Beruflich Dokumente
Kultur Dokumente
Sales
Sales Units per year
0.1
750,000
0.3
1,000,000
0.6
1,250,000
Selling Price
Variable Cost
Fixed Cost
Intial Investment
Tax
Common Equity
Airtech Equity Supply
Contribution Margin
2,000
Income Statement
Sales Unit
20%
726,000
40%
694,000
Revenue
VAR Cost
Gross Profit
2,178,000,000
726,000,000
1,452,000,000
2,081,999,082
693,999,694
1,387,999,388
Fixed Cost
1,500,000,000
1,500,000,000
(48,000,000)
600,000,000
12%
72,000,000
(120,000,000)
(48,000,000)
Net Income
ROE
Q2 Answer
roe
Cost of Equity
Q3- Ks all equity
Rrf +a1(beta)+a2(roe)
16.00%
100% equity
100%
0%
(112,000,612)
1,200,000,000
14%
168,000,000
(280,000,612)
(112,000,245)
(367)
0.00%
Rrf
a1
a2
beta levered
Cost of Debt
11%
2
0.3
1
Q4
a2
roe
0.6
7%
Ks
245.200%
0%
0
0%
-
Net Income
Common Equity
ROE
11%
2
0.6
1.15
12%
20%
0
600,000,000
12%
-
3,000,000,000
0%
2,400,000,000
0%
0%
500,000,000
0%
-
20%
###
600,000,000
12%
60,000,000
500,000,000
200,000,000
440,000,000
176,000,000
Net Income
Common Equity
ROE
300,000,000
3,000,000,000
10%
264,000,000
2,400,000,000
11%
Debt
For 1.25million Sales unit
Revenue
0%
1,250,000
2,500,000,000
20%
###
2,500,000,000
1,000,000,000
###
Debt
Cost of Debt
Interest Expense
0%
-
600,000,000
12%
120,000,000
1,000,000,000
400,000,000
Net Income
Common Equity
ROE
600,000,000
3,000,000,000
20%
528,000,000
2,400,000,000
22%
10.00%
16.00%
11.00%
16.60%
roe
ks
880,000,000
352,000,000
Q1
Fixed Cost/ CM
750,000
0
750,000
2,250,000,000
750,000,000
1,500,000,000
1,500,000,000
0%
-
0.00%
11%
2
0.6
1.4
14%
295.200%
40%
0
1,200,000,000
14%
1,800,000,000
0%
40%
500,000,000
1,200,000,000
14%
70,000,000
430,000,000
172,000,000
258,000,000
1,800,000,000
14%
40%
1,250,000
2,500,000,000
1,000,000,000
1,200,000,000
14%
140,000,000
860,000,000
344,000,000
516,000,000
1,800,000,000
29%
14.33%
18.00%
Probabilty
Sales
Sales Units per year
0.1
750,000
0.3
1,000,000
0.6
1,250,000
Selling Price
Variable Cost
Fixed Cost
Intial Investment
Tax
Common Equity
Airtech Equity Supply
Contribution Margin
2,000
Income Statement
Sales Unit
750,000
1,000,000
Revenue
VAR Cost
Gross Profit
2,250,000,000
750,000,000
1,500,000,000
3,000,000,000
1,000,000,000
2,000,000,000
Fixed Cost
1,500,000,000
1,500,000,000
500,000,000
200,000,000
Net Income
300,000,000
ROE
Q2 Answer
roe
Cost of Equity
Q3- Ks all equity
Rrf +a1(beta)+a2(roe)
16.00%
100% equity
10.00%
80%
20%
11%
2
0.6
1.15
Cost of Debt
12%
Q4
a2
roe
0.6
7%
Ks
245.200%
0%
0
0%
-
20%
0
600,000,000
12%
72,000,000
(72,000,000)
(28,800,000)
Net Income
Common Equity
ROE
3,000,000,000
0%
(43,200,000)
2,400,000,000
-2%
0%
500,000,000
0%
-
20%
500,000,000
600,000,000
12%
72,000,000
500,000,000
200,000,000
428,000,000
171,200,000
Net Income
Common Equity
ROE
300,000,000
3,000,000,000
10%
256,800,000
2,400,000,000
11%
Debt
For 1.25million Sales unit
Debt
Cost of Debt
Interest Expense
0%
1,000,000,000
0%
-
1,000,000,000
400,000,000
Net Income
Common Equity
ROE
600,000,000
3,000,000,000
20%
556,800,000
2,400,000,000
23%
10.00%
16.00%
12.50%
17.05%
20%
726,000
40%
694,000
roe
ks
Q5
Income Statement
Sales Unit
20%
1,000,000,000
600,000,000
12%
72,000,000
928,000,000
371,200,000
Revenue
VAR Cost
Gross Profit
2,177,999,928
725,999,976
1,451,999,952
2,081,999,082
693,999,694
1,387,999,388
Fixed Cost
1,500,000,000
1,500,000,000
(48,000,048)
600,000,000
12%
72,000,000
(120,000,048)
(48,000,019)
(112,000,612)
1,200,000,000
14%
168,000,000
(280,000,612)
(112,000,245)
(29)
(367)
Net Income
Q6
Value
S
D+[(EBIT-kd)(1-t)]/ks
V-D
0% debt
Value
Value
Value
1,875,000,000
3,750,000,000
Q11
VL=Vu+tD
VL
VL
VL
Q12
Vu
For 0.75 Million Sales unit
For 1million Sales unit
For 1.25million Sales unit
tps
tpd
tc
0% debt
1,875,000,000.00
3,750,000,000.00
0.25
0.45
0.4
1,875,000,000
3,750,000,000
Q1
Break Even Sales
Answer
Fixed Cost/ CM
750,000
1,250,000
3,750,000,000
1,250,000,000
2,500,000,000
1,500,000,000
1,000,000,000
400,000,000
600,000,000
20.00%
14%
295.200%
40%
0
1,200,000,000
14%
168,000,000
(168,000,000)
(67,200,000)
(100,800,000)
1,800,000,000
-6%
40%
500,000,000
1,200,000,000
14%
168,000,000
332,000,000
132,800,000
199,200,000
1,800,000,000
11%
40%
1,000,000,000
1,200,000,000
14%
168,000,000
832,000,000
332,800,000
499,200,000
1,800,000,000
28%
16.67%
18.80%
0
750,000
2,250,000,000
750,000,000
1,500,000,000
1,500,000,000
###
0%
###
###
S
20% debt
40% debt
600,000,000
1,773,020,528
2,946,041,055
20% debt
1,200,000,000
1,200,000,000
2,263,773,203
2,373,020,528
3,327,546,407
3,546,041,055
20% debt
40% debt
840,000,000
2,013,020,528
3,186,041,055
1,680,000,000
2,743,773,203
3,807,546,407
Vl
20% debt
40% debt
109,090,909
1,984,090,909
3,859,090,909
218,181,818
2,093,181,818
4,077,272,727
S
40% debt
2,400,000,000
3,463,773,203
4,527,546,407