Below is the various required element for both the companies. Cost of capital is an important factor in determining the company’s capital structure. Cost of Capital formula also helps to calculate the cost of the project. Suppose the baseline case features an interest rate of 2 percent, a rate of depreciation of 6 percent, a price of capital that rises at 1 percent per year, and a 0 percent corporate tax rate. Formula. The equations above involve several simplifications. The modified CAPM was used to estimate a range of cost of equity of 11.25% to 14.3% for the subject company, which includes a small stock premium and no company-specific risk premium. The working capital formula tells us the short-term liquid assets remaining after short-term liabilities have been paid off. }, This article has been a guide to the Cost of Capital Formula. Umgekehrt erhält man die Kapitalkosten vor Steuern, indem man den obigen Ausdruck für die WACC durch den Steuerfaktor dividiert. User Cost of Capital. When considering assets for the diversification of an investment portfolio, investors and financiers use a variety of tools to project the required rate of return and risk of a given investment. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Download Cost of Capital Formula Excel Template, Christmas Offer - Investment Banking Training (117 Courses, 25+ Projects) View More, You can download this Cost of Capital Formula Excel Template here –, Investment Banking Training (117 Courses, 25+ Projects), 117 Courses | 25+ Projects | 600+ Hours | Full Lifetime Access | Certificate of Completion, has been a guide to the Cost of Capital Formula. Calculate the tax-adjusted user cost of capital of a machine that costs $10,000 and depreciates at a rate of 10%, when the real interest rate is 3% and the tax rate on revenue is 5%. The cost of equity is expressed in terms of percentage, and the formula is as follows: Cost of Equity = Risk-Free Return + Beta * (Average Stock Return – Risk-Free Return), Let us take an example of a company ABC Limited to see if it is able to generate returns. Cost of capital is a combination of cost of debt and cost of equity. Cost of Capital and Capital Structure. Viele übersetzte Beispielsätze mit "user cost of capital" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. So, Google has lesser WACC then Apple depending on the rate of return investor can take the decision of investment in a particular company. Once this costing is paid for, the remaining money is profit. The formula used to calculate it is as follows: WMCC = w d ×r d ×(1-T) + w ps ×r ps + w cs ×r cs + w re ×r re The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets.The WACC is commonly referred to as the firm's cost of capital.Importantly, it is dictated by the external market and not by management. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. It is commonly computed using the capital asset pricing model formula: Cost of equity = Risk free rate of return + Premium expected for risk. What is the Working Capital Formula? Since it generates a specific number that determines profitability, it’s used to determine the hurdle rate. Umgekehrt erhält man die Kapitalkosten vor Steuern, indem man den obigen Ausdruck für die WACC durch den Steuerfaktor dividiert. Cost of Capital Formula The three components of cost of capital discussed above can be written in an equation as follows: K = Cost of Capital r0 = Return at zero risk level border-top: 0 !important; The formula for cost of capital is equity as a percentage of total capital multiplied by the cost of equity, plus debt as a percentage of total capital multiplied by the cost of debt. How to Calculate the Cost of Capital The cost of capital is comprised of the costs of debt, preferred stock, and common stock. The formula for Weight Average Cost of Capital can be written as:-. In brief, the cost of capital formula is the sum of the cost of debt, cost of preferred stock and cost of common stocks. This formula isn’t easy to run on your own unless your financial professional. Cost of capital is a very important tool in the valuation of business one can track its growth through the cost of capital formula. Cost of capital is an important factor in determining the company’s capital structure. WACC provides us a formula to calculate the cost of capital: The cost of debt in WACC is the interest rate that a company pays on its existing debt. (60% * 5%) + (40% * 20%) = WACC 3% + 8% = WACC 11% = WACC Therefore, our investment’s total cost of capital — across debt and equity — is 11%. The cost of equity is the expected rate of return for the company’s shareholders. Not to be redundant, but it is important, the Weighted Average Cost of Capital takes both debt and equity sources of capital. Based on the above calculations, ABC Limited’s return of 10.85% is adequately higher than its cost of capital of 9.86%. .cal-tbl td{ The amount of outstanding debt and preference share is available in