Search results “Determining target capital structure”

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Welcome to one of the comprehensive ever course on Financial Management – relevant for any one aspiring to understand Financial Management and useful for students pursing courses like CA / CMA / CS / CFA / CPA, etc. A Course with close to 300 lectures explaining each and every concept in Financial Management followed by Solved Case Studies (Video), Conversational Style Articles explaining the concepts, Hand outs for download, Quizzes and what not??
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This course is about Financial Management. By taking up this course, you will have opportunity to learn the all facets of Financial Management.
Knowledge on Financial Management is important for every Entrepreneur and Finance Managers. Ignorance in Financial Management can be disastrous because it would invite serious trouble for the very functioning of the organisation.
This is a comprehensive course, covering each and every topic in detail. In this course,you will learn the Financial Management basic concepts, theories, and techniques which deals with conceptual frame work. Following topics will be covered in this course
a) Introduction to Financial Management (covering role of CFO, difference between Financial Management, Accounting and other disciplines)
b) Time Value of Money
c) Financial Analysis through Ratios (covering ratios for performance evaluation and financial health, application of ratio analysis in decision making).
d) Financial Analysis through Cash Flow Statement
e) Financial Analysis through Fund Flow Statement
f) Cost of Capital of Business (Weighted Average Cost of Capital and Marginal Cost of Capital)
g) Capital Structuring Decisions (Capital Structuring Patterns, Designing optimum capital structure, Capital Structure Theories).
h) Leverage Analysis (Operating Leverage, Financial Leverage and Combined Leverage)
I) Various Sources of Finance
j) Capital Budgeting Decisions (Payback, ARR, MPV, IRR, MIRR)
k) Working Capital Management (Working Capital Cycle, Cash Cost, Budgetary Control, Inventory Management, Receivables Management, Payables Management, Treasury Management)
This course is structured in self learning style.
It will have good number of video lectures covering all the above topics discussed.
Simple English used for presentation.
Take this course to understand Financial Management comprehensively.
Mandatory Disclosure regarding course contents:
This course is basically a bundle of following courses:
a) Time Value of Money
b) Cash Flow Statement Analysis
c) Fund Flow Statement Analysis
d) Finance Management Ratio Analysis
e) Learn how to find cost of funds
f) Learn Capital Structuring
g) Learn NPV and IRR Techniques
h) Working Capital Management.
If you are purchasing this course, make sure you don't purchase the above courses.
Also note, this course is also bundled in comprehensive course named
Accounting, Finance and Banking - A Comprehensive Study.
So if you are purchasing above course, make sure you don't purchase this course.
• Category:
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What's in the Course?
1. Over 346 lectures and 48 hours of content!
2. Understand Basics of Financial Management
3. Understand Importance of Time Value of Money
4. Understand Financial Ratio Analysis
5. Understand Cash Flow Analysis
6. Understand Fund Flow Analysis
7. Understand Cost of Capital
8. Understand Capital Structuring
9. Understand Capital Budgeting Process
10. Understand Working Capital Management
11. Understand Various sources of Finance
Course Requirements:
1. Students can approach with fresh mind
Who Should Attend?
1. Any one who wants to learn Financial Management comprehensively
2. MBA (Finance) students
3. CA / CMA / CS / CFA / CPA / CIMA

Views: 6753
CARAJACLASSES

The capital structure question

Views: 58648
Pat Obi

This problem demonstrates how a company can maintain the same target capital structure.

Views: 199
mike barth

www.FIN401.ca

Views: 18752
AllThingsMathematics

CMA - Part 2 - Section 1 - Topic 2
Financial Ratios Capital structure analysis

Views: 822
Tamer Bedir

Find courses at htpp://financeenergyinstitute.com
Find files at htpp://edbodmer.com

Views: 101
Edward Bodmer

video related to assignment of optimal capital structure

Views: 3348
Qudrat Ali

This video explains the concept of WACC (the Weighted Average Cost of Capital). An example is provided to demonstrate how to calculate WACC.
Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com
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Views: 328704
Edspira

Capital structure M&M model
-Video Upload powered by https://www.TunesToTube.com

Views: 133
David Barnard

Find courses at htpp://financeenergyinstitute.com
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Views: 73
Edward Bodmer

Visit us at www.flay.in
The concept of Capital Structure ! It explains the sources from where a company can issue money. What do the terms Debt and Equity mean ? This video also explains what collateral is! Enjoy studying !!

Views: 47037
Flay Initiative

#financial_management #FM #financialmanagement #YouTubeTaughtMe
Capital Structure – 4
This video includes the following:
11 Factors that determines or affects the capital structure of any company. These factors are :
1. Trading on equity
2. Retaining control
3. Nature of enterprise
4. Size of enterprise
5. Purpose of financing
6. Period of finance
7. Market sentiments
8. Requirement of investors
9. Legal requirements
10. Government policy
11. Provision for the future
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Views: 4201
Sonu Singh - PPT wale

In stories about the auto companies and the banks, we've been hearing a
lot about debt-to-equity swaps, and exchanging preferred shares for
common stock. To get how those swaps work, you first need to understand
a company's capital structure. Senior Editor Paddy Hirsch explains.

