财务管理基础 financial management 清华大学出版社pp16.pptVIP

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财务管理基础 financial management 清华大学出版社pp16.ppt

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财务管理基础 financial management 清华大学出版社pp16

Firms must consider the impact of any financing decision on the firm’s security rating(s). Security Ratings Other Methods of Analysis Current common equity shares = 50,000 $1 million in new financing of either: All C.S. sold at $20/share (50,000 shares) All debt with a coupon rate of 10% All P.S. with a dividend rate of 9% Expected EBIT = $500,000 Income tax rate is 30% Basket Wonders has $2 million in LT financing (100% common stock equity). EBIT-EPS Chart EBIT $500,000 $150,000* Interest 0 0 EBT $500,000 $150,000 Taxes (30% x EBT) 150,000 45,000 EAT $350,000 $105,000 Preferred Dividends 0 0 EACS $350,000 $105,000 # of Shares 100,000 100,000 EPS $3.50 $1.05 Common Stock Equity Alternative * A second analysis using $150,000 EBIT rather than the expected EBIT. EBIT-EPS Calculation with New Equity Financing 0 100 200 300 400 500 600 700 EBIT ($ thousands) Earnings per Share ($) 0 1 2 3 4 5 6 Common EBIT-EPS Chart EBIT $500,000 $150,000* Interest 100,000 100,000 EBT $400,000 $ 50,000 Taxes (30% x EBT) 120,000 15,000 EAT $280,000 $ 35,000 Preferred Dividends 0 0 EACS $280,000 $ 35,000 # of Shares 50,000 50,000 EPS $5.60 $0.70 Long-term Debt Alternative * A second analysis using $150,000 EBIT rather than the expected EBIT. EBIT-EPS Calculation with New Debt Financing 0 100 200 300 400 500 600 700 EBIT ($ thousands) Earnings per Share ($) 0 1 2 3 4 5 6 Common Debt Indifference point between debt and common stock financing EBIT-EPS Chart EBIT $500,000 $150,000* Interest 0 0 EBT $500,000 $150,000 Taxes (30% x EBT) 150,000 45,000 EAT $350,000 $105,0