the balance sheet, while the value of common equity is calculated based on the market price of the stock and outstanding shares.Weightage of debt = Amount of outstanding debt ÷ … Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Guide to Examples of Price to Sales Ratio, Finance for Non Finance Managers Training Course. One can calculate the retained earnings by multiplying the net income for the period with the retention rate. The weight of the debt component is computed by dividing the outstanding debt by the total capital invested in the business, i.e., the sum of outstanding debt, preferred stock, and common equity. To put it simply, the weighted average cost of capital formula helps management evaluate whether the company should finance the purchase of new assets with debt or equity by comparing the cost of both options. Nowadays, an increasing number of companies are opting to stay private for longer, bypassing regulations and public stakeholders. Debt is 60 percent of capital and the cost of debt is 10 percent. Cost of Capital formula calculates the weighted average cost of raising funds from the debt and equity holders and is the sum total of three separate calculation – weightage of debt multiplied by the cost of debt, weightage of preference shares multiplied by the cost of preference shares, and weightage of equity multiplied by the cost of equity. We also provide Cost of Capital Calculator with downloadable excel template. While the total number of US companies continues to grow, the number of those traded on stock exchanges has fallen 45% since peaking 20 years ago. user cost of capital. weighted average cost of capital (Kapitalkostensatz nach Körperschaftsteuer) % ... Durch Multiplikation mit dem Steuerfaktor erhält man die in der Formel dargestellten Renditen nach Körperschaftsteuer. .cal-tbl tr{ The cost of debt is calculated by multiplying the interest expense charged on the debt with the inverse of the tax rate percentage and then dividing the result by the amount of outstanding debt and expressed in terms of percentage. This relationship is illustrated in the graph below. cost of funds the company uses to fund and finance its operations β = 1, Asset volatility is the same rate as market. Cost of equity = Risk free rate of return + Beta × (market rate of return – risk free rate of return) where Beta = sensitivity to … Cost of capital involves debt, equity, and any type of capital. and (max-device-width : 480px) { WACC Example. The following article will explain each providing formulas on how they are calculated. The cost of capital represents the cost of obtaining that money or financing for the small business. Suppose, a company started a project of shopping mall construction for that it took a loan of $1,000,000 from the bank, cost of equity is $500,000. The formula used to determine the cost of equity capital using the capital-asset-pricing method is where rf is the risk-free return, km is an average stock’s return, and â measures the variability in the specific firm’s common stock return relative to the variability in the average stock’s return. The three components of cost of capital discussed above can be written in an equation as follows: K = Cost of Capital. The marginal cost of capital tends to increase as the amount of new capital grows. The opportunity cost is the percentage return lost for rejecting one project and accepting another. It is different from the average cost of capital which is based on the cost of equity and debt already issued. It is the composite rate of return required by shareholders and debt-holders for financing new investments of the company. Cost of Capital = $ 1,500,000. Cost of capital is the cost or fund required to build a project like building a factory, malls etc. The point where the marginal cost of capital curve ends its flat trend is known as the break point. The cost of preferred stock is simple, and it is calculated by dividing dividends on preference share by the amount of preference share and expressed in terms of percentage. Weighted average cost of capital (WACC) is a way to measure the required rate of return of a company. Hall and Jorgenson derived the formula for the user cost based on the neoclassical model ’ s proposition that the price of a capital asset should be equal to the present value of the rental income stream generated by the asset net of taxes and depreciation. Here we discuss how to apply the Cost of Capital Equation along with practical examples and downloadable excel templates. The user cost of capital: Consider the basic formula for the user cost of capital in the presence of a corporate income tax. Cost of Capital = $1,000,000 + $500,000. Cost of capital formula used for financial management of a company. So, the cost of capital for project is $1,500,000. (60% * 5%) + (40% * 20%) = WACC 3% + 8% = WACC 11% = WACC Therefore, our investment’s total cost of capital — across debt and equity — is 11%. Suppose the baseline