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1、FinalreviewJune9th,6p.m.Officehoursnextweek:M9-12ExamformatMaterial:Ch.7-9,11,1210multiplechoice,5shortanswerShortanswerquestionsfrom:3majorquestions–capitalstructureanalysis,dividendpolicyanalysis,valuation2shorterquestions–leasevs.buy,rightsoffering,venturecapitalmethodMa
2、jortopicsCapitalstructureanalysisQualitativeanalysisAdvantagesofdebt:taxbenefit,addeddisciplineDisadvantagesofdebt:bankruptcycosts,agencycosts,lossoffinancialflexibilityWhataretheseadvantagesanddisadvantagesafunctionof?MajortopicsCapitalstructureanalysisQualitativeanalysisA
3、dvantagesofdebt:taxbenefit,addeddisciplineDisadvantagesofdebt:bankruptcycosts,agencycosts,lossoffinancialflexibilityWhataretheseadvantagesanddisadvantagesafunctionof?MajortopicsCapitalstructureanalysisQuantitativeanalysis(costofcapitalapproach)Optimalcapitalstructureforafir
4、miswhereWACCisminimized.Howmuchdoesfirmvalueincreasebymovingtotheoptimal?Whatisthe‘cost’oftheconstrainedoptimal?Howdowegettotheoptimal?Quicklyorgradually?(bankruptcythreat?Takeovertarget?Industryaverage?)MethodsofgettingtooptimalRecapitalization,divestiture,dividendpolicych
5、ange,projectinvestmentcapital.MajortopicsDividendpolicyanalysisEvaluatethefirm’spayoutpolicyrelativetotheFCFEthatthefirmgeneratesAssessthefirm’sprojectqualitybycomparingROCtoWACCOtherconsiderations:CashbalanceFirm’scapitalstructureadjustmentMajortopicsValuationRelativevalua
6、tion:Howdowecomeupwithanintrinsicvalueforastockgivenaparticularmultipleandaparticularsetofcomparablefirms?Whataretheassumptionthatwemakeforrelativevaluationoverall?Whataretheassumptionsthatwemakeforeachofthemultiples(P/E,P/BV,P/S,EV/EBITDA)thatwehavediscussed?MajortopicsVal
7、uationDiscountedCashFlowValuation:Howdowecomeupwithanintrinsicvalueforastock?Howdowecomeupwithestimatesfor:currentgrowthrate,currentFCFE,costofequity,terminalvalue?Howdowedeterminewhethertouseasingle-stage(stablegrowth)modeloramulti-stagemodel?MinortopicsWhataretheequity,de
8、btandhybridchoicesforfirmswhenraisingcapitalforinvestment?Whataretheiradvantagesan
