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Unformatted text preview: u [9] - D = E 623.61 4,835.35 5,458.96 3,958.96 633.47 5,075.89 5,709.36 4,209.36 644.32 5,476.48 6,120.80 4,620.80 656.25 5,608.12 6,264.37 4,764.37 669.38 5,720.29 6,389.66 4,859.66 682.76 5,834.69 6,517.46 4,956.86 [11] [12] D+E=PV(Ku;FCF\\Ku) FCF\\Ku [11] - D = E 5,458.96 5,709.36 295.50 4,209.36 6,120.80 159.50 4,620.80 6,264.37 468.50 4,764.38 6,389.66 501.15 4,859.66 6,517.46 511.17 4,956.86 [13] [14] E = PV(Ku;ECF\\Ku) ECF\\Ku 3,958.96 4,209.36 145.50 4,620.80 9.50 4,764.38 318.50 4,859.66 381.15 4,956.86 388.77 [16] EP PV(Ke;EP) PV(Ke;EP) + Ebv = E 3,458.96 3,958.96 142.54 3,679.36 4,209.36 308.54 3,755.80 4,620.80 312.85 3,834.38 4,764.38 322.44 3,911.06 4,859.66 328.89 3,989.28 4,956.86 EVA PV(WACC;EVA) E=PV(WACC;EVA)+Ebv+N-D 3,458.96 3,958.96 92.23 3,679.36 4,209.36 257.67 3,755.80 4,620.80 264.79 3,834.38 4,764.38 274.62 3,911.06 4,859.66 280.11 3,989.28 4,956.86 5,709.36 77.14 4,209.36 6,120.80 -68.87 4,620.80 6,264.38 223.67 4,764.38 6,389.66 250.58 4,859.66 6,517.46 255.59 4,956.86 4,209.36 -12.86 4,620.80 -158.87 4,764.38 133.67 4,859.66 190.58 4,956.86 194.39 [10] [9] [15] [18] [17] [19] [20] [21] [22] 3,958.96 D+E=PV(RF;FCF\\RF) FCF\\RF [19] - D = E 5,458.96 E=PV(RF;ECF\\RF) ECF\\RF 3,958.96 8 - IESE Business School-University of Navarra 3,958.96 Tables 4 to 11 contain the most salient results of the valuation performed on the company Toro Inc. according to Damodaran (1994), Practitioners’ method, Harris and Pringle (1985), Myers (1974), Miles and Ezzell (1980), Miller (1977), With-cost-of-leverage theory, and Modigliani and Miller (1963). Table 4 Valuation of Toro Inc. According to Damodaran (1994) 0 VTS = PV[Ku; DTKu - D (Kd- RF) (1-T)] ßL Ke E WACC WACCBT E+D EVA EP ECF\\Ku FCF\\Ku ECF\\RF FCF\\RF 1 2 3 4 5 391.98 398.18 405.00 412.50 420.75 429.16 1.261581 11.05% 3,727.34 9.369% 10.172% 5,227.34 1.245340 10.98% 3,974.07 9.397% 10.164% 5,474.07 85.63 139.77 126.00 276.00 -23.09 66.91 1.222528 10.89% 4,381.48 9.439% 10.153% 5,881.48 251.24 305.80...
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This note was uploaded on 05/10/2013 for the course MBA MBA taught by Professor Mba during the Fall '11 term at ESLSCA.

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