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Review Section

Sheisha Kulkarni & Vijayant Bhatnagar

UC Berkeley Haas School of Business

Spring 2016

1 / 28

Capital Structure

Payout Policy

Options

2 / 28

Capital Structure

Capital Structure

3 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

1. What is the NPV of this project?

4 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

1. What is the NPV of this project?

E[CF1 ]

initial cash flow

1 + rc

0.5 145, 000 + 0.5 195, 000

=

120, 000

1.30

170, 000

=

120, 000 = 10, 769

1.3

NPV =

4 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

2. Suppose that to raise the funds for the initial investment, the

project is sold to investors as an all-equity firm. The equity holders

will receive the cash flows of the project in one year. What is the

initial market value of the unlevered equity?

5 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

2. Suppose that to raise the funds for the initial investment, the

project is sold to investors as an all-equity firm. The equity holders

will receive the cash flows of the project in one year. What is the

initial market value of the unlevered equity?

E[CF1 ]

1 + rc

0.5 145, 000 + 0.5 195, 000

=

1.30

170, 000

=

= 130, 769

1.3

Equity value =

5 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

3. Suppose that initial $120,000 is instead raised by borrowing at the

risk-free rate. What are the cash flows of the levered equity, and

what is its initial value according to MM?

6 / 28

Capital Structure

Question 1

Consider a project with free cash flows in one year of $145,000 or

$195,000, with each outcome being equally likely. The initial

investment required for the project is $120,000 and the projects cost of

capital is 30%. The risk-free interest rate is 12%.

3. Suppose that initial $120,000 is instead raised by borrowing at the

risk-free rate. What are the cash flows of the levered equity, and

what is its initial value according to MM?

I

I

I

value of debt next period is debt valuerf

equity cash flow is the difference between total cash flow and cash

to debt.

Debt

Equity

Total

Value at year 0

120,000

10,769

130,769

CF Strong

134,400

60,600

195,000

CF Weak

134,400

10,600

145,000

6 / 28

Capital Structure

Question 2

If a firm issues debt that is risk free, because there is no possibility of

default, the risk of the firms equity does not change. Therefore,

risk-free debt allows the firm to get the benefit of a low cost of capital

of debt without raising its cost of equity."

7 / 28

Capital Structure

Question 2

If a firm issues debt that is risk free, because there is no possibility of

default, the risk of the firms equity does not change. Therefore,

risk-free debt allows the firm to get the benefit of a low cost of capital

of debt without raising its cost of equity."

The argument is wrong because any leverage raises the equity cost of

capital. Risk-free leverage raises it the most because it does not share

any of the risk.

7 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in risk-free debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

1. What is AOLs enterprise value?

8 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in risk-free debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

1. What is AOLs enterprise value?

Enterprise value=Total equity+Debt-Cash

Enterprise value=3.3+0.2-1.6=1.9 billion.

8 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in risk-free debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

1. What is AOLs enterprise value?

Enterprise value=Total equity+Debt-Cash

Enterprise value=3.3+0.2-1.6=1.9 billion.

2. What is the beta of AOLs business assets?

8 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in risk-free debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

1. What is AOLs enterprise value?

Enterprise value=Total equity+Debt-Cash

Enterprise value=3.3+0.2-1.6=1.9 billion.

2. What is the beta of AOLs business assets?

D

E

E +

D

E +D

E +D

3.3

=

0.92 = 1.6

1.9

U =

8 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

3. What is AOLs pre-tax WACC?

9 / 28

Capital Structure

Question 3

In mid-2012, AOL Inc. had $200 million in debt, total equity

capitalization of $3.3 billion, and an equity beta of 0.92. Included in

AOLs assets was $1.6 billion in cash and risk-free securities. Assume

that the risk-free rate of interest is 2.9% and the market risk premium

is 4.1%.

3. What is AOLs pre-tax WACC?

rWACC = rf + U MRP

= 0.029 + 1.6 0.041 = 0.095

AOLs pre-tax WACC is 9.5%.

9 / 28

Payout Policy

Payout Policy

10 / 28

Payout Policy

Question 4

EJH Company has a market capitalization of $3.1 billion and 36 million

shares outstanding. It plans to distribute $125 million through an open

market repurchase. Assuming perfect capital markets:

1. What will the price per share of EJH be right before the

repurchase?

