2010 midterm - BUSFIN 1311 Corporate Finance Spring 2010...

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Unformatted text preview: BUSFIN 1311: Corporate Finance Spring 2010: Professor Thomas Midterm Exam: 3/04/2010 Name The exam ends in one hour and 20 minutes. You can receive partial credit for incorrect answers to problems if you show your work. No credit will be granted for any answer to a numerical question without accompanying work. The amount of partial credit will depend on the clarity, legibility, and organization of your work. Please be complete but concise in response to discussion questions. Maximum of 130 points. Multiple-choice questions are worth five points each. Circle the letter corresponding to the answer choice that is most correct. 1. $30.03 E. n F. com .> Which of the following is most correct? The number of firms that report current—year earnings which are slightly greater than or equal to their previous-year’s earnings is roughly the same as the number of firms that report current-year earnings which are slightly less than previous-year’s earnings. Firms whose current-year earnings are slightly greater than or equal to their previous-year’s earnings typically perform worse in the following year. ' A firm that engages in “channel stuffing” this year will likely experience a decline in sales growth next year. Firms very frequently appear to “lend” earnings from the current year to help next year’s earnings equal or slightly exceed current year earnings. ' B, and C are correct. All of the above are correct. Suppose that Skinner Corp. has a basic earnings power ratio (EBlT/Sales) equal to the average of its industry. Also, Skinner faces the same corporate tax rate as its industry competitors. However, Skinner Corp.’s debt ratio (Debt/Assets) is considerably higher than the industry average. Which of the following is most correct? All else equal, Skinner Corp. ’8 return on equity (Net Income/Total Equity) will likely be greater than the industry average. All else equal, Skinner Corp.’s return on equity will likely be equal to the industry average. All else equal, Skinner C0rp.’s return on equity will likely be less than the industry average. It is impossible to predict how Skinner Corp.’s return on equity will likely compare with the industry average without additional information. 3. Which of the following statements regarding the sustainable growth rate is most correct? F1303“? A firm’s sustainable growth rate will generally be larger than its internal growth rate. A firm’s actual growth rate can exceed the sustainable growth rate if, all else equal, the firm sells additional shares of its common stock. Innovations in technology that allow a firm to produce more efficiently (cg, same output with fewer inputs) will also lead to an increase in the firm’s sustainable growth rate. A and B are correct. All of the above are correct. 4. Which of the following is most correct? A. Holding excess cash is generally, at best, a zero—NPV investment for most firms. B. All else equal, younger, riskier firms have an incentive to hold more cash than established, mature firms. C. The largest 500 nonfinancial firms in the U.S. are currently holding more cash (as a percentage of assets) than at any time in the previous forty years. D. All else equal, a “credit crisis” as occurred in the U.S. recently increases the incentives that firms have to hold excess cash. E. C and D are correct. F. All of the above are correct. 5. If your supplier sells to you on credit, then your supplier is actually providing you with a loan to purchase their product. Suppose your supplier offers you terms of 4/10 Net 40. What is the annual (yearly) interest rate on the 30 day loan that would be outstanding between day 10 and day 40 if you choose not to pay early to receive the discount? Assume that there are 360 days in a year. A. Not enough information to answer the question. B. 99.92% C. 63.21% D. 4.00% E. 0.34% 6. Which of the following is most correct? When evaluating non-normal projects, higher risk projects should be evaluated using lower discount rates. Projects with multiple stages should be evaluated using higher discount rates for stages with greater uncertainty and lower discount rates for stages with less uncertainty. The appropriate discount rate for a project is the opportunity cost of capital. A and B are correct. All of the above are correct. FPO P33? 