答案和详解如下： 3.Industrial Light currently has: §
Free cash flow to equity = $4.0 million. §
Cost of equity = 12 percent. §
Weighted average cost of capital = 10 percent. §
Total debt = $30.0 million. §
Long-term expected growth rate = 5 percent. What is the value of equity? A) $27,142,857. B) $57,142,857. C) $60,000,000. D) $44,440,000. The correct answer was C) The value of equity is [[($4,000,000)(1.05)]/(0.12 – 0.05)] = $60,000,000. 4.The following information was collected from the financial statements of Bankers Industrial Corp. for the year ended December 31, 2000. §
EBIT = $6 million.
§
Capital expenditures = $1.25 million.
§
Depreciation expense = $0.63 million.
§
Working capital additions = $.59 million.
§
Cost of debt = 10.5 percent.
§
Cost of equity = 16 percent. §
Growth rate = 7 percent. Bankers is currently operating at their target debt ratio of 40 percent. The firm’s tax rate is 40 percent. The FCFF for the current year is: A) $2.31 million. B) $3.57 million. C) $4.89 million. D) $2.39 million. The correct answer was D) The FCFF for the current year is $2.39m = [$6.0m(1 - 0.40)] + $0.63m - $1.25m - $0.59m. 5.The appropriate discount rate used in valuing Bankers using FCFF will be: A) 12.12%. B) 6.30%. C) 10.50%. D) 16.00%. The correct answer was A) The appropriate discount rate to be used is the weighted average cost of capital (WACC), and this is 12.12% = (0.60 * 0.16) + (0.40 * 0.105 * [1 - 0.40]). | 
发表于 2008-5-20 13:53
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