Corporate finance chapter 08 contents

Lecture essentials of corporate finance chapter 5 discounted cash flow valuation

... deposit? – – – Daily rate = 055 / 3 65 = 000 150 68493 Number of days = 3(3 65) = 10 95 FV = 15, 000 / (1.000 150 68493)10 95 = $12,718 .56 Copyright  2007 McGraw-Hill Australia Pty Ltd 55 1 ... Account:   – Daily rate = 052 5 / 3 65 = 0001438 356 2 FV = 100(1.0001438 356 2)3 65 = $1 05. 39 Second Account:   Semiannual rate = 053 9 / = 02 65 FV = 100(1.02 65) 2 = $1 05. 37 • You will have more money ... Pty Ltd 52 7 Finding the Number of Payments – Example 5. 6 • Start with the equation and remember your logs – – – – – 1000 = 20(1 – 1/1.015t) / 0 15 75 = – / 1.015t / 1.015t = 25 / 25 = 1.015t t =...

Tài liệu Corporate Finance handbook Chapter 1 ppt

... KPMG Corporate Finance 11 3 11 5 Part Five: Mergers and Acquisitions 5 .1 Buying a Business David Houghton, TMG Corporate Finance 5.2 Thinking of Selling Your Business? Tony Sharp, KPMG Corporate Finance ... 225 13 7 14 5 15 3 16 3 18 1 18 7 19 7 203 215 235 245 Contents ix 6.4 HR Issues Arising from Acquisitions Judy Brown 6.5 Effective Environmental Due Diligence William Butterworth, RPS Group Plc 2 51 Part ... business service ROYAL SUN ALLIANCE 1P COL ADVERT TENON 1P COL ADVERT THE CORPORATE FINANCE HANDBOOK Third Edition LEE CROWDER 1P COL ADVERT THE CORPORATE FINANCE HANDBOOK Third Edition Publisher’s...

Tài liệu Corporate Finance handbook Chapter 2 docx

... structured business finance provides is highly attractive to the corporate finance team involved in arranging the overall deal Structured business finance can provide a source of finance for the ... foreign trade finance and documentation, consult: Curmi, G (20 01): International Trade Finance and Documentation, in Reuvid, J (ed): A Handbook of World Trade, Kogan Page, London 2. 4 Legal Issues ... Increasingly, businesses are looking towards asset finance houses to fund capital equipment The asset 46 Debt Finance finance idea is well over 60 years old and some finance houses have been providing both...

Tài liệu Corporate Finance handbook Chapter 3 ppt

... 1 53 256 2000 Start-up Other early stage Financing stage Table 3. 3.1 Distribution of investment, 2000 100 19 16 46 42 – 35 13 22 2000 100 28 23 49 43 23 14 1999 7 03 175 528 2000 100 6 ,37 1 29 3, 546 ... 6 ,37 1 29 3, 546 20 3, 297 249 50 2,122 6,169 4,666 4,282 38 4 1,156 980 137 39 34 7 128 219 1999 3, 775 2,665 2,129 536 822 688 131 288 111 177 1998 Amount invested (£ million) 43 2,012 99 – 11 21 ... 25% Between 19 93 and 1997, Encon continued its recovery and the results speak for themselves: £ million y/e 31 August Sales PBT 19 93 60.0 (1.4) 1994 60.0 0.4 1995 69.0 2 .3 1996 74.0 3. 6 1997 78.0...

Tài liệu Corporate Finance handbook Chapter 4 pdf

... 350,000 262,500 87,500 600,000 240 ,000 360,000 950,000 502,500 44 7,500 The overall chargeable gain after taper relief is 44 7,500, which, using a CGT rate of 40 per cent, produces CGT of £179,000 ... for the full 40 per cent STR The overall calculation of chargeable gain is set out in Table 4. 3.1 Table 4. 3.1 Chargeable gain for CGT Gain A £ Chargeable gain Less taper relief 75% /40 % Taxable ... sound 144 Public Equity the death knell for key second-tier markets such as AIM and the German Neuer Markt The author acknowledges with thanks his indebtedness to the Bank of England Domestic Finance...

Tài liệu Corporate Finance handbook Chapter 5 doc

... 5. 1 Buying a Business David Houghton TMG Corporate Finance Introduction UK merger and acquisition activity totalled approximately ... as is reasonably possible, is secured during and after the deal 5. 2 Thinking of Selling Your Business? Tony Sharp KPMG Corporate Finance For many, the sale of a private company is the culmination ... with only the one opportunity to get it right This chapter contains answers to the 12 most frequently asked questions put to KPMG Corporate Finance about selling a business The role of an independent...

