Fundamentals of Corporate Finance Phần 5 ppt

... 3 .5 Value of Blue SkiesHorizon, Years PV (Dividends) + PV (Terminal Price) = Value per Share1 $ 2.68 $72.32 $ 75. 002 5. 26 69.74 75. 003 7. 75 67. 25 75. 0010 22.87 52 .13 75. 0020 38.76 36.24 75. 0030 ... 40dd31dd 45 2098 352 681 54 8811097394297 359 98 456 8763 050 1637 58 1464 250 21999928663203 256 64968129121/2369/1626 15 /16291/4 5 15 /16187/16 5 1/1639/16343/8697/8413/162771/8141/16321/16163/411/16471/833 5 /164 5 /16487/8 51 9/16203/16127/16341/16261/2281/8 5 1/21743/43 5 /16333/16641/241/2 25 3/46 5 /8137/8313/4161/4 5 /8 45 1/2329/1641/16473/1648 5 /1619 15 /16 15 1/8497/1629 5 /839 15 /1621 5 /8 25 1/4111/1661/16411/2841/261/8437/16131/2173/8367/8243/823/16 51 1/4 50 11/ 256 811/16663/873 25 9/16nsnࡔࡔ111/4297/812 5 /8281/2 5 1/2 15 1/241/233/16301/8 25 1/233/4 15 5/164 15 /16103/8281/4111/1613/3223303 5 /8423/4 45 11/16193/4Hi 52 ... gPeteResPeteGeoSvcPetsecEngyPfeiffrVacPfizerPharmResPharmUpjhnPhelpDodgPhilAuthIndMUCPNRPMEPGLPBYPBGGEMPASPEPPKIPBTPERPGAPCZPEOPGOPSJPVPFEPRXPNUPDPOB.82e.64.122.00f.27.08jj .54 .56 .47e.40g2.20.30e.36f1.002.001.646.61.8 .5 7.04.6 .5 1.6.910.4 6.9 .61.1 2.14.18.1 15 51101223 dd 25 56 397 ccdd 40dd31dd 45 2098 352 681 54 8811097394297 359 98 456 8763 050 1637 58 1464 250 21999928663203 256 64968129121/2369/1626 15 /16291/4 5 15 /16187/16 5 1/1639/16343/8697/8413/162771/8141/16321/16163/411/16471/833 5 /164 5 /16487/8 51 9/16203/16127/16341/16261/2281/8 5 1/21743/43 5 /16333/16641/241/2 25 3/46 5 /8137/8313/4161/4 5 /8 45 1/2329/1641/16473/1648 5 /1619 15 /16 15 1/8497/1629 5 /839 15 /1621 5 /8 25 1/4111/1661/16411/2841/261/8437/16131/2173/8367/8243/823/16 51 1/4 50 11/ 256 811/16663/873 25 9/16nsnࡔࡔ111/4297/812 5 /8281/2 5 1/2 15 1/241/233/16301/8 25 1/233/4 15 5/164 15 /16103/8281/4111/1613/3223303 5 /8423/4 45 11/16193/4Hi 52 ...

... and Leases 55 2The Cash Flows from Leasing 55 3The Incremental Cash Flows 55 3A Note on Taxes 55 4Lease or Buy? 55 5A Preliminary Analysis 55 5Three Potential Pitfalls 55 5NPV Analysis 55 6A Misconception ... ExpectedReturns 452 What Happens When the Corporate Tax Rate Is Not Zero 453 Flotation Costs and the Cost of Capital 454 Summary 454 Related Web Links 455 Key Terms 455 Quiz 455 Practice Problems 456 Challenge ... 57 7Mergers Financed by Cash 57 7Mergers Financed by Stock 57 9A Warning 58 0Another Warning 58 022 .5 Merger Tactics 58 2Who Gets the Gains? 58 422.6 Leveraged Buyouts 58 5Barbarians at the Gate? 58 722.7...

... 3. 153 3.184 3.2 15 3.246 3.278 3.3104 4.310 4.3 75 4.440 4 .50 6 4 .57 3 4.641 5 5 .52 6 5. 637 5. 751 5. 867 5. 9 85 6.1 05 10 12 .57 8 13.181 13.816 14.487 15. 193 15. 93720 33.066 36.786 40.9 95 45. 762 51 .160 ... 1.0609 6.0900Quarterly 4 1 .5 1.0 15 4= 1.061364 6.1364Monthly 12 .5 1.0 05 12= 1.061678 6.1678Weekly 52 .1 153 8 1.001 153 8 52 = 1.061800 6.1800Daily 3 65 .01644 1.00016443 65 = 1.061831 6.1831 ... 45. 762 51 .160 57 .2 75 30 66.439 79. 058 94.461 113.283 136.308 164.4940 4948••••4321 • $50 0,000Level savings (cash inflows) in years1 50 result in a future accumulatedvalue of $50 0,000FINANCIAL...

... Joint Returns Tax Rate, %0– 25, 750 0–43, 050 15 25, 750 –62, 450 43, 050 –104, 050 2862, 450 –130, 250 104, 050 – 158 ,55 0 31130, 250 –283, 150 158 ,55 0–283, 150 36Over 283, 150 Over 283, 150 39.6MARGINAL TAX RATEAdditional ... 19 95 Net sales 3, 351 3,314 2,8 45 2,796 2,493 2,160EBIT –9 312 256 243 212 156 Interest 37 63 65 58 48 46Taxes 3 60 46 43 39 34Net profit –49 189 1 45 142 1 25 76Earnings per share –0. 15 0 .55 ... 320Long-term debt 217 159 159 311 319 3 15 Stockholders’ equity 676 7 25 599 50 2 407 324Number of stores 240 221 211 184 170 157 Employees 13, 057 11,8 35 9,810 9,790 9,0 75 7,8 25 TABLE A.19INCOME...

