... be done before starting the work in the spreadsheet or when Excel declares the presence of circularity. After these instructions are done, then, the WACC can be calculated as the sum of the ... in the index. This might be an upper limit for the risk perceived by the owner. In case this risk is lower that the perceived risk by the owner, it might be considered as the lower limit. In ... taxes. And this is the condition for the validity of the first proposition of MM. 15same as the risk of the cash flows of the firm rather than the value of the debt. Hence, the discount rate...