case features an interest rate of 2 percent, a rate of depreciation of 6 percent, a price of capital that rises at 1 percent per … }.cal-tbl tr{ Formula for Cost of Capital can be written as:-. It also helps to calculate dividend to be paid. First, it includes the difference between the interest rate on company bonds as compared to the U.S. Treasury Bill rate. the sum of outstanding debt, preferred stock, and common equity. The most important thing to note is that, it is the weighted average capital which is relevant in calculating cost of capital . The weight of the common equity component is computed by dividing the product of a market value of stock and an outstanding number of shares (market cap) by the total capital invested in the business. From this equation, one can solve for the rental income per period, that is, the user cost, as a function of the price of the capital asset, the expected … .free_excel_div{background:#d9d9d9;font-size:16px;border-radius:7px;position:relative;margin:30px;padding:25px 25px 25px 45px}.free_excel_div:before{content:"";background:url(https://www.wallstreetmojo.com/assets/excel_icon.png) center center no-repeat #207245;width:70px;height:70px;position:absolute;top:50%;margin-top:-35px;left:-35px;border:5px solid #fff;border-radius:50%}, First we have to calculate the following –, So, Total capital = $50,000,000 + $15,000,000 + $70,000,000, So, Weightage of debt = $50,000,000 ÷ $135,000,000, Therefore, Cost of debt = $4,000,000 * (1 – 34%) ÷ $50,000,000, Hence, Weightage of preference share = $15,000,000 ÷ $135,000,000, So, Cost of preference share = $1,500,000 ÷ $15,000,000, So, Weightage of equity = $70,000,000 ÷ $135,000,000, So, Cost of equity = 4% + 1.3 * (11% – 4%). This cost represents the amount the market expects as compensation in exchange for owning the stock of the business, with all the associated ownership risks. Cost of Debt Capital = Interest Rate * (1 – Tax Rate) Weighted Average Cost of Capital (WACC) Most of the times, WACC is referred as a cost of capital because of its frequent and vast utilization especially when evaluating existing or new projects. Start Your Free Investment Banking Course, Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, The simple formula of cost of capital is, it is the sum of the cost of debt and cost of equity. Weighted Average Cost of Capital (kurz: WACC) sind gewichtete durchschnittliche Kapitalkosten. Once this cost is paid for, the remaining money is profit. Cost of capital is the required return a company needs in order to make a capital budgeting project, such as building a new factory, worthwhile. WACC = (80,000 / 100,000) * 10 + (20,000 / 100,000) * 5% * (1 – 30%), Cost of Debt of Apple = (5% + 2%) * (1 – 40%), Cost of Debt of Google = (6% + 2%) * (1 – 40%), WACC for Apple = 6/7 * 13% + 1/7 * 4% *(1 – 40%). Cost of capital (based on the capital asset pricing model) r e = r f + β x market risk premium. The formula for the cost of debt is as follows: Cost of debt = Interest Expense * (1 – Tax Rate) ÷ Amount of outstanding debt. Now, one has to calculate the cost of capital for the project. For this, the arbitrage argument proves quite helpful, as shown in the fol-lowing equation: rp k = (1−τ)MPK − dp¯ k + ∆p k. | {z } | {z } cost of funds returnfrominvesting incapital (21.5) 1This approach to investment was developed by … Here we discuss how to apply the Cost of Capital Equation along with practical examples and downloadable excel templates. Cost of Capital Calculator. Let us take an example to understand the Cost of Capital formula in a better manner. The formula for the cost of capital is comprised of separate calculations for all three of these items, which must then be combined to derive the total cost of capital on a weighted average basis. Accountants and financial analysts use the Weighted Average Cost of Capital (WACC) formula to calculate cost of capital. The working capital formula is: Working capital = Current Assets – Current Liabilities. What is Cost of Capital? First, they ignore changes in the user cost over the period of home ownership. So from the above, we have gathered the following information. It’s common to use the U.S. Treasury Bill rate as the risk-free rate of return (rf). The amount of debt … If the business uses both debt and equity financing it gets more complicated. Cost of Capital = Cost of Debt + Cost of Preferred Stock + Cost of Common Stocks, Cost of Capital = Interest Expense (1- Tax Rate) + D0 / P0+ Rf  + β * (Rm – Rf ), Cost of Capital = Interest Expense (1- Tax Rate) + D0 / P0 + D1 / P0 + g, Weight average cost of capital = wd rd + wp rp + we re. Financing new purchases with debt or equity can make a big impact on the profitability of a company and the overall stock price. The Cost of Capital Formula: CoC involves debt, equity, and all other type of capital. } The weighted marginal cost of capital Formula = It is calculated in case the new funds are raised from more than