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Assume today is December 31, 2013. Barrington Industries expects that its 2014 after-tax operating income [EBIT(1 – T)] will be $420 million and its 2014 depreciation expense will be $65 million. Barrington's 2014 gross capital expenditures are expected to be $120 million and the change in its net operating working capital for 2014 will be $30 million. The firm's free cash flow is expected to grow at a constant rate of 6% annually. Assume that its free cash flow occurs at the end of each year. The firm's weighted average cost of capital is 8.8%; the market value of the company's debt is $2.45 billion; and the company has 170 million shares of common stock outstanding. The firm has no preferred stock on its balance sheet and has no plans to use it for future capital budgeting projects. Using the corporate valuation model, what should be the company's stock price today (December 31, 2013)? Round your answer to the nearest cent. Do not round
RON Ltd has the following capital structure components:
One can lower insurance premiums by doing all of the following except. one-time cost of home ownership.
You read in the wall street journal that apple is introducing a new i phone. Once you read about the news you quickly purchase the stock and make a large profit from this information. If this happens, what form of the efficient market hypothesis has ..
Farmco is in the agricultural industry and has five branches located in Saskatchewan. Farmco's year end is June 30. Farmco is well established and has been profitable for many years. Identify four specific factors that would either increase or decrea..
What is the total interest for the four years? Prepare the journal entry that Alan should make on January 1.
Avicorp has a $10 million debt issue outstanding, with a 6% coupon rate. The debt has semi-annual coupons, the next coupon is due in 6 months, and the debt matures on 5 years. It is currently prices at 95% of its $1,000 face value. What is Avicorp’s ..
If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan?
The United Kingdom is expected to impose a small tariff on goods imported from Country K. Combine all expected impacts to develop an overall forecast.
What are the various approaches to managing the credit risk of a FI’s portfolio? Describe the trade-off faced by banks in liquidity management?
What would happen to the value of the 10-year bond over time if the required rate of return remained at 13 percent, or if it remained at 7 percent? (Hint: with a financial calculator, enter PMT, I/YR, FV, and N, and then change (override) n to see wh..
Sunshine Smoothies Company (SSC) manufactures and distributes smoothies. SSC is considering the development of a new line of high-protein energy smoothies. SSC's CFO has collected the following information regarding the proposed project, which is exp..
Bonds payable are dated January 1, 2014, and are issued on that date. The face value of the bonds is $150,000, and the face rate of interest is 14%. The bonds pay interest semiannually. Calculate the gain or loss on bond redemption. Round answer to t..
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