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Thema: FP Finanzmanagement

  1. #1
    Senior Member Bewertungspunkte: 0
    Avatar von silvi
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    FP Finanzmanagement

    Hallo, kann mir bitte jemand erklären wie ich die folgenden Rechnungen lösen kann - komme da irgendwie nicht weiter - ich glaube ich steh voll auf der Leitung :

    - Assume a MM world. Cost of debt 6% pa. The risk-premium for business-risk is 4% and debt-ratio is 50%
    a) Calculate WACC!
    b) Calculate the shareholder-value of the company with a ROI (EBIT) of 2 Mio € pa!


    - The MM conditions hold. The risk-free rate is 4%, the expected return on equity of a unlevered firm is 8%
    a) A firm in the same risk class has 20m equity and 30m debt. What is the expected return on equity?
    b) What is the debt ratio of a firm whose expected return on equity is 10%?

    Vielen Dank schon mal für eure Hilfe
    lg, Silvi

  2. #2
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    - The MM conditions hold. The risk-free rate is 4%, the expected return on equity of a unlevered firm is 8%
    a) A firm in the same risk class has 20m equity and 30m debt. What is the expected return on equity?
    b) What is the debt ratio of a firm whose expected return on equity is 10%?

    Also:
    Formel: uev= ueu + (ueu-r)*L (Seite 356 Schredel)
    L = FK/EK

    L = 30/20 = 1,5

    uev = 0,08 + (0,08-0,04)*1,5
    uev = 0,14

    b)
    0,1 = 0,08 + (0,08 - 0,04)*L
    0,02 = 0,04*L
    L = 0,5

  3. #3
    Golden Member Bewertungspunkte: 5
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    - Assume a MM world. Cost of debt 6% pa. The risk-premium for business-risk is 4% and debt-ratio is 50%
    a) Calculate WACC!
    b) Calculate the shareholder-value of the company with a ROI (EBIT) of 2 Mio € pa!

    Also
    Formel: cc= rf + RP + RP*L (auf Folien Schredel MM)
    cc = 0,06 + 0,04 + 0,04*0,5 = 0,12
    SV = ROI/r-g
    SV = 2Mio/ 0,06 = 3,33Mio (hier bin ich mir nicht 100%ig sicher)

  4. #4
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    das ist super - hilft mir sehr weiter Vielen Dank.
    Gibt es noch wichtige Formeln, die ich für MM-Rechnungen brauche?
    Blicke da irgendwie nicht durch.

  5. #5
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    fein,
    schau dir bei den Schredel-Folien das MM an ab Folie 267

  6. #6
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    Hallo, hab noch ein paar Rechnungen und ich komme einfach nicht weiter - kann mir bitte noch jemand helfen und den Rechenweg erklären ?
    Vielen Dank im Vorraus.

    Company A and B have equal business risk. Both issued 100 shares and have a ROI of 2400 EUR. The risk-free rate is 5%. A is financed only by equity; B has 50% debt. Stock A has a market-price of 320 EUR.
    • Calculate the return on equity of B!
    • Calculate the share-price of B

    A company has a market value of 1.000.000, half of which is debt. Its current weighted average cost of capital is 9%. The treasurer proposes to undertake a new project, which costs 500.000 and which can be financed completely with debt. The project is expected to have the same operating risk as the company and to earn 8,5% on its cash flows. The treasurer argues that the project is desirable because it earns more than 5%, which is the marginal cost of the debt used to finance it. Is the argument correct?

    A company earns at the same probabilities the following ROIs: 4 %; 8 %; 12 %. The investment amount is 1000, cost of debt 6 %.
    a) Show the distribution of returns at a debt-ratio of 0%!
    b) Show the distribution of returns at a debt-ratio of 50%!
    c) Show the distribution of returns at a debt-ratio of 75%!

    Company X is completely financed by equity and has issued 12.500 shares. Company Y has issued 10.000 shares and the value of debt is 500.000€. Both companies have the same business risk and a ROI of 100.000€. The stock price of company X is 80€. Cost of debt is 8%, Modigliani/Miller assumptions can be applied.
    • Calculate the cost of equity for company X.
    • What is the shareholder value of company X?
    • What are the EPS for company Y?
    • What is the stock price of company Y?
    • Calculate the cost of equity for company Y.
    • Calculate the debt ratio for company Y.

    Danke, danke, danke ...
    Silvi

  7. #7
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    Company A and B have equal business risk. Both issued 100 shares and have a ROI of 2400 EUR. The risk-free rate is 5%. A is financed only by equity; B has 50% debt. Stock A has a market-price of 320 EUR.
    • Calculate the return on equity of B!
    • Calculate the share-price of B

    A B
    EBIT 2400 2400
    shares 100 100
    price 320 ?
    EK 32000 16000 (gleiche Risikoklasse, 50% debt)
    Fk - 16000
    r 2400/32000 EBIT - (FK * i)
    0,075 2400 - (16000*0,05) = 1600
    1600 sind 10% von 16000
    rB= 10%

    KursB= 1600/0,1=16000/100 = 160

  8. #8
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    A company earns at the same probabilities the following ROIs: 4 %; 8 %; 12 %. The investment amount is 1000, cost of debt 6 %.
    a) Show the distribution of returns at a debt-ratio of 0%!
    b) Show the distribution of returns at a debt-ratio of 50%!
    [FONT=Arial]c) Show the distribution of returns at a debt-ratio of 75%

    Formel: ue= uroi + (uroi-r)*L
    uroi = 4+8+12/3 = 8
    ue = 0,08 + (0,08-0,06)*0 = 0,08
    ue = 0,08 + (0,08 -0,06)*0,5 = 0,09
    ue = 0,08 + (0,08 - 0,06)*0,75 = 0,095

  9. #9
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    Company X is completely financed by equity and has issued 12.500 shares. Company Y has issued 10.000 shares and the value of debt is 500.000€. Both companies have the same business risk and a ROI of 100.000€. The stock price of company X is 80€. Cost of debt is 8%, Modigliani/Miller assumptions can be applied.
    • Calculate the cost of equity for company X.
    • What is the shareholder value of company X?
    • What are the EPS for company Y?
    • What is the stock price of company Y?
    • Calculate the cost of equity for company Y.
    • Calculate the debt ratio for company Y.

    X Y
    EBIT 100.000 100.000
    shares 12500 10000
    price 80 ?
    EK 1.000.000
    FK - 500.000
    cost of debt 8% 40.000
    r 1Mio/ROI
    0,10 = 10%
    SV 1Mio
    EPS ?????

    ev= eu*EKu - FK*i/ EKv

    0,1*1Mio - 40.000/500.000 = 0,12 = 12%

    Price Y
    earnings per share: EBIT - FK*i = 100.000-40.000 = 60.000/10000= 6 * 12 = 72Euro

    debt ratio = FK / GK = 500.000/1Mio = 0,5
    L = FK / EK = 1

  10. #10
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    Vielen Dank - du hilfst mir echt weiter ...

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