Assignment #3 - Cost of Equity CAPM
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FIN 461
Assignment #3 – Cost of Equity using CAPM with Various Inputs
Due Date: 1/27/23
Assignment
Estimate the cost of equity for three restaurant companies – SHAK, CMG, and WING using the CAPM. In doing so, calculate the cost of equity four different ways for each company: You should use Bloomberg to collect data, however do not use Bloomberg’s cost of capital screen. I want
you to calculate these in a spreadsheet using these assumptions:
Use CAPM.
Use Bloomberg function BETA using period = monthly, range = last 5 years (60 observations), and relative index = (SPX Index/MXWO Index)
Use the adjusted beta.
Assume market risk premium of 5.0% for both market indexes.
Answer the following questions:
1.)
What is cost of equity for each company using method 1. (Attachment #1) 2.)
What is cost of equity for each company using method 2 (Attachment #1) 3.)
What is cost of equity for each company using method 3. (Attachment #2)
4.)
What is cost of equity for each company using method 4 (Attachment #2)
5.)
Which beta (SPX or MXWO) better fits each company? Indicate this somehow on Attachments #1 and #2.
6.)
Looking forward, it is uncertain which direction the US economy is going to go. The Federal
Reserve pushed interest rates to historic lows and is now increasing rates along with quantitative tightening. Using SHAK cost of equity from methods 1 & 2, what is the effect on SHAK’s cost of equity of the Fed letting the 10-year US Treasury rise +3.00% from where
it is now in increments of 0.25%? Create a one-way data table with two outputs. (Attachment #3)
What to turn in
1-page Executive Summary – Write up your results, answer questions, and refer to attachments.
Attachment #1 – Cost of Equity using US Treasury STRIP (Include: US Treasury STRIP rate, market risk premium estimate, equity beta, r-squared of beta, and cost of equity estimate)
Attachment #2 – Cost of Equity using US Treasury STRIP – Synthetic (Include: US Treasury STRIP synthetic rate, market risk premium estimate, equity beta, r-squared of beta, and cost of equity estimate)
Method
Market Proxy
Risk-free Rate
1
MXWO Index 10-yr US Treasury STRIP
2
SPX Index
10-yr US Treasury STRIP
3
MXWO Index 10-yr US Treasury STRIP - synthetic
4
SPX Index
10-yr US Treasury STRIP - synthetic
Attachment #3 – Impact of Federal Reserve Increasing Interest Rates on SHAK Cost of Equity
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Related Questions
Probler
FINANC
Exercises
Exercise 01
Solve the following problems: Write your anşwers with solutions on the extra shoet
provided at the end part of the module.
Instructions:
Problem 1
Income b.
HORIZONTAL ANALYSIS. Smith Corporation provides the following comparative
equity in t
is $35.
income statement:
Smith Corporation
Requirem
Calculate t
Comparative Income Statement
For the Years Ended December 31, 20X3 and 20X2
20X2
20X3
a. Net im
$680.000
b. Prefer
$570.000
c. Retur
d. Times
170,000
Sales
200,000
$510.000
Cost of goods sold
$370.000
e. Earnim
f. Price/e
g. Book v
210.000
Gross profit
Operating expenses
100,000
$300,000
$270,000
EBIT
Problem 5
Requirement:
Calculate the percentage change using horizontal analysis and evaluate the results.
ACCOUNTS
accounts rS
statement
Lome
Problem 2
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Net working capital, working capital balances, and the current ratio
Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Tun Fuels Corporation.
Tun Fuels Corporation Balance Sheet
Cash
$1,293,750
Accounts payable
$3,105,000
Accounts receivable
$4,528,125
Accruals
$1,940,625
Inventory
$7,115,625
Notes payable
$2,716,875
Total current assets
$12,937,500
Total current liabilities
$7,762,500
Long-term debt
$5,737,500
Total debt
$13,500,000
Common equity
$2,700,000
Net plant and equipment
$9,562,500
Retained earnings
$6,300,000
Total equity
$9,000,000
Total assets
$22,500,000
Total liabilities and equity
$22,500,000
During your interview for an introductory-level analyst position at Tun Fuels Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet.…
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
How do I find “Return on Equity” when all I have are these numbers:
profit margin
8.90%
capital intensity ratio
0.50
debt equity ratio
0.65
net income
100,000.00
dividends
47,500.00
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Frozen Food Products Cost of Capital Case Assignment This case is due at the beginning of the next class period Please create 2 copies of your answers, one copy to turn in, and one copy to keep for yourself 1 Calculate the unlevered beta (bU) for each of the comparable firms that are in the same industry as Frozen Foods Products 2 Calculate the industry median unlevered beta 3 Estimate the industry discount rate (rU) using the unlevered beta 4 Calculate the operating cash flows, inc
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a. Enumerste four (4) factors to consider in analyzing the domestic economy as part of
fundamental analysis. -
b. Distinguish between time limit orders and Limit orc
c. Explain the following Investment ratios and indicate how they are computed:
Eanings per share (EPS) and Price/Earnings ratio (P/E).
