00-Text-Ch9 Answers To Additional Problems Updated

06/21/2015
ANALYSIS FOR FINANCIAL MANAGEMENT

10th Edition
Robert C. Higgins
Suggested Answers to Additional Problems
Chapter 9
Dynatech Inc.
5-year Financial Projection
($ millions)
2010
2011
2012
2013
2014
2015
Income statement
Net sales
Cost of sales
Gross income
Depreciation
Interest expense
Operating expenses
Net income before tax
Provision for taxes
Net income after tax
243
95
148
58
19
26
45
25
39
Cash and securities

Accounts receivable
Inventory
Other current assets
Total current assets
41
25
47
18
132
Gross property and equipment

Accumulated depreciation
Net property and equipment
Goodwill
Total assets
511
102
409
129
670
612
160
452
###
678
826
284
542
129
778
991
433
559
129
812
1,051
553
498
129
772
1,093
663
430
129
708
Accounts payable
Short-term debt
Current portion long-term debt
Accrued expenses
Total current liabilities
Long-term debt
Deferred taxes
Shareholders' equity
Total liabilities and equity
12
54
5
10
81
201
40
348
670
9
54
###
12
80
181
42
375
678 $
11
62
5
13
91
234
45
407
778
13
65
4
16
97
217
51
447
812
14
62
4
20
100
97
58
517
772
15
18
4
20
57
(0)
61
591
708
257
98
159
92
17
24
27
17
27
11
25
47
15
97
321
116
206
124
22
28
32
21
33
13
26
50
17
107
386
135
251
149
22
37
43
25
40
16
32
56
20
124
443
155
288
120
14
54
100
45
70
18
36
65
25
144
461
161
300
110
4
67
119
48
75
Balance sheet
19
38
67
25
149
a. Estimate Dynatech's free cash flow from 2011 through 2015.
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Earnings before interest and taxes

