Corporate Finance Workbook: A Practical Approach by Michelle R. Clayman, Martin S. Fridson, George H. Troughton

By Michelle R. Clayman, Martin S. Fridson, George H. Troughton

The workbook to accompany Corporate Finance: a realistic technique, moment Edition

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Required rate of return is 12 percent. part-i-02 13 January 2012; 10:13:23 25 Chapter 2 Capital Budgeting Simpson is evaluating this investment to see whether it has the potential to affect Bayonne Pharma’s stock price. 41 billion, which should increase the value of the company. Simpson is evaluating the effects of other changes to her capital budgeting assumptions. She wants to know the effect of a switch from straight-line to accelerated depreciation on the company’s operating income and the project’s NPV.

Currency is in terms of the British pound (d). The marginal corporate tax rate is 30 percent for all five companies. a. a. A– A Weighted average cost of capital – 10% 10% – – Based on conversations with management of the five companies, as well as on her own independent research and analysis, White notes the following: Aquarius:  Has lower bonding costs than does Bema.  Has a higher percentage of tangible assets to total assets than does Bema.  Has a higher degree of operating leverage than does Bema.

White believes the domestic and global economies will grow slightly below average over the next two years, but she is also concerned about the possibility of a mild recession taking hold. She has been asked to review the companies that she covers and has collected information about them, presented in Exhibit C. White has estimated that earnings before interest and taxes (EBIT) will remain constant for all five companies for the foreseeable future. Currency is in terms of the British pound (d). The marginal corporate tax rate is 30 percent for all five companies.

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