company has 17.0 Billion outstanding shares <div>sales will be 5.5 Billion in 2002, increasing at 28 percent annually for the next 4 years(through 2006)</div> <div>Net income will be 32 % of sales</div> <div>investment in Fixex Assets will be 35%<span style="font-size:9pt;line-height:1.5;">of sales</span></div> <div><span style="font-size:9pt;line-height:1.5;">investment in Working Capital will be 6% </span><span style="font-size:9pt;line-height:1.5;">of sales</span></div> <div><span style="font-size:9pt;line-height:1.5;">depreciation will be 9% </span><span style="font-size:9pt;line-height:1.5;">of sales</span></div> <div><span style="font-size:9pt;line-height:1.5;">20 % of the investment in assets will be binanced with debt</span></div> <div><span style="font-size:9pt;line-height:1.5;">interest expnenses will be 2 % </span><span style="font-size:9pt;line-height:1.5;">of sales</span></div> <div><span style="font-size:9pt;line-height:1.5;">tax rate will be 10 %</span></div> <div>the company's beta is 2.1 the risk - free government bond rate is 6.4 %, the equity risk premium is 5%</div> <div>at the end of 2006, the cimpany will sell for 18 times earnings</div> <div><br></div> <div>what is the value of one ordinary share of company??</div> <div>이게 문제에요!</div> <div><br></div> <div>할인률 r = 6.4% + 2.1(5.0%) = 16.9%구하고, 성장률 28%,<span style="font-size:9pt;line-height:1.5;">그래서 표는 만들었는데</span></div> <div><br></div> <div>년도<span class="Apple-tab-span" style="white-space:pre;"> </span>02<span class="Apple-tab-span" style="white-space:pre;"> </span>~ <span class="Apple-tab-span" style="white-space:pre;"> </span>06</div> <div>sales<span class="Apple-tab-span" style="white-space:pre;"> </span>5.5<span class="Apple-tab-span" style="white-space:pre;"> </span>14.764</div> <div>NI<span class="Apple-tab-span" style="white-space:pre;"> </span>1.76<span class="Apple-tab-span" style="white-space:pre;"> </span>4.724</div> <div>CAPEX-dep.<span class="Apple-tab-span" style="white-space:pre;"> </span>1.43<span class="Apple-tab-span" style="white-space:pre;"> </span>3.839</div> <div>inv in WC<span class="Apple-tab-span" style="white-space:pre;"> </span>0.33<span class="Apple-tab-span" style="white-space:pre;"> </span>0.886</div> <div>(1-DR){(CAPEX-dep.)+change in WC}1.408<span class="Apple-tab-span" style="white-space:pre;"> </span>3.780</div> <div>FCFE = <span class="Apple-tab-span" style="white-space:pre;"> </span>0.352<span class="Apple-tab-span" style="white-space:pre;"> </span>0.945</div> <div>PV of FCFE discounted 16.9%<span class="Apple-tab-span" style="white-space:pre;"> </span>0.301<span class="Apple-tab-span" style="white-space:pre;"> </span>0.433</div> <div><br></div> <div>요기서 PV 구하는게 무슨말인지를 모르겠네요</div> <div>성장률이 28%고 할인률이 16%....</div> <div>terminal stock value 는 18* 4.724 해서 구할수는 있는데</div> <div>PV를 못구하겠네요 허허.. 이거 Present Value 는 맞는거죠??? ㅠㅠㅠ</div> <div>PV of Terminal Value discounted at 16.9% = 38.954</div> <div><br></div> <div>답지는 어찌어찌 구해서 답은 알겠는데 풀이과정에서 막히니 이거 미치겠네요 허허...</div> <div>02년 FCFE = 0.352,</div> <div>03년<span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">FCFE =</span><span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">0.451</span></div> <div><span style="font-size:9pt;line-height:1.5;">04 </span><span style="font-size:9pt;line-height:1.5;">FCFE =</span><span style="font-size:9pt;line-height:1.5;"> </span>0.577</div> <div>05<span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">FCFE =</span><span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">0.738</span></div> <div>06<span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">FCFE =</span><span style="font-size:9pt;line-height:1.5;"> </span><span style="font-size:9pt;line-height:1.5;">0.945</span></div> <div>입니다.</div>
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