Bob Bell y Carrie Norris son vicepresidentes snior del Mutual Money Investment Bank de Nueva York. Son codirectores de la divisin de suscripcin de valores de inversin de la compaa. Un nuevo cliente importante ha solicitado que Mutual Money of New York produzca un informe de inversin para describir el proceso de valoracin de acciones y bonos. Como resultado, Bell y Norris le han pedido que analice Tech Temps Company, una agencia de empleo que suministra trabajadores de TI a empresas con cargas de trabajo de tecnologa de la informacin temporalmente pesadas.

Qu es una accin clasificada? Cuando "se haga pblico, por qu una empresa pequea podra designar algunas acciones actualmente en circulacin como" acciones de los fundadores "?

1. Qu frmula se puede usar para valorar cualquier accin, independientemente de su patrn de dividendos?
2. Qu es un stock de crecimiento constante? Cmo valoras un stock de crecimiento constante?
3. Qu sucede si el crecimiento es constante yg>rs?

1. TechTempstiene una emisin de acciones preferentes en circulacin que paga a los accionistas un dividendo equivalente a $ 10 cada ao. Si la tasa de rendimiento requerida adecuada para esta accin es del 8%, cul es su valor de mercado
2. Los estados financieros deTechTempsmuestran la siguiente informacin:
   1. Costo promedio de fondos 10.0%
   2. EBIT $ 500,000
   3. Capital total $ 1,250,000
   4. EPS $ 2.00
   5. Acciones excepcionales 150,000
   6. Tasa de impuesto marginal 30.0%
      1. 1.Calcule el valor econmico agregado de la compaa (EVA
      2. 2.Interprete el valor que calcul en la parte(1).
3. f.Supongamos que normalmente la relacin P / E deTechTempses 20x. Usando la informacin dada previamente, calcule el precio de mercado por accin para las acciones ordinarias deTechTemps.

ENGLISH

Bob Bell and Carrie Norris are senior vice presidents at Mutual Money Investment Bank in New York. They are co-heads of the company's investment securities underwriting division. A large new client has requested that Mutual Money of New York produce an investment report to describe the process of valuing stocks and bonds. As a result, Bell and Norris have asked him to look at Tech Temps Company, a staffing agency that supplies IT workers to companies with temporarily heavy information technology workloads.

1) What is a classified stock? When "going public, why would a small company designate some shares currently outstanding as "founders' shares"?

2) What formula can be used to value any stock, regardless of its dividend pattern?

a) What is a constant growth stock?

b)How do you value a constantly growing stock?

c) What happens if growth is constant and g > rs?

3) Tech Temps has an issue of preferred stock outstanding that pays shareholders a dividend equal to $10 each year. If the appropriate required rate of return for this stock is 8%, what is its market value?

4) The financial statements of Tech Temps show the following information:

a) Average cost of funds 10.0%

b) EBIT $500,000

c) Total capital $1,250,000

d) EPS $2.00

e) Exceptional actions 150,000

f) Marginal tax rate 30.0%

1(a).Calculate the company's economic value added (EVA

2(b).Interpret the value you calculated in part(1).

6) Let's assume that typically Tech Temps' P/E ratio is 20x. Using the information given previously, calculate the market price per share for Tech Temps common stock.