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Free Cash Flow
The 2015 income statement for Duffy’s Pest Control shows that depreciation expense was $198 million, EBIT was $506 million, and the tax rate was 35 percent. At the beginning of the year, the balance of gross fixed assets was $1,576 million and net operating working capital was $418 million. At the end of the year, gross fixed assets was $1,824 million. Duffy’s free cash flow for the year was $419 million. Calculate the end-of-year balance for net operating working capital. (Enter your answer in millions of dollars rounded to 1 decimal place.)
Consider the following timeline detailing a stream of cash flows: If the current market rate of interest is 8%, then the present value of this stream of cash flows is closest to:
Perry's Pizzeria issued 21-year annual coupon bonds one year ago at a coupon rate of 7 percent. If the YTM on these bonds is 8.91 percent, what is the current bond price?
The company Maximum All-Stars, Inc. like to discuss the offer of preferred shares of the company West Coast International. The company plans to issue 15% of preferred shares to sell at par value of $ 63 per share. Costs incurred in this issue (flotat..
A company is forecasting an increase in sales and is using the percent of sales (AFN model) to forecast the additional capital that it must raise.
The synergy of the acquisition is $22,500. What is the value of Cassandra's to Adrian's?
Suppose that you own a callable U. S. agency bond like that in Exhibit 16.9. Explain why your total return will fall when interest rates rise. Identify changes in return associated with each component of total return. Why will total return rise when ..
Erna Corp. has 6 million shares of common stock outstanding. The current share price is $89, and the book value per share is $8. Erna Corp. also has two bond issues outstanding. The first bond issue has a face value of $85 million, has a coupon of 6 ..
What is the present value of investment A at an annual discount rate of 23 ?percent?
There are three stocks. Stock A has a beta of βA = 0.6 and an expected return of 8.8%. Stock B has a beta of βB = 1.2 and an expected return of 13.6%. If the CAPM holds in this market, what should be stock C’s expected return if its beta is βC = 1.05..
Recent flooding has damaged the spillway of the state owned Crab Claw Dam near Puke Bay, Oregon, and it must be repaired or replaced. Two alternatives are available: Recent flooding has damaged the spillway of the state owned Crab Claw Dam near Puke ..
A loan commitment of $4.32 million has an upfront fee of 80 basis points and a back end fee of 50 basis points. The take down on the loan is 60%. Calculate the total fees you will pay on this loan commitment.
Storico Co. just paid a dividend of $1.85 per share. The company will increase its dividend by 24 percent next year and will then reduce its dividend growth rate by 6 percentage points per year until it reaches the industry average of 6 percent divid..
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