11 / 28

Payout Policy

Question 4

EJH Company has a market capitalization of $3.1 billion and 36 million

shares outstanding. It plans to distribute $125 million through an open

market repurchase. Assuming perfect capital markets:

1. What will the price per share of EJH be right before the

repurchase?

Price per share=Equity value/shares

outstanding=3,100/36=$86.11

2. How many shares will be repurchased?

11 / 28

Payout Policy

Question 4

EJH Company has a market capitalization of $3.1 billion and 36 million

shares outstanding. It plans to distribute $125 million through an open

market repurchase. Assuming perfect capital markets:

1. What will the price per share of EJH be right before the

repurchase?

Price per share=Equity value/shares

outstanding=3,100/36=$86.11

2. How many shares will be repurchased?

Number of shares=amount distributed/price per

share=125/86.11=1.45 million shares

3. What will the price per share of EJH be right after the repurchase?

11 / 28

Payout Policy

Question 4

EJH Company has a market capitalization of $3.1 billion and 36 million

shares outstanding. It plans to distribute $125 million through an open

market repurchase. Assuming perfect capital markets:

1. What will the price per share of EJH be right before the

repurchase?

Price per share=Equity value/shares

outstanding=3,100/36=$86.11

2. How many shares will be repurchased?

Number of shares=amount distributed/price per

share=125/86.11=1.45 million shares

3. What will the price per share of EJH be right after the repurchase?

Price per share=equity value/shares

outstanding= 3,100125

361.45 =$86.11

11 / 28

Payout Policy

Question 5

The HNH Corporation will pay a constant dividend of $3.50 per share,

per year, in perpetuity. Assume all investors pay a 22% tax on

dividends and that there is no capital gains tax. Suppose the other

investments with equivalent risk to HNH stock offer an after-tax return

of 9%.

1. What is the share price of HNH stock?

12 / 28

Payout Policy

Question 5

The HNH Corporation will pay a constant dividend of $3.50 per share,

per year, in perpetuity. Assume all investors pay a 22% tax on

dividends and that there is no capital gains tax. Suppose the other

investments with equivalent risk to HNH stock offer an after-tax return

of 9%.

1. What is the share price of HNH stock?

CF = Div (1 d ) = 3.50 (1 0.22) = 2.73

2.73

P=

= 30.33

0.09

2. Assume that management makes a surprise announcement that

HNH will no longer pay dividends but will use the cash to

repurchase stock instead. What is the price of a share of HNH

stock now?

3.50

CF = 3.50, P =

= 38.89

0.09

UGBA 103 Introduction to Finance

12 / 28

13 / 28

Question 6

Suppose Goodyear Tire and Rubber Company is considering divesting

one of its manufacturing plants. The plant is expected to generate free

cash flows of $2 million per year, growing at a rate of 3% per year.

Goodyear has an equity cost of capital of 9%, a debt cost of capital of

7.5%, a marginal corporate tax rate of 40%, and a debt-equity ratio of

3.1. If the plant has average risk and Goodyear plans to maintain a

constant debt-equity ratio, what after-tax amount must it receive for the

plant for the divestiture to be profitable?

14 / 28

Question 6

Suppose Goodyear Tire and Rubber Company is considering divesting

one of its manufacturing plants. The plant is expected to generate free

cash flows of $2 million per year, growing at a rate of 3% per year.

Goodyear has an equity cost of capital of 9%, a debt cost of capital of

7.5%, a marginal corporate tax rate of 40%, and a debt-equity ratio of

3.1. If the plant has average risk and Goodyear plans to maintain a

constant debt-equity ratio, what after-tax amount must it receive for the

plant for the divestiture to be profitable?

E

D

rE +

rD (1 C )

E +D

E +D

1

3.1

=

0.09 +

0.075 (1 0.4) = 0.056

1 + 3.1

1 + 3.1

CF

2

VL =

=

= 76.9 million

rWACC g

0.056 0.03

rWACC =

$76.9 million after tax.

UGBA 103 Introduction to Finance

14 / 28

Question 7

Suppose Alcatel-Lucent has an equity cost of capital of 12%, market

capitalization of $12.06 billion, and an enterprise value of $18 billion

with a debt cost of capital of 8% and its marginal tax rate is 40%.

