company has 17.0 Billion outstanding shares
sales will be 5.5 Billion in 2002, increasing at 28 percent annually for the next 4 years(through 2006)
Net income will be 32 % of sales
investment in Fixex Assets will be 35%of sales
investment in Working Capital will be 6% of sales
depreciation will be 9% of sales
20 % of the investment in assets will be binanced with debt
interest expnenses will be 2 % of sales
tax rate will be 10 %
the company's beta is 2.1 the risk - free government bond rate is 6.4 %, the equity risk premium is 5%
at the end of 2006, the cimpany will sell for 18 times earnings
what is the value of one ordinary share of company??
이게 문제에요!
할인률 r = 6.4% + 2.1(5.0%) = 16.9%구하고, 성장률 28%,그래서 표는 만들었는데
년도 02 ~ 06
sales 5.5 14.764
NI 1.76 4.724
CAPEX-dep. 1.43 3.839
inv in WC 0.33 0.886
(1-DR){(CAPEX-dep.)+change in WC}1.408 3.780
FCFE = 0.352 0.945
PV of FCFE discounted 16.9% 0.301 0.433
요기서 PV 구하는게 무슨말인지를 모르겠네요
성장률이 28%고 할인률이 16%....
terminal stock value 는 18* 4.724 해서 구할수는 있는데
PV를 못구하겠네요 허허.. 이거 Present Value 는 맞는거죠??? ㅠㅠㅠ
PV of Terminal Value discounted at 16.9% = 38.954
답지는 어찌어찌 구해서 답은 알겠는데 풀이과정에서 막히니 이거 미치겠네요 허허...
02년 FCFE = 0.352,
03년 FCFE = 0.451
04 FCFE = 0.577
05 FCFE = 0.738
06 FCFE = 0.945
입니다.
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