Views: 125983
Marketplace APM

Optimal capital structure is a moving target. It's unique to each company and depends on capital market conditions, the economy, management capabilities, industry trends and--most importantly--the regulatory environment and social trends. Getting these wrong can have significant consequences. Overleveraging can leave a company hamstrung, just as avoiding debt at the wrong times can lead to missed opportunities for growth and job creation. For some companies, the constant focus on short-term financing leaves less time for long-term planning. Finding the right capital structure is both an art and a science, and the best practitioners understand their environment and draw from a broad range of financial tools. This panel will discuss why capital structure matters now more than ever. How are risk levels affected by current government regulation and social trends? When is it time to build liquidity? How can companies anticipate interest-rate and market cycles to avoid the wrong structure?

Views: 10624
Milken Institute

University of the Western Cape Finance Assignment
Report on Anglo Minerals Inc.

Views: 52
ROBYN-LEE JOUBERT

Find courses at htpp://financeenergyinstitute.com
Find files at htpp://edbodmer.com
Demonstrates how to write dynamic goal seek function to compute target debt to capital ratio so you can enter a capital structure input and compute new equity issues.

Views: 303
Edward Bodmer

This video will help you to calculate Capital Structure questions, if you want more lectures and videos you can visit:
http://www.econ2u.com/
http://www.econ2u.com/economics
http://www.econ2u.com/finance

Views: 15734
eacademy4uVideo

OMG I'm SHOCKED so easy clicked here http://mbabullshit.com/blog/2011/08/06/wacc-weighted-average-cost-of-capital-how-to-calculate-wacc/ for Weighted Average Cost of Capital or WACC.
Cost of capital arises from either cost of debt or cost of equity.
It is necessary to discover your cost of capital to make certain you are able to relate it to the rate of return of your business or task. The rate of return of your enterprise or undertaking should be equal to or higher than your cost of capital; so that your venture or task can break-even or raise a profit.
If the capital applied for your business comes from borrowing from the financial institution at, say, 5% interest rate, then your cost of capital is 5%. If the capital used for your business is supplied by the private funding of your pal Harry who demands a 10% return on equity, then your cost of capital is 10%. Relatively easy!
The difficulty is this: What if the capital of your business comes from a blend of both loaning from the bank and the personal capital of your pal Harry? What will be your cost now? Shall it be 5% (akin to the bank's interest rate) or will it be 10% (similar to Harry's expected return)?
I'm pretty sure you can by now judge that logically, it would be something around the 5% and 10%!
Thus, what number precisely? It goes without saying, you find it hard to plainly presume it. You need a formula which will provide you the particular percentage in between 5% and 10%. At this point the WACC Formula comes in. It in basic terms and easily provides you an exact percentage immediately after considering a) the cost of debt, b) the cost of equity, c) the extent (or "weight") of your capital which is supplied by debt, d) the balance (or "weight") of your capital which arises from equity, and e) the commercial tax rate in your geographical region.
In the event that the WACC formula connects these factors jointly, it will yield you the percent amount in between 5% and 10% that you're in search of... and you'll discover your "precise" cost of capital established on the distinctive proportions or "weights" of how much of your capital comes from either debt or equity. Simplified, the formula looks like this:
WACC = (Debt Proportion)(Cost of Debt %)(1 - tax rate %) (Equity Proportion)(Cost of Equity %)
Individuals who find it challenging to employ mathematical symbols from sheer written representations can readily find out how they are applied detailed "in action" on quite a few internet based tutoring video websites and sites like YouTube. However, for industrialists and general managers, knowing the detailed operation might not be needed as a consequence of today's large number of cost free online calculators on the internet as well as calculator functions on new scientific calculators or even smartphone apps; which let owners to electronically and instantly come across solutions with the push of a switch. http://www.youtube.com/watch?v=JKJglPkAJ5o

Views: 477404
MBAbullshitDotCom

DCF-WACC Valuation requires a target capital structure assumption serving as the weights of the cost of equity and debt. This video discusses the question whether the weights should be determined based on gross debt or on net debt (i.e. debt minus excess cash)..

Views: 568
bernhard schwetzler

http://academlib.com/3742/management/recent_academic_findings#194
Hovakimian, Hovakimian, and Tehranian examined the relationship between market and operating performance and the external financing decision by focusing on firms that issued both equity and debt.9 Their study supported hypotheses that firms with high market-to-book values have low leverage ratios and that high stock returns are related to equity issuance. However, they did not find evidence that market performance has a bearing on debt issuance. Furthermore, the study found no relationship between operating performance and target capital structure but did find a relationship between profitability and a firm's response to deviations from target capital structure. As losses accumulated, unprofitable firms experienced a decrease in the value of equity, which caused debt ratios to rise above their targets. These firms tended to issue equity to correct these deviations from target levels of leverage. In contrast, profitable firms experienced an increase in equity as profits accumulated, causing their debt ratios to fall below target values. However, these firms did not issue more debt to correct the deviation. Under these circumstances, firms behaved consistently with pecking-order theory, whereby they used accumulated profits as a source of internal funding rather than issuing more debt. In summary, firms tend to have a target capital structure, but the preference for internal financing and the appeal of market timing tend to distract them from maintaining these target structures. ...

Views: 138
Academ Lib

This Bloomberg video is prepared by Dr Anson Wong (AF), Dr Derek Yim (AF), and Mr William Ho (LIB) from the Hong Kong Polytechnic University, with funding support from UGC Teaching & Learning Project on enhancing information literacy in Hong Kong higher education through the development and implementation of shared interactive multimedia courseware (IL Project) from year 2016-2018.

