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1、January2011CoventryUniversityFacultyBusinessEnvironmentandSocietyM17EFAFinancialStatementAnalysisandValuationMarkingScheme11Question1Parta)Max10marksMarksCostofequity=Rrf+B(Rm–Rrf)1=4%+1.25(8%-4%)1=4%+5=9%1Costofdebt=(£100x9.5%)x(1–0.20)/£941=£9.50x0.80/£94=8.1%1Costo
2、fdebt=16%x(1–0.20)1=16%x0.80=12.8%1CostMarketValue£’000ProportionWeightedCost1markforMV1markforproportion1markforWACCSharecapital9%3,35073.86.6Debentures8.1%94020.71.7Loan12.8%2505.50.74,5401009.0TheWACCis9%11YearCashflow£DF@9%DCF£1300,0000.9174275,2202330,0000.841727
3、7,7613363,0000.7722280,3094399,3000.7084282,8645439,2300.6499285,4566350,0000.5963208,7057350,0000.5470191,450TotalDCF(businessvalue)1,801,765Partb)(Max12marks)1markforcorrectDF;3marksforcorrectcashflows;2forDCF;1fortotalbusinessvalue(7marksintotal)Totalbusinessvalue=
4、£1,801,765Shareholdervalue=£1,801,765-£500,0002=£1,301,7651Marketvalueofsharecapital=1.5millionx£0.851=£1,275,000111Partc)(max2marks)Sinceshareholdervalueexceedsthestockmarketvalueofshares,thecompanyisworthpurchasingatthecurrentsharepricePartd)(max6marks)Keyassumption
5、sinclude:–Forecastcashflowsareaccurate–Costofcapitalremainsthesamethroughouttheperiod(9%)–Cashflowstakeplaceattheendoftheyear–Inflationhasbeenignored–Rateoftaxationremainsthesamethroughouttheperiod–Levelofrisksameasthatofexistinginvestments1markperassumptionuptomaxof6
6、marks11Question2MarksParta)Marketcapitalisation=212.5milx£12.831=£2,726.4million1Partb)EPS=£354.1/212.5million1=166.6pence1Partc)P/ERatio=1283.0pence/166.6pence1=7.71Indicatescostofashareexpressedinnumberofyearsofcurrentearnings/profitsrequiredtopurchaseit(eg:MVofeach
7、shareis7.7yearsofprofits).2Partd)Shareholders’equity=£651.2+979.2-852.8-466.61=£311million111Parte)(10marks)PurposeofSFP•Statementoffinancialpositionisnotintendedtoshowmarketvalueofbusiness•Providesasummaryofmonetaryvaluesofassets,liabilitiesandequityathistoriccost/re
8、-valuedamount•BasedonAccountingequation:Assets=Equity+LiabilitiesUpto4marksNetassetsandMV•Shouldrefertofiguresinquestion•Ref
