Unit 1 HW

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Problem 14-21 a. What is the beta of Yerba stock after this transaction? b. What is the expected return of Yerba stock after this transaction? c. d. What is Yerba’s forward P/E ratio after this transaction? Does the P/E ratio Unlevered beta 1.20 Expected return 12.50% Risk-free rate 5.00% New debt level 40.00% New Debt/Equity 66.67% Market risk premium 6.25% a. What is the beta of Yerba stock after this transaction? New beta 2.00 b. What is the expected return of Yerba stock after this transaction? New expected return on equity 17.500% Yerba Industries is an all-equity firm whose stock has a beta of 1.2 and an expecte issues new risk-free debt with a 5% yield and repurchases 40% of its stock. Assum Complete the steps below using cell references to given data or previous calcu cell reference is all you need. To copy/paste a formula across a row or down a reference or a mixed cell reference may be preferred. If a specific Excel funct will specify the use of that function. Do not type in numerical data into a cell o reference to the cell in which the data is found. Make your computations only below. In all cases, unless otherwise directed, use the earliest appearance of th the Given Data section. Suppose that prior to this transaction, Yerba expected earnings per share this comi P/E ratio (that is, the share price divided by the expected earnings for the coming y What is Yerba’s expected earnings per share after this transaction? Does thi Explain.
c. Old EPS $1.50 Forward P/E 14 Assumed shares 100 Price per share $21 Old equity $2,100 New debt $840 New earnings $108 New equity $1,260 New shares 60 New EPS $1.80 d. What is Yerba’s forward P/E ratio after this transaction? Does the P/E ratio New P/E 11.67 Price/Earnings ratio Falls Requirements 1. Start Excel - completed. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Suppose that prior to this transaction, Yerba expected earnings per share this comi P/E ratio (that is, the share price divided by the expected earnings for the coming y What is Yerba’s expected earnings per share after this transaction? Does thi Explain. In cell D16 , by using cell references, calculate the new debt/equity ratio for In cell D17 , by using cell references, calculate the market risk premium (1 p In cell D21 , by using cell references, calculate the new beta of Yerba stock In cell D25 , by using cell references, calculate the new expected return on e In cell D34 , by using cell references, calculate Yerba's price per share (1 pt. In cell D35 , by using cell references, calculate Yerba's equity before the tran In cell D36 , by using cell references, calculate Yerba's debt after the transac In cell D37 , by using cell references, calculate Yerba's earnings after the tra In cell D38 , by using cell references, calculate Yerba's equity after the trans In cell D39 , by using cell references, calculate the number of Yerba's shares In cell D40 , by using cell references, calculate Yerba's earnings per share af In cell D44 , by using cell references, calculate Yerba's price/earnings ratio a
14. 15. Save the workbook. Close the workbook and then exit Excel. Submit the wo To answer whether the price/earnings ratio rises or falls, you need to compa the forward price/earnings ratio. In cell D45 , select either Falls , Stays the s
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go up or down? ed return of 12.5%. Suppose it me perfect capital markets. ulations. In some cases, a simple a column, an absolute cell tion is to be used, the directions or function. Instead, make a y in the blue cells highlighted he data in your formulas, usually ing year of $1.50, with a forward year) of 14. is change benefit shareholders?
go up or down? ing year of $1.50, with a forward year) of 14. is change benefit shareholders? Yerba Industries (1 pt.) . pt.) . (1 pt.) . equity (1 pt.) . .) . nsaction (1 pt.) . ction (1 pt.) . ansaction (1 pt.) . saction (1 pt.) . s after the transaction (1 pt.) . fter the transaction (1 pt.) . after the transaction (1 pt.) .
orkbook as directed. are the new price/earnings ratio to same , or Rises (1 pt.) .