7. Which of the following is most correct? A. Enron used a real options approach to determine that building power plants that might only operate one week out of a year were actually positive NPV projects. B. Different countries have different standards for computer printers. Rather than configure its printers at its assembly plant in the U.S. for each different market (e. g., France, Germany, etc), Hewlett Packard ships printers to these markets that can then be configured locally if/when an order is placed. This approach raises the costs of production, but creates a valuable output-flexibility option. All else equal, real options are generally more valuable in times of greater uncertainty. B and C are correct. All of the above are correct. two 8. (8 points) Flanders Corp. makes left handed coffee mugs. Currently Flanders makes cash sales only; however, management is considering offering credit and has estimated the following: ‘- What is the minimum probability of payment that will make offering credit the value-maximizing alternative? Also, briefly describe an action, if any, that Flanders could take to raise the probability of payment above this minimum. 9. (7 points) Treasury Bonds with ten years to maturity are highly liquid, virtually free of default risk, and income from the Bonds is not taxable at the state and local level (which increases the after tax yield relative to repurchase agreements, etc.). True, False, or Uncertain and briefly WHY? Treasury Bonds with ten years to maturity are satisfactory investments for firms with short—term cash surpluses. 10. A. (8 points) Use the assumptions below to complete the forecasted financial statements (balance sheet and income statement) for Smither’s Corp. Sales last year were $909 and Smither’s pays no dividends. Debt is the plug figure. Stop after three iterations and round numbers to one decimal place. Income Statement Assumption 11 Sales Growth of 10% 100.0 100.0 100.0 Gross Profit 25.0 . 30% of Profit Before Taxes Profit Before b Taxes Taxes Balance Sheet Assumption I II III Cash 5% of Sales 5.0 5.0 5.0 Inventory 15% of Sales 15.0 15.0 15.0 Fixed Assets 80% of Sales 80.0 80.0 80.0 Total Assets Current Liabilities 20% of Sales Debt Plug Figure Retained Earnings $7.5 last year Common Stock $20.0 last year and no new shares issued and E I ui B. (6 points) Briefly, what type of policy does Smither’s Corp. follow in financing its short term assets? How did you reach this conclusion? C. (6 points) Would you recommend that Smither’s Corp. borrow the forecasted amount of debt as short-term debt or long-term debt? Briefly explain your reasoning? ' D. (6 points) Suppose that you become aware that Smither’s Corp. expects to take a one time charge of $2.5 during the forecast period. Briefly, how specifically would you change your forecast to reflect this information? 1 1. (6 points) Proctor and Gamble (P&G) manufacturers many consumer products including a cleaning solution called Mr. Clean. Recently P&G has opened a number of Mr. Clean Car Washes in various US cities. Curiously, P&G has not added any of the equipment and real estate associated with these Car Washes to its balance sheet assets or any of the mortgages on the real estate among its balance sheet liabilities. The two most likely (very brief) explanations for how P&G could be growing this business line without adding assets are... B. (4 points) Car Wash Partners, a competitor of Mr. Clean, owns its locations. All else equal, Mr. Clean will likely have a fixed asset turnover ratio (Sales/Fixed Assets) than Car Wash Partners. 12. Maude Corp. is considering building a t-shirt gun manufacturing plant. Initially, assume the following: oThe plant will cost $200 to build and will be depreciated over 4 years using the straight line method. The plant has an economic life of 4 years and is expected to have a before-tax salvage value of $66 at the end of three years. oThe project will require an immediate $20 initial investment in net working capital (NWC). NWC needs will represent 10% of revenues (given below) for each year until the project ends. oMaude’s tax rate is 25%. A. 8 — — —- —_- 13. Suppose that you own a parcel of real estate near a major highway intersection. An entrepreneur has approached you about purchasing an option to buy and develop the parcel. The entrepreneur tells you that if he does decide to buy the parcel, then he will place a Lard Lad Donuts franchise on it. You happen to know that the cost of a Lard Lad franchise is $500. Also, you estimate that the costs of