RMontgomery

The discounted by required return on stock which is cost of equity...

Your understanding of required return on the stock as WACC is very wrrong...

Think of it this way, when you are buying a stock, what are you buying? You are buying equity only.

So your required return on stock is cost of equity.

If you have been working very hard lately take a break. Cause you should not be making such a mistake...

Best of luck..