d. What is market efficiency? Differentiate between weak and semi strong form efficiency
e. Next Pharmacy Ltd, an all equity finance company has started the production of a
vaccine against COVID-19. The popularity of the vaccine is such that it expects to pay its
shareholders dividends of g150 which grows steadily at 10%. The company has a beta of
1.75. The risk-free rate is 5% and the expected return on the market is 18.34%.
Required: Calculate the stock's required rate of return and price per share.
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pter 4 Problem Solving.pdf
Open with Google Docs
Problem 4-10 page 112
RATIO CALCULATIONS
Assume the following relationships for the Brauer Corp
Sales total assets
Retum on assets ROA)
Return onequity (ROE)
Calculate Brauer's puofit margin and debt iratio.
Solation
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Exercise 4-19A (Algo) Using common size statements and ratios to make comparisons LO 4-8
The following information is available for the Memphis and Billings companies:
Memphis
$ 1,212,000
800,000
336,000
1,440,000
380,000
Sales
Cost of goods sold
Operating expenses
Total assets
Stockholders' equity
Required:
a. Prepare a common size income statement for each company.
b. Compute the return on assets and return on equity for each company.
c. Which company is more profitable from the stockholders' perspective?
d. One company is a high-end retailer, and the other operates a discount store. Which is the discounter?
Complete this question by entering your answers in the tabs below.
Billings
$ 1,150,640
878,000
229,320
1,330,000
380,000
Required A Required B Required C Required D
Prepare a common size income statement for each company.
Note: Round percentage answers to 1 decimal place.
MEMPHIS COMPANY AND BILLINGS COMPANY
Common Size Income Statements
Memphis
%
$
0
0
0.0
Billings
0.0 $…
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Exercise 11-5 (Static) Identify information used in an investment decision
Look forward to the day when you will have accumulated $5,000, and assume that you have decided to invest that hard-earned money in the common stock of a publicly owned corporation.Required:
What data about that company will you be most interested in?
How will you arrange those data so they are most meaningful to you?
What information about the company will you want on a weekly basis, on a quarterly basis, and on an annual basis?
How will you decide whether to sell, hold, or buy some more of the firm's stock?
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The following information is given with respect to the ratio of two companies
Aman LTD Roger LTD
Current Ratio
2:01
1.60:1
Quick Ratio
1.35:1
1:01
Returns On investment
15%
13%
Debt Equity Ratio
2:5:1
1:01
Define the concepts of Current and Quick ratio’s and also, reflect on your understanding towards the financial performance of the companies by looking to the above information?
3 b. Define the terms- Return on Investment and Debt equity ratio and also, reflect on your understanding towards the financial performance of the companies?
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D
O
Assume that Kish Inc. hired you as a consultant to help estimate its cost of capital. You have obtained the following data: Do = $0.90; Po =
$47-50; and g = 7.00% (constant). Based on the DCF approach, what is the cost of equity from retained earnings? Do not round your
intermediate calculations.
a. 2.03%
b. 8.77%
O c. 9.03%
O d. 8.89%
O e. 2.17%
Q Search
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8
40
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hp
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Dropbox promotion
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25
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X
delete
backspace
pause
home
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Problem 19: Laiho Industries’s 2017 and 2018 balance sheets (in thousands of dollars are shown).
Please show all work, INCLUDING FORMULAS AND HOW YOU GOT EACH PIECE OF THE FORMULA.
If using EXCEL, please show where you got any numbers from. For example, for letter E.
e. Assume the firm’s after-tax cost of capital is 10.5%. What is the firm’s 2018 EVA?
EVA= EBIT(1-T)-(Total invested capital x After-tax percentage cost of capital)
How did you find the total invested capital.