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Problem 15-7 a. What is Arnell’s annual interest tax shield? b. What is the present value of the interest tax shield today? Interest rate 6.00% Tax rate 21% Amount of debt $10,000,000 Current cost of debt capital 4.00% a. What is Arnell’s annual interest tax shield? Interest payment $600,000 Annual interest tax shield $126,000 b. What is the present value of the interest tax shield today? PV(interest tax shield) $3,150,000.00 Requirements 1. Start Excel – completed. 2. 3. 4. 5. Save the workbook. Close the workbook and then exit Excel. Submi reference is all you need. To copy/paste a formula across a row o mixed cell reference may be preferred. If a specific Excel functio In cell D15 , by using cell references, calculate the annual interest pa In cell D16 , by using cell references, calculate the annual interest tax In cell D20 , by using cell references, calculate the present value of t
it the workbook as directed. or down a column, an absolute cell reference or a on is to be used, the directions will specify the use ayment (1 pt.) . x shield (1 pt.) . the annual interest tax shield (1 pt.) .
15-1 Pelamed Pharmaceuticals has EBIT of million in 2006. In? addition, Pelamed has interest a. What is? Pelamed's 2006 net? income? b. What is the total of? Pelamed's 2006 net income plus interest? payments? c. If Pelamed had no interest? expenses, what would its 2006 net income? be? How does d. What is the amount of? Pelamed's interest tax shield in? 2006? EBIT 347 347 Interest 133 0 Pre-tax 214 347 21% Taxes 44.94 72.87 a. Net Inc 169 274 c. b. NI + Int 302 d. Int tax shi 28 Suppose the corporate tax rate is and investors pay a tax rate of 20% 21%,
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on income from dividends or capital gains and a tax rate of 33% on interest income. Your firm decides to add debt so it will pay an additional $10 million in interest each year. It will pay this interest expense by cutting its dividend. e. What is the effective tax advantage of debt a. How much will debt holders receive after paying taxes on the interest they earn? b. By how much will the firm need to cut its dividend each year to pay this interest expense? c. By how much will this cut in the dividend reduce equity holders' annual after-tax income? d. How much less will the government receive in total tax revenues each year? τ*?
expenses of million and a corporate tax rate of . it compare to your answer in part ?(b?)?
15-5 Debt Outstanding 92 Interest rate 7% Repay 23 Corp tax rate 21% d(1-T) Year 0 1 2 3 4 Debt 92 $69 $46 $23 $0 Interest 0 6.44 $5 $3.22 $1.61 Tax rate 21% Tax shl - 1.35 1.01 0.68 0.34 PV of D - 1.26 0.89 0.55 0.26 Sum of PV's 2.96
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15-20 a. How much will debt holders receive after paying taxes on the intere b. By how much will the firm need to cut its dividend each year to pay c. By how much will this cut in the dividend reduce equity? holders' an d. How much less will the government receive in total tax revenues ea e. What is the effective tax advantage of debt ?*? Corp tax rate 21% Inv tax rate 20% Int inc tax 33% Interest 30 mil a. Amount debt holders receive Additional interest * (1-int inc tax) Debt holders will receive $ 20.10 million each year b. Dividend cut = Addional interest * (1-corp tax) The firm will need to cut its divide $ 23.70 million c. Reduction = Dividend cut * (1-capital gains) $ 18.96 million/year d. Amount govt not receive = $ 1.14 million e. Effective tax adv debt = 1 - [(1-corp tax rate)*(1-inv tax rate 1-corp tax rate 79% 1-inv tax rate 80% 1-int inc tax 67% 5.7% Suppose the corporate tax rate is 21%?, and investors pay a tax ra interest income. Your firm decides to add debt so it will pay an additi
est they? earn? y this interest? expense? nnual? after-tax income? ach? year? after paying teaxes on the interest Interest taxes = $ 9.90 Corporate taxes = $ 6.30 Dividend taxes = $ 4.74 Amt Govt not receive $ (1.14) e) / (1-int inc tax)] ate of 20% on income from dividends or capital gains and a tax rate of 33% on tional 30 million in interest each year. It will pay this interest expense by cutting its dividend.
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15-26 a. If Colt's free cash flows are expected to grow by 8.8% per year, what is the ma b. If the interest rate on its debt is 9%, how much can Colt borrow now and still h c. Is there a tax incentive today for Colt to choose a debt-to-value ratio that exce EBIT 19 million Capital exp 7 Dep exp 3 million Corp tax 21% cost of capital 11% Growth rate 8.8% Interest Rate 9.0% Debt-to-value 52.0% a. FCF = EBIT * (1 - Corp Tax) + Dep - (Capital Exp + change in NWC) $ 11.0 million E = FCF/(Cost of capital - growth rate) E = $ 500.5 million b. Debt = Interest Expense / Interest Rate $ 211.1 million c. Colt Systems will have EBIT this coming year of $19 million. It will also spend increases in net working capital, and have $3 million in depreciation expenses. C tax rate of 21% and a cost of capital o The total value of the firm with debt is equal to its unlevered value plus the valu interest tax shields. Because the firm's unlevered value is $202.74 million, its le value must exceed this amount. Thus, there is no reason for the firm to exceed to-value ratio of 85% because 400/533.7 is 74.9% and this ratio would be even once the benefit of the tax shields is accounted for.
