沃顿 高级公司理财学AMC09.pptVIP

Fin 203, Kihlstrom: Notes on American Chemical * Unlevering the Equity Betas of Southern and Brunswick We use to unlever the equity betas Fin 203, Kihlstrom: Notes on American Chemical * Brunswick’s Unlevered Beta Note: 7% = avg excess market yearly return ‘55-’79 Fin 203, Kihlstrom: Notes on American Chemical * Southern’s Unlevered Beta Fin 203, Kihlstrom: Notes on American Chemical * The Unlevered Return Fin 203, Kihlstrom: Notes on American Chemical * Dixon’s Desired Capital Structure Fin 203, Kihlstrom: Notes on American Chemical * Relevering Formulas Fin 203, Kihlstrom: Notes on American Chemical * Relevered Equity Return and WACC Fin 203, Kihlstrom: Notes on American Chemical * UFCF, Collinsville Plant year 1979 1980 1981 1982 1983 1984 oper profit (Exhibit 8) 833 2218 3035 3134 3026 after tax profit (t = .48) 433 1153 1578 1630 1574 deprec (Exhibit 8) 1060 1110 1160 1210 1270 change in WC (Exhibit 8) -204 316 266 144 150 capital expenditures (Exhibit 8) 12000 485 525 560 600 600 UFCF -12000 1212 1422 1912 2096 2094 terminal value = Net wc + Net Assets (Ex 8) inflated @6% 12189 UFCF + terminal value -12000 1212 1422 1912 2096 14283 IRR 14.25% NPV @ WACC = 15.89% -672 NPV @ ru = 17.15% -1154 NPV woTV @ WACC = 15.89% -6503 PV of TV @ WACC = 15.89% 5830.9 NPV woTV @ ru = 17.15% -6678 PV of TV @ ru = 17.15% 5524 Fin 203, Kihlstrom: Notes on American Chemical * Tax Shields and APV Fin 203, Kihlstrom: Notes on American Chemical * Loan Flowsand Flows to Equity* * In this case the Flows to Equity are calculated assuming that the entire loan is attributed to the Collinsville acquisition Fin 203, Kihlstrom: Notes on American Chemical * Loan Flowsand Flows to Equity* * In this case the Flows to Equity are calculated assuming that 15.28% of the loan is attributed to the Collinsville acquisition Fin 203, Kihlstrom: Notes on American Chemical * Alternative Terminal values10 Year Plant Life NPV w