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Assignment 3-1, Question 1 1a. Calculate the value of the stock today: 1. Calculate the PV of the dividends paid during the supernatural growth period: $ 1.15 D1 = D2 = D3 = % 1.15 x x x PV of Dividends = = = = + 2. Find the PV of Turbo's stock price at the end of Year 3: P3 ^ = ____D4____ rs-g = __ _D3(1+g)______ rs-g = = PV of P3^ = = $ 3. Sum the two components to find the value of the stock today: Value of current stock (P0) = $ + 1b. Calculate P1^ and P2^. P1 ^ = $ + $ + P2 ^ = $ + $ = 1c. Calculate the dividend yields and capital gains yield for Years 1, 2, and 3. Year 1 2 3 Dividend Yield $1.3225/$25.23 5.24% + + + + natural growth period: $ 1.3225 + $ $ = = $ = $ $ $ Capital Gains Yield ($26.93 - $25.23) / $25.23 6.74% = Total Return 12% Assignment 3-1, Question 2 rps = % Assignment 3-1, Question 3 3a. Calculate McCaffrey's value of operations. FCF(1+g) WACC - g Vop = = 3b. Calculate the company's total value. Total Value = Value of Operations =$ + Value of nonoperating asse + $ 3c. Calculate the estimated value of common equity. Value of equity = Total value =$ - Value of debt $ 3d. Calculate the estimated per-share stock price. Price per share = Value of Equity =$ Number of Shares $ = $ = $ = $ = $ lue of nonoperating assets Value of debt Number of Shares Assignment 5-2, Question 1 a. Net Present Value (NPV): NPVx = NPVy = -$10,000 + -$10,000 + $ $ Internal Rate of Return (IRR): To solve for each project's IRR, find the discount rates that equate each NPV to ze IRRx IRRy = = % % Modified Internal Rate of Return (MIRR): To obtain each project's MIRR, begin by finding each project's terminal value (TV) of cas TVx = $6,500 (1.12)^3 TVy = $ Now, each project's MIRR is the discount rate that equates the PV of the TV to each proj MIRRx MIRRy = = % % Profitability Index (PI): To obtain each project's PI, divide its present value of future cash flows by its initial cost PVx = NPVx + = $ + PVy = = NPVy $ + + PIx = = PVx $ PIy = = PVy $ + + $ $ + + $ + $ + $ $ = = es that equate each NPV to zero: ect's terminal value (TV) of cash inflows: + $ + $ + + $ + $ + s the PV of the TV to each project's cost, $10,000: ure cash flows by its initial cost. The PV of future cash flows can be found from the NPV calculated earlier: Cost of X $10,000 = $ Cost of Y $ = $ Cost of X $ = Cost of Y $ = $ $ earlier: $1,000 = $ $3,500 = $ This homework submission should include all calculations, completed on the designated tab of the Homework Student Workbook, and a word document explaining the implications of your findings for the business or business transaction. After reading the assigned chapters, address the following questions: 1. Turbo Technology Computers is experiencing a period of rapid growth. Earnings and dividends are expected to grow at a rate of 15% during the next two years, at 13% in the third year, and at a constant rate of 6% thereafter. Turbo's last dividend was $1.15, and the required rate of return on the stock is 12%. Complete the following calculations: a. Calculate the value of the stock today. b. Calculate P1^ and P2^. c. Calculate the dividend yield and capital gains yield for Years 1, 2, and 3. 2. Kassidy's Kabob House has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $50 a share. What is the stock's required rate of return? Assume the market is in equilibrium with the required return equal to the expected return. 3. McCaffrey's Inc. has never paid a dividend, and when the firm might begin paying dividends is not known. Its current free cash flow (FCF) is $100,000, and this FCF is expected to grow at a constant 7% rate. The weighted average cost of capital (WACC) is 11%. McCaffrey's currently holds $325,000 of non-operating marketable securities. Its long-term debt is $1,000,000, but it has never issued preferred stock. McCaffrey's has 50,000 shares of stock outstanding. Calculate the following: a. McCaffrey's value of operations b. The company's total value c. The estimated value of common equity d. The estimated per-share stock price You are a financial analyst for the Brittle Company. The director of capital budgeting has asked you to analyze two proposed capital investments: Projects X and Y. Each project has a cost of $10,000, and the cost of capital for each is 12%. The projects' expected net cash flows are shown in the table below. Expected Net Cash Flows Year Project X 0 - $10,000 1 6,500 2 3,000 3 3,000 4 1,000 b c Project Y - $10,000 3,500 3,500 3,500 3,500 a Use the Homework Student Workbook to calculate each project's net present value (NPV), internal rate of return (IRR), modified internal rate of return (MIRR), and profitability index (PI). Which project or projects should be accepted if they are independent? Which project or projects should be accepted if they are mutually exclusive