capital structure. The following information is given:<\/p>\n<p>Company ABC market value of debt&nbsp;&nbsp;&nbsp; =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25 million<\/p>\n<p>Company ABC market value of equity =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35 million<\/p>\n<p>Company ABC\u2019s competitors and their capital structures are:<\/p>\n<p> $$ \\begin{array}{c|c|c}\n\\textbf{Competitor} &amp; \\textbf{Market Value of Debt} &amp; \\textbf{Market Value of Equity} \\\\ \\hline\n\\text{X} &amp; {$20 \\text{ million}} &amp; {$40 \\text{ million }} \\\\ \\hline\n\\text{Y} &amp; {$32 \\text{ million}} &amp; {$55 \\text{ million}} \\\\ \n\\end{array} $$\n<\/p>\n<p><strong>Solution to (i):<\/strong><\/p>\n<p>\\(w_d\\), the proportion of company ABC debt =<\/p>\n<p>$$ \\cfrac{ $25 \\text{ million}}{$25 \\text{ million}+$35 \\text{ million}}=0.41667 $$<\/p>\n<p>\\(w_e\\),&nbsp;the proportion of company ABC equity =<\/p>\n<p>$$ \\cfrac{ $35 \\text{ million}}{$25 \\text{ million}+$35 \\text{ million}}=0.58333 $$<\/p>\n<p><strong>Solution to (ii):<\/strong><\/p>\n<p>\\(w_d\\),&nbsp;the arithmetic average of company ABC\u2019s competitors\u2019 debt:<\/p>\n<p>$$ \\begin{align*}\nw_d = \\cfrac { {\\left( \\cfrac{ $20 \\text{ million}}{$20 \\text{ million}+$40 \\text{ million}} \\right)}+{ \\left(  \\cfrac{ $32 \\text{ million}}{$32 \\text{ million}+$55 \\text{ million}} \\right)} }{2} &amp; =\\cfrac {0.33333+0.36782}{2} \\\\\n&amp; =0.35057  \\\\\n\\end{align*} $$<\/p>\n<p>\\(w_e\\), the arithmetic average of company ABC\u2019s competitors\u2019 equity:<\/p>\n<p>$$ \\begin{align*}\nw_e \\cfrac { {\\left( \\cfrac{ $40 \\text{ million}}{$20 \\text{ million}+$40 \\text{ million}} \\right)}+{ \\left(  \\cfrac{ $55 \\text{ million}}{$32 \\text{ million}+$55 \\text{ million}} \\right)} }{2} &amp; =\\cfrac {0.66667+0.63218}{2} \\\\\n&amp; =0.64943  \\\\\n\\end{align*} $$<\/p>\n<p>Although in the above example, the arithmetic average is calculated, it is also possible to compute the weighted average which would give a greater weight to larger companies.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>If the current market value of company XYZ\u2019s debt and common equity are $55 million and $45 million respectively and represents the company\u2019s target capital structure, what is company XYZ\u2019s target capital structure weights?<\/p>\n<p>A. 55% debt; 45% equity<\/p>\n<p>B. 45% debt; 55% equity<\/p>\n<p>C. 50% debt; 50% equity<\/p>\n<p><strong>Solution: <\/strong><\/p>\n<p>The correct answer is A.<\/p>\n<p>$$ w_d = \\cfrac{ $55 \\text{ million}}{$55 \\text{ million}+$45 \\text{ million}}=0.55 $$<\/p>\n<p>$$ w_e =\\cfrac{ $45 \\text{ million}}{$55 \\text{ million}+$45 \\text{ million}}=0.45 $$<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p><em>Reading 33 LOS 33c:<\/em><\/p>\n<p><em>Describe the use of target capital structure in estimating WACC and how target capital structure weights may be determined<\/em><\/p>\n<div class=\"notes_inv\"><hr>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n<!-- BOTTOM CTA \u2013 Refined Version -->\n<div style=\"text-align:center; background-color:#f4f6f9; padding:35px 20px; border-radius:12px; margin-top:40px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n       display:inline-block;\n       padding:14px 34px;\n       background-color:#3b6fd8;\n       color:#ffffff;\n       border-radius:50px;\n       font-size:16px;\n       font-weight:600;\n       text-decoration:none;\n       margin-bottom:18px;\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"max-width:700px; margin:0 auto; font-size:16px; line-height:1.6; color:#333;\">\n    Strengthen your CFA Level I corporate finance skills with exam-style WACC and capital structure problems, step by step explanations, and timed practice designed to improve calculation accuracy.\n  <\/p>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The target capital structure of a company refers to the capital which the company is striving to obtain. In other words, target capital structure describes the mix of debt, preferred stock and common equity which is expected to optimize the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1536","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Target Capital Structure &amp; WACC | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Target capital structure is the optimal mix of debt, equity, and preferred stock aimed at minimizing WACC and maximizing a company\u2019s stock value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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