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You are analyzing the dividend policy of Conrail, a major railroad, and you have collected the following information from the past five years.
Year
Net Income (Million)
Capital Expenditure (Million)
Depreciation (Million)
Noncash Working Capital (Million)
Dividends (Million)
1991
$240
$314
$307
$35
$70
1992
$282
$466
$295
$(110)
$80
1993
$320
$566
$284
$215
$95
1994
$375
$490
$278
$175
$110
1995
$441
$494
$293
$250
$124
The average debt ratio during this period was 40 percent, and the total noncash working capital at the end of 1990 was $10 million.
a. Estimate how much Conrail could have paid in dividends during this period.
b. If the average return on equity during the period was 13.5 percent, and Conrail had a beta of 1.25, what conclusions would you draw about their dividend policy? (The average Treasure bond rate during the period was 7 percent, and the average return on the market was 12.5 percent during the period.)
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