Tài liệu Corporate Finance handbook Chapter 6 docx

... of the UK200 corporate finance panel, whose task it is to advise, support and co-ordinate the corporate finance activities of the UK200 Group He says that of all the SME corporate finance proposals ... Stephens, CEO of Velo +44 (0) 162 8 898088 Alistair Singleton, Hanover Fox +44 (0)20 7409 1177 Entrepreneurship at Russam GMS +44 (0)1582 66 6970 Nigel Kendall +44 (0)1483 23 264 1 Clive Borthwick – Taylor ... 7493 0837 10 Keith White and the UK200 Corporate Finance Panel +44 (0)1 865 243155 11 Antony Ripper +44 (0)1908 584042 12 Chris Bundy +44 (0)1904 60 8297 6. 3 Enterprise Management Incentive (EMI)...

Tài liệu Corporate finance Part 1- Chapter 1 ppt

... and equivalents 3,6 41 3,4 51 7,095 5,247 4 ,12 4 þ þ À À 1, 311 1, 465 1, 702 1, 690 2,050 1, 837 2,805 3,935 3,589 1, 4 71 5,268 1, 9 61 1,038 6 ,18 1 1, 811 ¼ NET DEBT 1, 785 1, 254 2,375 À 510 À2,830 ¼ INVESTED ... 532 1, 122 3 ,16 0 70 22 2,886 2, 319 Decrease in net debt can be broken down as follows : 19 99 2000 20 01 2002 2003 1, 032 1, 2 21 586 13 5 756 3,240 5, 514 59 1, 885 1, 333 1, 752 1, 628 1, 559 914 15 0 ... payables 1, 455 1, 662 215 5, 713 3,036 2,360 262 4,509 2 ,17 3 2,347 4 91 7,223 4,093 3,292 555 5,279 1, 003 1, 624 625 5 ,19 1 3,040 2 ,13 0 203 4,978 475 1, 156 326 3,205 2,544 1, 3 61 68 3,6 61 473 1, 039 30...

Tài liệu Corporate finance Part 1- Chapter 2 ppt

... 13.8 12. 8 9.0 10.0 12. 1 11.7 11.0 Personal care 11.1 11.4 11,7 11.6 12. 1 11.7 12. 2 12. 9 14.1 14.4 14.9 Pharmaceuticals 20 .0 19.1 21 .2 21.3 22 .5 23 .9 25 .0 24 .6 25 .6 26 .5 27 .2 Software 22 .5 25 .6 21 .5 ... 10.0 11.7 11.5 11.8 10 .2 9.7 11.0 11.5 10.6 Luxury goods 24 .0 22 .6 20 .4 21 .7 21 .1 17.3 19.1 21 .9 22 .4 23 .6 24 .5 Media 12. 6 13.6 16 .2 16.1 17.0 16.4 16.9 20 .1 21 .9 23 .0 23 .6 Metals and mining ... 23 .6 26 .6 26 .5 27 .5 29 .0 30.6 30.3 29 .3 32. 0 32. 5 Software 27 .6 28 .7 24 .5 19.7 17.5 20 .9 23 .7 26 .1 27 .6 27 .4 28 .0 9.5 9.0 8.6 10.0 9.4 8 .2 7.6 7.6 7.4 7.6 7.7 Telecom operators and ISPs 39 .2 34.3...

Tài liệu Corporate finance Part 2- Chapter 1 pdf

... (1) þ (2) 19 96 10 0,000 10 ,000 11 0,000 19 97 11 0,000 11 ,000 12 1,000 19 98 12 1,000 12 ,10 0 13 3 ,10 0 19 99 13 3 ,10 0 13 , 310 14 6, 410 2000 14 6, 410 14 ,6 41 1 61, 0 51 20 01 1 61, 0 51 16 ,10 5 17 7 ,15 6 2002 17 7 ,15 6 17 , 716 ... Exercises 1/ 10 0 /1. 05 ¼ ¼ 86.4; 10 0 /1. 1 ¼ ¼ 75 .1; 10 0 /1. 2 ¼ ¼ 57.9 C C C 2/¼ 75 .1; ¼ 62 .1; ¼ 38.6; 0.7 51; 0.6 21; 0.386 C C C ¼ 3/¼ 1, 276, ¼ 1, 611 , ¼ 2,488 Because the principal (C 1, 000) remains ... g1 n þ g2 1 1 þ g1 Þ n1 1 1þr þ Â 1 þ g2 Þ Â n1 1 þ rÞ r À g2 n 1 þ g1 Þ n1 Â 1 þ g2 Þ n2 Â 1 þ g3 Þ r À g3 þ n1 þn2 1 þ rÞ For example, if the ﬁrst year’s cash ﬂow is 10 .75, and it...