construction for a suitable building are $500. You estimate that the expected present value of after-tax cash flows for a completed franchise on the site would be $4,000. Assume the entrepreneur wants to purchase the exclusive option to buy the parcel for three years and agrees that if he decides to actually buy the parcel, then he will be required to pay you $1,000. The risk free annual interest rate is 2%. A. (8 points) In order to ensure that you get a fair price for selling the option, you want to use the Black-Scholes option pricing approach to value the option the entrepreneur wants to purchase. Using the information above, specify the inputs to the Black—Scholes pricing formula for this option. Provide numeric values where available and an explanation of how you would go about getting a number for an input if it’s not directly available from the information above. ' B. (6 points) Based on the results of your calculation above, you inform the entrepreneur of the price you want for the option. The entrepreneur counters that if he were to buy the option from you for the price that you specified and begin development right now, then the project would have a slightly negative NPV. Why can you argue that the price that you setrepresents the actual value for the financial instrument that you are selling? C. (6 points) Suppose that a second entrepreneur approaches you about a three year option on the property and she is considering placing a Krusty Burger franchise on the parcel. Even though the franchise fee, present value of expected cash flows, land purchase price, time to expiration, and interest rate are all the same as above, you are surprised to learn that this entrepreneur is willing to pay more for the option. She indicates that while the Krusty Burger franchise offers about the same expected revenues as Lard Lad, the range of potential cash flows is much larger for Krusty Burger than Lard Lad. Why does this feature of Krusty Burger’s business naturally lead to this entrepreneur being willing to pay more for the option on the parcel? 14. Suppose that Gil Gunderson, the CEO of Gil Motors, a car manufacturing firm, is deciding between two designs for a new manufacturing plant. One alternative is a so-called flexible plant that can quickly and easily switch between models in response to changes in demand. The other alternative is a plant that will only produce one model of vehicle, which happens to be the firm’s current biggest selling model. Gil forecasts that there is a 50% chance that demand for their current biggest seller will remain high over the life of the plant and a 50% chance that demand for this model will fall. Details regarding the two alternatives are provided below: Cost to PV of expected PV of expected discount rate used to project life construct operating cash flows operating cash floWs compute PV of assuming high assuming demand for operating cash flows demand for biggest biggest seller falls seller remains hi Flexible Plant 120 Fixed Plant 80 220 A. (8 points) Which plant design has the higher NPV? Support your answer with the appropriate calculations. B. (8 points) Suppose that your analysis reveals, all things considered, that the Fixed Plant offers the larger NPV. Why might the CEO Gil Gunderson prefer the Flexible Plant? (Hint: The vast majority of Gil’s wealth is invested in common stock of Gil Motors. Also, nearly all of Gil’s income is from his salary as CEO of Gil Motors.) " is: BUSFIN 1311: Corporate Finance ;; Spring 2010: Professor Thomas Midterm Exam: 3/04/2010 Name it The exam ends in one hour and 20 minutes. You can receive partial credit for incorrect answers to problems if ‘ you show your work. No credit will be granted for any answer to a numerical question without accompanying work. The amount of partial credit will depend on the clarity, legibility, and organization of your work. Please be complete but concise in response to discussion questions. Maximum of 130 points. Multiple-choice questions are worth five points each. Circle the letter corresponding to the answer choiCe that is most correct. 