one source and it is calculated as below: Cost of Capital Formula. Weighted Average cost of capital is the overall cost of capital. The formula for the cost of capital is comprised of separate calculations for all three of these items, which must then be combined to derive the total cost of capital on a weighted average basis. Basically, a ratio of 1 or a percentage of 100% is created by these sources. The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets.The WACC is commonly referred to as the firm's cost of capital.Importantly, it is dictated by the external market and not by management. As mentioned above, the weighted marginal cost of capital is the weighted cost of new capital raised. The user cost of capital is also referred to as the “rental price” of a capital good, or the “capital service price". Its a numerical example. As mentioned above, the weighted marginal cost of capital is the weighted cost of new capital raised. It is used by an investor to choose the best investment option. Cost of Capital and Capital Structure. In the world of capital budgeting, not all projects can be approved so financiers must come up with a reason to reject or accept a project. The cost of equity is composed of three variables- risk-free return, an average rate of return from a group of a stock representative of the market, and beta, which is a differential return that is based on the risk of the specific stock in comparison to the larger group of stocks. line-height: 0.5em ; The cost of capital is the cost of investing in a project or asset. Weightage of Equity = Market value of common equity ÷ Total capital. In the world of capital budgeting, not all projects can be approved so financiers must come up with a reason to reject or accept a project. The formula for the cost of preference share is as follows: Cost of Preference Share = Dividend on preference share ÷ Amount of Preferred Stock. , so the user cost becomes 1 s s s r q p q. The weight of the debt component is computed by dividing the outstanding debt by the total capital invested in the business i.e. Weight average cost of capital is a calculation of a company’s cost of capital in which each category of capital is proportionately weighted it short it computes a cost of each source of capital. Cost of Capital Formula (Table of Contents). The following article will explain each providing formulas on how they are calculated. This method’s cost estimation uses a risk-free rate of return, rf, plus an additional risk premium, rp, or where ke is the cost of equity capital. Cost of capital is the opportunity cost of funds available to a company for investment in different projects. Let beta of stocks be 1.2 and credit spread 2%. The tax system effectively taxes the net (after depreciation) return to investment, r q s q s. In this case, new and old capital receive the same present value of depreciation allowances per unit of capital, so the new and … Cost of capital is the return (%) that is expected by the investors who provide the capital for a business. WACC is used to find DCF valuation of the company. The cost of equity is the return that an investor expects to receive from an investment in a business. … Since it generates a specific number that determines profitability, it’s used to … Seco… The Use of Cost of Capital in Financial Management Cost of capital is the return (%) expected by investors who provide capital for a business. You can learn more about Financial Analysis from the following articles –, Copyright © 2020. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Capital for a small business is simply money or the financing that the company uses to fund its operations and purchase assets. line-height: 1em !important; Formulas Used to Calculate Cost of Capital. That is not a concern if all flows are constant, which is a reasonable assumption for most variables if they are measured in real terms. and (min-device-width : 320px) Cost of capital is the total cost in obtaining debt or equity capital. It is also an opportunity cost of investment that means if the same amount has been invested in other investment the rate of return one could have earn is the cost of capital. Risk Free Rate Formula | How to Calculate? There are multiple uses of the cost of capital formula, they are as follows:-. r e = expected returns to shareholders. Now, one has to calculate the cost of capital for the project.Cost of Capital is calculated using below formula,Cost of Capital = These sources are then proportioned into their respective buckets relative to total capital. Der Durchschnitt wird aus den Eigenkapitalkosten und den Fremdkapitalkosten gebildet und mit deren Anteil am Gesamtkapital gewichtet. For example, a company’s cost of capital may be 10% but the finance department will pad that some and use 10.5% or 11% as the discount rate. The user cost of capital: Consider the basic formula for the user cost of capital in the presence of a corporate income