KMS Corporation has assets with a market value of $554 million, $46 million of which are cash. It has debt of $163 million, and 20 million shares outstanding. Assume perfect capital markets.

a. What is its current stock price?

b. If KMS distributes $46 million as a dividend, what will its share price be after the dividend is paid?

c. If instead, KMS distributes $46 million as a share repurchase, what will its share price be once the shares are repurchased?

d. What will its new market debt-equity ratio be after either transaction?

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