1. Which of the following is most correct? A. The number of firms that report current-year earnings which are slightly greater than or equal to their previous-year’s earnings is roughly the same as the number of firms that report current—year earnings which are slightly less than previous—year’s earnings. B. Firms whose current-year earnings are slightly greater than or equal to their previous—year’s earnings typically perform worse in the following year. C. A firm that engages in “channel stuffing” this year will likely experience a decline in sales growth next year. D. Firms very frequently appear to “lend” earnings from the current year to help next year’s earnings equal or ; slightly exceed current year earnings. B, and C are correct. All of the above are correct. 2. Suppose that Skinner Corp. has a basic earnings power ratio (EBIT/Sales) equal to the average of its 1, industry. Also, Skinner faces the same corporate tax rate as its industry competitors. However, Skinner Corp.’s debt ratio (Debt/Assets) is considerably higher than the industry average. Which of the following is most correct? @All else equal, Skinner Corp.’s return on equity (Net Income/Total Equity) will likely be greater than the industry average. B. All else equal, Skinner Corp.’s return on equity will likely be equal to the industry average. C. All else equal, Skinner Corp.’s return on equity will likely be less than the industry average. 1. D. It is impossible to predict how Skinner Corp. ’s return on equity will likely compare with the industry average without additional information. 3. Which of the following statements regarding the sustainable growth rate is most correct? A. A firm’s sustainable growth rate will generally be larger than its internal growth rate. B. A finn’s actual growth rate can exceed the sustainable growth rate if, all else equal, the firm sells additional shares of its common stock. C. Innovations in technology that allow a firm to produce more efficiently (e.g., same output with fewer inputs) will also lead to an increase in the firm’s sustainable growth rate. D. A and B are correct. QED All of the above are correct. rl>~ Which of the following is most correct? A. Holding excess cash is generally, at best, a zero—NPV investment for most firms. B. All else equal, younger, riskier firms have an incentive to hold more cash than established, mature firms. C. 'The largest 500 nonfinancial firms in the US. are currently holding more cash (as a percentage of assets) than at any time in the previous forty years. D. All else equal, a “credit crisis” as occurred in the US. recently increases the incentives that firms have to hold excess cash. E. C and D are correct. All of the above are correct. 5. If your supplier sells to you on credit, then your supplier is actually providing you with a loan to purchase their product. Suppose your supplier offers you terms of 4/10 Net 40. What is the annual (yearly) interest rate on the 30 day loan that would be outstanding between day 10 and day 40 if you choose not to pay early to receive the discount? Assume that there are 360 days in a year. '___\/ \ /N A. Not enough information to answer the question. W :1 L, .M B. 99.9w \ @3210}; D. 4.00% . E. 0.34% V “90/30 6. Which of the following is most correct? A. When evaluating non—normal projects, higher risk projects should be evaluated using lower discount rates. B. Projects with multiple stages should be evaluated using higher discount rates for stages with greater uncertainty and lower discount rates for stages with less uncertainty. C. The appropriate discount rate for a project is the opportunity cost of capital. A and B are correct. D. (1% All of the above are correct. 7. Which of the following is most correct? A. Enron used a real options approach to determine that building power plants that might only operate one week out of a year were actually positive NPV projects. B. Different countries have different standards for computer printers. Rather than configure its printers at its assembly plant in the US. for each different market (e. g., France, Germany, etc), Hewlett Packard ships printers to these markets that can then be configured locally if/when an order is placed. This approach raises the costs of production, but creates a valuable output—flexibility option. C. All else equal, real options are generally more valuable in times of greater uncertainty. D. B and C are correct. All of the above are correct. 