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Free Cash Flow Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2011 2010 Sales $2,310.0 $2,100.0 Operating costs excluding depreciation and amortization 1,790.0 1,785.0 EBITDA $520.0 $315.0 Depreciation and amortization 63.0 48.0 Earnings before interest and taxes $457.0 $267.0 Less: Interest 51.0 46.0 Earnings before taxes $406.0 $221.0 Taxes (40%) 162.4 88.4 Net income $243.6 $132.6 Common dividends $219.0 $106.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2011 2010 Assets Cash and equivalents $26.0 $21.0 Accounts receivable 263.0 210.0 Inventories 411.0 357.0 Total current assets $700.0 $588.0 Net plant and equipment 628.0 483.0 Total assets $1,328.0 $1,071.0 Liabilities and Equity Accounts payable $169.0 $147.0 Notes payable 46.0 42.0 Accruals 193.0 168.0 Total current liabilities $408.0 $357.0 Long-term bonds 462.0 420.0 Total debt $870.0 $777.0 Common stock 393.4 254.0 Retained earnings 64.6 40.0 Common equity $458.0 $294.0 Total liabilities and equity $1,328.0 $1,071.0 Write out your answer completely. For example, 13 million should be entered as 13,000,000. What was net operating working capital for 2010 and 2011? 2010: $ 2011: $ What was the 2011 free cash flow? $ How would you explain the large increase in 2011 dividends? The large increase in net income from 2010 to 2011 explains the large increase in 2011 dividends. The large increase in free cash flow from 2010 to 2011 explains the large increase in 2011 dividends. The large increase in EBIT from 2010 to 2011 explains the large increase in 2011 dividends. The large increase in sales from 2010 to 2011 explains the large increase in 2011 dividends. The large increase in retained earnings from 2010 to 2011 explains the large increase in 2011 dividends.
What has been the effect of higher minimum wage laws in cities such as Seattle, WA? Draw a graph showing the effect these laws have on market for low-skilled labor and upon consumer and supplier surplus (Be careful!). Who benefits from these increase..
Comparing these daily graphs with the monthly graphs during the same time periods, what similarities and what differences do you find?
The price of a non-dividend-paying stock is currently $50. What is the risk-neutral probability that the stock price reaches $45 in six months?
A Treasury bond that matures in 10 years has a yield of 6%. A 10-year corporate bond has a yield of 8%. Assume that the liquidity premium on the corporate bond is 0.5%. What is the default risk premium on the corporate bond?
What is the value of the ordinary shares if you require a 12% return?
Global Inc. has its own target capital structure that consists of debt and equity. The firm anticipates that its capital budget for the next year will be $1,500,000. If it reports net income of $1,200,000 and wants to maintain a 20% payout ratio, wha..
The Orleans Parish School Board hired Johnson & Higgins (J&H) to provide consulting services. J & H provided those services over the next few years but was then acquired by Marsh & McLennan, a larger insurance firm. Describe what happened in the rela..
A company currently pays a dividend of $2 per share (D0 = $2). What is your estimate of the stock's current price?
evaluate the market timing and security selection abilities of four managers whose performances are plotted in the accompanying diagrams.
Should the firm conduct customer segment research or go directly to market?
Rome Airlines is an Italian based firm that needs $350,000. It has no business in England but is considering one year financing with British pounds, because the annual interest rate would be 5 percent versus 10 percent in Italy. Assume that interest ..
Pizza has finally narrowed down to two college towns, Collegeville and University City, to open their new location this August, just in time for the fall semester. The Collegeville location requires an initial investment of $126,000, whereas Universi..
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