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BKI

Balance 2006 ($ miles) sin y con una recompra de 14,000 acciones a $18.50 por accin (precio actual $ 16.25)

Acciones a recomprar 14,000

Balance 2006 reagrupado NWC,NFA Balance 2006 reagrupado con la recompra de las ac
2006
Cash 230,866 Cash
NWC 32,231 NWC
NFA 174,321 NFA
Other, net 50,945 Other, net
Total 488,363 Total

Debt 0 Debt
Equity 488,363 Equity
Total 488,363 Total

Nota: (488,363 - (18.50*14,000 = $259MM)) = $229.363 MM

Estado de Resultados 2006 ($ miles) con la recompra de acciones


Estado de Resultados con el efecto de la recompra
2006
Post-Repo Int. Rate
EBIT 63,946
Plus: Other Income 0
Less: Interest expense 3,375 EBIT/Int
Earnings Before Tax 60,571
Less: Taxes 18,629
Net Income 41,942
Post-Repo Pre-Repo
EPS S/. 0.93 S/. 0.91
ROE 18.3% 11.0%
2006 taxes 18,629 23,821 taxes =
Capitalized =

Comparacin de 2006 Fondos distribuidos sin y con la recompra ($ miles)


2006
BLAINE's ACCOUNT w/o Repo
EBITDA 73,860
less depreciation (9,914)
EBIT 63,946
Plus: Other Income 13,506
Less: Interest expense 0
Earnings Before Tax 77,451
Less: Taxes (23,821)
Net Income 53,630

SHAREHOLDERS' ACCOUNT
Dividends @ 100% payout 53,630
Earnings on excess cash 0
Pre-tax income 53,630
Taxes @ 36% (19,307)
Net 34,323

LENDERS ACCOUNT
Interest earned 0
Taxes 0
Net 0

DISTRIBUTABLE FUNDS
Shareholders after tax 34,323
Lenders after tax 0

Total taxes (43,128)


Note: for simplicity, shareholders' personal tax rate is assumed to be 36%; lenders' tax rate is assu
to equal Blaine's 30.8%

Part of Tn Exhibit 5: Computing Minimum WACC for Blaine over a Range of Capital Structures
Cost
Debt / Debt / Unlevered Levered of
Cap. Equity Beta Beta Equity

Existing 1
-31.7% -24.1% 0.74 0.56 7.82%
Proposal 6.9% 7.4% 0.74 0.79 8.98%

AAA 11.4% 12.8% 0.74 0.83 9.18%


AA- 14.2% 16.6% 0.74 0.86 9.32%
A 20.8% 26.2% 0.74 0.93 9.67%
BBB+ 22.3% 28.8% 0.74 0.95 9.77%
BB 28.3% 39.5% 0.74 1.03 10.16%
B+ 30.9% 44.6% 0.74 1.07 10.35%

Note: Re-levered beta calculation is based on a constant capital structure


1
Un-levered beta is the weighted average of the operating asset beta and the beta of cash, and is
a = Operations(Operating Assets/Enterprise Value) + Cash(Cash/Enterprise Value). This is equivalent to
e(Equity Value/Enterprise Value). ($ in Thousands.)

Part of TN Exhibit 5

10-year Treasury 5.02% Debt Relationships:


Interest FY 2006 EBIT
Coverage Debt Default Interest Expense
Ratio Rating Spread Coverage Ratio
>13.0 AAA 0.65%
9.5 - 12.0 AA- 0.80%
7.0 - 9.5 A 0.85% Estimated Cost of Debt
5.0 - 7.00 BBB+ 1.83%
4.0 - 5.0 BB 2.98% Implied Debt
2.50 - 4.0 B+ 4.10%

Note: The debt beta at each rating is assumed to be zero.


Precio de recompra $18.50

ce 2006 reagrupado con la recompra de las acciones


2006
21,866
32,231
174,321
50,945
279,363

50,000 D/E = 0.218


229,363 D/Capital 0.179
279,363

6.75%

18.9

5,192
76,916

2006
with Repo
73,860
(9,914)
63,946
0
(3,375)
60,571
(18,629)
41,942

41,942
13,506
55,447
(19,961)
35,486

3,375
(1,040)
2,336

Difference
35,486 1,163
2,336 2,336
3,498
(39,630) 3,498
6%; lenders' tax rate is assumed

Cost
of Assumptions
Debt WACC Marginal Tax Rate 40.00%
5.02% 9.34% Risk-Free Rate 5.02%
6.75% 8.64% Market Risk Premium 5.00%

5.67% 8.52% Debt Beta 0.00


5.82% 8.49%
5.87% 8.40%
6.85% 8.50%
8.00% 8.64%
9.12% 8.85%

and the beta of cash, and is


Blaine Debt Waterfall:
Proposal AAA AA- A BBB+
73,860 73,860 73,860 73,860 73,860
3,375 4,765 6,423 9,232 12,310
21.9x 15.5x 11.5x 8.0x 6.0x

6.75% 5.67% 5.82% 5.87% 6.85%

50,000 84,041 110,354 157,282 179,707


###
l:
BB B+
73,860 73,860
16,413 19,696
4.5x 3.8x

8.00% 9.12%

205,166 215,964