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1、WeekThreeQuestionsA.Dividenddiscountmodel1.R&BChapter15,pg606,Question10(a)P0=D1ke-gke=(D1/P)+g($0.60/$20.00)+8.0%=11%2.R&BChapter15,pg606Question11(a)P0=D0(1+g)ke-g=1.20(1+0.08)(0.11–0.08)$43.20Question11(b)Two-stagedividenddiscountmodel·Highgrowthrate12%·Low
2、growthrate8%·Requiredreturnonequity=11%YearDividendsTerminalvalueDtorVtDiscountfactorPVDtorVt01.2011.20(1.12)11.341/(1+0.11)11.207221.20(1.12)21.501/(1+0.11)21.217431.20(1.12)31.20(1+0.12)3(1+0.08)(0.11–0.080)62.361/(1+0.11)345.5971Tot48.037B.FCFF/FCFE1.R&BCha
3、pter15,pg619,Question26Recall:FCFE=NI+NCC–FCInv–WCInv+Netborrowing=NI–(FCInv–Dep)–WCInv+Netborrowing#Common=84.0TotalPershare200120022003G27.0%27.0%13.0%NI$80$0.952$1.2090$1.5355$1.7351+Dep230.2740.34800.44190.4994-FCInv380.4520.57400.72900.8238-WCInv410.4880.
4、61980.78710.8894+NetBorrowing00.0000.000.000.00FCFE240.2860.36320.46130.5213TerminalValue52.13DiscountFactor.140.87720.76950.7695PVFCFE.3186.355040.114TotPVFCFE40.787TerminalValue=FCFE2003ke–g=0.5213(0.14–0.13)$52.137R&BChapter15,pg622,Question30Part(a)Calcula
5、tekeke=RF+b[E(RM)–RF]=6.0+1.25x5.0=12.25D0=TotalDividendspaid#commonshares=$22,47013,000=$1.7285/shareTwo-stagedividenddiscountmodel·Highgrowthrate17%·Lowgrowthrate9%YDividendsTerminalvalueDtorVtDiscountfactorPVDtorVt01.728511.7285(1.17)12.02231/(1+0.1225)11.8
6、01621.7285(1.17)22.36611/(1+0.1225)21.877831.7285(1.17)31.7285(1+0.17)3(1+0.09)(0.1225–0.090)95.61591/(1+0.1225)367.6038Tot71.287Part(b)Recall:FCFE=NI+NCC–FCInv–WCInv+Netborrowing=NI–(FCInv–Dep)–WCInv+Netborrowing#Common=13,000TotalNI$37,450+Dep10,500-FCInv15,
7、000-WCInv(5-8+6+1.5)5,500+NetBorrowing4,000FCFE31,450FCFE/Share$2.4192Two-stageFCFEmodel·Highgrowthrate17%·Lowgrowthrate9%YDividendsTerminalvalueDtorVtDiscountfactorPVDtorVt02.419212.4192(1.17)12.83051/(1+0.1225)12.521622.4192(1.17)23.31171/(1+0.1225)22.628332
8、.4192(1.17)32.4192(1+0.17)3(1+0.09)(0.1225–0.090)133.82621/(1+0.1225)394.6198Tot99.771.7MrWonderisevaluatingacompanyusingtheFCFFandFCFEvaluationapproachesandthefollowingdatawascoll
