Mgt 671 chapter 14 ppt

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The document discusses distributions to shareholders through dividends and share repurchases. It includes tables and figures showing dividend payouts and yields, a company's distribution ratio under different investment opportunities, and financial projections for a conglomerate distributing cash through dividends versus share repurchases, including the company's intrinsic stock price under each distribution method.

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Distributions to Shareholders:
Dividends and Repurchases
CHAPTER 14
© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

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© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Uses of Free Cash Flow:
Distributions to Shareholders

3
© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
TABLE 14-1 Dividend Payouts (as a Percent
of Net Income) and Dividend Yields

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© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
TABLE 14-2 T&W’s Distribution Ratio with $60 Million of Net Income
and a 60% Target Equity Ratio When Faced with Different
Investment Opportunities (Millions of Dollars)

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in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Figure 14-1 Projecting Benson Conglomerate’s Financial
Statements: Distributions as Dividends (Millions of Dollars)

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© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Figure 14-2 Projecting Benson Conglomerate’s Liabilities and
Equity: Distributions as Stock Repurchases (Millions of Dollars)

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© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Figure 14-3 Benson Conglomerate’s Value of
Operations (Millions of Dollars)

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© 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Figure 14-4 Benson Conglomerate’s Intrinsic Stock Price
for Each Method of Distribution (Millions of Dollars)

The document discusses various methods for evaluating capital budgeting projects, including net present value (NPV), internal rate of return (IRR), modified internal rate of return (MIRR), profitability index (PI), payback period, and discounted payback period. It provides examples of calculating and comparing these metrics for projects, and illustrates key capital budgeting concepts like economic versus physical life with diagrams.

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The document contains 9 figures that present financial projections and analyses for a company called MicroDrive, including: - MicroDrive's most recent financial statements and forecast for the status quo scenario. - Key inputs and projections for possible strategic initiatives and their effects on operations. - Projected financial statements under the status quo scenario and outcomes of strategic initiatives. - Additional funds needed and possible ratio relationships for evaluating strategic plans.

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The document outlines strategies for communicating negative news effectively. It discusses using direct and indirect strategies, with the indirect strategy involving opening with a buffer, then explaining reasons before revealing the bad news and closing pleasantly. The goals of negative messages are to convey empathy, maintain relations and project a professional image. Techniques include apologizing, highlighting positives, and suggesting alternatives or compromises.

Analysis of Financial Statements CHAPTER 3 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics in Chapter Ratio analysis Ratios Common size statements Percent change statement DuPont equation Limitations of ratio analysis Qualitative factors © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Determinants of Intrinsic Value: Using Ratio Analysis © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Overview Ratios facilitate comparison of: One company over time One company versus other companies Ratios are used by: Lenders to determine creditworthiness Stockholders to estimate future cash flows and risk Managers to identify areas of weakness and strength © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Income Statement20192020ESales $6,000 $6,600 COGS except depr. 4,800 5,210 Other expenses 320 370 Deprec. 420 400 EBIT $ 460 $ 620 Int. expense 108 100 EBT $ 352 $ 520 Taxes (40%) 88 130 Net income $ 264 $ 390 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Balance Sheets: Assets20192020ECash $ 50 $ 60 S-T invest. 10 50 AR 520 530 Inventories 820 660 Total CA $1,400 $1,300 Net FA 3,500 3,700 Total assets $4,900 $5,000 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Balance Sheets: Liabilities & Equity20192020EAccts. payable $ 400 $ 330 Notes payable 250 100 Accruals 240 270 Total CL $ 890 $ 700 Long-term debt 1,100 1,100 Total liabilities $1,990 $1,800 Common stock 1,000 1,000 Ret. earnings 1,910 2,200 Total equity $2,910 $3,200 Total L&E $4,900 $5,000 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for ...

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This document discusses factors that influence interest rates according to the loanable funds theory. It explains that interest rates are determined by the supply and demand for loanable funds in the market. The demand for funds comes from households, businesses, governments, and foreign entities, while the supply comes from households and other entities. Monetary policy, economic growth, inflation, budget deficits, and foreign capital flows are some of the key factors that can impact supply and demand in the loanable funds market and influence interest rate movements. The document provides a framework for forecasting interest rates by projecting future supply of and demand for loanable funds.