Views: 638
Pao Yue-kong Library

What-if analysis of different corporate capital structures using Excel, scroll-bar form control, and data tables.

Views: 1599
David Johnk

The video covers first part ( out of two) of Cost of Capital, Reading 37 of CFA level I
This video provides information about the following :
1. The weighted average cost of capital (WACC) .
2. Affect of taxes on cost of capital from different capital sources.
3. Alternative methods of calculating the weights used in the WACC, including the use
of the company's target capital structure.
4. The marginal cost of capital and the investment opportunity schedule are used to
determine the optimal capital budget.
5. The marginal cost of capital's role in determining the net present value of a project.
6. The cost of fixed rate debt capital using the yield-to-maturity approach and the debt
-rating approach.
7. The cost of noncallable, nonconvertible preferred stock.
8. The cost of equity capital using the capital asset pricing model approach, the dividend
discount model approach, and the bond-yield-plus risk-premium approach.
9. The beta and cost of capital for a project.
10. The country equity risk premium in the estimation of the cost of equity for a
company located in a developing market.
11. The marginal cost of capital schedule.
12. The correct treatment of flotation costs.

Views: 14259
FinTree

DEC 2018 NMIMS Solved Assignments,
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Corporate Finance
ABC Co. sells 10,000 units at a price of Rs. 10 per unit. ABC’s total fixed cost is Rs. 20,000, Interest expense 10,000, and variable cost is Rs. 6 per unit. Find ABC’s degree of operating leverage, degree of financial leverage and find degree of total leverage. ABC’s parent company has Rs. 2.5 million is assets that are currently financed by 100% equity. Its EBIT is Rs.600,000 and its tax rate is 30%. If ABC’s parent changes its capital structure to include 40% debt, what is its ROE before and after the change? Assume interest rate on debt is 10%. Comment why the ROE increases after adding debt. Assuming all other things remain same, how will the ROE change if interest on debt is suddenly increased to 20% ? Elaborate on the same (10 Marks)
2. Kuber Company has a target capital structure of 50% debt and 50% equity, with an after tax cost of debt of 8%. Cost of retained earnings is 14%. Its profit after tax is Rs, 250,000. Kuber is considering the following projects to invest in
(10 Marks)
3. Hi-Tech company’s partial balance sheet for 2 years is given below
a) What is the change in net working capital between 2018 and 2017? (5 Marks)
b) What is the change in MPBF limit assigned by the bank from year 2017 to 2018? With this change in MPBF limit, will the working capital financing from the bank increase or decrease? (5 Marks)
www.answersheets.in
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+91 95030-94040

Views: 77
Answer sheets

Capital Structure - Taxes and Debt - Berk 3e P15-15

Views: 70
Ed Kaplan

FinTree website link: http://www.fintreeindia.com
FB Page link :http://www.facebook.com/Fin...
These video series covers the following key area:
-the weighted average cost of capital (WACC) of a company;
-how taxes affect the cost of capital from different capital sources;
-the use of target capital structure in estimating WACC and how target capital structure weights may be determined;
-how the marginal cost of capital and the investment opportunity schedule are used to determine the optimal capital budget;
-the marginal cost of capital’s role in determining the net present value of a project;
-the cost of debt capital using the yield-to-maturity approach and the debt-rating approach;
- the cost of noncallable, nonconvertible preferred stock;
-the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield-plus risk-premium approach;
-the beta and cost of capital for a project
-uses of country risk premiums in estimating the cost of equity;
-the marginal cost of capital schedule, explain why it may be upward-sloping with respect to additional capital, and calculate and interpret its break-points;
- the correct treatment of flotation costs.
We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with!
This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level I Classes in Pune (India).

Views: 2248
FinTree

Financial training and modeling services at http://triviumfinancialgroup.com.
Shows how to model equity issues (net) using the excel solver too. The target capital capital sturcture is input and the difference is set to zero.

