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6
(a)Discussion: What does a low P/E ratio indicate? How to read the P/E ratio of a stock. (b)What are the common types of business financing and the factors that influence them? (c)Briefly describe what are the internal governance mechanisms of modern companies. (d)What is a conflict of interest between the company and society? Discuss financial practices that may help resolve conflicts.
2023-10-14
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7
Firm DEF is as follows:
2023-10-14
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8
CF plc is a Nottingham-based company that focuses on publishing textbooks in the area of corporate finance. Over the last five years, CF plc has spent £100,000 every year to hire practitioners and researchers to publish papers in the area of fintech. The company is considering an investment in a new textbook that reflects the recent trends in fintech. The marketing team expects that the textbook will remain in print for two years (Year 1 and 2) at which point its contents will become obsolete. Market research, which cost the firm £40,000, suggests that 4,000 and 10,000 copies are expected to be sold in year 1 and 2. The textbook will be initially priced at £50. The sale price is expected to grow at 5%/year. The launch of the new book project is expected to increase CF plc’s sales in other products by £100,000 per year during year 1 and 2, those incremental sales in other products would require £50,000 operating expenses per year. In order to print the new book, the company will need to purchase a new machine that costs £200,000 this year (year 0). The depreciation is based on the straight-line method and the machine is assumed to have no market value with the obsolescence of the book. The corporate tax rate is 20%. A single copy of the new text book will cost £20 to produce, which is expected to increase at 10%/year. Finally, this project requires an initial (t=0) investment in working capital of £20,000. Thereafter, working capital is forecasted to be 10 % of sales of the new textbook in year 1 and is completely recovered when the project ends in year 2.
2023-10-14
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9
The current market value of the firm’s shares outstanding quoted from Bloomberg terminal is 472.7 mil. After running a regression of Morningtea Plc’s past five years’ excess return against market risk premium, you obtain an estimated market beta of 1.8 for Morningtea Plc. Assuming the expected market portfolio annual return is 8% and the UK GILT annual rate at 1.5%. The marginal tax rate is paid at 20%. Please use a straight line method to account for the depreciation and answer the followings questions: For the purpose of DCF valuation, you make a few adjustments to the 2017 financial statement of Morningtea Plc. Morningtea Plc has just released their annual financial statement. In financial year 2017, Morningtea treats operating lease payment as one of the operating expenses items. It has conventional debt of £300 million on its balance sheet with an average maturity of 5 years and the pre-tax cost of debt is 10%. In 2017, Morningtea has generated (in its financial statement) a revenue of 600 million and an operating income of 200 million, after taking into account its operating lease payment at 100 mil. Morningtea Plc also has a book value of equity of 500 million and cash and marketable securities of 50 million. Morningtea Plc paid 12 million interest in 2017. In the notes of its financial statement, the future planned operating lease expenses are stated as follows:The current market value of the firm’s shares outstanding quoted from Bloomberg terminal is 472.7 mil. After running a regression of Morningtea Plc’s past five years’ excess return against market risk premium, you obtain an estimated market beta of 1.8 for Morningtea Plc. Assuming the expected market portfolio annual return is 8% and the UK GILT annual rate at 1.5%. The marginal tax rate is paid at 20%. Please use a straight line method to account for the depreciation and answer the followings questions: For the purpose of DCF valuation, you make a few adjustments to the 2017 financial statement of Morningtea Plc.
2023-10-14
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10
(a).Please prove the MM proposition for a tax-free capital structure. (b).Explain MM propositions of capital structure with corporate tax. c). (c).Talk about the costs and benefits of how to use the company's debt and the impact on the use of debt capital. (d).Explain the role of information asymmetry in corporate financing decisions and discuss the implications of pecking order theorem.
2023-10-14
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