mpacc高級(jí)財(cái)務(wù)管理案例-文庫(kù)吧資料
2025-04-22 12:17本頁(yè)面
【正文】 hareholder wealth, but she also believes that the existing board and pany management are unlikely to take necessary actions. As a result, Meg thinks the pany is a good candidate for a levered buyout.A leveraged buyout (LBO) is the acquisition by a small group of equity investors of a public or private pany. Generally, an LBO is financed primarily with debt. The new shareholders serve the heavy interest and principle payments with cash form operations and /or asset sales. Shareholders generally hope to reserve the LBO within three to seven years by way of a public offering or sale of the pany to another firm. A buyout is therefore likely to be successful only if the firm generates enough cash to serve the debt in the early years and if the pany is attractive to other buyers a few years down the road.Meg has suggested the potential LBO to her partners, Ben Feller and Brenton Flynn. Ben and Brenton have asked Meg to provide projections of the cash flows for the pany. Meg has provided the following estimates (in millions):20102011201220132014Sales $21152371255526162738Costs562738776839884Depreciation 373397413434442EBT11801236136613431412Capital expenditures215186234237234Change of NWC94143787383Asset sales1092791At the end of five years, Meg estimates that the growth rate in cash flows will be % per year. The capital expenditures are for new projects and the replacement of equipment that wears out. Additionally, the pany would realize cash flow from the sale of several divisions. Even though the pany will sell these divisions, overall sales should increase because of a more concentrated effort on the remaining divisions. After plowing through the pany’s financials and various pro forma scenarios, Ben and Brenton feel that in five years they will be able to sell the pany to another party or take it public again. They are also aware that they will have to borrow a considerable amount of the purchase price. The interest payments on the debt for each of the next five years if the LBO is undertaken will be these (in millions):20102011201220132014Interest payments$14821430153414951547The pany currently has a required return on assets of 14%. Because of the high debt level, the debt will carry a yield to maturity of %of the next five years. When the debt is refinanced in five years, they believe the new yield to maturity will be 8%.CPI currently has 167 million shares of stock outstanding that sell for $53 per share. The corporate tax rate is 40%. If Meg, Ben, and Brenton decide to undertake the LBO, what is the most they should offer per share? 案例11：可轉(zhuǎn)債融資某公司擬通過(guò)發(fā)行可轉(zhuǎn)債籌資5000萬(wàn)元。經(jīng)過(guò)分析后，她認(rèn)為70%權(quán)益，30%的負(fù)債的資本結(jié)構(gòu)是最優(yōu)的。 因此她現(xiàn)在評(píng)估該公司是否需要為該項(xiàng)目進(jìn)行全部的債券融資。%。這項(xiàng)購(gòu)買預(yù)期可以給S公司永續(xù)增加稅前14百萬(wàn)美元的收益。作為這種經(jīng)歷的一個(gè)結(jié)果，S公司采取的是完全的權(quán)益融資，在外發(fā)行20 百萬(wàn)股普通股，市場(chǎng)的股價(jià)為每股$。在成立該公司之前，S曾經(jīng)有過(guò)一段經(jīng)營(yíng)農(nóng)場(chǎng)運(yùn)營(yíng)生意的經(jīng)歷，但后來(lái)該農(nóng)場(chǎng)生意失敗了。目前長(zhǎng)期債務(wù)利率和權(quán)益資本的情況如下表；不同債務(wù)水平下的債務(wù)資本成本和權(quán)益資本成本債券市場(chǎng)價(jià)值B稅前債務(wù)成本Kd股票B值無(wú)風(fēng)險(xiǎn)Rf證券市場(chǎng)rm權(quán)益資本成本ksWACC008%12%%%30010% 8%12%%%60010% 8%12%%%90012% 8%12%%%120014% 8%12%%%150016% 8%12%%%**案例8：資本結(jié)構(gòu)與公司價(jià)值S公司是一家房地產(chǎn)公司，由創(chuàng)始人S成立于25年前，該公司的主營(yíng)業(yè)務(wù)是購(gòu)買房地產(chǎn)，包括土地和建筑物，然后租給租戶，賺取租金。預(yù)計(jì)未來(lái)
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