答案和详解如下： 1.Ridge Wind Technologies (RWT) reported the following year-end results for 2004. §
Revenue = 22.7 million §
COGS = 2.3 million §
SG&A = 14.6 million §
Depreciation = 2.1 million §
Interest expense = 1 million §
Tax rate = 35 percent What is the 2004 net operating profit after-tax (NOPAT) for RWT? A) 2.4 million. B) 5.1 million. C) 1.8 million. D) 3.8 million. The correct answer was A) NOPAT = (Sales – COGS – SG&A – Depreciation) x (1-Tax rate) = (22.7 – 2.3 – 14.6 – 2.1) x (1-.35) = 2.4 2.Discovery Media Inc. (DMI) has a target debt-to-equity ratio of 2 to 3. Its current assets and current liabilities are valued at 276 and 326, respectively. DMI has 763 invested in long-term assets with associated accumulated depreciation of 329. DMI debt, originally issued with $95 in annual interest, is trading at par of $1,000. AAA-rated and BBB-rated bonds are currently yielding 8.5 percent and 10.5 percent, respectively. DMI’s marginal tax rate is 35 percent. The risk-free rate is 5.0 percent and the market risk premium is 6.5 percent and DMI’s beta is 1.1. What is dollar weighted average cost of capital for EM? A) $42.24. B) $37.48. C) $36.48. D) $38.48. The correct answer was B) For every $5 of capital, DMI has $2 in debt and $3 in equity – a 2 to 3 ratio.
Therefore, the proportion of debt in the capital structure is 2/5 or 40%.
Likewise the proportion of equity is 3/5 or 60%.
The cost of debt is $95/1,000 = 0.095 or 9.5 percent The after-tax cost of debt = 0.095 x (1 - 0.35) = 0.0618 or 6.18 percent. The cost of equity = 0.050 + (0.065)1.1 = 0.1215 or 12.15 percent WACC = (0.40 x 0.0618) + (0.60 x 0.1215) = 0.0976 or 9.76 percent
Invested capital = net working capital + net long-term assets = (276 - 326) + (763 - 329) = 384
$WACC = 0.0976 x $384 = $37.48 3.Last period the net operating profit after taxes (NOPAT) for Ave, Inc. was $45 million and the company’s total capital for the period was $320 million. If the company’s weighted-average cost of capital is 15 percent, what was the EVA® for last period? A) $3.0 million. B) $0.3 million. C) -$0.3 million. D) -$3.0 million. The correct answer was D) EVA = $45 million - $48 million = -$3 million. 4.Southeast Transportation Inc. (STI) reported the following fiscal year end (FYE) 2004 results: §
Revenue = 35.2 million §
COGS = 4.3 million §
Interest expense = 2.7 million §
Pretax earnings = 5.0 million §
Net income = 3.0 million What is the FYE 2004 net operating profit after-tax (NOPAT) for STI? A) 5.7 million. B) 3.0 million. C) 7.7 million. D) 4.6 million. The correct answer was D) EBIT = Pretax earnings + Interest expense = 5.0 + 2.7 = 7.7 Tax rate = 1 - (Net Income/Pretax Earnings) = 1 - (3.0/5.0) = 0.40 or 40% NOPAT = EBIT x (1-Tax rate) = 7.7 x (1-.40) = 4.6 5.Sarah Stanos, an analyst for a large U.S. investment bank, has been assigned to measure company performance and value added for numerous firms in the glass industry. Economic Value Added (EVA®) Comparison in year 2006 |
| Firm X | Firm Y | Firm Z | Capital | $100 | $200 | $20,100 | Adjusted operating profit before taxes-cash operating taxes (NOPAT) | $10 | $75 | $2,400 | Weighted Average Cost of Capital (WACC) | 12.0% | 12.0% | 12.0% |
According to the EVA calculated using the data contained in the table, which of the following added value in year 2006? A) Firm Y. B) Firm X. C) Firm Z. D) None of the firms added value. The correct answer was A) Economic value added (EVA) = NOPAT - $WACC. The EVA for each firm using the information contained in the table is Firm X -$2, Firm Y $51, Firm Z -$12. Positive levels of EVA indicate that management has been 'adding value' through previous investments. Thus, only Firm Y has added value in the given year. | 
发表于 2008-5-21 10:47
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