All of them precise (but not with enough emphasis) that the values to calculate D% y E% are market values.
Although they devote special space and thought to calculate d and e, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas and emphasize in some ideas that
usually are looked over. Also, some suggestions are presented on how to calculate, or estimate,
the equity cost of capital.