Views: 242
Edward Bodmer

In this tutorial, you’ll learn why the real price paid by a buyer to acquire a seller in an M&A deal is neither the Purchase Equity Value nor the Purchase Enterprise Value… exactly.
http://breakingintowallstreet.com/
"Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Table of Contents:
4:29: Problem #1: The Treatment of Debt
8:03: Problem #2: The Treatment of Cash
11:45: Recap and Summary
Common questions:
“In an M&A deal, does the buyer pay the Equity Value or the Enterprise Value to acquire the seller?”
“What does it mean in press releases when they say the purchase consideration ‘includes the assumption of debt’? Does that mean the price is the Enterprise Value?”
The Basic Definitions
Equity Value: Value of ALL the company’s assets, but only to common equity investors (shareholders).
Enterprise Value: Value of ONLY the core business operations, but to ALL investors (equity, debt, etc.).
So when you calculate Enterprise Value, starting with Equity Value…
Add Items When: They represent other investors (Debt investors, Preferred Stock investors, etc.) or long-term funding sources (Capital Leases, Unfunded Pensions)
Subtract Items When: They are not related to the company’s core business operations (side activities, cash or excess cash, investments, real estate, etc.)
The Confusion
The problem is that many sources say Enterprise Value is what it “really costs to acquire a company.”
But that’s not exactly true – yes, sometimes Enterprise Value is closer, but it depends on the deal terms and the items in Enterprise Value.
We know, WITH CERTAINTY, that if you acquire 100% of a company, you must pay for 100% of its common shares.
So the Purchase Equity Value is sort of a “floor” for the purchase price in an M&A deal.
But should you really add the seller’s Debt, Preferred Stock, and other funding sources, and subtract 100% of the seller’s cash balance to determine the “real price”?
There are many problems with that approach, but we’ll look at two of them here:
PROBLEM #1: Does Debt really increase the purchase price?
It depends, because debt can be either “assumed” (kept) or “refinanced” (replaced with new debt or paid off).
Debt is Assumed: Does not increase the amount the buyer “really pays” for the seller.
Debt is Repaid with the Buyer’s Cash: Does increase the amount the buyer “really pays”.
Existing Debt is Replaced with New Debt: Increases the amount the buyer “really pays,” but the buyer still isn’t paying more cash.
PROBLEM #2: Does Cash really reduce the purchase price?
A buyer can’t just “take” a seller’s entire cash balance following a deal – all companies need a certain “minimum cash balance” to keep operating, paying the bills, etc. That portion of cash is actually a core business operating asset.
Enterprise Value: As a simplification, we ignore the minimum cash and subtract all cash instead.
So if a company operating by itself always needs some minimum amount of cash, it certainly still needs a minimum amount of cash in an M&A deal.
Other Complications
Transaction Fees: These always exist, and will always increase the price the buyer pays (lawyers, accountants, bankers, etc.).
Unfunded Pensions, Capital Leases, etc.: These don’t necessarily have to be “paid” or “repaid” upon change of control… so they may not even affect the price, even though they factor into Enterprise Value.
Extra Cash: What if the buyer’s cash + seller’s cash are used to fund the deal? Then the real price paid may not even be comparable to the seller’s Equity Value or Enterprise Value.
The Bottom Line
You have to distinguish between the *valuation* of a company or deal and the *actual price paid*.
Equity Value and Enterprise Value are useful for valuation, but less useful for determining the real price paid.
The real price paid may be between Equity Value and Enterprise Value, above them, or even below them, depending on the terms of the deal – due to the treatment of debt and cash, fees, and liabilities that don’t affect the cash cost of doing the deal.
When you see language like “Including assumption of net debt,” that means the approximate Purchase Enterprise Value for the deal, because they are calculating it as Purchase Equity Value + Debt – Cash.
But it’s still not what the buyer actually pays – it’s just a way to value the deal and get multiples like EV / EBITDA.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/108-10-Purchase-Price-MA-Deals.pdf

Views: 37619
Mergers & Inquisitions / Breaking Into Wall Street

Find courses at http://financeenergyinstitute.com
Find files at http://edbodmer.com
Shows how to set-up model that will be used for target capital structure analysis with circular reference resolution for interest expense and interest income

Views: 278
Edward Bodmer

AnalystPrep's CFA Level 1 Video Series
For CFA Level 1 Study Notes, Practice Questions, and Mock Exams Register an Account at https://analystprep.com
Reading 36 – Cost of Capital
– LOS 36a: calculate and interpret the weighted average cost of capital (WACC) of a company https://bit.ly/2PcbzWn
– LOS 36b: describe how taxes affect the cost of capital from different capital sources https://bit.ly/2R5O3Yn
– LOS 36c: describe the use of target capital structure in estimating WACC and how target capital structure weights may be determined https://bit.ly/2R5l9b8
– LOS 36d: explain how the marginal cost of capital and the investment opportunity schedule are used to determine the optimal capital budget https://bit.ly/2PKhrmP
– LOS 36e: explain the marginal cost of capital’s role in determining the net present value of a project https://bit.ly/2OyqR8q
– LOS 36f: calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach https://bit.ly/2QZKymg
– LOS 36g: calculate and interpret the cost of noncallable, nonconvertible preferred stock https://bit.ly/2ySqKKj
– LOS 36h: calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield plus risk-premium approach https://bit.ly/2ySr3EX
– LOS 36i: calculate and interpret the beta and cost of capital for a project https://bit.ly/2ODhftg
– LOS 36j: describe uses of country risk premiums in estimating the cost of equity https://bit.ly/2CXqGgC
– LOS 36k: describe the marginal cost of capital schedule, explain why it may be upward sloping with respect to additional capital, and calculate and interpret its break-points https://bit.ly/2Cz0nwD
– LOS 36l: explain and demonstrate the correct treatment of flotation costs https://bit.ly/2JbV1Z6

Views: 121
AnalystPrep

COST OF CAPITAL
a calculate and interpret the weighted average cost of capital (WACC) of a company;
b describe how taxes affect the cost of capital from different capital sources;
c describe the use of target capital structure in estimating WACC and how target capital structure weights may be determined;
d explain how the marginal cost of capital and the investment opportunity schedule are used to determine the optimal capital budget;
e explain the marginal cost of capital’s role in determining the net present value of a project;
f calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach;
COST OF CAPITAL
g calculate and interpret the cost of noncallable, nonconvertible preferred stock;
h calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield-plus risk-premium approach;
i calculate and interpret the beta and cost of capital for a project;
j describe uses of country risk premiums in estimating the cost of equity;
k describe the marginal cost of capital schedule, explain why it may be upward-sloping with respect to additional capital, and calculate and interpret its break-points;
l explain and demonstrate the correct treatment of flotation costs.

