CAT 5.28% $1.80 catapult group international ltd

Morgans - can anyone explain their cost of capital calc?

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    Does anyone know how Morgans get WACC of 12.4%?
    upload_2017-5-23_11-41-38.png

    Using their figures I get cost of equity 12.6%; they get 13.2%!

    Also, if the Debt% is zero, isn't WACC just the cost of equity?
 
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