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arket value of its equity? today? have? non-negative net income this coming? year? eeds 52%? Explain. d $7 million on total capital expenditures and Colt is currently an all-equity firm with a corporate of 11%. ue of any evered a debt- n lower
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15-27 a. What is the effective tax advantage of debt if PMF has interest expenses b. What is the effective tax advantage of debt for interest expenses in exce c. What is the expected effective tax advantage of debt for interest expens d. What level of interest expense provides PMF with the greatest tax bene EBIT 30% Corp tax 38% Inv tax rate 30% Int inc tax 40% a. Effective tax adv debt 1 - [(1-corp tax rate)*(1-inv tax rate) / (1-int inc tax)] 1-corp tax rate 62% 1-inv tax rate 70% 1-int inc tax 60% 27.7% b. For interest expenses over $24 million, net income is negative, so 1-corp tax rate 1 1-inv tax rate 1-int inc tax -16.7% c. 2/3 * corp tax 0.2533 1-corp tax rate 74.7% 1-inv tax rate 70% 1-int inc tax 60% 12.9% d. The greatest tax benefit is up to an interest expense of $8 million. PMF may increase its interest as long as r* > 0. There is a tax advantage up to an interest expense of $8 million PMF, Inc., can deduct interest expenses next year up to 30% of EBIT. Th corporate tax rate is 38% and investors pay a 30% tax rate o
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s of $6 million this coming? year? ess of $24 million? (Ignore? carryforwards). ses between $8 million and $16 million? (Ignore? carryforwards). efit? his limit is equally likely to be $8 million, $16 million, or $24 million. Its on income from equity and a 40% tax rate on interest income.
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14-1 a. What is the NPV of this? project? Weak cash flow $ 143,600.00 strong cash flow $ 180,400.00 Initial cash flow $ 97,600.00 Cost of capital 17% Interest rate 10% CF1 = (1/2 * weak cash flow) + (1/2 * strong cash flow) $ 162,000.00 NPV = CF1/(1 + cost of capital) - initial cash flow a. $ 40,862 b. Equity value = $ 138,462 c. $ 107,360 Date 0 Date 1 Initial value Cash flow strong cash flow weak Debt $ 97,600 $ 107,360 $ 107,360 Levered Equity $ 40,862 $ 73,040 $ 36,240 Firm $ 138,462 Consider a project with free cash flows in one year of $143,600 or $180,4 for the project is $97,600?, and the project's cost o b. Suppose that to raise the funds for the initial? investment, the project is project in one year. How much money can be raised in this waythat ?is, wh c. Suppose the initial $97,600 is instead raised by borrowing at the risk-free initial value and what is the initial equity according to MM?
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400, with each outcome being equally likely. The initial investment required of capital is 17% . The risk-free interest rate is 10%. s sold to investors as an? all-equity firm. The equity holders will receive the cash flows hat is the initial market value of the unlevered? equity? e interest rate. What are the cash flows of the levered? equity, what is its
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s of the
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14-6 a. According to MM Proposition I, what is the stock price for Delta Technology? BETA DELTA Outs shares 5 20 million $/share $ 16.00 $ 2.80 Debt 0 $ 24 million shares Equity = $ 80 $ 56 per share million Value (beta) = # of shares * price per share and Value (delta) =Debt (delta) + Equity (delta) = Value (beta) a. $ 2.80 P = E/SO Price (delta) = b. OMEGA Trade 12.86per share CF Sell 20M Delta 257.2selling price Buy 5M Beta $ 80.00 but other company Borrow 24M 24borrow to pay off existing Net CF 361.2 All of the above Suppose Beta Industries and Delta Technology have identical assets that gene is an all-equity firm, with 5 million shares outstanding that trade for a price of million shares outstanding, as well as debt of $24.00 million. b. Suppose Delta Technology stock currently trades for $7.98 per share. What assumptions are necessary to exploit this opportunity?