I posted this questions numerous times, and it seems that for the last couple questions people are using informatiojn from 2017 and not 2018. Please USE CORRECT INFORMATION. Please also explain why you are using the calculations that you have used.
a. Sales for 2018 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and amortization were 11% of net fixed assets, interest was $8,575,000, the corporate tax rate was 40%, and Laiho pays 40% of its net income as dividends. Given this information,…
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MANCOSA POSTGRADUATE DIPLOMA IN PRORCT MANAGEMENT
QUESTION
REQUIRED
Use the information provided below to calculate the following ratios. Where applicable, und e
answers to two decimal places
111 Gross profe margin
312 Operating profit margin
31.3 invertory turnover period
31.4 Trade recelvatles peried
31.5 Trade payables period
31
316 Current ratio
3.1.7 Acid test ratio
3.18 Return on capital employed
32
Comment on the control ef debtors by Saturn imited
Sugpest TWO 2) ways in which Saturn Limited can improve its operating profit margin.
33
INFORMATION
Excerpts of financial data of Satum Limited for 2019 are as follows:
STATEMENT OF COMPREHINSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019
2600 00
Cost of sales
Gros proft
Operating profit
1400 000
600 000
40 000
S60 00
Interest expense
Proft before tas
Tan N
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER:
2019
2008
ASSETS
Non-current assets
Inventories
Accounts recelvable
780000
500 000
240 000
120 000
45L000
1250 p0
EQUITY AND…
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As a business valuation expert, you have been allotted with the project to estimate the cost
of equity for Alton Holdings. Alton Holdings operates in three different business sectors -
Entertainment, Hotels, and Travel Services. The table beneath gives the information you
collected both for the firm and for other comparable firms in each business sector.
i.
ii.
iii.
Business Sector
Entertainment
Hotel
Travel
Alton Holdings
Sales Revenues
€500 million
€500 million
€950 million
Unlevered
beta
0.95
1.15
Comparable Firms
1.45
Value/Sales
Revenues
2.5
3.5
1.5
Estimate the (bottom-up) unlevered beta for Alton Holdings.
Assume that Alton Holdings has no market-traded debt but €1.3 billion in book debt,
an interest expense of €75 million per year, maturity 5 years and corporate bonds
with the same credit rating as Alton Holdings yield 7.5%. Estimate the market value of
debt of Alton Holdings.
Assume next that Alton Holdings has 100 million shares trading at €12 per share. The
tax rate is 40%.…
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The Sunland Products Co. currently has debt with a market value of $300 million outstanding. The debt consists of 9 percent coupon
bonds (semiannual coupon payments) which have a maturity of 15 years and are currently priced at $1,434.63 per bond. The firm also
has an issue of 2 million preferred shares outstanding with a market price of $10 per share. The preferred shares pay an annual
dividend of $1.20. Sunland also has 14 million shares of common stock outstanding with a price of $20.00 per share. The firm is
expected to pay a $2.20 common dividend one year from today, and that dividend is expected to increase by 5 percent per year
forever. If Sunland is subject to a 40 percent marginal tax rate, then what is the firm's weighted average cost of capital?
Eyeol Template
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Some recent financial statements for Smolira Golf, Incorporated, follow.
Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Fixed assets
Net plant and equipment
Total assets
Sales
Cost of goods sold
Depreciation
EBIT
Interest paid
Taxable income
Taxes
2021
SMOLIRA GOLF, INCORPORATED
2022 Income Statement
Net income
Dividends
Retained earnings
$ 6,358
9,248
14,580
$ 30,186
$ 90,361
$ 120,547
Balance Sheets as
2022
$ 16,000
26,459
SMOLIRA GOLF, INCORPORATED
of December 31, 2021 and 2022
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Other
$ 7,866
11,445
29,641
$ 48,952
$ 107,206
$ 156,158
287,318
220, 396
10,913
$ 56,009
2,264
$ 53,745
11, 286
$ 42,459
Total
Long-term debt
Owners' equity
Common stock and paid-in surplus
Accumulated retained earnings
Total
Total liabilities and owners' equity
2021
$ 4,880
3,959
198
$ 9,037
$ 32,100
$ 40,000
39,410
$ 79,410
$ 120,547
2022
$ 5,381
4,479
429
$ 10,289
$ 40,000
$ 40,000
65,869
$ 105,869
$ 156, 158
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Fill in the table using the following information.Assets required for operation: $3,000Case A—firm uses only equity financingCase B—firm uses 30% debt with a 10% interest rate and 70% equityCase C—firm uses 50% debt with a 12% interest rate and 50% equityIf your answer is zero, enter "0". Round your answers for monetary values to the nearest cent. Round your answers for percentage values to one decimal place.
