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Essay / Research Paper Abstract
A 3 page paper identifying Dell’s sources of capital and estimating its Weighted Average Cost of Capital (WACC). Sources are investors’ capital, revenues from business operations and debt financing. Based on Dell’s 2003 Annual Report. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSdellCap.rtf
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Unformatted sample text from the term paper:
its beginning 20 years ago, Dell Computer (now Dell, Inc.) has been a master of changing the accepted rules of business to best suit the companys needs. Unlike others
whose names have been linked with recent scandals, all of Dells innovations were true and legal ones, rather than illusion that in reality lay well outside the law. Dell
created the e-business model that so many others have sought to emulate, and Dell originated an approach unheard of in its industry: use customers money to build customers computers.
The result for Dell is that it never has had the oppressive debt that so many of its competitors faced when the PC market disappeared with the arrival of the
new century. As impressive as Dells business results have been over the years, they have not been quite as impressive as the company
would have investors believe. The purpose here is to identify Dells sources of capital and its cost of capital. Investors Capital Founder
Michael Dell had little difficulty securing venture capital in the early days; after he took Dell Computer public in the late 1980s investors have supplied virtually all of the capital
the company needed. Dell is not debt free, but the level of debt it carries is virtually negligible compared to its competitors. Dell stock was attractive to investors
until the fallout of the tech sector in summer 2000, so much so that it experienced seven stock splits between 1992 and 1999 (Annual Report, 2003).
Tech sector investors have shunned not only Dell in the past few years, but also the entire sector. Dells stock currently trades in the range of
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