Views: 15
VATUAE Jayakumar

NUMERICAL ON CAPITAL STRUCTURE DECISIONS CORPORATE TAX PLANNING

Views: 118
Shashi Aggarwal

The purpose of this model is to value a target business and determine how much to pay for an acquisition. The model also compares cash vs. share consideration, evaluates synergies and takeover premiums while assessing the net impact of the acquisition.

Views: 3293
Corporate Finance Institute

This revision video explains the concept of gearing and illustrates how the main gearing ratios are calculated and interpreted.

Views: 55314
tutor2u

Private equity refers to company ownership by a specialized investment firm. Typically, a private equity firm will establish a fund and use it to buy multiple businesses, with the goal of selling each one within a few years at a profit.
Private equity firms will often target an underperforming business and, after purchasing the company, use their management expertise to improve profitability.

Views: 106939
Investopedia

http://www.devryexams.education/product/fin-515-final-exam-set-2/
1. (TCO A) Which of the following does NOT always increase a company's market value?
2. (TCO F) Which of the following statements is correct?
3. (TCO D) The Ramirez Company's last dividend was $1.75. Its dividend growth rate is expected to be constant at 25% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (rs) is 12%. What is the best estimate of the current stock price?
4. (TCO G) The ABC Corporation's budgeted monthly sales are $4,000. In the first month, 40% of its customers pay and take the 3% discount.
The remaining 60% pay in the month following the sale and don't receive a discount.
ABC's bad debts are very small and are excluded from this analysis.
Purchases for next month's sales are constant each month at $2,000. Other payments for wages, rent, and taxes are constant at $500 per month.
Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for the ABC Corporation?
5. (TCO G) Howton & Howton Worldwide (HHW) is planning its operations for the coming year, and the CEO wants you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in the forecast are shown below. However, the CEO is concerned about the impact of a change in the payout ratio from the 10% that was used in the past to 50%, which the firm's investment bankers have recommended. Based on the AFN equation, by how much would the AFN for the coming year change if HHW increased the payout from 10% to the new and higher level? All dollars are in millions
1. (TCO H) Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of your analysis, you want to determine the firm's cash conversion cycle. Using the following information and a 365-day year, what is the firm's present cash conversion cycle?
2. (TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)
3. (TCO E) Daves Inc. recently hired you as a consultant to estimate the company's WACC. You have obtained the following information. (1) The firm's noncallable bonds mature in 20 years, have an 8.00% annual coupon, a par value of $1,000, and a market price of $1,050.00. (2) The company's tax rate is 40%. (3) The risk-free rate is 4.50%, the market risk premium is 5.50%, and the stock's beta is 1.20. (4) The target capital structure consists of 35% debt and the balance is common equity. The firm uses the CAPM to estimate the cost of common stock, and it does not expect to issue any new shares. What is its WACC?
4. (TCO B) A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in Year 3 and beyond, what is the Year 0 value of operations, in millions?
5. (TCO G) Based on the corporate valuation model, the value of a company's operations is $900 million. Its balance sheet shows $70 million in accounts receivable, $50 million in inventory, $30 million in short-term investments that are unrelated to operations, $20 million in accounts payable, , $140 million in retained earnings, and $280 million in total common equity. If the company has 25 million shares of stock outstanding, what is the best estimate of the stocks price per share?