... Order $. 05 per Brick Carrying CostsBricks per Order 21,000,000 1 50 0,000 $ 90 $ 25, 000 $ 25, 090 50 0,000 2 250 ,000 180 12 ,50 0 12,680200,000 5 100,000 450 5, 000 5, 450 100,000 10 50 ,000 900 2 ,50 0 ... 3,40060,000 16.7 30,000 1 ,50 0 1 ,50 0 3,000 50 ,000 20 25, 000 1,800 1, 250 3, 050 20,000 50 10,000 4 ,50 0 50 0 5, 00010,000 100 5, 000 9,000 250 9, 250 222 SECTION TWOb. Suppose that the bank offers to run the ... inventory = 250 = 25. 9 days3 ,51 8/3 65 This is a reduction of 22.8 days from the original value of 48.7 days.Days in receivables =300= 27.6 days3,968/3 65 This is a reduction of 16.2 days from...

... percentϪ 25 Ϫ301 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 Ϫ20Ϫ 15 Ϫ10 5 0 5 10 15 20 25 30Ϫ 25 Ϫ301 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 Ϫ20Ϫ 15 Ϫ10 5 0 5 10 15 20 25 30Ϫ 25 Ϫ301 ... years0Ϫ10 10 20 30 40 5. 7 9.2Treasury bonds0123 50 45 40 35 30 25 20 15 10 5 04 5 67980 5 30 25 20 15 10 35 40 50 45 0 5 10 15 20 25 Source: Stocks, Bonds, Bills and Inflation® 1999 Yearbook, ... $ 350 ,000 to get back a cash flow of C1= $400,000 in 1 year. Therefore, youforecasted a profit on the venture of $400,000 – $ 350 ,000 = $50 ,000, and a rate of return of Rate of return =profit=C1–...

... Ϫ4Ϫ 25 Ϫ20Ϫ 15 Ϫ10 5 0 5 10 15 20Beta ؍ .61Standard deviation ؍ 16% 25 (a)Market return, percentPolaroid return, percent؊26240810؊6؊8؊10 ؊4؊ 25 ؊20؊ 15 ؊10 5 0 5 10 15 20 25 Beta ؍ .53 Standard ... 2, 456 .70 5. Operating cash flow (3 – 4) 900.00 816.00 728.64 637.79 54 3.306. Depreciation 250 .00 250 .00 250 .00 250 .00 250 .007. Income (5 – 6) 650 .00 56 6.00 478.64 387.79 293.308. Tax at 35% ... return,percentMarket return,percent 5 20 Ϫ 15 Ϫ10 5 10 152 0(a)Ϫ20Ϫ1001020Index 50 0 return,percentMarket return,percent 5 20 Ϫ 15 Ϫ10 51 0 152 0(b)MARKET RISKPREMIUMRisk premium of market portfolio.Difference...

... be 2.00 + . 45 = $2. 45 million. Since the store produces profits of $ .55 mil-lion at a normal level of sales, DOL should beDOL = 1 +fixed costs= 1 +2.00 + . 45 = 5. 45 profits .55 This value ... costs 8 .5 × planes sold3. Fixed costs 1 75 4. Depreciation 900/6 = 150 5. Pretax profit (1 – 2 – 3 – 4) (7 × planes sold) – 3 25 6. Taxes (at 50 %) (3 .5 × planes sold) – 162 .5 7. Net profit (5 – 6) ... sold) – 3 25 = 0Planes sold =3 25 = 467TABLE 5. 5Forecast profitability forproduction of the Trinovaairliner (figures in millions of dollars)Year 0 Years 1–6Investment $9001. Sales 15. 5 × planes...

... rate of 7 .57 5 75 percent. Should Tasha sign the lease or should it go with the bank?Because Tasha is in a 34 percent tax bracket, the aftertax interest rate would be7 .57 5 75 ϭ (1 Ϫ .34) = 5 percent. ... value. This is another cost of leasing instead of buying.Leaseversus Buy Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Aftertax Ϫ$1, 650 Ϫ$1, 650 Ϫ$1, 650 Ϫ$1, 650 Ϫ$1, 650 leasepaymentLost Ϫ$0,680 ... operates a chain of 140 fast-food outlets in the UnitedStates offering unusual combinations of dishes.The Offering: Common Stock offered by the Company 50 0,000 shares;Common Stock offered by the...

... 4.023 4. 259 4 .50 8 4.768 5. 042 5. 329 5. 629 5. 9 45 6.2 75 8 3.278 3 .51 1 3. 759 4.021 4.300 4 .59 5 4.908 5. 239 5. 590 5. 960 6. 353 6.768 7.206 7.669 8. 157 9 3.803 4.108 4.4 35 4.7 85 5.160 5. 560 5. 987 6.444 ... 2. 250 2.260 2.270 2.280 2.290 2.3003 3 .50 6 3 .53 9 3 .57 2 3.606 3.640 3.674 3.708 3.743 3.778 3.813 3.848 3.883 3.918 3. 954 3.9904 5. 066 5. 141 5. 2 15 5.291 5. 368 5. 446 5. 524 5. 604 5. 684 5. 766 5. 848 ... 47.788 50 .8 95 54.208 57 .739 61 .50 1 65. 510 69.780 74.32713 36.786 39.404 42.219 45. 244 48.497 51 .991 55 .746 59 .779 64.110 68.760 73. 751 79.107 84. 853 91.016 97.6 25 14 43.672 47.103 50 .818 54 .841 59 .196...