Documentos de Académico
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000
Variable Cost: $ 3
Sales price: $ 4
BEP units
500.000
BEP units 43
= 500.000
15-2. Optimal capital structure can be achieved by Armadas when Debt Ratio 0,3 or 30%
We can look in page number 521 that in last paragraph. We can read the first sentence that
stated, Finally and very importantly recall that the capital structure that minimizes the WACC is also
the capital structure that maximizes the firms stock pricing.
15-3. Average on the EPS on firms excluding the probability because the probability give the same
chance for every firms.
a. $ 5,10
b.
Stock Standard Low High Standard Deviasi/EPS Number of
Price deviation riskness
5,10 3,61 1,49 8,71 70,78% 2
4,20 2,96 1,24 7,16 70,4% 3
5,10 4,11 0,99 9,21 80,58% 1
Debt $ 2 Million
` Equity $ 8 Million
: 1,2
Tax: 40%
1,2
Unlevered : 1+(0,6 0,25)
EBIT: $ 4 Million
Tax: 40%
Debt to capital ratio Pacific dana 50% with 12% of interest rate
(1 (%))
ROIC:
b.
ROE Pacific ROE Pacific
$ 2,8 Million x (1-40%) = $ 1,68 Milliom $ 3,4 Million x (1-40%) = $ 2,04 Million ROE:
ROE: $ 1,68 Milliom/$ 10 Million = 16,8 % $ 2,04 Milliom/$ 14 Million = 14,57 %
16-1. Equity: 30%
Debt: 70%
Dividen residual model : Net Income (Target equity ratio x capital budgeting)
: $ 1.100.000
$ 1.100.000
DPR: : $ 2.000.000
= 0,55
$ 90 2
New price 3
= $ 60
Dividen 45%
$ 10 Million x (1-0,4)
$ 5 Million x 1-0,45
16-6.
: $ 1.450.000 - $ 3.643.750
: ($ 2.193.750)
The Company pay no dividen to the shareholders because residual dividen model show negative value
which means there is insufficient money for pay dividen, and all Net Income will allocate to
reinvestment.
17-1 Sales: $ 15 Million
Inventories: $ 2 Million
Receivable: $ 3 Million
Payable: $ 1 Million
Working Capital: 8%
CCC:
73 + 61 31 = 103 Days.
New CCC:
66 + 55 34 = 87 Days.
Interest given:
Receivable: $ 2 Million
30= $ 10 /365
30 x $ 10 Million = a x 365
a = $ 821.917
0,1 60
Interest if use bank loan: $ 8 Million x (1 + )
365
CCC: 75 + 38 - 30 = 83
ICP: 75% $ 9375
ICP: $ 7.031,25
Or