Fundamentals of Corporate Finance Phần 5 ppt
Fundamentals of Corporate Finance Phần 5 ppt
... 3 .5
Value of Blue Skies
Horizon, Years PV (Dividends) + PV (Terminal Price) = Value per Share
1 $ 2.68 $72.32 $ 75. 00
2 5. 26 69.74 75. 00
3 7. 75 67. 25 75. 00
10 22.87 52 .13 75. 00
20 38.76 36.24 75. 00
30 ...
40
dd
31
dd
45
2098
352
681
54 88
11097
394
297
359 98
456 8
76
3 050
1637
58
146
4 250
219
99
92866
320
3 256 6
4968
129
12
1
/2
36
9
/16
26
15
/16
29
1
/4...
Fundamentals of Corporate Finance Phần 1 potx
... and Leases 55 2
The Cash Flows from Leasing 55 3
The Incremental Cash Flows 55 3
A Note on Taxes 55 4
Lease or Buy? 55 5
A Preliminary Analysis 55 5
Three Potential Pitfalls 55 5
NPV Analysis 55 6
A Misconception ... Expected
Returns 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...
Fundamentals of Corporate Finance Phần 2 ppsx
... 3. 153 3.184 3.2 15 3.246 3.278 3.310
4 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. 937
20 33.066 36.786 40.9 95 45. 762 51 .160 ... 1.0609 6.0900
Quarterly 4 1 .5 1.0 15
4
= 1.061364 6.1364
Monthly 12 .5 1.0 05
12
= 1.061678 6.1678
Weekly 52 .1 153 8 1.001 153 8
52
= 1.061800 6.1800
Dai...
Fundamentals of Corporate Finance Phần 3 pot
... Joint Returns Tax Rate, %
0– 25, 750 0–43, 050 15
25, 750 –62, 450 43, 050 –104, 050 28
62, 450 –130, 250 104, 050 – 158 ,55 0 31
130, 250 –283, 150 158 ,55 0–283, 150 36
Over 283, 150 Over 283, 150 39.6
MARGINAL TAX RATE
Additional ... 19 95
Net sales 3, 351 3,314 2,8 45 2,796 2,493 2,160
EBIT –9 312 256 243 212 156
Interest 37 63 65 58 48 46
Taxes 3 60 46 43 39 34
Net profit –49 189 1...
Fundamentals of Corporate Finance Phần 4 docx
... Order $. 05 per Brick Carrying Costs
Bricks per Order 2
1,000,000 1 50 0,000 $ 90 $ 25, 000 $ 25, 090
50 0,000 2 250 ,000 180 12 ,50 0 12,680
200,000 5 100,000 450 5, 000 5, 450
100,000 10 50 ,000 900 2 ,50 0 ... 3,400
60,000 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, 000
10,000 100 5, 000 9,000 250 9, 250
222 SECT...
Fundamentals of Corporate Finance Phần 6 doc
... percent
Ϫ 25
Ϫ30
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58
Ϫ20
Ϫ 15
Ϫ10
5
0
5
10
15
20
25
30
Ϫ 25
Ϫ30
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58
Ϫ20
Ϫ 15
Ϫ10
5
0
5
10
15
20
25
30
Ϫ 25
Ϫ30
1 ... years
0Ϫ10 10 20 30 40
5. 7 9.2
Treasury bonds
0
1
2
3
50
45
40
35
30
25
20
15
10
5
0
4
5
6
7
9
8
0
5
30
25
20
15
10
35...
Fundamentals of Corporate Finance Phần 7 pot
... Ϫ4
Ϫ 25
Ϫ20
Ϫ 15
Ϫ10
5
0
5
10
15
20
Beta ؍ .61
Standard deviation ؍ 16%
25
(a)
Market return, percent
Polaroid 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 3.30
6. Depreciation 250 .00 250 .00 250 .00 250 .00 250 .00
7. Income (5 – 6) 650 .00 56...
Fundamentals of Corporate Finance Phần 8 doc
... be 2.00 + . 45 = $2. 45 million. Since the store produces profits of $ .55 mil-
lion at a normal level of sales, DOL should be
DOL = 1 +
fixed costs
= 1 +
2.00 + . 45
= 5. 45
profits .55
This value ... costs 8 .5 × planes sold
3. 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...
Fundamentals of Corporate Finance Phần 9 doc
... 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 be
7 .57 5 75 ϭ (1 Ϫ .34) = 5 percent. ... value. This is another cost of leasing instead of buying.
Lease
versus 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
le...
Fundamentals of Corporate Finance Phần 10 potx
... 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 2.300
3 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 3.990
4 5. 066 5. 141 5....