di-0451-e

89 438148 9439 10153 588148 25124 30580 1000 14000

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: -10.00 140.00 -168.96 -78.96 1.215678 10.86% 4,520.62 9.452% 10.149% 6,020.63 257.77 308.80 299.00 449.00 123.74 213.74 1.215678 10.86% 4,611.04 9.452% 10.149% 6,141.04 267.57 318.23 361.65 481.65 180.83 240.83 1.215678 10.86% 4,703.26 9.452% 10.149% 6,263.86 272.92 324.59 368.88 491.28 184.44 245.64 Table 5 Valuation of Toro Inc. According to the Practitioners’ Method 0 VTS = PV[Ku; T D Kd - D(Kd- RF)] ßL Ke E WACC WACCBT E+D EVA EP ECF\\Ku FCF\\Ku ECF\\RF FCF\\RF 1 2 3 4 5 142.54 144.79 147.27 150.00 153.00 156.06 1.431296 11.73% 3,477.89 9.759% 10.603% 4,977.89 1.403152 11.61% 3,720.68 9.770% 10.575% 5,220.68 77.82 136.37 105.00 255.00 -34.12 55.88 1.363747 11.45% 4,123.75 9.787% 10.533% 5,623.75 243.67 302.45 -31.00 119.00 -179.83 -89.83 1.352268 11.41% 4,258.13 9.792% 10.521% 5,758.13 249.55 303.91 278.00 428.00 113.05 203.05 1.352268 11.41% 4,343.29 9.792% 10.521% 5,873.29 259.31 313.15 340.65 460.65 170.33 230.33 1.352268 11.41% 4,430.15 9.792% 10.521% 5,990.75 264.50 319.41 347.46 469.86 173.73 234.93 IESE Business School-University of Navarra - 9 Table 6 Valuation of Toro Inc. According to Harris and Pringle (1985), and Ruback (1995) 0 1 2 3 4 5 498.89 506.78 515.45 525.00 535.50 546.21 Ke E 1.195606 10.78% 3,834.24 1.183704 10.73% 4,082.67 1.166966 10.67% 4,491.93 1.161878 10.65% 4,633.12 1.161878 10.65% 4,725.79 1.161878 10.65% 4,820.30 WACC WACCBT = Ku E+D 9.213% 10.000% 5,334.24 9.248% 10.000% 5,582.67 9.299% 10.000% 5,991.93 9.315% 10.000% 6,133.12 9.315% 10.000% 6,255.79 9.315% 10.000% 6,380.90 VTS = PV[Ku; T D Kd] ßL EVA 88.75 254.27 261.08 270.89 276.31 EP 141.09 307.11 310.72 320.23 326.63 ECF\\Ku FCF\\Ku 135.00 285.00 -1.00 149.00 308.00 458.00 370.65 490.65 378.06 500.46 ECF\\RF FCF\\RF -18.37 71.63 -164.31 -74.31 128.32 218.32 185.33 245.33 189.03 250.23 2 3 4 5 Table 7 Valuation of Toro Inc. According to Myers (1974) 0 VTS = PV(Kd;D Kd T) 1 663.92 675.03 687.04 700.00 714.00 728.28 Ke E 1.104529 10.42% 3,999.27 1.097034 10.39% 4,250.92 1.087162 10.35% 4,663.51 1.083193 1...
View Full Document

Ask a homework question - tutors are online