8. (8 points) Flanders Corp. makes left handed coffee mugs. Currently Flanders makes cash sales only; however, management is considering offering credit and has estimated the following: What is the minimum probability of payment that will make offering credit the value-maximizing alternative? Also, briefly describe an action, if any, that Flanders could take to raise the probability of payment above this minimum. /i/%CI?EDIT fi /ZVOFFE/< WED/7” ' - o 4 S“ r . (lOOw75”ir40® : hflfOQfLO ... ig§rlto§ (5a) VIMVleflgglbiQ @6186. [PWQEM OK: (VQVWVAA CilQOV‘e {0070 9. (7 points) Treasury Bonds with ten years to maturity are highly liquid, virtually free of default risk, and income from the Bonds is not taxable at the state and local level (which increases the aftertax yield relative to repurchase agreements, etc). True, False, or Uncertain and briefly WHY? Treasury Bonds with ten years to maturity are satisfactory investments for firms with short-term cash surpluses. ‘1 (Li) -FC\\$Q Writewesd’ {hie W3l< \3 *0“) mt clam/lye: iOCmA3 \xJ/ low mq‘invtt’ileg (PX fewer/reg icaJ f 3 Le» tn 13 “Ma imag * Hex/Qin NMQM m ireresir raw 5 cl 3 l N/ shawl maiwwi’JflQ3 l l, 10. A. (8 points) Use the assumptions below to complete the forecasted financial statements (balance sheet and income statement) for Smither’s Corp. Sales last year were $90.9 and Smither’s pays no dividends. Debt is the plug figure. Stop after three iterations and round numbers to one decimal place. Income Statement Assumption I II III Sales Growth of 10% 100.0 100.0 100.0 COGS 75% of Sales 75.0 75.0 75.0 Gross Profit *— 25.0 25.0 25.0 Interest Expense 10% of Debt 0.0 3.5 3.8 l Profit Before 25.0 21.5 21.2 Taxes _| Taxes 30% of Profit 7.5 6.5 6.4 Before Taxes Net Income 17.5 T 15.0 14.8 Balance Sheet Assumption I II III Trash ‘J 5% of Sales 5.0 5.0 5.0 Inventory 15% of Sales 15.0 15.0 15.0 IFixed Assets 80% of Sales 80.0 80.0 80.0 Total Assets 100.0 100.0 100.0 Current Liabilities 20% of Sales 20.0 i i 20.0 20 Debt l Plug Figure 35.0 i 37.5 37.8 Retained Earnings $7.5 last year 25.0 1 22.5 22.3 Common Stock $20.0 last year and 20.0 20.0 20.0 I no new shares issued ’ Total Liabilities 100.0 100.0 100.0 and Equity B. (6 points) Briefly, what type of policy does Sinither’s Corp. follow in financing its short term assets? How did you reach this conclusion? (a <0 lZes-iflm’i’lm CascL C. (6 points) Would you recommend that Smither’s Corp. borrow the forecasted amount of debt as short—term debt or long—term debt? Briefly explain your reasoning? (2—) Lmi: Wt“ ‘36 used Jro Rama C/MA, assei: cs award VL:3\< Cass-\- 09 ST Willi/Z131 cava (ft) YK’JCX OW Q‘lfiecl 013563;: mbgims "Rt/mmmw) N/ (0W8 udy} D. (6 points) Suppose that you become aware that Smither’s Corp. expects to take a one time charge of $2.5 during the forecast period. Briefly, how specifically would you change your forecast to reflect this information? RE (:1— ‘REk’I J" /foi fifteen/vie b “'— Ome 74%?6’ CAa/xzj-é’i (2) (it) 11. (6 points) Proctor and Gamble (P&G) manufacturers many consumer products including a cleaning solution called Mr. Clean. Recently P&G has opened a number of Mr. Clean Car Washes in various US cities. Curiously, P&G has not added any of the equipment and real estate associated with these Car Washes to its balance sheet assets or any of the mortgages on the real estate among its balance sheet liabilities. The two most likely (very briet) explanations for how P&G could be growing this business line without adding assets are. .. (3) e Mom/g (3) v gzawc/m/Ig’ B. (4 points) Car Wash Partners, a competitor of Mr. Clean, owns its locations. All else equal, Mr. Clean will likely have a / (3 V fixed asset turnover ratio (Sales/Fixed Assets) than Car Wash Partners. 12. Maude Corp. is considering building a t-shirt gun manufacturing plant. Initially, assume the following: oThe plant will cost $200 to build and will be depreciated over 4 years using the straight line method. The plant has an economic life of 4 years and is expected to have a before~tax salvage value of $66 at the end of three years. oThe project will require an immediate $20 initial investment in net working capital (NWC). NWC needs will represent 10% of revenues (given below) for each year until the project ends. oMaude’s tax rate is 25%. A. (8 points) Fill in the following cash flow from investing schedule based on the information provided. t=0 t=1 t=2 l t=3 Plant —200 ‘ 62 L NWC -20 -5 ~10 35 l r l '2. Cash Flow from Investing -220 ,5 —5 ~10 97 A T“ Revenues 250 350 225 WWO, 20 ’13— BSM O “2’0 wS’ “HQ 7‘33" 13. Suppose that you own a parcel of real estate near a major highway intersection. An entrepreneur has approached you about purchasing an option to buy and develop the parcel. The entrepreneur tells you that if he does decide to buy the parcel, then he will place a Lard Lad Donuts franchise on it. You happen to know that the cost