FP Finanzmanagement

Hallo, kann mir bitte jemand erklären wie ich die folgenden Rechnungen lösen kann - komme da irgendwie nicht weiter - ich glaube ich steh voll auf der Leitung :???::

- Assume a MM world. Cost of debt 6% pa. The risk-premium for business-risk is 4% and debt-ratio is 50%
a) Calculate WACC!
b) Calculate the shareholder-value of the company with a ROI (EBIT) of 2 Mio € pa!


- The MM conditions hold. The risk-free rate is 4%, the expected return on equity of a unlevered firm is 8%
a) A firm in the same risk class has 20m equity and 30m debt. What is the expected return on equity?
b) What is the debt ratio of a firm whose expected return on equity is 10%?

Vielen Dank schon mal für eure Hilfe :)
lg, Silvi

- The MM conditions hold. The risk-free rate is 4%, the expected return on equity of a unlevered firm is 8%
a) A firm in the same risk class has 20m equity and 30m debt. What is the expected return on equity?
b) What is the debt ratio of a firm whose expected return on equity is 10%?

Also:
Formel: uev= ueu + (ueu-r)*L (Seite 356 Schredel)
L = FK/EK

L = 30/20 = 1,5

uev = 0,08 + (0,08-0,04)*1,5
uev = 0,14

b)
0,1 = 0,08 + (0,08 - 0,04)*L
0,02 = 0,04*L
L = 0,5

- Assume a MM world. Cost of debt 6% pa. The risk-premium for business-risk is 4% and debt-ratio is 50%
a) Calculate WACC!
b) Calculate the shareholder-value of the company with a ROI (EBIT) of 2 Mio € pa!

Also
Formel: cc= rf + RP + RP*L (auf Folien Schredel MM)
cc = 0,06 + 0,04 + 0,04*0,5 = 0,12
SV = ROI/r-g
SV = 2Mio/ 0,06 = 3,33Mio (hier bin ich mir nicht 100%ig sicher)

:D das ist super - hilft mir sehr weiter :D Vielen Dank.
Gibt es noch wichtige Formeln, die ich für MM-Rechnungen brauche?
Blicke da irgendwie nicht durch.

fein,
schau dir bei den Schredel-Folien das MM an ab Folie 267

Hallo, hab noch ein paar Rechnungen und ich komme einfach nicht weiter :oops: - kann mir bitte noch jemand helfen und den Rechenweg erklären :???:?
Vielen Dank im Vorraus. :D

Company A and B have equal business risk. Both issued 100 shares and have a ROI of 2400 EUR. The risk-free rate is 5%. A is financed only by equity; B has 50% debt. Stock A has a market-price of 320 EUR.
• Calculate the return on equity of B!
• Calculate the share-price of B

A company has a market value of 1.000.000, half of which is debt. Its current weighted average cost of capital is 9%. The treasurer proposes to undertake a new project, which costs 500.000 and which can be financed completely with debt. The project is expected to have the same operating risk as the company and to earn 8,5% on its cash flows. The treasurer argues that the project is desirable because it earns more than 5%, which is the marginal cost of the debt used to finance it. Is the argument correct?

A company earns at the same probabilities the following ROIs: 4 %; 8 %; 12 %. The investment amount is 1000, cost of debt 6 %.
a) Show the distribution of returns at a debt-ratio of 0%!
b) Show the distribution of returns at a debt-ratio of 50%!
c) Show the distribution of returns at a debt-ratio of 75%!

Company X is completely financed by equity and has issued 12.500 shares. Company Y has issued 10.000 shares and the value of debt is 500.000€. Both companies have the same business risk and a ROI of 100.000€. The stock price of company X is 80€. Cost of debt is 8%, Modigliani/Miller assumptions can be applied.
• Calculate the cost of equity for company X.
• What is the shareholder value of company X?
• What are the EPS for company Y?
• What is the stock price of company Y?
• Calculate the cost of equity for company Y.
• Calculate the debt ratio for company Y.

Danke, danke, danke ...
Silvi

Company A and B have equal business risk. Both issued 100 shares and have a ROI of 2400 EUR. The risk-free rate is 5%. A is financed only by equity; B has 50% debt. Stock A has a market-price of 320 EUR.
• Calculate the return on equity of B!
• Calculate the share-price of B

A B
EBIT 2400 2400
shares 100 100
price 320 ?
EK 32000 16000 (gleiche Risikoklasse, 50% debt)
Fk - 16000
r 2400/32000 EBIT - (FK * i)
0,075 2400 - (16000*0,05) = 1600
1600 sind 10% von 16000
rB= 10%

KursB= 1600/0,1=16000/100 = 160

A company earns at the same probabilities the following ROIs: 4 %; 8 %; 12 %. The investment amount is 1000, cost of debt 6 %.
a) Show the distribution of returns at a debt-ratio of 0%!
b) Show the distribution of returns at a debt-ratio of 50%!
[FONT=Arial]c) Show the distribution of returns at a debt-ratio of 75%

Formel: ue= uroi + (uroi-r)*L
uroi = 4+8+12/3 = 8
ue = 0,08 + (0,08-0,06)*0 = 0,08
ue = 0,08 + (0,08 -0,06)*0,5 = 0,09
ue = 0,08 + (0,08 - 0,06)*0,75 = 0,095

Company X is completely financed by equity and has issued 12.500 shares. Company Y has issued 10.000 shares and the value of debt is 500.000€. Both companies have the same business risk and a ROI of 100.000€. The stock price of company X is 80€. Cost of debt is 8%, Modigliani/Miller assumptions can be applied.
• Calculate the cost of equity for company X.
• What is the shareholder value of company X?
• What are the EPS for company Y?
• What is the stock price of company Y?
• Calculate the cost of equity for company Y.
• Calculate the debt ratio for company Y.

X Y
EBIT 100.000 100.000
shares 12500 10000
price 80 ?
EK 1.000.000
FK - 500.000
cost of debt 8% 40.000
r 1Mio/ROI
0,10 = 10%
SV 1Mio
EPS ?????

ev= eu*EKu - FK*i/ EKv

0,1*1Mio - 40.000/500.000 = 0,12 = 12%

Price Y
earnings per share: EBIT - FK*i = 100.000-40.000 = 60.000/10000= 6 * 12 = 72Euro

debt ratio = FK / GK = 500.000/1Mio = 0,5
L = FK / EK = 1

Vielen Dank - du hilfst mir echt weiter ... :D