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Shopaholic Inc., now a dependable, consistent earnings generator, reported net income of $770 million in 2019, after interest expenses of $320 million. (The corporate tax rate was 36%.) It reported depreciation of $960 million in that year, and capital spending was $1.2 billion. The firm also had $4 billion in debt outstanding on the books, rated AA (carrying a yield to maturity of 8%), trading at par (up from $3.8 billion at the end of 2018) and $250 million in ST investments. The beta of the stock is 1.05, and there were 200 million shares outstanding (trading at $60 per share), with a book value of $5 billion. The company expects FCFF to grow at 6.5% and working capital requirements are negligible. The treasury bond rate is 7%, the expected equity risk premium is 5.5%. Capital structure is stable with no SCI at this point.
(1) Calculate the free cash flow to the firm in 2019, (2) the value of the firm at the end of 2019 and (3) the price per share.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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