《财务管理：理论与实践》（Brigham）的教学PPTCh 16 Show.pptVIP

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《财务管理：理论与实践》（Brigham）的教学PPTCh 16 Show.ppt

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《财务管理：理论与实践》（Brigham）的教学PPTCh 16 Show

Sequence of Events in a Recapitalization Firm announces the recapitalization. Investors reassess their views and estimate a new equity value. New debt is issued and proceeds are used to repurchase stock at the new equilibrium price. (More...) Shares Debt issued Bought New price/share After recapitalization firm would have more debt but fewer common shares outstanding. An analysis of several debt levels is given next. = . Cost of Equity at Zero Debt Since the firm has 0 growth, its current value, $2,000,000, is given byDividends/kS = (EBIT)(1-T)/kS = 500,000 (1 - 0.40)/kS kS = 15.0% = unlevered cost of equity. bU = (kS - kRF)/RPM = (15 - 6)/4 = 2.25 Cost of Equity at Each Debt Level Hamada’s equation says that bL = bU (1 + (1-T)(D/E)) Debt(000s) D/E bL kS 0 0 2.25 15.00% 250 0.142 2.44 15.77 500 0.333 2.70 16.80 750 0.600 3.06 18.24 1,000 1.000 3.60 20.40 D = $250, kd = 10%, ks = 15.77%. S1 = = = $1,807. V1 = S1 + D1 = $1,807 + $250 = $2,057. P1 = = $20.57. [$500 - 0.1($250)](0.6) 0.1577 $2,057 100 (EBIT - kdD)(1 - T) ks Shares $250 repurchased $20.57 Shares remaining Check on stock price: P1 = = = $20.57. Other debt levels treated similarly. S1 n1 $1,807 87.85 = = 12.15. = n1 = 100 - 12.15 = 87.85. Value of Equity at Each Debt Level Equity Value = Dividends/kS Debt(000s) kD Divs kS E 0 na 300 15.00% 2,000 250 10% 285 15.77 1,807 500 11% 267 16.80 1,589 750 13% 241.5 18.24 1,324 1,000 16% 204 20.40 1,000 Total Value of Firm Total Value is Max-imized with 500,000 in debt. Debt (000s) E Total Value Price per Share 0 2,000 2,000 $20.00 250 1,807 2,057 20.57 500 1,589 2,089 20.89 750 1,324 2,074 20.74 1,000 1,000 2,000 20.00 Calculate EPS at debt of $0, $250K, $500K, and $750K, assuming that the firm begins at zero debt and recap-italizes to each leve