of a Lard Lad franchise is $500. Also, you estimate that the costs of construction for a suitable building are $500. You estimate that the expected present value of after—tax cash flows for a completed franchise on the site would be $4,000. Assume the entrepreneur wants to purchase the exclusive option to buy the parcel for three years and agrees that if he decides to actually buy the parcel, then he will be required to pay you $1,000. The risk free annual interest rate is 2%. A. (8 points) In order to ensure that you get a fair price for selling the option, you want to use the Black—Scholes option pricing approach to value the option the entrepreneur wants to purchase. Using the information above, specify the inputs to the Black-Scholes pricing formula for this option. Provide numeric values where available and an explanation of how you would go about getting a number for an input if it’s not directly available from the information above. S l E t r l (52 4,000 limo 3 2% I ’9 (11 (a) (/) fl) 0 .7 (/56? K1 0/76? S/W/l/QV‘ flué//C// 7ZV‘CC/690/ 2414M, 69.).) Tim lior’ibm\3 B. (6 points) Based on the results of your calculation above, you inform the entrepreneur of the price you want for the option. The entrepreneur counters that if he were to buy the option from you for the price that you specified and begin development right now, then the project would have a slightly negative NPV. Why can you argue that the price that you set represents the actual value for the financial instrument that you are selling? or You 0M6 sellmbm Karl’s lo S\t.fx‘ M pyloric)? (aw/dome ever “Vi gy'ficws‘.” Wfl/LESSU/MS 56 '/V7 /%0]€c% “Se/fly 57% [01/71 0/) 97? H [ca// o/yéaw) 4 0/065 mo/ Mc/ua/e Mas/(re 4/9/57 w/wc C. (6 points) Suppose that a second entrepreneur approaches you about a three year option on the property and she is considering placing a Krusty Burger franchise on the parcel. Even though the franchise fee, present value of expected cash flows, land purchase price, time to expiration, and interest rate are all the same as above, you are surprised to learn that this entrepreneur is willing to pay more for the option. She indicates that while the Krusty Burger franchise offers about the same expected revenues as Lard Lad, the range of potential cash flows is much larger for Krusty Burger than Lard Lad. Why does this feature of Krusty Burger’s business naturally lead to this entrepreneur being willing to pay more for the option on the parcel? (a (3 l Foil/We 00C]: > gimp/ref 67'”, dll-else—e OP'XWBMB cpvi rmdnf l/M) qasei‘g tug? 7Weqi€w Velaitltiy are More Valwgtfi Goal, 14. Suppose that Gil Gunderson, the CEO of Gil Motors, a car manufacturing firm, is deciding between two designs for a new manufacturing plant. One alternative is a so—called flexible plant that can quickly and easily switch between models in response to changes in demand. The other alternative is a plant that will only produce one model of vehicle, which happens to be the firm’s current biggest selling model. Gil forecasts that there is a 50% chance that demand for their current biggest seller will remain high over the life of the plant and a 50% chance that demand for this model will fall. Details regarding the two alternatives are provided below: Cost to PV of expected PV of expected discount rate used to project life construct operating cash flows operating cash flows compute PV of assuming high assuming demand for operating cash flows demand for biggest biggest seller falls seller remains high Flexible Plant 100 120 120 8% 10 years "l | Fixed Plant 80 I 220 20 10% 10 years (4) (at (a) re A. (8 points) Which plant design has the higher NPV? Support your answer with the appropriate calculations. WW FLEX /\//0i//:/X : daoeee FKXQA P\cm+ : v/OO 74 0,5314 MO a (2 fad/20 : 20 #0 +06% 220 ens—a Zo : 40 B. (8 points) Suppose that your analysis reveals, all things considered, that the Fixed Plant offers the larger NPV. Why might the CEO Gil Gunderson prefer the Flexible Plant? (Hint: The vast majority of Gil’s wealth is invested in common stock of Gil Motors. Also, nearly all of Gil’s income is from his salary as CEO of Gil Motors.) PVCFIFMEB : ZZO em LC) w/ PVC F, FLEX "’ a... tweed \g rtslmer ewew w/ [my i/\C;S U ‘ \/ a ovef ewfincasmc SUI/Z. tv Qbuqi Plan‘s, e \10 a/zerleeay“ law NW ~\~- VWL ‘\ ...
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2010 midterm - BUSFIN 1311 Corporate Finance Spring 2010...

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