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This document contains calculations to value a company. It first calculates the company's net operating working capital and net plant and equipment. It then determines the total operating capital, change in operating capital, and free cash flow. Using these values, it proceeds to calculate the horizon value, value of operations, total value of the company, and price per share. The overall value of the company is determined to be $749.1 million, resulting in a price per share of $50.34.
This document contains calculations to value a company. It first calculates the company's net operating working capital and net plant and equipment. It then determines the total operating capital, change in operating capital, and free cash flow. Using these values, it proceeds to calculate the horizon value, value of operations, total value of the company, and price per share. The overall value of the company is determined to be $749.1 million, resulting in a price per share of $50.34.
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Attribution Non-Commercial (BY-NC)
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This document contains calculations to value a company. It first calculates the company's net operating working capital and net plant and equipment. It then determines the total operating capital, change in operating capital, and free cash flow. Using these values, it proceeds to calculate the horizon value, value of operations, total value of the company, and price per share. The overall value of the company is determined to be $749.1 million, resulting in a price per share of $50.34.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als DOCX, PDF, TXT herunterladen oder online auf Scribd lesen
a. Net Operating Working Capital=($5,600,000 + $56,200,000 + $112,400,000)
= $174,200,000 Net Plant and Equipment= ($11,200,000 + $28,100,000) = $39,300,000 Operating Capital= $174,200,000-$39,300,000 = $134,900,000 Total Operating Capital=$134,900,000+397,500,000 =$532,400,000 Change in operating Capital= $532,400,000 - $502,200,000 = $30,200,000 FCF= $65,160,000-$30,200,000 =$34,960,000 b. Horizon value=FCFn(1 + g) / (WACC g) =34,960,000(1+.06)/(.11-.06) =$37,057,600/.05 =$741,152,000 c.
Value of operations=FCF/(1 + WACC )
=$741,152,000/(1+.06) =$699,200,000
d. Total Value of the Company= Value of operations+Marketable Securities
=$699,200,000+$49,900,000(given in balance sheet) =$749,100,000 e. Price per share= (Total Value (Notes payable + long-term debt) preferred stock)/number of shares =($749,100,000-($69,900,000+$140,800,000)-$35,000,000)/10,000,000 =($749,100,000-($210,700,000)-$35,000,000)/10,000,000 =$538,400,000/10,000,000 =$50.34