发个贴 求问问题啊...........有木有牛人啊............

姗姗

1. Gili Communication has an all common equity capital structure. Pertinent financial characteristics of the company are

Ordinary shares          1 million outstanding               
Ordinary share price      $20 per share
Expected level of EBIT    $5 million       
Dividend payout ratio     100%

Assuming that corporate income is not taxed
a) What is the present value of the firm?
b) What is the cost of common equity capital and the composite cost of capital
c) Suppose the company sells $1 million of long term debt with and interest rate of 8%. The proceeds are used to retire outstanding ordinary shares, what will be the new (after the capital structure change) cost of common equity, and the composite cost of capital.

3. Flavorteck Inc. Expects EBIT of $ 200 0000 for the coming year. The firm’s capital structure consists of 40% debt and 60% equity, and its marginal tax rate is 40%. The cost of Equity is 14% and the company pays a 10% interest rate on its $500 0000 of long term debt. 1 million shares of common stock are outstanding in its next capital budgeting cycle, the firm expects to fund 1 large positive NPV project costing $ 120 0000 and it will fund this project in accordance with its target capital structure. Assume that new debt will also have an I/R of 10%. If the firm follows a residual dividend policy and has no other projects, what is its expected dividend payment ratio?





4. You are considering 3 investments. The first is a bond that is selling in the market at $1100. The bond has a $1000 per share value. Pays interest at 13% and is scheduled to mature in 15 years. For bond of this risk class, you believe that a 14% rate of return should be required. The second investment that you are analyzing is a preferred stock ($100 per value) that sells for $90 and pays an annual dividend of $13. You required rate of return for this stock is 15%. The last investment is a common stock ($25 par value) that recently paid a $2 dividend. The firm’s earnings per share have increase from $3 to $6 in 10 years, which also reflects the expected growth in dividends per share for the indefinite future. The stock is selling for $20 and you think a reasonable required rate of return for the stock is 20%.
A) Calculate the value of each security based in your required rate of return.
b) Which investments should you accept? Why?
C) If your anticipated growth rate in dividends per share charged to 12% would your answer change?





5. Stewart Inc. has $400 0000 in total assets. The company’s current capital structure consists of 25 percent debt and 75% common equity. Currently the company’s before-tax cost of debt is 8%. The risk-free rate is 5 %, the market risk premium (Km-Krf) is also 5% out the firm’s current capital structure the company’s beta is 1.15 (ie. Its current lost of common equity is 10.75%) Stewart’s operating income (EBIT) is $300 000 its interest expense is $80000 and its tax rate is 40%. The company has 80000 outstanding shares if common stock. The company’s net income is currently $ 132000 and its earnings per share (EPS) is $1.65. The company pays out all of its earning as dividends (EPS=DPS) and hence its growth rate is 0. Thus its stock price is simply EPS/KS, where ks is the cost of common equity it follows that the company’s stock price is currently $15.3488 ($ 1.65 / 0.1075)
a)        Company’s WACC
b) What would be the company’s earnings per share. If it aopts a capital structure with 50% debt & 50% common equity.

-。-  你覺得誰有耐心把它看完 么？！  

ldx4180 发表于 2011-7-15 16:12
-。-  你覺得誰有耐心把它看完 么？！

楼上正解。。。。

回复 ldx4180 的帖子

随便看那一题都可以的阿..........

没时间。。路过。。

楼主阿大的吗？

回复 姗姗 的帖子

如果你自己是懂得买股票。自己拿计算机算一下了。应该算得出来。

回复 st33 的帖子

是滴.........................

回复 andrew1970 的帖子

看您这话说得.......我要是算得出来还问啥额..................

回复 姗姗 的帖子

这个吗要研究研究。必须滴。