Views: 1073
McCartney Callanan

In this IRR vs Cash tutorial, you’ll learn the key distinctions between the internal rate of return (IRR).
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
You will also learn further distinctions on the cash-on-cash multiple or money-on multiple when evaluating deals and investments – and you’ll understand why venture capital (VC) firms target one set of numbers, whereas private equity (PE) firms target a different set of numbers.
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-05-IRR-vs-Cash-on-Cash-Multiples.xlsx
Table of Contents:
1:35 Why Do IRR and Cash-on-Cash Multiples Both Matter?
3:05 What Do Private Equity vs. Venture Capital vs. Other Firms Care About?
8:30 How to Use These Metrics in Real Life
11:08 Key Takeaways
Lesson Outline:
1. Why Does This Matter?
Because there are DIFFERENT ways to judge the success of a deal - 2 of the main ones for leveraged buyouts (LBOs), growth equity investments, and venture capital investments are the internal rate of return (IRR) and the cash-on-cash (CoC) or money-on-money (MoM) multiple.
Many investment firms will care a lot about one of these, but not the other, and will try to find investments that yield a high IRR or a high multiple… but not both.
The Difference: IRR factors in the time value of money - it's the effective, compounded interest rate on an investment. Whereas the multiple is simpler and ignores timing (e.g., $1000 / $100 = 10x multiple).
2. What Do Different Firms Care About?
Most venture capital (VC) firms and early-stage investors want to earn a multiple of their money back - they don't care that much about IRR, because they're going to be invested for a VERY LONG time and it's not exactly liquid… and they don't care what the stock market does.
VC firms must be able to cover their losses with “the winners”! If they get 2x their capital back in 1 year (100% IRR) and then lose everything on another investment in 5 years’ time (0% IRR), the first result is completely irrelevant because they've only earned back 1x their capital.
Perfect Example: Harmonix, maker of Guitar Hero - got VC investment in the mid-1990's, generated $0 in revenue for 5+ years, and then in 2005 released the hit video game Guitar Hero. Sold for $175 million to Viacom in 2006!
Massive multiple, but likely a pathetic IRR since it took 10+ years to get there.
Later-stage investors and private equity firms care more about IRR because the multiples will never be that high in late-stage deals, and because they are benchmarked against the public markets (e.g., the S&P 500) more.
If the firm's IRR can't beat the stock market, why should you invest?
Most PE firms target at least a 20-25% IRR depending on the economy, deal environment, valuations, etc… less when things are bad, more in frothy times.
This makes it common to do "quick flip" deals where the company is bought and then sold at a MUCH higher multiple right after - simply to get a high IRR.
Real-Life Example: Thoma Bravo (mid-market tech PE firm) bought Digital Insight from Intuit for $1.025 billion, and then sold it 4 months later for $1.65 billion to NCR.
VERY high IRR - 316%! But only a ~1.6x money multiple, assuming no debt / no debt repayment.
http://dealbook.nytimes.com/2013/12/02/sale-to-ncr-is-a-quick-profitable-flip-for-a-private-equity-firm/
3. How Do You Use These Metrics In Real Life?
How to calculate them: see the Atlassian or J.Crew models. IRR is straightforward and uses built-in Excel functions, but for the CoC or MoM multiple, you need to sum up all positive cash flows in the period and divide by the sum of all negative cash flows in that period, and flip
the sign.
In the case of Atlassian, the deal is great for Accel because they earn a 15x multiple, even though the IRR is "only" 35%... they do not care AT ALL because they are targeting the multiple, not the IRR.
For T. Rowe Price, the multiple of 1.9x isn't great, but they do at least get a 14% IRR which is probably what they care about more since they are late-stage investors.
For the J. Crew deal, both the IRR and the multiple are very low and below what PE firms typically target, so this deal would be problematic to pursue, at least with these assumptions.
4. Key Takeaways
IRR and Cash-on-Cash or Money-on-Money multiples are related, but often move in opposite directions when the time period changes.
Different firms target different rates and metrics (VC/early stage - multiples, ideally over 10x or 3-5x later on; PE/late stage - IRR, ideally 20%+).
Calculation: IRR is simple, use the built-in IRR or XIRR in Excel; for the multiple, sum the positive returns/cash flows, divide by the negative returns/cash flows and flip the sign.
Judging deals: Focus on multiples for earlier stage deals (and if you're pitching VCs to fund your company), and focus on IRR for later stage / growth equity / PE deals.

Views: 29463
Mergers & Inquisitions / Breaking Into Wall Street

he Nutrex Corporation wants to calculate its weighted average cost of capital. Its target capital structure weights are 40 percent long-term debt and 60 percent common equity. The before-tax cost of debt is estimated to be 10 percent and the company is in the 40 percent tax bracket. The current risk-free interest rate is 8 percent on Treasury bills. The expected return on the market is 13 percent and the firm\u2019s stock beta is 1.8.
a. What is Nutrex \u2018s cost of debt?
b. Estimate Nutrex\u2019s expected return on common equity using the security market line.
c. Calculate the after-tax weight average cost of capital.

Views: 1
bnhgxjjx jnghjxj

uestion 1: (Cost of Capital) 8 points
Pine Tree Farms Corporation (PTFC) has a target capital structure of 40% debt, 10% preferred stock, and 50% common stock. Currently PTFC has a capital structure of 75% debt, 10% preferred stock, and 15% common stock. The after tax cost of debt is 4%. The preferred stock has a par value of per share, a per share dividend, and a market price of per share. The common stock of PTFC trades at per share and has a projected dividend (D1) of .55. The stock price and dividend are expected to continue to grow at 7% per year for the foreseeable future. The CFO expects the company to have ,000 available from retained earnings.
What is PTFC\u2019s weighted average cost of capital (WACC)?
Question 2: (Capital Budgeting) 6 points
Consider Projects A and B, with net cash flows as follows:
---- Net Cash Flows ----
Project A Project B
Initial Cost at T-0 (Now) (,000) (,000)
cash inflow at the end of year 1 10,000 6,000
cash inflow at the end of year 2 8,000 16,000
cash inflow at the end of year 3 6,000 26,000
a. Construct NPV Profiles for these two projects.
b. If the two projects were mutually exclusive, which would you accept if your firm\u2019s cost of capital were 4%? Which would you accept if your firm\u2019s cost of capital were 9%?
Question 3: (Capital Budgeting) 2 points
Calculate the IRR of the following project:
Year Cash Flow
0 (,000)
1 ,000
2 ,000
3 ,000
Question 4: (Capital Budgeting) 2 points
Calculate the Modified Internal Rate of Return (MIRR) of the project in Question 3, assuming your firm\u2019s cost of capital is 6%.
Question 5: (Capital Structure) 4 points
Firms R and S are similar firms in the same industry. Firms R and S have the same profit margin and total asset turnover when compared. However, Firm Rs capital structure is 60% debt, 40% equity, and Firm Ss capital structure is 30% debt, 70% equity. Given the above conditions, which firm will experience the highest return on equity (ROE)?
Question 6: (