Tax rate
EBIT(1-tax rate)
Depreciation
Capital expenditures
Working capital
Change in working capital
Free cash flow
109
$
44
64.0%
16
92
101
76
(34)
40 $
54
66.1%
18
124
214
83
7
(79) $
65
59.0%
27
149
165
96
13
(3) $
114
44.5%
63
120
59
110
15
109 $
123
40.3%
73
110
42
115
4
137
b. Estimate the present value of Dynatech's free cash flow for the years 2011 - 2015. Amalgamated's WACC is 7.4
percent. Dynatech's WACC is 11 percent, and the average of the two companies' WACCs, weighted by sales, is 7.6
percent.
PV@ 11% {FCF, 2011-2015} =
$ 123.08
The fundamental principle is that the discount rate should reflect the risks of the cash flows discounted. Here, the
cash flows are Dynatech's, so Dynatech's WACC is the appropriate discount rate. Some argue incorrectly that because
Dynatech will disappear in the merger, the cash flows will become Amalgamated's, so Amalgamated's WACC is the
appropriate discount rate. However, the relevant criterion is the risk of the cash flows, not who owns them or what we
call them.
c. Estimate Dynatech's value at the end of 2010 assuming it is worth the book value of its assets at the end of 2015.
Terminal value in 2015
Present value of terminal value at 11%
Estimated firm value
708.40
420.40
543.48
d. Based on your answer to (c) above, what is the maximum acquisition price Amalgamated should pay to
acquire Dynatech?
Existing interest-bearing debt
Estimated value of equity
543.48
259.32
284.16
e. Estimate Dynatech's value at the end of 2010 assuming in the years after 2015 the company's free cash flow
grows 3 percent per year in perpetuity.
Terminal value in 2015
1,763.82
1,046.74
$ 1,169.83
f. Based on your answer to (e) above, what is the maximum acquisition price Amalgamated should pay to
acquire Dynatech?
1,169.83
259.32
$ 910.50
g. Estimate Dynatech's value at the end of 2010 assuming that at year-end 2015 the company's equity is worth 20
times earnings and its debt is worth book value.
Terminal value of equity in 2015
1,496.79
Terminal value of debt in 2015
22.00
Terminal value of firm in 2015
1,518.79
901.33
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$ 1,024.41
h. Based on your answer to (g) above, what is the maximum acquisition price Amalgamated should pay to
acquire Dynatech?
1,024.41
259.32
$ 765.09
i. Assuming Dynatech has 80 million shares outstanding, what maximum acquisition price per share is
consistent with each of the three estimated values of equity determined in (d), (f) and (h)?
Number of shares outstanding
Estimated value per share
(d)
284.16
80.00
3.55
(f)
(h)
910.50
765.09
###
80.00
$ 11.38 $
9.56
j. Why is the value per share estimated in part (d) so much lower than the other two?
The value estimated in part (d) assumes a terminal value for Dynatech in 2015 equal to the book value of assets. Book
value of assets is often a serious under-estimate of a company's market value. In 2015, Dynatech's return on invested
capital is a healthy 12.6% and is assumed to grow at 3 percent per annum in perpetuity. It is no surprise that book
value severely under states the terminal value of such a firm.
2) a. Breaking up a firm could eliminate diseconomies of scale, which make large firms less efficient than smaller ones
at certain tasks. Break up prevents managers from using cash generated by profitable activities to cross-subsidize
uneconomic activities elsewhere in the enterprise. Finally, break up forces top management in each company to
concentrate on a single market, thereby possibly improving management effectiveness. Each of these possible benefits
promises to increase free cash flow and therefore market value.
b. In the absence of increased cash flows, break up might still create value by increasing the enterprises appeal to
investors who want to participate in some of the firms businesses but not others. In other words, investors may prefer
"pure plays" to conglomerates. Thus breaking up a diversified company enhances value by giving investors what they
want. On a more practical level, some executives argue that their company gets better coverage from security analysts
after a break up. Prior to its break up, only railroad analysts covered Burlington Northern, despite the companys large
investments in natural gas, real estate, timber, and other businesses. Management felt that because railroad analysts
were unfamiliar with, and uninterested in, these other businesses, they assigned them little value. After spinning off
the non-railroad activities into separate companies, management argued that improved analyst coverage was
responsible for increased market values.
3) a. There are three possible ways in which leveraging a firm might deter raiders. First, preemptive levering creates tax
shields that likely add value. This makes the company more expensive to raiders. Equivalently, increasing leverage
removes interest tax shields as one source of profit to a raider. Second, preemptive levering removes one easy source of
financing for the raider. The easiest way to finance an acquisition is with the target's own excess liquidity and borrowing
capacity. Remove these and you make acquisition financing more difficult. Third, depending on the companys
ownership composition, the share repurchase that accompanies the increased leverage may increase the proportion of
company shares in friendly hands.
b. There are at least two potential sources of increased value: interest tax shields on the new debt and possible
incentive effects. A large debt burden is a form of management bond guaranteeing owners that management will work
hard to increase free cash flow and that they will devote more free cash flow to investor payments.
c. Present value of tax shield = 0.34 x 0.12 x 100/0.14 = $29.1 million.
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d. With a times-interest-earned ratio of 7, EBIT exceeds interest expense sevenfold. EBIT could therefore fall to oneseventh of its current level before coverage reached the critical value of 1. This is an 86% decline ((7-1)/7 = .86).
With a times-interest-earned ratio of 2, the corresponding percentage is 50% ((2-1)/2 = .50). As an aggressive, wellcapitalized competitor I would think seriously about a price war. I can better withstand lower profits and potential
losses than my newly levered competitor.
4) a. Number of shares outstanding = $225/$12.79 = 17.59 million.
Market value of equity = $5.50 x 17.59 million = $96.76 million.
b. Market value of company = market value of equity + market value of debt = 96.76 + .70 x 2,500 = $1.85 billion.
c. If investors were certain that Massey-Ferguson were going to liquidate, the companys stock price would equal the
markets estimate of the per share liquidation value of equity, which would likely be zero. However prior to a
liquidation announcement, Massey-Ferguson's equity is best viewed as an out-of-the-money option on the firm's
assets. If the company liquidates, creditors get everything, and the option expires worthless. If the company avoids
liquidation, the option goes in the money in the sense that the value of the company must exceed the value of its debt,
and equity could be worth quite a bit. Because the return distribution to shareholders is truncated at zero, the expected