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The Basics of Capital Budgeting: Evaluating Cash Flows CHAPTER 10 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics Overview and “vocabulary” Methods NPV IRR, MIRR Profitability Index Payback, discounted payback Unequal lives Economic life Optimal capital budget © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The Big Picture: The Net Present Value of a Project © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. What is capital budgeting? Analysis of potential projects. Long-term decisions; involve large expenditures. Very important to firm’s future. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Steps in Capital Budgeting Estimate cash flows (inflows & outflows). Assess risk of cash flows. Determine r = WACC for project. Evaluate cash flows. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Capital Budgeting Project Categories Replacement to continue profitable operations Replacement to reduce costs Expansion of existing products or markets Expansion into new products/markets Contraction decisions Safety and/or environmental projects Mergers Other © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Independent versus Mutually Exclusive Projects Projects are: independent, if the cash flows of one are unaffected by the acceptance of the other. mutually exclusive, if the cash flows of one can be adversely impacted by the acceptance of the other. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Cash Flows for Franchises L and S © 2020 Cengage Learning. All Rights Reserved.

The Basics of Capital Budgeting Evaluating Cash FlowsCHAPTE.docx

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Capital Structure Decisions CHAPTER 15 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics in Chapter Overview and preview of capital structure effects Business versus financial risk The impact of debt on returns Capital structure theory, evidence, and implications for managers Example: Choosing the optimal structure © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Determinants of Intrinsic Value: The Capital Structure Choice © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Basic Definitions V = value of firm FCF = free cash flow WACC = weighted average cost of capital rs and rd are costs of stock and debt ws and wd are percentages of the firm that are financed with stock and debt. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. How can capital structure affect value? © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. A Preview of Capital Structure Effects The impact of capital structure on value depends upon the effect of debt on: WACC FCF © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. The 2017 Tax Cuts and Jobs Act (TCJA) Corporate tax rate: TCJA rate is flat 21%. Previous rate was graduated, with top rate of 35%. Limits on interest expense deductions: Interest/EBITDA < 30% for 2018-2021 Interest/EBIT < 30% for subsequent years Excess carried forward indefinitely. Should cause firms to reduce debt. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Business Risk: Uncertainty in EBIT, NOPAT, and ROIC Uncertainty about demand (unit sales). Uncertainty about output pri.

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Bonds, Bond Valuation, and Interest Rates CHAPTER 5 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics in Chapter Key features of bonds Bond valuation Measuring yield Assessing risk © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Determinants of Intrinsic Value: The Cost of Debt © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Key Features of a Bond (1 of 2) Par value: Face amount; paid at maturity. Assume $1,000. Coupon interest rate: Stated interest rate. Multiply by par value to get dollars of interest. Generally fixed. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Key Features of a Bond (2 of 2) Maturity: Years until bond must be repaid. Declines. Issue date: Date when bond was issued. Default risk: Risk that issuer will not make interest or principal payments. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Call Provision Issuer can refund if rates decline. That helps the issuer but hurts the investor. Therefore, borrowers are willing to pay more, and lenders require more, on callable bonds. Most bonds have a deferred call and a declining call premium. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. What’s a sinking fund? Provision to pay off a loan over its life rather than all at maturity. Similar to amortization on a term loan. Reduces risk to investor, shortens average maturity. But not good for investors if rates decline after issuance. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Sinking funds are generally handled in 2 ways Call x% at par ...

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Ma ch 09 aggregate expend aggregate demand

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This document discusses aggregate expenditure and aggregate demand. It focuses on consumption and how consumption depends on and relates to income. It shows that there is a positive relationship between consumption and disposable income, both for households and the economy overall. It introduces the consumption function and how the marginal propensity to consume is the slope of this function. Finally, it discusses other components of spending including investment, government purchases, and net exports.

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This document discusses different types of international arbitrage opportunities and interest rate parity. It defines locational, triangular, and covered interest arbitrage, explaining how each works and how currency prices realign in response. It also explains interest rate parity, how the forward premium is determined based on interest rate differentials between countries, and factors like transaction costs that can affect parity. Diagrams and examples are provided to illustrate these concepts.

BUS 121 Chapter 3

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The document discusses research and organization techniques for writing. It describes conducting both informal research like interviews and brainstorming, as well as formal research like investigating primary sources. It recommends organizing information into outlines with a main topic and subpoints. The document also discusses achieving variety in sentences, avoiding common errors, and emphasizing important ideas.

