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Distributiens as Dividiends or Repurchases Mocunt of divitroution $800 milion 3. Fuing in the missing values in the balance sheet cotumn fer futy 1,2022 , which is labeled "Distribute as Dividends," if JCl distributes is sherterm securibes as dividends; JCI did not have to establish an account for dividends payable prito to the distribution th. Filling in the missing values in the balance sheet column for July 1,2022 , which is labeled "Distribule as Repurchase." if JCl ditetribute is thort form securlies through slock repurchases Propecting dors Financial statementa (Nillans ef Doliars) ic. Celculatng JCrs prolected free cash form Intrinsic stock price on 6/30/2022: \$ e. What is the projected intrinsic stock price on 7/1/2022 if 3Cl distributes the cash as dividends? Round your answer to the nearest cent. \$ f. What is the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash through stock repurchases? Round your answer to the nearest cent. $ How many shares will remain outstanding after the repurchase? Enter your answer in miltions. For example, an answer of 1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. miltion Excel Activity: Distributions as Dividends or Repurchases Start with the partial model in the file Ch15 P13 Build a Model.xisx. J. Clark Inc. (JCI), a manufacturer and distributor of sports equipment, has grown until it has become a stable, mature company. Now JCl is planning its first distribution to shareholders. (See the file for the most recent year's financial statements and projections for the next year, 2022; JCI's fiscal year ends on June 30.) JCI plans to liquidate and distribute $800 million of its short-term securities on July 1, 2022, the first day of the next fiscal year, but it has not yet decided whether to distribute with dividends or with stock repurchases. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Use a minus sign to enter a negative value, if any. Download spreadsheet Ch15. P13 Build a Model-b75a7b. xisx a. Assume first that JCl distributes the $800 million as dividends. Fill in the missing values in the file's balance sheet column for July 1, 2022, which is labeled "Distribute as Dividends." (Hint: Be sure that the balance sheets balance after you fill in the missing items.) Assume that JCI did not have to establish an account for dividends payable prior to the distribution. Enter your answers in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answers to two decimal places. b. Now assume that JCI distributes the $800 million through stock repurchases. Fill in the missing values in the file's balance sheet b. Now assume that JCl distributes the $800 million through stock repurchases. Fill in the missing values in the file's balance sheet column for July 1, 2022, which is labeled "Distribute as Repurchase." (Hint: Be sure that the balance sheets balance after you fill in the missing items.) Enter your answers in mililions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answers to two decimal places. c. Calculate JCI's projected free cash flow; the tax rate is 25%. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million d. What is JCl's current intrinsic stock price (the price on 6/30/2021)? What is the projected intrinsic stock price for 6/30/2022 ? FCF is expected to grow at a constant rate of 5%, and JCr's WACC is 9%. The firm has 1,000 million shares outstanding. Round your answers to the nearest cent. Intrinsic stock price on 6/30/2021:$ Intrinsic stock price on 6/30/2022 : $ e. What is the projected Intrinsic stock price on 7/1/2022 if JCl distributes the cash as dividends? Round your answer to the nearest cent. 5 Distributiens as Dividiends or Repurchases Mocunt of divitroution $800 milion 3. Fuing in the missing values in the balance sheet cotumn fer futy 1,2022 , which is labeled "Distribute as Dividends," if JCl distributes is sherterm securibes as dividends; JCI did not have to establish an account for dividends payable prito to the distribution th. Filling in the missing values in the balance sheet column for July 1,2022 , which is labeled "Distribule as Repurchase." if JCl ditetribute is thort form securlies through slock repurchases Propecting dors Financial statementa (Nillans ef Doliars) ic. Celculatng JCrs prolected free cash form Intrinsic stock price on 6/30/2022: \$ e. What is the projected intrinsic stock price on 7/1/2022 if 3Cl distributes the cash as dividends? Round your answer to the nearest cent. \$ f. What is the projected intrinsic stock price on 7/1/2022 if JCl distributes the cash through stock repurchases? Round your answer to the nearest cent. $ How many shares will remain outstanding after the repurchase? Enter your answer in miltions. For example, an answer of 1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places. miltion Excel Activity: Distributions as Dividends or Repurchases Start with the partial model in the file Ch15 P13 Build a Model.xisx. J. Clark Inc. (JCI), a manufacturer and distributor of sports equipment, has grown until it has become a stable, mature company. Now JCl is planning its first distribution to shareholders. (See the file for the most recent year's financial statements and projections for the next year, 2022; JCI's fiscal year ends on June 30.) JCI plans to liquidate and distribute $800 million of its short-term securities on July 1, 2022, the first day of the next fiscal year, but it has not yet decided whether to distribute with dividends or with stock repurchases. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Use a minus sign to enter a negative value, if any. Download spreadsheet Ch15. P13 Build a Model-b75a7b. xisx a. Assume first that JCl distributes the $800 million as dividends. Fill in the missing values in the file's balance sheet column for July 1, 2022, which is labeled "Distribute as Dividends." (Hint: Be sure that the balance sheets balance after you fill in the missing items.) Assume that JCI did not have to establish an account for dividends payable prior to the distribution. Enter your answers in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answers to two decimal places. b. Now assume that JCI distributes the $800 million through stock repurchases. Fill in the missing values in the file's balance sheet b. Now assume that JCl distributes the $800 million through stock repurchases. Fill in the missing values in the file's balance sheet column for July 1, 2022, which is labeled "Distribute as Repurchase." (Hint: Be sure that the balance sheets balance after you fill in the missing items.) Enter your answers in mililions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answers to two decimal places. c. Calculate JCI's projected free cash flow; the tax rate is 25%. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23 , not 1,230,000. Round your answer to two decimal places. $ million d. What is JCl's current intrinsic stock price (the price on 6/30/2021)? What is the projected intrinsic stock price for 6/30/2022 ? FCF is expected to grow at a constant rate of 5%, and JCr's WACC is 9%. The firm has 1,000 million shares outstanding. Round your answers to the nearest cent. Intrinsic stock price on 6/30/2021:$ Intrinsic stock price on 6/30/2022 : $ e. What is the projected Intrinsic stock price on 7/1/2022 if JCl distributes the cash as dividends? Round your answer to the nearest cent. 5
