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Westfield Capital Management Co."s equity investment strategy is to invest in companies with low price-to-book ratios, while considering differences in solvency and asset utilization. Westfield is considering investing in the shares of either Jerry"s Departmental Stores ( JDS) or Miller Stores (MLS). Selected financial data for both companies follow:
SELECTED FINANCIAL DATA AS OF MARCH 31, 2006
($ millions)
JDS
MLS
Sales
$21,250
18500
Fixed assets
5700
5500
Short-term debt
1000
Long-term debt
2700
2500
Equity
6000
7500
Outstanding shares (in millions)
250
400
Stock price ($ per share)
51.5
49.5
Required:
a. Compute each of the following ratios for both JDS and MLS:
(1) Price-to-book ratio
(2) Total-debt-to-equity ratio
(3) Fixed-asset-utilization (turnover)
b. Select the company that better meets Westfield"s criteria.
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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