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En 2005 Keenan Company pag dividendos por un total de $3600 000 sobre una utili- dad neta de $10.8 millones. Fue un ao normal y

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En 2005 Keenan Company pag dividendos por un total de $3600 000 sobre una utili- dad neta de $10.8 millones. Fue un ao normal y en los 10 ltimos aos las utilidades crecieron a una tasa constante de 10%. Pero se prev que en 2006 alcancen los $14.4 millones y que haya oportunidades rentables de inversin por $8.4 millones. Se prev que Keenan no lograr conservar ese nivel de crecimiento -se atribuye a una nueva lnea de productos excepcionalmente rentables que introdujo --- y que se reanudar la tasa anterior de crecimiento del 10%. La razn ptima de deuda es 40 por ciento. a. Calcule los dividendos totales en 2006, si observa las siguientes polticas: 1) Se establece el pago de dividendos de 2006 para lograr que crezcan a la misma tasa que la de las utilidades. 2) Contina la razn de pago de 2005. 3) Se aplica una poltica residual pura, con todas las distribuciones a travs de divi- dendos (40% de los $8.4 millones invertidos se financian con deuda). 4) Se aplica una poltica de dividendos regulares ms extras, en que los dividendos se basan en la tasa de crecimiento a largo plazo y los extras se fijan en conformi- dad con la poltica residual. b. Cul de las polticas anteriores recomendara? Limite sus opciones a las aqu inclui- das y fundamente su respuesta. c. Parece razonable un dividendo de $9000 000 en 2006 en vista de las respuestas a las partes a y b? De no serlo, debera ser mayor o menor el dividendo? In 2005, Keenan Company paid dividends totaling $ 3,600,000 over a net profit of $ 10.8 million. It was a normal year and in the last 10 years, profits grew at a constant rate of 10%. But in 2006 it is expected to reach $ 14.4 million and that there are profitable investment opportunities for $ 8.4 million. It is anticipated that Keenan will not be able to maintain that level of growth - attributed to a new line of exceptionally profitable products that it introduced - and that the previous 10% growth rate will resume. The optimal debt ratio is 40 percent to. Calculate the total dividends in 2006, if you observe the following policies 1) The 2006 dividend payment is established to make them grow at the same rate as that of profits. 2) The payment reason for 2005 continues. 3) A pure residual policy is applied with all distributions through dividends (40% of the S 8.4 million invested are financed with debt). 4) A policy of regular dividends plus extras is applied, in which dividends are based on the long-term growth rate and the extras are set in accordance with the residual policy b. Which of the above policies would you recommend? Limit your options to those included here and substantiate your response c. Does a dividend of $ 9,000,000 in 2006 seem reasonable in view of the responses to parts a and b? If not, should the dividend be higher or lower En 2005 Keenan Company pag dividendos por un total de $3600 000 sobre una utili- dad neta de $10.8 millones. Fue un ao normal y en los 10 ltimos aos las utilidades crecieron a una tasa constante de 10%. Pero se prev que en 2006 alcancen los $14.4 millones y que haya oportunidades rentables de inversin por $8.4 millones. Se prev que Keenan no lograr conservar ese nivel de crecimiento -se atribuye a una nueva lnea de productos excepcionalmente rentables que introdujo --- y que se reanudar la tasa anterior de crecimiento del 10%. La razn ptima de deuda es 40 por ciento. a. Calcule los dividendos totales en 2006, si observa las siguientes polticas: 1) Se establece el pago de dividendos de 2006 para lograr que crezcan a la misma tasa que la de las utilidades. 2) Contina la razn de pago de 2005. 3) Se aplica una poltica residual pura, con todas las distribuciones a travs de divi- dendos (40% de los $8.4 millones invertidos se financian con deuda). 4) Se aplica una poltica de dividendos regulares ms extras, en que los dividendos se basan en la tasa de crecimiento a largo plazo y los extras se fijan en conformi- dad con la poltica residual. b. Cul de las polticas anteriores recomendara? Limite sus opciones a las aqu inclui- das y fundamente su respuesta. c. Parece razonable un dividendo de $9000 000 en 2006 en vista de las respuestas a las partes a y b? De no serlo, debera ser mayor o menor el dividendo? In 2005, Keenan Company paid dividends totaling $ 3,600,000 over a net profit of $ 10.8 million. It was a normal year and in the last 10 years, profits grew at a constant rate of 10%. But in 2006 it is expected to reach $ 14.4 million and that there are profitable investment opportunities for $ 8.4 million. It is anticipated that Keenan will not be able to maintain that level of growth - attributed to a new line of exceptionally profitable products that it introduced - and that the previous 10% growth rate will resume. The optimal debt ratio is 40 percent to. Calculate the total dividends in 2006, if you observe the following policies 1) The 2006 dividend payment is established to make them grow at the same rate as that of profits. 2) The payment reason for 2005 continues. 3) A pure residual policy is applied with all distributions through dividends (40% of the S 8.4 million invested are financed with debt). 4) A policy of regular dividends plus extras is applied, in which dividends are based on the long-term growth rate and the extras are set in accordance with the residual policy b. Which of the above policies would you recommend? Limit your options to those included here and substantiate your response c. Does a dividend of $ 9,000,000 in 2006 seem reasonable in view of the responses to parts a and b? If not, should the dividend be higher or lower

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