The Cost of CapitalCHAPTER 9© 2020 Cengage Learning. All Rig.docx

rtodd643

The Cost of Capital CHAPTER 9 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics in Chapter Cost of capital components Debt Preferred stock Common equity WACC Factors that affect WACC Adjusting cost of capital for risk © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Determinants of Intrinsic Value: The Weighted Average Cost of Capital © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. What types of long-term capital do firms use? Long-term debt Some firms also use permanent short-term debt Other firms have temporary short-term debt for seasonal fluctuations in inventory, but this is usually not part of the capital structure Preferred stock Common equity © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Capital Components Capital components are sources of funding that come from investors. Accounts payable, accruals, and deferred taxes are not sources of funding that come from investors, so they are not included in the calculation of the cost of capital. We do adjust for these items when calculating the cash flows of a project, but not when calculating the cost of capital. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Before-tax vs. After-tax Capital Costs Tax effects associated with financing can be incorporated either in capital budgeting cash flows or in cost of capital. Most firms incorporate tax effects in the cost of capital. Therefore, focus on after-tax costs. Only cost of debt is affected. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Historical (Embedded) Costs vs. New (Marginal) Costs The cost of capital is used primarily to make decisions which involve raising and investing new capital. So, we should focus on marginal costs. © 2020 Cengage Learning. All Rights .

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Corporate Valuation and Stock ValuationCHAPTER 7© 2020 Cenga.docx

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Corporate Valuation and Stock Valuation CHAPTER 7 © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Topics in Chapter Features of common stock Valuing common stock Dividend growth model Free cash flow valuation model Market multiples Preferred stock © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Corporate Valuation and Stock Valuation © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Common Stock: Owners, Directors, and Managers Represents ownership. Ownership implies control. Stockholders elect directors. Directors hire management. Since managers are “agents” of shareholders, their goal should be: Maximize stock price. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Classified Stock Classified stock has special provisions for each class, usually involving voting rights and dividend rights. Usually named Class A, Class B, etc. New shares in IPO sometimes have voting restrictions but full dividend rights. Founders’ shares usually have voting rights but dividend restrictions. Standard & Poor’s no longer allows new additions to its indices to have classified stock. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Tracking Stock The dividends of tracking stock are tied to a particular division, rather than the company as a whole. Investors can separately value the divisions. Its easier to compensate division managers with the tracking stock. But tracking stock usually has no voting rights, and the financial disclosure for the division is not as regulated as for the company. Very few companies have tracking stock. © 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Different Approaches for Valuing Common Stock Free cash flow model Constant growth Nonconstant growth Dividend growth model .

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ESL 0823L week 8 general interest in products

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This document provides words and phrases to use when generating interest in products and making sales. It discusses 12 important buzz words or phrases to remember: sale, off, now, new, best sellers, be the first, your, thank you, remember, free/at no extra charge, try, and ends. For each word, it gives examples of how to incorporate the word when talking to customers to encourage them to buy a product or take advantage of a promotion. The overall purpose is to provide salespeople with effective language to use in their pitches to customers.

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Mgt 671 chapter 14 ppt

1. 1 Distributions to Shareholders: Dividends and Repurchases CHAPTER 14 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

2. 2 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Uses of Free Cash Flow: Distributions to Shareholders

3. 3 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. TABLE 14-1 Dividend Payouts (as a Percent of Net Income) and Dividend Yields

4. 4 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. TABLE 14-2 T&W’s Distribution Ratio with $60 Million of Net Income and a 60% Target Equity Ratio When Faced with Different Investment Opportunities (Millions of Dollars)

5. 5 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Figure 14-1 Projecting Benson Conglomerate’s Financial Statements: Distributions as Dividends (Millions of Dollars)

6. 6 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Figure 14-2 Projecting Benson Conglomerate’s Liabilities and Equity: Distributions as Stock Repurchases (Millions of Dollars)

7. 7 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Figure 14-3 Benson Conglomerate’s Value of Operations (Millions of Dollars)

8. 8 © 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Figure 14-4 Benson Conglomerate’s Intrinsic Stock Price for Each Method of Distribution (Millions of Dollars)

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