Views: 1
fbxfgn fgnxfgn

http://www.devryexams.education/product/fin-515-final-exam-set-3/
1. (TCO A) Which of the following does NOT always increase a company's market value?
2. (TCO F) Which of the following statements is correct?
3. (TCO D) Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 25% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g = 0. The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?
4. (TCO G) The ABC Corporation's budgeted monthly sales are $4,000. In the first month, 40% of its customers pay and take the 3% discount.
The remaining 60% pay in the month following the sale and don't receive a discount.
ABC's bad debts are very small and are excluded from this analysis.
Purchases for next month's sales are constant each month at $2,000. Other payments for wages, rent, and taxes are constant at $500 per month.
Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for the ABC Corporation?
5. (TCO G) Howton & Howton Worldwide (HHW) is planning its operations for the coming year, and the CEO wants you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in the forecast are shown below. However, the CEO is concerned about the impact of a change in the payout ratio from the 10% that was used in the past to 50%, which the firm's investment bankers have recommended. Based on the AFN equation, by how much would the AFN for the coming year change if HHW increased the payout from 10% to the new and higher level? All dollars are in millions.
1. (TCO H) The Dewey Corporation has the following data, in thousands. Assuming a 365-day year, what is the firm's cash conversion cycle?
2. (TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)
3. (TCO E) You were hired as a consultant to the Quigley Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt is 6.50%, the yield on the preferred is 6.00%, the cost of common from retained earnings is 11.25%, and the tax rate is 40%. The firm will not be issuing any new common stock. What is Quigley's WACC?
4. (TCO B) Leak Inc. forecasts the free cash flows (in millions) shown below. If the weighted average cost of capital is 11% and FCF is expected to grow at a rate of 5% after Year 2, what is the Year 0 value of operations, in millions? Assume that the ROIC is expected to remain constant in Year 2 and beyond (and do not make any half-year adjustments).
5. (TCO G) Based on the corporate valuation model, the value of a company's operations is $1,200 million. The company's balance sheet shows $80 million in accounts receivable, $60 million in inventory, and $100 million in short-term investments that are unrelated to operations. The balance sheet also shows $90 million in accounts payable, $120 million in notes payable, $300 million in long-term debt, $50 million in preferred stock, $180 million in retained earnings, and $800 million in total common equity. If the company has 30 million shares of stock outstanding, what is the best estimate of the stock's price per share?
6. Sapp Trucking's balance sheet shows a total of noncallable $45 million long-term debt with a coupon rate of 7.00% and a yield to maturity of 6.00%. This debt currently has a market value of $50 million. The balance sheet also shows that the company has 10 million shares of common stock, and the book value of the common equity (common stock plus retained earnings) is $65 million. The current stock price is $22.50 per share; stockholders' required return, rs, is 14.00%; and the firm's tax rate is 40%. The CFO thinks the WACC should be based on market value weights, but the president thinks book weights are more appropriate. What is the difference between these two WACCs?
7. based on the corporate valuation model, bernile Inc's value of operation is $750 million. Its balance sheet shows $50 million of short-term investments that are unrelated to operations, $100 million of accounts payable, $100 million of notes payable, $200 million of long term debt, $40 million of common stock (par plus pain -in -- capital), and $160 million of retained earnings. What is the best estimate for the firm's value of equity, in millions

Views: 885
Lilly Mitchell

Real world example of how to calculate weighted average cost of capital using Microsoft Excel. For previous video explaining weighted average cost of capital, go to http://www.youtube.com/watch?v=brkV0vC72aE&feature=related. For the full article go to www.calgarybusinessblog.com

Views: 85617
Matt Kermode

How much capital is needed to start trading? Charlie Burton, trader and educator comments. Is it feasible to expect to make a 10% gain per month trading the financial markets? What type of returns do you target? You seem to favour making small and constant gains? These days the way the brokers are working you can trade in pennies per pip - you can literally be risking a few pounds on a trade. Of course you can make a 10% gain but that would imply taking higher risks. If you make a rule like wanting to make 1000 pounds a day, what you are actually doing is imposing a rigid structure into your trading which sounds like the right thing to do but what happens if you underperform? And what happens if you make more? Do you stop trading? Do you like to make small and constant gains or do you target the big returns?

Views: 30003
UKspreadbetting

Watch Don answer sample Behavioral questions. Learn how to answer behavioral interview questions using the STAR Formula. Employers love asking behavioral questions during the interview process because this type of questioning will does a better job of revealing your core competencies and is a great indicator of how well you'll be able to perform this job.
Behavioral questions can be answered using the STAR formula and in this video, we break down the STAR formula and show you how to use it to your advantage to you are prepared to answer any behavioral question that comes your way.
How to Answer Behavioral Interview Questions Using the STAR Formula
STAR stands for:
Situation – Task – Action - Result
1. First, describe a work related Situation or Task that you needed to accomplish, and be concise.
2. Then describe the Action you took. Don’t tell them what you might do or would do, you need to tell them what you did.
3. Finally, describe what happened -- the result. What did you accomplish? What did you learn? How much time or money did you save? And most importantly does your result solve the problem you described in step 1.
That’s the formula for answering any behavioral question.
Behavioral or competency-based interviews are simply a set of questions that ask you to talk about examples from your past work experience to help an interviewer figure out your strengths.
Behavioral interviewers will look for the three parts (Problem, Action, Results) of your answer and take notes about how you answered the question.
In this free program you’ll learn how to improve your interview performance with my simple step-by-step formula for interview success.
To get the list of behavioral questions this video mentions, you need to register for this free program here: http://www.jobinterviewtools.com/advantage/
To download the complete interview answer guide go to http://www.jobinterviewtools.com

