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WEIGHTED AVERAGE COST OF CAPITAL // DCF DISCOUNT RATE ENGINE

DAMODARAN CRP · PWC TAX · JAN 2026

Company Type

Public: Use levered market beta from comparables or sector average.

Capital Structure

Equity Weight (E/V) i

Debt Weight (D/V) i

Equity + Debt = 100%

Cost of Equity — CAPM

Risk-Free Rate i

Beta (β) i

Mature Market ERP i

Adj. Default Spread i

Local Rf = USD Rf − Adj. Spread | Ke uses Local Rf when Adj. Spread > 0

Country Risk Premium (CRP) i

Lambda (λ) — CRP Exposure i

Ke = Rf + β×ERP + λ×CRP + SP

Cost of Debt & Tax

Pre-Tax Cost of Debt i

Effective Tax Rate i

After-Tax Kd = Pre-Tax Kd x (1 - Tax Rate)

Beta Converter (Hamada)

Formula: β_L = β_U x [1 + (1-t) x D/E]. Enter any two to compute third.

Unlevered Beta (β_U)

Levered Beta (β_L)

D/E Ratio i

Tax Rate (for conversion)

Result

WACC

--%

Equity component

Debt component

Total ERP

Country RP

Adj. Spread

Dam. Tax

Moody's

✓ ERP, CRP & Adj. Spread auto-applied

⌕

Country	Rating	Adj.Spread	CRP	Total ERP	Dam. Tax

Click row to auto-fill. Source: Damodaran NYU, Jan 2026.

Headline CIT

Note

✓ Tax Rate applied · Consider company effective rate instead

⌕

Territory	Headline CIT (%)	Notes

Source: PwC WWTS 2025/26. Use company 3Y effective rate for DCF accuracy.

Configure row/column variables and step sizes

Row Variable

Column Variable

Row Step

Col Step

Rows (each side)

Cols (each side)

Green = WACC below 7% · Blue = Base case · Red = WACC above 13%

WACC = (E/V)·Ke + (D/V)·Kd·(1-t)

Ke = Rf + β·ERP + λ·CRP + SP

Rf — 10Y US Treasury (~4.4%) for USD models. Local currency: sovereign yield minus default spread.

β — Levered beta (public) or Hamada re-levered (private). β_L = β_U × [1+(1-t)×D/E]. Use the Beta Converter panel on the left.

ERP — Damodaran Jan 2026 implied US ERP = 4.23%. Excess equity return over risk-free rate.

CRP — Country Risk Premium = adj. default spread × (σ_equity / σ_bond). Extra premium beyond sovereign risk.

λ (Lambda) — Scales CRP by company country exposure. A US firm with 20% Brazil revenues uses λ = 0.2 on Brazil's CRP. Fully domestic = λ 1.0. Revenue % is the simplest proxy.

SP — Size premium for private/small-cap. Duff & Phelps / Kroll CRSP decile methodology.

Tax — PWC shows headline statutory rates. For DCF accuracy: use company 3Y avg effective tax rate (Tax Expense / Pre-Tax Income from income statement).

CRP: Damodaran NYU, Jan 2026 · Tax: PwC WWTS 2025/26

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