A
B
C
Debt outstanding
$
$
$
Stockholders' equity
$
$
$
Earnings before interest and taxes
$660.00
$660.00
$660.00
Interest expense
$
$
$
Earnings before taxes
$
$
$
Taxes (40% of earnings)
$
$
$
Net earnings
$
$
$
Return on stockholders’ equity
%
%
%
What happens to the rate of return on the stockholders' investment as the amount of debt increases?
The rate of return on the stockholders' investment as the amount of debt increases.
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question 1 a) (img 60)
find:
1. gross profit margin
2. stock turn over
3. net profit margin
4. return on capital employment
5. current ratio
1b)The following figures are from a similar company. C services Limited for the year ended 31 December 2010
Gross profit margin 25%
Stock turnover ratio 9
Net profit Margin 10%
Return on Capital employed 12.5%
Current Ratio 1:1
Quick Ratio 0.5:1
Compare your results in a, ABB Engineering with those of b, CD Engineering Services Limited.
As a result of your comparison which company do you think is more successful during the year. Give reasons for your answers.
6. quick ratio
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- Probler FINANC Exercises Exercise 01 Solve the following problems: Write your anşwers with solutions on the extra shoet provided at the end part of the module. Instructions: Problem 1 Income b. HORIZONTAL ANALYSIS. Smith Corporation provides the following comparative equity in t is $35. income statement: Smith Corporation Requirem Calculate t Comparative Income Statement For the Years Ended December 31, 20X3 and 20X2 20X2 20X3 a. Net im $680.000 b. Prefer $570.000 c. Retur d. Times 170,000 Sales 200,000 $510.000 Cost of goods sold $370.000 e. Earnim f. Price/e g. Book v 210.000 Gross profit Operating expenses 100,000 $300,000 $270,000 EBIT Problem 5 Requirement: Calculate the percentage change using horizontal analysis and evaluate the results. ACCOUNTS accounts rS statement Lome Problem 2arrow_forwardNet working capital, working capital balances, and the current ratio Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Tun Fuels Corporation. Tun Fuels Corporation Balance Sheet Cash $1,293,750 Accounts payable $3,105,000 Accounts receivable $4,528,125 Accruals $1,940,625 Inventory $7,115,625 Notes payable $2,716,875 Total current assets $12,937,500 Total current liabilities $7,762,500 Long-term debt $5,737,500 Total debt $13,500,000 Common equity $2,700,000 Net plant and equipment $9,562,500 Retained earnings $6,300,000 Total equity $9,000,000 Total assets $22,500,000 Total liabilities and equity $22,500,000 During your interview for an introductory-level analyst position at Tun Fuels Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet.…arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) How do I find “Return on Equity” when all I have are these numbers: profit margin 8.90% capital intensity ratio 0.50 debt equity ratio 0.65 net income 100,000.00 dividends 47,500.00arrow_forward
- Frozen Food Products Cost of Capital Case Assignment This case is due at the beginning of the next class period Please create 2 copies of your answers, one copy to turn in, and one copy to keep for yourself 1 Calculate the unlevered beta (bU) for each of the comparable firms that are in the same industry as Frozen Foods Products 2 Calculate the industry median unlevered beta 3 Estimate the industry discount rate (rU) using the unlevered beta 4 Calculate the operating cash flows, incarrow_forwarda. Enumerste four (4) factors to consider in analyzing the domestic economy as part of fundamental analysis. - b. Distinguish between time limit orders and Limit orc c. Explain the following Investment ratios and indicate how they are computed: Eanings per share (EPS) and Price/Earnings ratio (P/E). d. What is market efficiency? Differentiate between weak and semi strong form efficiency e. Next Pharmacy Ltd, an all equity finance company has started the production of a vaccine against COVID-19. The popularity of the vaccine is such that it expects to pay its shareholders dividends of g150 which grows steadily at 10%. The company has a beta of 1.75. The risk-free rate is 5% and the expected return on the market is 18.34%. Required: Calculate the stock's required rate of return and price per share.arrow_forwardpter 4 Problem Solving.pdf Open with Google Docs Problem 4-10 page 112 RATIO CALCULATIONS Assume the following relationships for the Brauer Corp Sales total assets Retum on assets ROA) Return onequity (ROE) Calculate Brauer's puofit margin and debt iratio. Solationarrow_forward
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