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Capital Budgeting Problem 2 Caine-Cleaseau BioPharma (CCB), a small, publicly traded pharmaceutical firm in Seattle, WA, is considering whether to develop a drug named SmoothSkin In order to develop and produce SmoothSkin CCB will have to buy an existing manufacturing lab for $35 million. This lab will be depreciated to zero using straight-line depreciation over the seven- year life of the project. The lab is expected to have a salvage value at the end of the project of $2 million. CCB expects sales for Smoothskin to be $70 million per year for the first year of the project, and sales are expected to show a growth rate of 10% per year for the life of the project. CCB expects the costs of goods sold to be 60% of sales, marketing and administrative expenses to be 10% of sales, and fixed costs of $10 million per year. Finally, the project will require an increase in net working capital of $8 million at the beginning of the project, and recouped at the end of the project as inventory is sold, receivables are collected, and payables are paid. This project is more risky than the average CCB project, so the advisors suggest the discount rate be increased to 1% above that used to evaluate an average CCB investment. CCB equity has a beta (BE) of 1.5. There are 3,000,000 shares outstanding, the current market price is $32/share, and CCB does not pay dividends on common equity. CCB has 200,000 preferred shares outstanding that pay a $2 annual dividend, and have a current market price of $32. CCB has one issue of debt outstanding with a book value of $50 million. The bonds are currently selling at 95% of their $1,000 face value, mature in 10 years, and have a 6% coupon paid semiannually. The current market risk premium is 5% and the return to treasury bonds is 2%. CCB's corporate tax rate is 30%. Do you recommend that CCB proceed with the SmoothSkin project? Clearly present and justify your recommendation. SIMULATION: More information has been developed on sales and costs. CCB forecasts the sales to have an expected value of $70 million in the first year of the product sales, but that forecast has a standard deviation of S20 million. Sales growth for each subsequent year is forecast to be 10%, but that sales growth has a standard deviation of 5.0%. In addition, COGS are forecast to be 60% of sales for that year, but that forecast has a standard deviation of 10%. Do you recommend that CCB proceed with the SmoothSkin project? Clearly present and justify your recommendation. Compare your recommendation to that of the 'static' analysis