mpacc高級財務(wù)管理案例(已改無錯字)
2023-05-17 12:17:02 本頁面
【正文】 s and concentrated on its core petencies in snack foods and home security systems. Second, the pany is financed entirely with equity. Because the cash flows of the pany are relatively steady, Meg thinks the pany’s debtequity ratio should be at least 25%. She believes these changes would significantly enhance shareholder 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發(fā)行可轉(zhuǎn)債籌資5000萬元。有關(guān)信息如下表。每張可轉(zhuǎn)債券售價1000期限20票面利率10%轉(zhuǎn)換比率20轉(zhuǎn)換價格50年增長率6%當(dāng)前期望股利（每股）當(dāng)前股票市場價格35等風(fēng)險普通債券的市場利率12%公司股權(quán)成本14%不可贖回期10贖回價格（10年后1050元，此后每年遞減5元）1050問題： 請分析純債券的成本
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