存货监盘案例分析

24. The $4 million cost of the land 3 years ago is a sunk cost and irrelevant; the $5.1 million

appraised value of the land is an opportunity cost and is relevant. The $6 million land value in 5 years is a relevant cash flow as well. The fact that the company is keeping the land rather than selling it is unimportant. The land is an opportunity cost in 5 years and is a relevant cash flow for this project. The market value capitalization weights are:

fT = ($639/$897)(.08) + ($32.4/$897)(.06) + ($225.6/$897)(.04) = .0692 or 6.92% a.

The weighted average flotation cost is the sum of the weight of each source of funds in the capital structure of the company times the flotation costs, so: RP = $5.50/$81 = .0679 or 6.79% The cost of preferred stock is: RD = (1 – .35)(.0811) = .0527 or 5.27% And the aftertax cost of debt is: YTM = 4.056% × 2 = 8.11%

P0 = $940 = $37.50(PVIFAR%,40) + $1,000(PVIFR%,40) R = 4.056%

The cost of debt is the YTM of the company’s outstanding bonds, so: RE = .05 + 1.20(.08) = .1460 or 14.60%

Next we need to find the cost of funds. We have the information available to calculate the cost of equity using the CAPM, so: The total market value of the company is:

V = $225,600,000 + 639,000,000 + 32,400,000 = $897,000,000 MVD = 240,000($1,000)(0.94) = $225,600,000 MVE = 9,000,000($71) = $639,000,000 MVP = 400,000($81) = $32,400,000

The company wants to use the subjective approach to this project because it is located overseas. The adjustment factor is 2 percent, so the required return on this project is:

So, the aftertax salvage value will be:

Aftertax salvage value = $6,000,000 + .35($13,125,000 – 6,000,000) = $8,493,750

BV5 = $35,000,000 – 5($4,375,000) = $13,125,000

So, the book value of the equipment at the end of five years will be:

$35,000,000/8 = $4,375,000 c.

The annual depreciation for the equipment will be:

Project required return = .1197 + .02 = .1397

WACC = [($639/$897)(.1460) + ($32.4/$897)(.0679) + ($225.6/$897)(.0527)] = .1197 b.

To find the required return on this project, we first need to calculate the WACC for the company. The company’s WACC is:

CF0 = –$5,100,000 – 37,602,765 – 1,396,674 = –$44,099,439

This would make the total initial cash flow:

$1,300,000/(1 – .0692) = $1,396,674

Total cost of NWC including flotation costs:

Amount raised(1 – .0692) = $35,000,000

Amount raised = $35,000,000/(1 – .0692) = $37,602,765

The initial cash outflow for the project needs to be adjusted for the flotation costs. To account for the flotation costs:

d. e.

NPV = 0 = –$44,099,439 + $14,531,250(PVIFAIRR%,4) + $30,325,000/(1 + IRR)5 IRR = 25.15%

And the IRR is:

With this assumption, and the required return of 13.97 percent, the NPV of the project is:

NPV = –$44,099,439 + $14,531,250(PVIFA13.97%,4) + $30,325,000/1.13975 NPV = $14,034,039.67

Year 0 1 2 3 4 5

Flow Cash –$44,099,439 14,531,250 14,531,250 14,531,250 14,531,250

30,325,000

f.

If the initial NWC is assumed to be financed from outside sources, the cash flows are:

QA = (FC + D)/(P – v) = ($7,000,000 + 4,375,000)/($10,900 – 9,400) = 7,583 units The accounting breakeven sales figure for this project is: Using the tax shield approach, the OCF for this project is:

OCF = [(P – v)Q – FC](1 – t) + tCD

OCF = [($10,900 – 9,400)(18,000) – 7,000,000](1 – .35) + .35($35,000,000/8) = $14,531,250

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