Views: 1255867
Don Georgevich

http://www.devryexams.education/product/fin-515-final-exam-set-1/
1. (TCO A) Which of the following does NOT always increase a company's market value?
2. (TCO F) Which of the following statements is correct?
3. (TCO D) Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 25% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g = 0. The company's last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?
4. (TCO G) Singal Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $35,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the month after the sale, and another 40% are credit sales paid 2 months after the sale, what are the expected cash receipts for March?
1. (TCO H) Zervos Inc. had the following data for 2008 (in millions). The new CFO believes (a) that an improved inventory management system could lower the average inventory by $4,000, (b) that improvements in the credit department could reduce receivables by $2,000, and (c) that the purchasing department could negotiate better credit terms and thereby increase accounts payable by $2,000. Furthermore, she thinks that these changes would not affect either sales or the costs of goods sold. If these changes were made, by how many days would the cash conversion cycle be lowered?
2. (TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)
3. (TCO E) You were hired as a consultant to the Quigley Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt is 6.50%, the yield on the preferred is 6.00%, the cost of common from retained earnings is 11.25%, and the tax rate is 40%. The firm will not be issuing any new common stock. What is Quigley's WACC?
4. (TCO B) A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in Year 3 and beyond, what is the Year 0 value of operations, in millions?
5. (TCO G) Based on the corporate valuation model, Hunsader's value of operations is $300 million. The balance sheet shows $20 million of short-term investments that are unrelated to operations, $50 million of accounts payable, $90 million of notes payable, $30 million of long-term debt, $40 million of preferred stock, and $100 million of common equity. The company has 10 million shares of stock outstanding. What is the best estimate of the stock's price per share?
6. TCO G) Clayton Industries is planning its operations for next year, and Ronnie Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions.

Views: 477
Lloyd Jeannette

For an experienced SF Bay Area real estate agent visit http://iLiveInTheBayArea.com
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Welcome to part two of my investing terms video. We're going to continue off of the same scenario we were speaking of in my "Investing Terms Part 1" video, which discussed NOI, Cap Rate and Cash on Cash.
As a refresher of what the details were in regards to the property, we were looking at a $2m income property that made $150k NOI. We figured the cap rate was 7.5%, and that if we used leverage our cash on cash return jumped up to 8.775%.
Now, we're going to get into the two more complex formulas. The first one we're going to go over is called Internal Rate of Return, or IRR. The second is called Net present value, or NPV. Both of these can correlate with each other quite often, but let's take them on one by one.
First, the IRR concept. IRR basically is looking at the investment OVERALL, from START to FINISH -- and the key word there is FINISH because there must be an exit strategy -- and determining how what percentage you made. So let's take a look at our property. $2M to buy it cash, $150k for 3 years, and then at the end of the 3rd year a huge bonus of $4M. Using IRR we've made 32.10%. As I explained our money has made 32.10% every year from start to finish...again, the key word there is finish.
Which brings us finally to the Net Present Value, or NPV. Net Present Value means to convert all the future cash flows into today's dollars. Which even for me is still a bit of a confusing way to understand it. Let's go back to the bank we just left. Here you are sitting at a table with a good investor friend of yours.
You tell your friend all the details of what just happened the last 3 years. How you gave the bank $2M and they gave you back $150k every year for 3 years...then how after 3 years you went to go take your $2M out and instead they gave you $4M. You're good investor friend explains everything about the Internal Rate of Return and basically how much money you just made year after year.
While you guys are talking, he or she asks you...how much were you okay with making??? Kind of an odd question, but a valid one. As an investor, you have to know how much you are comfortable with making. This is discussed more in my "Determining Net Present Value" video.
For the sake of argument, let's say you tell your friend you were more than comfortable making 20%, and that over 32% was great, but MUCH higher than you expected. What you can now do is determine the Net Present Value. In other words, if you could go back in time and see what you would make per year and when you took your money out, how much *COULD* you have paid in the BEGINNING and still have made that 20%?
Well, let's look at our property in the same fashion. Making $150k/year and you make $4M at the end of 3 years, how much more could you have paid to still make a 20% IRR? After plugging in a few numbers, the amount it $630,787. In other words, if you pay the original $2M, PLUS the additional $630,787, you're new IRR will be 20%...right at the percentage you were comfortable with...
Now at this point you may be asking why you would need this information?? Let's say you are looking at a property and there are a lot of interested buyers and of course multiple offers. Obviously there can only be one buyer.
By knowing your desired NPV and plugging it in your formula you can see how high would be your maximum to where you would still make your desired return. This works in the opposite manner. If you're looking at this same property and your NPV target was 35%, you would be finding out how much LESS you had to pay for the property.
Remember that if you're looking for a quick judgment snapshot, think of IRV for your cap rate formula. If you're looking to hold a property for a while and what to figure out what your making after all expenses -- even if you have a loan, use your cash on cash formula. If want to know the true value of your investment from start to finish, think internal rate of return.
And if you're trying to find out the difference of what you need to accomplish to hit that target IRR, think of the Net Present Value. Of course, there's a few more formulas out there in the investment world, but when it comes to income property, these will definitely give you a leg up in determining what your investment is really worth...now that's good to know.
Contact Davide Pio Today | SF Bay Area Real Estate
http://iLiveInTheBayArea.com | 510-815-2000

Views: 32617
Davide Pio - CCIM, LEED AP

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