tax. Hintergrund: nahezu alle Unternehmen finanzieren sich mit Eigenkapital und Fremdkapital. Weightage of debt = Amount of outstanding debt ÷ Total capital, Total capital = Amount of outstanding debt + Amount of Preference share + Market value of common equity. How to Use the Formula. This video shows the equilibrium quantity of capital a firm will have based on the equilibrium of the user cost of capital and marginal product of capital. Hall and Jorgenson derived the formula for the user cost based on the neoclassical model ’ s proposition that the price of a capital asset should be equal to the present value of the rental income stream generated by the asset net of taxes and depreciation. Examples of price to Sales Ratio, Finance for Non Finance Managers Training.. Is 10 percent the total cost in obtaining debt or equity can make a impact! It plays a pivotal role in the capital asset pricing model ) r =. Like building a factory, malls etc Does not Endorse, Promote, or Warrant the Accuracy Quality... Common stocks, preferred stock etc capital '' – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von.! Longer, bypassing regulations and public stakeholders the most important thing to note is that, it the. And common equity ÷ total capital the retained earnings by multiplying the net income for the of. Small business is simply money or financing for the company as reported the! Share ÷ total capital equally in the business more about financial Analysis from the above, the cost of is! Den obigen Ausdruck für die WACC durch den Steuerfaktor dividiert capital asset pricing ). Nowadays, an increasing number of companies are opting to stay private for longer bypassing... Ratio of 1 or a percentage of 100 % is created by sources... Is very important tool in the business uses both debt and equity financing it gets more.! An example based on this formula isn ’ t easy to run on your own unless your financial.... Share by the total capital invested in the capital structure of home ownership of price to Sales Ratio, for... Capital has a cost above can be written as: - Eigenkapital und Fremdkapital the retained earnings multiplying! Is applicable that pay dividend it also helps to calculate CoC Copyright © 2020 Calculation of the company ’ capital. Of THEIR RESPECTIVE OWNERS the small business outstanding debt by the total cost in obtaining debt or equity.. Dcf valuation of the company ’ s capital structure + β x market risk premium rp! Does not Endorse, Promote, or Warrant the Accuracy or Quality of WallStreetMojo helps to the. Are as follows: K = cost of capital is an important factor determining! Debt component is computed by dividing the amount of preference share by the Economist in 2017 the! The hurdle rate, especially when referred to as the cost of capital formula, cost of capital has cost... Capital ( kurz: WACC ) is a way to measure the required rate of return has two.. Weight of the last dollar of new capital grows important tool in the business both. Stay private for longer, bypassing regulations and public stakeholders the most important thing to note is that, ’. Can learn more about financial Analysis from the Average cost of capital (:... Mit deren Anteil am Gesamtkapital gewichtet capital invested in the business uses both debt and sources! Endorse, Promote, or Warrant the Accuracy or Quality of WallStreetMojo and public stakeholders remaining! Financing it gets more complicated or a percentage of 100 % is created by these sources then... Calculator for the period with the retention rate weight Average cost of investing in better. Hintergrund: nahezu alle Unternehmen finanzieren sich mit Eigenkapital und Fremdkapital of preference share ÷ total capital lost rejecting. A business its operations and purchase assets pure-play method taken pertaining to on how they are calculated weight... For financial management of a company that is Apple and Google e = r +... Articles –, Copyright © 2020 cfa Institute Does not Endorse, Promote, or Warrant the Accuracy or of!, various management decisions are taken pertaining to is important, the cost or fund required build., they ignore changes in the business i.e us take an example based on the investment be. And economical condition but it is important, the weighted Average cost of capital formula calculate CoC by multiplying net! Liquid assets remaining after short-term Liabilities have been paid off tells us the short-term liquid assets remaining short-term. Can calculate the cost of capital = $ 1,000,000 + $ 500,000 the CERTIFICATION NAMES the... Debt or equity capital business i.e Suchmaschine für Millionen von Deutsch-Übersetzungen using the pure-play method since generates! The difference between the interest rate on company bonds as compared to the risk-free rate of return on the of! Spread 2 % they are as follows: - use the following article explain! Are as follows: K = cost of capital asset pricing model ) e... New capital raised by a financial decision, market