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? g debt erate identical cash flows. Beta Industries $16 per share. Delta Technology has 20 arbitrage opportunity is available? What
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14-21 a. What is the beta of Yerba stock after this transaction? b. What is the expected return of Yerba stock after this transaction? c. What is? Yerba's expected earnings per share after this? transaction? Does d. What is Yerba's forward? P/E ratio after this transaction? Is this change in Problem Example βu 0.6 1.3 Er 17% 22.50% Debt 6.50% 8% Repur 50% 75% a. βe 1.20 (1+D/E)* βu 5.2 E[Rmtk] 0.175 0.1115 b Expected (rk) 27.50% 65.980% Earn/share 0.5 $ 6.00 P/E 13 15 Price/share $ 6.50 $ 90.00 Interest $ 0.21 $ 5.40 c. Expected EPS $ 0.58 $ 2.40 The transaction does not benefit shareholders because the risk of holding eq d. 11.26 37.5 The change in P/E ratio is reasonable because the P/E fails as one would expe Yerba Industries is an all-equity firm whose stock has a beta of 0.60 and an e new risk-free debt with a 6.5% yield and repurchase 50% of its stock. Assume Suppose that prior to this? transaction, Yerba expected earnings per share t P/E ratio? (that is, the share price divided by the expected earning
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s this change benefit the shareholder? Explain. the P/E ratio reasonable? Explain. quity has increased. The stock price does not change. ect with hogher risk expected return of 17% . Suppose it issues e perfect capital markets. this coming year of $3.50, with a forward? gs for the coming? year) of 9 .
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14-23 a. If the new compensation plan has no effect on the value of Zelnor's ass b. What is the cost of this plan for Zelnor investors? Why is issuing equity Outstanding shares 60million Price per share 11.42 market value of asse 685.2 New shares 6million Total # of shares = 66 a. Price = market value of assets / outstanding shares $ 10.38 b. Amount of loss = original stock price - new stock price $ 62.29 Zelnor, Inc., is an all-equity firm with 60 million shares outstanding curren 6 million new shares to employees as part of a new compensation plan. and is better than giving salary bonuses because it will n assets remains the same while the number of shares increases. Also, its the shareholder equity is being given away to employees for
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sets, what will be the share price of the stock once this plan is implemented? y costly in this case? ntly trading for $11.42 per share. Suppose Zelnor decides to grant a total of . The firm argues that this new compensation plan will motivate employees not cost the firm anything. Assume perfect capital markets. s costly because free
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14-6 a. According to MM Proposition I, what is the stock price for Pi Technology? b. Suppose Pi Technology stock currently trades for $14.16 per share. What arbit Value (beta) = # of shares * price per share and Value (delta) = Debt (delta) + Equity (delta) = Value (beta) Sigma Pi Outs shares 9 16 million $/share $ 24.00 $ 14.16 Debt 0 $ 64.80 million shares Equity = $ 216 $ 151 per share a. $ 9.45 P = E/SO b. OMEGA Trades at 11 per share CF Sell 16M Pi 176selling price Buy 9M Sigma $ 2.67 but other company Borrow 64.8M 64.8borrow to pay off existing debt Net CF 243.4667 All of the above Suppose Sigma Industries and Pi Technology have identical assets that generate i equity firm, with 9 million shares outstanding that trade for a price of $24.00 per outstanding, as well as debt of $64.80 million.
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trage opportunity is available? What assumptions are necessary to exploit this? oppor identical cash flows. Sigma Industries is an all- share. Pi Technology has 16 million shares
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rtunity?
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15-18 KURZ Equity 22 stock orice $ 11.50 $ 253.00 Borrow $ 59.00 $ 37.00 $ 12.39 corp tax 21% $ 49.39 a. Equity $ 253.0 b. Assets $ 324.4 $ 12.39 $ 275.00 22.1953188 c $ 2.225 $ 265.39 $ 263.37 $ 12.06 $ 204.37 4.89 10.3349897 d $ 265.4 $ 206.4 $ 12.06
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