1. What is Alcatel-Lucents WACC?

15 / 28

Question 7

Suppose Alcatel-Lucent has an equity cost of capital of 12%, market

capitalization of $12.06 billion, and an enterprise value of $18 billion

with a debt cost of capital of 8% and its marginal tax rate is 40%.

1. What is Alcatel-Lucents WACC?

E

D

rWACC =

rE +

rD (1 C )

E +D

E +D

12.06

18 12.06

=

0.12 +

0.08 (1 0.4) = 0.0962

18

18

2. If Alcatel-Lucent maintains a constant debt-equity ratio, what is the

value of a project with average risk and the following expected free

Year

0

1

2

3

cash flows?

FCF ($ million) -100 60 110 80

15 / 28

Question 7

Suppose Alcatel-Lucent has an equity cost of capital of 12%, market

capitalization of $12.06 billion, and an enterprise value of $18 billion

with a debt cost of capital of 8% and its marginal tax rate is 40%.

1. What is Alcatel-Lucents WACC?

E

D

rWACC =

rE +

rD (1 C )

E +D

E +D

12.06

18 12.06

=

0.12 +

0.08 (1 0.4) = 0.0962

18

18

2. If Alcatel-Lucent maintains a constant debt-equity ratio, what is the

value of a project with average risk and the following expected free

Year

0

1

2

3

cash flows?

FCF ($ million) -100 60 110 80

VL =

60

110

80

+

+

= 207.01 million

2

1.0962 1.0962

1.09623

UGBA 103 Introduction to Finance

15 / 28

Question 8

Acort Industries has 20 million shares outstanding and a current share

price of $30 per share. It also has a long-term debt outstanding. This

debt is risk free, is four years away from maturity, has an annual

coupon rate of 5%, and has a $125 million face value. The first of the

remaining coupon payments will be due in exactly one year. The

riskless interest rates for all maturities are constant at 3%. Acort has

EBIT of $115 million, which is expected to remain constant each year.

New capital expenditures are expected to equal depreciation and

equal $22 million per year, while no changes to net working capital are

expected in the future. The corporate tax rate is 38%, and Acort is

expected to keep its debt-equity ratio constant in the future (by either

issuing additional new debt or buying back some debt as time goes

on).

1. Based on this information, estimate Acorts WACC.

UGBA 103 Introduction to Finance

16 / 28

Question 8

1. Based on this information, estimate Acorts WACC.

Calculate equity value:

E = 20 30 = 600 million

Calculate debt value:

1

1

FV

D = CPN

1

+

N

y

(1 + y )

(1 + y )N

1

6.25

125

1

=

+

4

0.03

(1.03)

1.034

= 134.29 million

So the enterprise value is E+D=600+134.29=734.29 million.

17 / 28

Question 8

To calculate FCF, use

FCF = EBIT (1 C ) + Dep Capex NWC

= 115 (1 0.38) = 71.3 million

Since the firm is not expected to grow, the WACC can be computed

using the following formula:

VL =

FCF

FCF

71.3

rWACC =

=

= 0.0971

L

rWACC

734.29

V

18 / 28

Question 8

To calculate FCF, use

FCF = EBIT (1 C ) + Dep Capex NWC

= 115 (1 0.38) = 71.3 million

Since the firm is not expected to grow, the WACC can be computed

using the following formula:

VL =

FCF

FCF

71.3

rWACC =

=

= 0.0971

L

rWACC

734.29

V

E

D

rE +

rD (1 C )

E +D

E +D

600

134.29

0.0971 =

rE +

0.03(1 0.38) rE = 0.1147

734.29

734.29

Ascorts equity cost of capital is 11.47%.

rWACC =

18 / 28

Options

Options

19 / 28

Options

Question 9

The current price of Estelle Corporation stock is $40.00. Next year, this

stock price will either go up by 10% or go down by 10%. The stock

pays no dividends. The one-year risk-free interest rate is 4.0% and will

remain constant. Using the Binomial Model, calculate the price of a

one-year call option on Estelle stock with a strike price of $40.00.

20 / 28

Options

Question 9

The current price of Estelle Corporation stock is $40.00. Next year, this

stock price will either go up by 10% or go down by 10%. The stock

pays no dividends. The one-year risk-free interest rate is 4.0% and will

remain constant. Using the Binomial Model, calculate the price of a

one-year call option on Estelle stock with a strike price of $40.00.

