Scribd Logo
Upload

Welcome to Scribd!

  • 5 views

    Parcial #1 - Juan Camilo Molina

    Uploaded by

    jcmolinav05

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Parcial #1 - Juan Camilo Molina

    Uploaded by

    jcmolinav05
    5 views8 pages

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    5 views8 pages

    Parcial #1 - Juan Camilo Molina

    Uploaded by

    jcmolinav05

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 8

    Nombre: Juan Camilo Molina - A00395992

    Punto #1

    Option Coupon Period (Years)Discount or premium Par value


    Option 1 11.75% 15 225 1000
    Option 2 9.33% 5 80 1000
    Option 3 8.41% 8 0 1000
    Option 4 6.96% 10 -100 1000

    Punto #4

    Sales Probability
    5,000,000 20%
    7,000,000 60%
    9,000,000 20%

    Fixed costs 950,000


    Variable costs 35% of sales

    1,000,000 shares
    25 per share
    Probabilidad de ventas
    + Ingreso por ventas
    - Costos fijos
    - Costos
    variables
    Ganancias antes de impuestos EBIT

    Debt ratio
    EBIT
    - Less interest
    EBT
    - Taxes
    Earnings after taxes

    EPS
    Expected EPS
    Variance of EPS
    Standard deviation of EPS
    Coefficient of variation of EPS
    Debt ratio

    35%
    40%
    45%

    Punto #2

    Year Dividend
    1 year ago 1.15
    2 year ago 1.10 a)
    3 year ago 1.05
    4 year ago 1.00 b)
    5 year ago 0.90
    c)
    Recent price 27.50
    Next year dividend 1.20
    Net earnigs 22.00

    Punto #3

    Source of capital Wheight


    Long-term debt 40%
    Preferred stock 10%
    Common stock 50%

    a
    DEBT
    Tiempo 10 años
    Par value 1000
    cuopon rate 11.35% b
    cuopon 113.5
    Costs 85
    Tax rate 40% c)
    Net earnings 915

    Preferred stock
    Par value 37.5
    dividend rate 9%
    dividend 3.375
    Flotation cost 3.5
    Net earnigs 34
    Common stock
    Price 33.65
    dividend 2.37
    grow annual 9%
    Flotation costs Net proceeds YTM Tax KD Ingreso neto
    -50 1.18 9.51% 30% 6.66% 950
    -50 1.03 8.57% 30% 6.00% 950
    -50 950 9.32% 30% 6.53% 950
    -50 850 9.33% 30% 6.53% 850

    6.66%

    Probabilidad de ventas 20% 60% 20%


    + Ingreso por ventas 5,000,000 7,000,000 9,000,000
    - Costos fijos -$ 950,000 -$ 950,000 -$ 950,000
    35%
    -$ 1,750,000 -$ 2,450,000 -$ 3,150,000

    ancias antes de impuestos EBIT $ 2,300,000 $ 3,600,000 $ 4,900,000

    35% Debt ratio


    EBIT $ 2,300,000 $ 3,600,000 $ 4,900,000 EBIT
    - Less interest -$ 853,125 -$ 853,125 -$ 853,125 - Less interest
    EBT $ 1,446,875 $ 2,746,875 $ 4,046,875 EBT
    35% $ 506,406 $ 961,406 $ 1,416,406 - Taxes
    Earnings after taxes $ 940,469 $ 1,785,469 $ 2,630,469 Earnings after taxes

    #Shares 1.45 2.75 4.05 EPS


    Expected EPS 2.75 Expected EPS
    Variance of EPS 0.676 Variance of EPS
    Standard deviation of EPS 0.822 Standard deviation of EPS
    Coefficient of variation of EPS 0.299 Coefficient of variation of EPS
    EPS Coefficient of variation of EPS Required return Share value P0

    2.747 0.30 14.25% 19.28


    2.817 0.32 14.50% 19.43
    2.859 0.34 14.75% 19.38

    5.02% Cost of retained earnings Co

    9.39%

    10.48%

    KD 12.91% 7.7%
    Cost 3.10%

    Kp 9.93%
    Cost 0.993%
    Cuopon Cost of capital After tax
    117.5 13.08% 9.16%
    93.3 11.98% 8.38%
    84.1 9.32% 6.53%
    69.6 9.33% 6.53%

    Market price per 25


    Shares of commo 1,000,000
    Total assets $ 25,000,000

    Debt ratio Total assets Debt Equity Shares outstanding


    35% $ 25,000,000 $ 8,750,000 $ 16,250,000 650,000
    40% $ 25,000,000 $ 10,000,000 $ 15,000,000 $ 600,000
    45% $ 25,000,000 $ 11,250,000 $ 13,750,000 550,000

    Debt ratio Debt Int rate Interest


    35% $ 8,750,000 9.75% $ 853,125

    40% $ 10,000,000 10.00% $ 1,000,000


    45% $ 11,250,000 10.50% $ 1,181,250

    40%
    EBIT $ 2,300,000 $ 3,600,000 $ 4,900,000
    - Less interest -$ 1,000,000 -$ 1,000,000 -$ 1,000,000
    EBT $ 1,300,000 $ 2,600,000 $ 3,900,000
    35% $ 455,000 $ 910,000 $ 1,365,000
    Earnings after taxes $ 845,000 $ 1,690,000 $ 2,535,000

    #Shares 1.41 2.82 4.23


    Expected EPS 2.82
    Variance of EPS 0.793
    Standard deviation of EPS 0.891
    oefficient of variation of EPS 0.316
    Para maximizar el valor debe recurrir a un
    costo de capital de 40%

    Cost of new common stock


    Debt ratio 45%
    EBIT $ 2,300,000 $ 3,600,000 $ 4,900,000
    - Less interest -$ 1,181,250 -$ 1,181,250 -$ 1,181,250
    EBT $ 1,118,750 $ 2,418,750 $ 3,718,750
    - Taxes 35% $ 391,563 $ 846,563 $ 1,301,563
    Earnings after taxes $ 727,188 $ 1,572,188 $ 2,417,188

    EPS #Shares 1.32 2.86 4.39


    Expected EPS 2.86
    Variance of EPS 0.944
    Standard deviation of EPS 0.972
    Coefficient of variation of EPS 0.340

    You might also like