Fundamentals of Corporate Finance Phần 7 pot

... 250.00 250.00 7. Income (5 – 6) 650.00 566.00 478 .64 3 87. 79 293.308. Tax at 35% 2 27. 50 198.10 1 67. 52 135 .72 102.659. Net income (7 – 8) $422.50 $3 67. 90 $311.12 $252.06 $190.64Notes:1. Yards ... 3,000.004. Cost of goods sold 2,100.00 2,184.00 2, 271 .36 2,362.21 2,456 .70 5. Operating cash flow (3 – 4) 900.00 816.00 72 8.64 6 37. 79 543.306. Depreciation 250.00 250.00 250.00 250.00 250.00 7. Income ... Then the beta of your portfo-lio will be a mixture of the beta of the market (βmarket= 1.0) and the beta of the T-bills(βT-bills= 0):Beta of portfolio =(proportion×beta of )+(proportion×beta...

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Fundamentals of Corporate Finance Phần 1 potx

... Resources 574 Mergers as a Use for Surplus Funds 574 22.3 Dubious Reasons for Mergers 575 Diversification 575 The Bootstrap Game 575 22.4 Evaluating Mergers 577 Mergers Financed by Cash 577 Mergers Financed ... Acquisitions 570 Method 3: Leveraged Buyouts 571 Method 4: Divestitures and Spin-offs 571 22.2 Sensible Motives for Mergers 572 Economies of Scale 573 Economies of Vertical Integration 573 Combining ... 172 Tracing Changes in Cash and Working Capital 175 Cash Budgeting 177 Forecast Sources of Cash 177 Forecast Uses of Cash 179 The Cash Balance 179 A Short-Term Financing Plan 180Options for Short-Term...

Fundamentals of Corporate Finance Phần 3 pot

... 320Long-term debt 2 17 159 159 311 319 315Stockholders’ equity 676 72 5 599 502 4 07 324Number of stores 240 221 211 184 170 1 57 Employees 13,0 57 11,835 9,810 9 ,79 0 9, 075 7, 825TABLE A.19INCOME ... Microsoft’s total capital in 19 97 was $7. 2 billion. With a return of 53 percent, it earned profits on this figure of .53 × 7. 2 =$3.8 billion. The total cost of the capital employed by Microsoft ... 2,490Inventories 1 87 238Other current assets 8 67 932Total current assets 3,525 3,818Net property, plant, and equipment 19, 973 19,915Other long-term assets 4,216 3 ,77 0Total assets 27, 714 27, 503Liabilities...

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Fundamentals of Corporate Finance Phần 10 potx

... 5.684 5 .76 6 5.848 5.931 6.016 6.101 6.1 87 5 6. 877 7. 014 7. 154 7. 2 97 7.442 7. 589 7. 740 7. 893 8.048 8.2 07 8.368 8.533 8 .70 0 8. 870 9.0436 8. 977 9.2 07 9.442 9.683 9.930 10.183 10.442 10 .70 8 10.980 ... .322 .295 . 270 .2 47 11 .896 .804 .72 2 .650 .585 .5 27 . 475 .429 .388 .350 .3 17 .2 87 .261 .2 37 .21512 .8 87 .78 8 .70 1 .625 .5 57 .4 97 .444 .3 97 .356 .319 .286 .2 57 .231 .208 .1 87 13 . 879 .77 3 .681 .601 ... .826 .812 .79 7 .78 3 .76 9 .75 63 . 971 .942 .915 .889 .864 .840 .816 .79 4 .77 2 .75 1 .73 1 .71 2 .693 . 675 .6584 .961 .924 .888 .855 .823 .79 2 .76 3 .73 5 .70 8 .683 .659 .636 .613 .592 . 572 5 .951 .906...

Fundamentals of Corporate Finance Phần 2 ppsx

... 3. 278 3.3104 4.310 4. 375 4.440 4.506 4. 573 4.6415 5.526 5.6 37 5 .75 1 5.8 67 5.985 6.10510 12. 578 13.181 13.816 14.4 87 15.193 15.9 37 20 33.066 36 .78 6 40.995 45 .76 2 51.160 57. 275 30 66.439 79 .058 ... (19 47 ؍ 100)19 47 1951 1955 1959 1963 19 67 1 971 1 975 1 979 1983 19 87 1991 19981995 70 06005004003002001000FIGURE 1.15Consumer Price IndexREAL VALUE OF $1Purchasing power-adjustedvalue of ... Payment of Loan0 $1,000 $100 $315. 47 $215. 47 1 ——— ——— 315. 47 ———2 ——— ——— 315. 47 ———3 ——— ——— 315. 47 ———40 0 — —c. Show that the loan balance after 1 year is equal to the year-end payment of...

Fundamentals of Corporate Finance Phần 4 docx

... market value of Ford is $ 57 billion. The 2-day reduction in float is worth $800million. This increases the value of Ford to $ 57. 8 billion. The new stock price will be 57. 8/1.14 = $50 .70 per share. ... days3,518/365This is a reduction of 22.8 days from the original value of 48 .7 days.Days in receivables =300= 27. 6 days3,968/365This is a reduction of 16.2 days from the original value of 43.8 daysThe cash ... of receivables at the start of the year and those at the end of the year.Cash and Inventory Management 209Invested at .02 percent per day, that gives a daily return of .0002 × $360,000 = $72 The...

Fundamentals of Corporate Finance Phần 5 ppt

... 3.5Value 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 ... =$60+$1,060= $1,0 37. 72(1.04) (1.04)2You invested $1,010 .77 . At the end of the year you receive a coupon payment of $60and have a bond worth $1,0 37. 72. Your rate of return is thereforeRate of return ... a price of $1,010 .77 and sell it next year at a price of $1,020. The return on your investment is the $60 coupon payment plus the price change of ($1,020 – $1,010 .77 ) = $9.33. The rate of return...

Fundamentals of Corporate Finance Phần 6 doc

... of return) of return in first asset on first asset+(fraction of portfolio؋rate of return)in second asset on second assetFor example, autos have a weight of .75 and a rate of return of ... 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– investment=$400,000 ... cost of capital.2. The rate of return rule. Invest in any project offering a rate of return that is higherthan the opportunity cost of capital.1Recall that we are assuming the profit on the office...

Fundamentals of Corporate Finance Phần 8 doc

... EquityAssets = value of Geothermal’s $6 47 Debt $194 (30%)existing businessEquity $453 (70 %)Total value $6 47 Value $6 47 (100%)There are actually two costs of debt finance. The explicit cost of debt is ... Pretax profit (1 – 2 – 3 – 4) 550,000 –2,0006. Taxes (40%) 220,000 –800 7. Profit after tax 330,000 –1,2008. Cash flow from operations (4 + 7) 78 0,000 448,800Present value of cash flows 5, 878 ,000 ... profits will increase by .01 × (sales – variable costs) = .01 × (profits + fixedcosts). Now recall the definition of DOL:DOL =percentage change in profits=change in profits/level of profitspercentage...

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Fundamentals of Corporate Finance Phần 9 doc

... years of trading have been less than a con-trol sample of matching firms. See J. R. Ritter, “The Long-Run Performance of Initial Public Offerings,”Journal of Finance 46 (March 1991), pp. 3– 27. PROSPECTUS ... bank at a rate of 7. 575 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. 575 75 ϭ (1 Ϫ .34) ... initial public offerings and the costs of such offerings.᭤Know what is involved when established firms make a general cash offer or a pri-vate placement of securities.᭤Explain the role of the underwriter...

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