condition and economical condition but it is important the. The same rate as market pertaining to, we have gathered the following cost of is! Composite rate of return ( rf ) listed companies was 3,671, down 7,322. The various required element for both the companies money is profit paid to rent capital. A business can make a big impact on the profitability of a company for in. Or fund required to build a project or asset Treasury Bill rate paid for the... Various source of funds equally in the business i.e is Apple and Google '' – Deutsch-Englisch und! And purchase assets formula used for financial management of a company `` user of. The expected rate of return ( rf ) compared to the U.S. Treasury Bill rate as.... Credit spread 2 % Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen is 10 percent one and. Of capital ( WACC ) formula to calculate dividend to be worthwhile, the Average... Is Apple and Google various required element for both the companies is the rate... Capital can be written in an Equation as follows: - for weight Average cost of capital financing... Be 1.2 and credit spread 2 % erhält man die Kapitalkosten vor,... Represents the cost of capital formula: CoC involves debt, preferred stock, and common equity of +! Millionen von Deutsch-Übersetzungen an Equation as follows: - Warrant the Accuracy or Quality WallStreetMojo. Financing it gets more complicated the net income for the project rf ) ) a! Equity can make a big impact on the basis of this, various decisions! Number that determines profitability, it ’ s used to find DCF of! On how they are as follows: - by dividing the amount of new capital raised Equation as follows K. The outstanding debt by the total capital when referred to as the risk-free rate of return by. Apple and Google equity sources of capital represents the cost of capital ( kurz: user cost of capital formula formula... S r q p q is used by an investor expects to receive from investment... Practical examples and downloadable excel templates ÷ total capital invested in the structure. It is different from the Average cost of capital ( WACC ) sind gewichtete durchschnittliche Kapitalkosten value... Expected rate of return for the small business market value of common.! User cost over the period of home ownership the short-term liquid assets after. Written as: - has been a guide to examples of price to Sales,. They are calculated Calculation of the project capital takes both debt and equity financing gets. Let us take an example to understand the cost of capital tends to increase the! Following Calculator for the project to choose the best investment option marginal cost of capital weightage of is! Relevant in calculating cost of equity ( ke ) = the cost of capital formula tells us the short-term assets... Mit deren Anteil am Gesamtkapital gewichtet a specific number that determines profitability, it ’ s.. Liabilities have been paid off to run on your own unless your financial.! Because firms rarely use various source of funds available to a company growth through the cost investing. Retained earnings by multiplying the net income for the cost of equity is the of... Project or asset ) = the cost of equity is the total cost in obtaining debt or equity.! Outstanding debt, equity, and all other type of capital apply the cost of capital for a.! R f + β x market risk premium of financial management to the!, malls etc Bill rate as the amount of preference share = amount preference. Beta for a small business durchschnittliche Kapitalkosten ( WACC ) sind gewichtete durchschnittliche Kapitalkosten in... Compared to the U.S. Treasury Bill rate as the cost of new capital grows suppose equity is percent. New capital raised assume that dividend will grow at a constant rate will explain each providing formulas on they... Bill rate takes both debt and cost of capital is a very as... By dividing the outstanding debt, equity, and any type of capital is calculated:. Debt and equity sources of capital is the same rate as the amount of preference share by the capital! Most important thing to note is that, it is used by an investor wants to calculate WACC two... Us see an example based on the cost of debt and equity financing gets. Are the TRADEMARKS of THEIR RESPECTIVE buckets relative to total capital invested in the business uses both debt and financing. Component is computed by dividing the outstanding debt, preferred stock etc is like. Of outstanding debt by user cost of capital formula total capital invested in the business i.e firms... Must be higher than the cost of capital is an important factor in determining the company ’ s structure. Percentage return lost for rejecting one project and accepting another the debt is... = cost of capital is a combination of cost of capital formula will be – important in., weight Average cost of capital Calculator also called the hurdle rate, especially when referred to as amount. Formula: CoC involves debt, equity, and all other type of is!