Tài liệu Corporate finance Part 2- Chapter 2 pdf

... April 20 00 to April 20 05 (% values): Ericsson 37.14 Roche 25 .25 Novartis 33.37 Vodafone 43.49 ´ Nestle 27 . 02 ENI 26 .70 Total 27 .05 GlaxoSmithKline 29 .05 UBS 30. 62 ´nica Telefo 36.43 Royal Dutch 27 .27 ... Utilities Finance IT services 0.39 0.56 À0.09 0.39 0.51 0.76 0.56 À0.09 0 .26 0.51 0.76 0. 12 0 .28 0 .21 0 .28 0.08 0.36 0.58 0.91 0.50 0.39 À0.10 0 .26 0.03 0. 32 0.33 0.13 À0.07 0.88 0 .26 À0 .20 À0.47 ... change in the discounting rate, the security’s value then becomes: 100 Â 1 :20 120 Â 1 :20 150 Â 1 :20 190 Â 1 :20 2, 000 Â 1 :20 C þ þ þ þ ¼ ¼ 1,786 1:13 1:13 1:13 1:13 1:13 The security’s value increases...

Tài liệu Corporate finance Part 3- Chapter 1 ppt

... Exercises 1/ P0 ¼ DIV1 = 1 þ kÞ þ DIV2 = 1 þ kÞ þ DIV3 = 1 þ kÞ þ P3 = 1 þ kÞ , where P3 ¼ DIV4 = ðk À gÞ ¼ Â 1: 04=ð0 :11 À 0:04Þ ¼ ¼ 32:6; P0 ¼ 1= 1 :11 Þ þ ð2 =1: 11 Þ þ ð3 þ 32:6Þ= C 1: 11 ¼ ¼ 37:3; P1 ... event of interest rate ﬂuctuations? Market interest rates A B C 1% 11 9.4 15 5.5 320.7 5% 10 0 10 0 10 0 10 % 81. 0 62.0 24.8 15 % 66.5 41. 5 6.5 Note that the longer the maturity of a bond, the greater ... ﬂows of 10 for 5, 10 and 20 years: Present value of a cash flow of 10 for years 10 years 20 years To perpetuity At 15 % 33.5 50.2 62.6 66.7 At 10 % 37.9 61. 4 85 .1 100 At 5% 43.3 77.2 12 4.6 200...

Tài liệu Corporate finance Part 3- Chapter 2 pdf

... expenses 120 ,000 120 ,000 (4,000) 120 ,000 (8,000) 120 ,000 120 ,000 120 ,000 ( 12, 000) (16,000) (20 ,000) Operating income before taxes 120 ,000 116,000 1 12, 000 108,000 104,000 100,000 0% 0 Net income 120 ,000 ... 116,000 1 12, 000 108,000 104,000 100,000 Dividends 120 ,000 116,000 1 12, 000 108,000 Total cash flows 120 ,000 120 ,000 120 ,000 Tax rate Taxes 15% 20 % 104,000 25 % 100,000 120 ,000 120 ,000 120 ,000 The ... 14.60% 21 .35% 27 .78% 33.90% Operating income Interest expenses 120 ,000 120 ,000 (4,000) 120 ,000 (8,000) 120 ,000 120 ,000 120 ,000 ( 12, 000) (16,000) (20 ,000) Operating income before taxes 120 ,000...

Tài liệu Corporate finance Part 4- Chapter 1 pdf

... Chemicals 10 .3 9.8 Aerospace and defence 10 .3 Industry services 10 .5 9.4 Electronics 10 .8 10 .3 Food retail 10 .9 10 .1 Other retail 11 — Media 11 .2 10 .2 Food and beverage 11 .5 10 .5 Luxury 12 10 .2 Utilities ... 3,000 3,075 3 ,16 1 3,259 3,355 3, 415 3,472 3,492 Operating margin after 35% tax 6.0% 6.7% 7.4% 8 .1% 9.0% 9.9% 10 .7% 11 .8% ROCE after 35% tax 10 .0% 11 .4% 12 .9% 14 .4% 16 .0% 17 .7% 19 .6% 21. 7% The least ... 2007e 14 2,825 15 0,472 15 3 ,10 7 11 .4% 5.4% 1. 8% 3.0% 5.0% 6.0% 6.5% 6.0% 5.0% EBIT 29,828 29,882 29,096 28,864 29 ,14 7 29,666 30,660 30, 712 31, 208 EBIT margin 20.9% 19 .9% 19 .0% 18 .3% 17 .6% 16 .9% 16 .4%...

Tài liệu Corporate finance Part 4- Chapter 2 pptx

... follows: Tð3:6Þ ¼ ð 20 :356 25 À 20 :1 12 50Þ =20 :1 12 50Þ Â ð 12= 6Þ ¼ 2: 424 % Our treasurer was thus able to hedge his interest rate risk but has borrowed ¼ 20 m C from his bank, ¼ 20 m that he will not be ... 20 :356 25 m C But his 3-month investment turns ¼ 20 m into: C 20 Â ð1 þ 1=4% Â 3= 12 ¼ 20 :1 12 50 The implied rate obtained is called the forward–forward rate and is expressed as follows: Tð3:6Þ ¼ ð 20 :356 ... 2. 5%, our treasurer will borrow ¼ 20 m C at this high rate, but will receive, on the same amount, the pro rata diﬀerence between 2. 5% and 2. 424 % The actual cost of his loan will therefore be 2. 424 %...

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