return to shareholders can be positive even though there may be only a small probability Massey-Ferguson can avoid
liquidation. Hence, the direct answer to this question is no, $5.50 is not the market's estimate of the liquidation value
per share of Massey-Ferguson's equity.
5) a. The maximum justifiable premium = the fair market value of Russell under new management - the fair market
value of Russell under existing management.
A plausible estimate of Russells fair market value under existing management is its standalone value = current
market value of firm = $8 x 10 million + 75 million = $155 million.
Fair market value under new management = $155 million + present value of enhancements = $155 million +
present value of a $4 million annuity for 10 years at 14% + $10 million from sale of hosiery division
Fair market value = $155 million + $4 million x 5.216 + $10 million = $185.86. Fair market value of equity =
$185.86 - 75 = $110.86. Fair market of equity per share = $110.86/10 = $11.09. This is a 38.6% premium over the
existing $8 share price.
b. Fair market value of firm assuming a 15 percent discount rate and a $3.5 million annuity = 155 + 3.5(5.019) +10 =
$182.57 million.
Value of equity = 182.57 - 75 = 107.57. Value per share = 107.57/10 = $10.76. This is a 34.5% premium over the
existing price.
6) a. Price per share of Grubb stock = (100/(.10-.04) - 1,000)/20 = $33.33.
b. Fair market value of equity per share after change in ownership = (110/(.10-.05) - 1,000)/20 = $60.00.
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2) a. Breaking up a firm could eliminate diseconomies of scale, which make large firms less efficient than smaller
ones at certain tasks. Break up prevents managers from using cash generated by profitable activities to crosssubsidize uneconomic activities elsewhere in the enterprise. Finally, break up forces top management in each
company to concentrate on a single market, thereby possibly improving management effectiveness. Each of
these possible benefits promises to increase free cash flow and therefore market value.
b. In the absence of increased cash flows, break up might still create value by increasing the enterprises appeal
to investors who want to participate in some of the firms businesses but not others. In other words, investors
may prefer "pure plays" to conglomerates. Thus breaking up a diversified company enhances value by giving
investors what they want. On a more practical level, some executives argue that their company gets better
coverage from security analysts after a break up. Prior to its break up, only railroad analysts covered
Burlington Northern, despite the companys large investments in natural gas, real estate, timber, and other
businesses. Management felt that because railroad analysts were unfamiliar with, and uninterested in, these
other businesses, they assigned them little value. After spinning off the non-railroad activities into separate
companies, management argued that improved analyst coverage was responsible for increased market values.
3) a. There are three possible ways in which leveraging a firm might deter raiders. First, preemptive levering
creates tax shields that likely add value. This makes the company more expensive to raiders. Equivalently,
increasing leverage removes interest tax shields as one source of profit to a raider. Second, preemptive
levering removes one easy source of financing for the raider. The easiest way to finance an acquisition is
with the target's own excess liquidity and borrowing capacity. Remove these and you make acquisition
financing more difficult. Third, depending on the companys ownership composition, the share repurchase
that accompanies the increased leverage may increase the proportion of company shares in friendly shares.
incentive effects. A large debt burden is a form of management bond guaranteeing owners that management
will work hard to increase free cash flow and that they will devote more free cash flow to investor payments.
39
other businesses, they assigned them little value. After spinning off the non-railroad activities into separate
companies, management argued that improved analyst coverage was responsible for increased market values.
3) a. There are three possible ways in which leveraging a firm might deter raiders. First, preemptive levering06/21/2015
creates tax shields that likely add value. This makes the company more expensive to raiders. Equivalently,
increasing leverage removes interest tax shields as one source of profit to a raider. Second, preemptive
levering removes one easy source of financing for the raider. The easiest way to finance an acquisition is
with the target's own excess liquidity and borrowing capacity. Remove these and you make acquisition
financing more difficult. Third, depending on the companys ownership composition, the share repurchase
that accompanies the increased leverage may increase the proportion of company shares in friendly shares.
incentive effects. A large debt burden is a form of management bond guaranteeing owners that management
will work hard to increase free cash flow and that they will devote more free cash flow to investor payments.
d. With a times-interest-earned ratio of 7, EBIT exceeds interest expense sevenfold. EBIT could therefore fall
to one-seventh of its current level before coverage reached the critical value of 1. This is an 86% decline ((71)/7 = .86). With a times-interest-earned ratio of 2, the corresponding percentage is 50% ((2-1)/2 = .50). As
an aggressive, well-capitalized competitor I would think seriously about a price war. I can better withstand
lower profits and potential losses than my newly levered competitor.
4) a. Number of shares outstanding = $225/$12.79 = 17.59 million.
Market value of equity = $5.50 x 17.59 million = $96.76 million.
b. Market value of company = market value of equity + market value of debt = 96.76 + .70 x 2,500 = $1.85
billion.
c. If investors were certain that Massey-Ferguson were going to liquidate, the companys stock price would
equal the markets estimate of the per share liquidation value of equity, which would likely be zero. However
prior to a liquidation announcement, Massey-Ferguson's equity is best viewed as an out-of-the-money option
on the firm's assets. If the company liquidates, creditors get everything, and the option expires worthless. If
the company avoids liquidation, the option goes in the money in the sense that the value of the company must
exceed the value of its debt, and equity could be worth quite a bit. Because the return distribution to
shareholders is truncated at zero, the expected return to shareholders can be positive even though there may
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00-Text-Ch9 Answers To Additional Problems Updated

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00-Text-Ch9 Answers To Additional Problems Updated

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Verfügbare Formate

06/21/2015

ANALYSIS FOR FINANCIAL MANAGEMENT

Cash and securities

Gross property and equipment

a. Estimate Dynatech's free cash flow from 2011 through 2015.

Earnings before interest and taxes

Estimated firm value

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