23. Universal Robina Corp. has a net income of P 8 billion. Its depreciation expense is P 2 billion. Its after tax interest expense is P 1 billion. Capex is P 3 billion. Change in working capital is P 2 billion. Net new borrowings is P 2 billion. Its Free Cash Flow to the Firm (FCFF) is

24. Universal Robina Corp. has a net income of P 8 billion. Its depreciation expense is P 2 billion. Its after tax interest expense is P 1 billion. Capex is P 3 billion. Change in working capital is P 2 billion. Net new borrowings is P 2 billion. Its Free Cash Flow to Equity (FCFE) is

25. Vista Land has a cost of equity (k) is 9%. Next years dividend (D₁)is expected to be P 2.00 per share. Long term growth rate (g) is expected to be at 4% forever. The intrinsic value of its stock is equal to

33. Momoka Corp. has total assets of P 20 million. It is financed by 70% equity and 30% debt. It has EBIT of P 10 million. It pays an annual interest expense to BPI of P 2 million. It is subject to a 35% tax rate. Its cost of equity is 10%. What is its residual income?

34. Lyka Corp. has a dividend policy payout ratio of 60% due to limited opportunities for corporate growth. ROE of the company is 12%. Required rate of return on equity is 10%. Long term growth rate is 2%. What is the the justified P/B based on forecasted fundamentals, based on the residual income model and a constant growth rate assumption.