12.07.2015 Views

Presentation - World Services Group

Presentation - World Services Group

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Sensitivity of Enterprise Value to WACCLong-Term Growth RateWACC 2.5% 5.0% 7.5%13% 1,033 1,241 1,64014% 939 1,101 1,38815% 861 989 1,20316% 794 897 1,06217% 736 821 950• Decreasing WACC from 15% to 13% = 25% increase invalue• Sensitivity is greater for equity value (BEV – net debt)• Increasing or decreasing long-term growth rate also has amaterial impact21

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