20 / 28

Options

Question 9

The current price of Estelle Corporation stock is $40.00. In each of the

next two years, this stock price will either go up by 10% or go down by

10%. The stock pays no dividends. The one-year risk-free interest rate

is 4.0% and will remain constant. Using the Binomial Model, calculate

the price of a one-year call option on Estelle stock with a strike price of

$40.00.

U D

44 36

=2

=

CU CD

40

1

D mCD

C=

S

m

1 + rf

36 2 0

1

=

40

= 2.69

2

1 + 0.04

m=

21 / 28

Options

Question 10

Suppose a stock is currently trading for $65, and in one period will

either go up by 25% or fall by 15%. If the one-period risk-free rate is

4.0%, what is the price of a European put option that expires in one

period and has an exercise price of $65? Suppose the option actually

sold in the market for $8. Describe a trading strategy that yields

arbitrage profits.

22 / 28

Options

Question 10

Suppose a stock is currently trading for $65, and in one period will

either go up by 25% or fall by 15%. If the one-period risk-free rate is

4.0%, what is the price of a European put option that expires in one

period and has an exercise price of $65? Suppose the option actually

sold in the market for $8. Describe a trading strategy that yields

arbitrage profits.

22 / 28

Options

Question 10

Suppose a stock is currently trading for $65, and in one period will

either go up by 25% or fall by 15%. If the one-period risk-free rate is

4.0%, what is the price of a European put option that expires in one

period and has an exercise price of $65? Suppose the option actually

sold in the market for $8. Describe a trading strategy that yields

arbitrage profits.

U D

81.25 55.25

m=

=

= 2.67

CU CD

0 9.75

55.25 + 2.67 9.75

1

65

= 4.92

P=

2.67

1 + 0.04

23 / 28

Options

Question 10

Suppose a stock is currently trading for $65, and in one period will

either go up by 25% or fall by 15%. If the one-period risk-free rate is

4.0%, what is the price of a European put option that expires in one

period and has an exercise price of $65? Suppose the option actually

sold in the market for $8. Describe a trading strategy that yields

arbitrage profits.

U D

81.25 55.25

m=

=

= 2.67

CU CD

0 9.75

55.25 + 2.67 9.75

1

65

= 4.92

P=

2.67

1 + 0.04

D mCD

1 + rf

1

D mCD

P= S

m

m(1 + rf )

P = 0.37S + 29.27

S mP =

23 / 28

Options

Question 10

Suppose a stock is currently trading for $65, and in one period will

either go up by 25% or fall by 15%. If the one-period risk-free rate is

4.0%, what is the price of a European put option that expires in one

period and has an exercise price of $65? Suppose the option actually

sold in the market for $8. Describe a trading strategy that yields

arbitrage profits.

If the put is actually selling for $8, then it is overpriced. The arbitrage

trading opportunity will involve selling the put, 0.37 of a stock and

invest 29.27.

24 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

25 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

25 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

Box 1:

85.94 58.44

= 17.63

0 1.56

1

58.44 + 17.63 1.56

P=

68.75 +

= 0.7

17.63

1 + 0.06

m=

26 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

Box 2:

58.44 39.74

= 1

1.56

20.26

1

39.74 + 1 20.26

P=

46.75 +

= 9.85

1

1 + 0.06

m=

27 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

Box 3:

68.75 46.75

= 2.4

0.7

9.85

1

46.75 + 2.4 9.85

P=

55

= 4.76

2.4

1 + 0.06

m=

28 / 28

Options

Question 11

Suppose the current price of Narver Network systems stock $55 per

share. In each of the next two years, the stock price will either increase

by 25% or decrease by 15%. The 6% one-year risk-free rate of interest

will remain constant. Suppose the put option with a strike price of $60

actually sold today for $3.87. You do not know what the option will

trade for next period. Describe a trading strategy that will yield

arbitrage profits.

Box 3:

68.75 46.75

= 2.4

0.7

9.85

1

46.75 + 2.4 9.85

P=

55

= 4.76

2.4

1 + 0.06

m=

If the put is selling for $3.87 it is underpriced. You should purchase the

put and the stock, and borrow $27.67 at the risk-free rate.

UGBA 103 Introduction to Finance

28 / 28

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