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Burgers R us

Sales
SG&A
Food Costs
EBIT
Taxes (if no debt at 38%)

Cash for operations


Accounts Receivable
Inventory
Current Assets
Net deferred tax asset
PP&E
Total Assets

Actual
ForecasForecasForecasForecas
2017
2018
2019
2020
2021
1000.00 1100.00 1135.20 1171.53 1209.02
150.00 160.00 165.12 170.40 175.85
650.00 710.00 732.72 756.17 780.37
200.00 230.00 237.36 244.96 252.80
76.00
87.40
90.20
93.08
96.06

11.00
12.00
50.00
73.00

12.00
13.00
55.00
80.00

12.38
13.42
56.76
82.56

12.78
13.85
58.58
85.21

13.19
14.29
60.45
87.93

7.60
5.32
1.14
0.00
0.00
1070.00 1180.00 1217.76 1256.73 1296.95
1150.60 1265.32 1301.46 1341.94 1384.88

Accounts Payable
Wages payable
Def Revenue (gift card)
Current liablities

100.00 110.00 113.52 117.15 120.90


8.00
9.00
9.29
9.59
9.90
5.00
5.50
6.00
6.19
6.39
113.00 124.50 128.81 132.93 137.19

Other long term liabilities


Total operating liabilities

20.00
14.00
3.00
0.00
0.00
133.00 138.50 131.81 132.93 137.19

deferred revenue in working capital are prepaid gift cards for all merchandise at restaurant
Other long term liabilities are reserves for a past restructuring charge (money owed on abandoned le
Restructuring reserves were treated as tax deductible expenses on income statement when liability oc
Answers
Parts A and B on tab to right "Question 3 - Part 2"
Part C:
NOPAT
Net Investments
FCF
Part D:
Sales growth
EBIT growth
Current Assets
Current Liab.
Part E - CV:

1
2
3
4
2018
2019
2020
2021
124
142.6 147.163 151.875 156.735
121.32
49.90
41.97
40.22
21.28
97.26 109.91 116.52
19.68

83.20

86.95

85.26

10.0%
15.0%
9.6%
10.2%

3.2%
3.2%
3.2%
3.5%

3.2%
3.2%
3.2%
3.2%

3.2%
3.2%
3.2%
3.2%

Part F - Equity Value:


CONSTANT GROWTH PERIOD
Forecasted Free Cash Flow - Terminal Date
Long-run Constant Growth Rate
Discount Rate
Present Value of Free Cash Flow at Terminal Date
Present Value of Free Cash Flows(constant growth
Mid-year Adjustment Factor
Value of Non-operating Assets
Estimated Value of Firm

120.25
3.20%
8.12%
2,443.08
2,443.08
1.0398
0.00
2,911.02

Calculating Discount Rate:


Risk-free rate (Current Treasury rate)
Market Risk premium
Beta

3.90%
4.50%
1.2

Cost of Equity calculated using CAPM


After-tax cost of Debt
Debt Ratio
Equity Ratio

9.30%
3.58%
20.00%
80.00%

Part G - Reduces cash flow:


NOWC

###

-44.50

-46.25

-47.73

-49.25

Forecast
2022
1247.71
181.48
805.34
260.89
99.13

13.61
14.75
62.39
90.75
0.00
1338.45
1429.19
124.77
10.21
6.59
141.58
0.00
141.58

t restaurant
owed on abandoned leases and store manager buyouts pending)
ement when liability occurred, but no actual deductions till money is paid out

5
2022
161.7507
41.50 Top slide on page 19
120.25
81.38 356.47
3.2%
3.2%
3.2%
3.2%
$ 2,443

-50.83

Review Problem #6 Solution: Capital Structure

Total assets
Debt
Equity

$1
20%
$0
80%
$1
5.50%
1.2
3.90% Assumed 30 year t-bond yield
4.50%
38.00%

rd
b
rRF
RPM
Tax rate
a.
Cost of debt =
Cost of debt =

rd(1 T)

3.41%

rs =
rs =
rs =
WACC =
WACC =
WACC =
b.
bL =

bU =
c.
Debt
Equity
bL =
bL =
bL =
bL =
rs =
rs =
rs =

rRF

+
+

RPM

+
+

wc(rs)

3.90%
4.50%

9.30% Answer for Part A


wd(rd)(1 T)

0.68%

1.2

7.44%
8.12% Answer for Part B

bU
1.2 = bU
1.2 = bU

[1+
[1+

[1+
[1+

(1 T)

62.00%

D/E]

D/E]

0.25 ]

1.155

1.0390

$4.5
$5.5
bU

1.0390
1.0390

(1 T)

62.00%

1.50727

1.5660
rRF

3.90%
10.95%

+
+

RPM

4.50%

1.5660

0.81818 ]

d.
Debt
Equity
rd
Tax rate
rs

WACC =
WACC =
WACC =

$4.5
$5.5

8.50%
40.00%
10.95%

wd(rd)(1 - T)
2.30%

+
+

wc(rs)
6.02%

8.32%

e.
(1.) Decrease. The firm's net income decreases because its interest expense increases.
(2.) Decrease. The firm's ROA decreases because its net income declines but total assets
remains the same.
(3.) No change. EBIT is unaffected by a change in capital structure.
(4.) Increase. The firm's ROE will increase because its ROIC > r d(1 T).
(5.) Decrease. The firm's tax liability declines because interest expense increases and is tax
deductible, so the firm's taxable income declines.

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