Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 4 doc
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 4 doc
... flow 5. 84 6 .40 7 .41 8. 74 9.39
Depreciation 1 .45 1.60 1.75 1.97 2.22
Pretax profits 4. 38 4. 80 5.66 6.77 7.17
Tax 1.53 1.68 1.98 2.37 2.51
Aftertax profits 2.85 3.12 3.68 4. 40 4. 66
TABLE 4. 8
Summary ... 10.7%
TABLE 4. 2
DCF cost -of- equity estimates for electric utilities in 2001.
Source: The Brattle Group, Inc.
Brealey−Meyers:
Principles of Corporate
Finance, Seven...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 3 doc
... five-year annuity factor2ϩ
PV1bond2ϭ PV1coupon payments2ϩ PV1final payment2
PV ϭ
70
1. 048
ϩ
70
11. 048 2
2
ϩ
70
11. 048 2
3
ϩ
70
11. 048 2
4
ϩ
1070
11. 048 2
5
ϭ 1,095.78
Brealey−Meyers:
Principles of ... $18 ,40 0—not a substantial decrease from the $23,800 calcu-
lated in Chapter 2. Since the net present value is positive, you should still go ahead.
4
Brealey−Meyers:
Princ...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 5 docx
... 57 57 57 57 57 57
4. Net income 28 28 28 28 28 28 28
5. Start -of- year
book value
†
40 0 343 286 229 171 1 14 57
6. Book rate of
return (4 Ϭ 5) 7% 8.2% 9.8% 12.2% 16 .4% 24. 6% 49 .1%
TABLE 5.2
Income ... depreciation
over five years is 40 0/5 =
80, or $80,000 per year.
†
Capital investment is
$40 0,000 in year 0.
Year
12 345 67
1. Revenue 140 140 140 140 140 140 140
2. Operating...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 11 docx
... value is 40 percent of the difference between salvage value and depreciated investment.
4. The cost of capital is 20 percent.
a. What is the value of a one-year-old plant? Of a two-year-old plant? ... effect of Marvin’s announcement on the value of its common
stock. Marvin has 24 million units of second-generation capacity. In the absence of any
Total NPV ϭ NPV of new pl...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 12 doc
... AND EVA
14
In practice, investment would be measured as the average of beginning- and end -of- year assets. See
Chapter 29.
Brealey−Meyers:
Principles of Corporate
Finance, Seventh Edition
III. ... follows:
Year after Opening
12 345
Profit 0 40 80 120 170
Depreciation 40 40 40 40 40
Profit after
depreciation 40 0 40 80 130
Book value at start
of year 200 160 12...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 15 docx
...
Use of Proceeds
The net proceeds of this offering are expected to be $36, 744 ,44 5. Of the net proceeds,
approximately $27.0 million will be used to finance expansion of the Company’s prin-
cipal ... with the Pricing of Ini-
tial Public Offerings,” Journal of Applied Corporate Finance, 7:66– 74 (Spring 19 94) .
T. Loughran and J. R. Ritter: “The New Issues Puzzle,” Journal...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 18 docx
... 1963),
pp. 43 3 44 3.
Brealey−Meyers:
Principles of Corporate
Finance, Seventh Edition
V. Dividend Policy and
Capital Structure
18. How Much Should A
Firm Borrow
© The McGraw−Hill
Companies, 2003
CHAPTER ... what causes them.
Value
of firm
ϭ
value if
all-equity-financed
ϩ PV1tax shield2Ϫ
PV 1costs of
financial 1distress2
Brealey−Meyers:
Principles of Corporate
F...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 20 docx
... relationship is
Value of callϩ present value of exercise price ϭ value of putϩ share price Ϫ present value of dividend.
Brealey−Meyers:
Principles of Corporate
Finance, Seventh Edition
VI. Options ... Corp. 3 40 50 7 18
640 50517
65050810
TABLE 20 .4
Prices of options on
common stocks (in
dollars). See Practice
Question 20.
Brealey−Meyers:
Principles of Corpora...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 21 docx
... changes
–33 0 +50
27
50
23
–77 – 74 –71 –68 – 64 –59 –55 49 43 –36 –29 –20 –11 4 12 25 40 57 76 97 120 147 176 209 246 287 3 34
0
–20–11 4 2512 40 57 76 97 120 147
16
2
8
12
10
14
4
6
Probability %
Percent ... 13.752
3Probability of rise ϫ 04 ϩ 311 Ϫ probability of rise2 ϫ 13.7 54
ϭ Ϫ 1 .42 86 ϫ 552 ϩ 30.81 ϭ $7. 24
Value of put ϭϪ .42 86
shares ϩ $30.81 bank loan
Breal...
Brealey−Meyers: Principles of Corporate Finance, 7th Edition - Chapter 23 doc
... value ϭ
865 ϫ 12 Ϫ .620 ϫ 110/1.1
4
2ϭ $6.15
N1d
2
2ϭ .620N1d
1
2ϭ .865
d
2
ϭ 1.1 04 Ϫ .40 ϫ 24 ϭ .304d
1
ϭ log 312/110/1.1
4
24/ 1 .40 ϫ 242 ϩ .40 ϫ 24/ 2 ϭ 1.1 04
N1d
1
2ϭ cumulative normal probability ... the Design of Convertible
Debt,” Journal of Applied Corporate Finance, 11 :45 –53 (Spring 1998).
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Brealey−Meyers:
Principles of Corpora...
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