Fleury Security Limited (FSL) is projected to have earnings per share (EPS) of $3.50 next year, and the firm’s dividends are 30% of earnings. Investors have a required return on FSL shares of 12.4%. The company has a profit margin of 10%, total asset turnover of 0.9, and total debt ratio of 0.4.
a) Calculate the ROE of the company.
b) Calculate the price of FSL shares.
c) How much of that price is due to future growth opportunities?

Answers

Answer 1

Answer and Explanation:

The computation is shown below:

a) For ROE of the company

As we know that

Debt ratio = 1 - (1 ÷  Equity multiplier)

0.4 = 1 - (1 ÷ Equity multiplier)

(1 ÷ Equity multiplier) = 0.6

Equity multiplier = 1 ÷ 0.6

= 1.6667

Now ROE is  

ROE = Net Profit Margin × Total Asset Turnover × Equity multiplier

= 10% × 0.9 × 1.6667

= 15%

b) For the Price of FSL shares

Expected Dividend next year (D1) = Projected EPS × Dividend payout ratio

= $3.50 × 30%

= $1.05  

And, Required Return(ke) = 12.4%

Growth Rate(g) = ROE × (1 - Dividend payout ratio)

= 15% × (1 - 0.30)

= 10.5%

And finally the Price of STock:-

= D1 ÷ (ke - g)

= $1.05 ÷ (0.124 - 0.105)

= $55.26

C. For  Present Value of Growth Opportunity(PVGO)

As we know that

Present Value of Growth Opportunity(PVGO) = Stock Price - (EPS ÷ Ke)

= $55.26 - ($3.50 ÷ 12.4%)

= $27.03


Related Questions

in a market segment approach, which statement below dose not apply​

Answers

where is the statement ??

You are graduating from college at the end of this semester and have decided to invest ​$ at the end of each year into a Roth IRA​ (a retirement investment account that grows tax free and is not taxed when it is​ liquidated) for the next years. If you earn percent compounded annually on your investment of ​$ at the end of each​ year, how much will you have when you retire in ​years? How much will you have if you wait 10 years before beginning to save and only make payments into your retirement​ account?

Answers

Answer:

the numbers are missing, so I looked for similar questions:

You are graduating from college at the end of this semester and have decided to invest $5,000 at the end of each year into a Roth IRA, (which is a retirement investment account that grows tax free and is not taxed when it is liquidated) for the next 45 years. If you earn 8 percent compounded annually on your investment of $5,000 at the end of each year, how much will you have when you retire in 45 years? How much will you have if you wait 10 years before beginning to save and only make 35 payments into your retirement account?

We have to determine the future value of an annuity:

FV = annual contribution x FV annuity factor

annual contribution = $5,000

FV annuity factor, 45 periods, 8% = 386.50562

FV = $5,000 x 386.505662 = $1,932.528

if you wait 10 years before starting to save, then the future value will be:

FV = annual contribution x FV annuity factor

annual contribution = $5,000

FV annuity factor, 45 periods, 8% = 172.3168

FV = $5,000 x 172.3168 = $861,584

Your firm has the opportunity to buy a perpetual motion machine to use in your business. The machine costs $1,000,000 and will increase your profits by $75,000 per year. What is the internal rate of return?

Answers

Answer:

7.5%

Explanation:

A forever series formula for the interest rate is  i = A / PV

Annual benefits = $75,000

Present value = $1,000,000

Thus, i = $75,000 / $1,000,000

i = 0.075

i = 7.5%

Therefore, the internal rate of return is 7.5%

Computer equipment was acquired at the beginning of the year at a cost of $70,700 that has an estimated residual value of $4,200 and an estimated useful life of 5 years. a. Determine the depreciable cost. $fill in the blank 1 b. Determine the straight-line rate. fill in the blank 2 % c. Determine the annual straight-line depreciation. $fill in the blank 3

Answers

Answer:

a, The depreciable cost when using the straight line method is;

= Cost of asset - Residual value

= 70,700 - 4,200

= $66,500

b. As the rate is uniform over the life of the asset, the rate is 100% divided by the life of the asset.

= 100%/5

= 20%

c. Annual depreciation will therefore be;

= Depreciation rate * depreciable cost

= 20% * 66,500

= $‭13,300‬

Which diagram arranges the types of business organizations from the most complicated to start to the least complicated to start?

Answers

Answer:

C. Corporation- partnership - Sole Proprietorship

Explanation:

Corporation- partnership—Sole Proprietorship is the diagram arranges the types of business organizations from the most complicated to start to the least complicated to start. Hence, option C is correct.

What is partnership?

Partnership is the deal between the two person or party to start the business, partnership can be legally registered or can also start without the partnership agreement.

In partnership the investment is invested by both the partners that and the profit and loss is divided into equally.

Thus, option C is correct.

For more details about Partnership, click here:

https://brainly.com/question/19988417

#SPJ2

Which of the following would be part of a financial managers investment decision?

a.
Raising money using equity finance.

b.
Spending money on Capital Expenditure.

c.
Spending money on revenue expenditure.

d.
Borrowing Funds.​

Answers

Answer:

C

Explanation:

You want employees to know that they can talk to retirement planning

Answers

Answer:

well I don't want any employees haha but yes the retirement of the employees should be grand with a farewell party

Tidy Limited purchased a new van on January 1, 2018. The van cost $36,000. It has an estimated life of six years and the estimated residual value is $3,600. Tidy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of 2019

Answers

Answer:

$18,002.88

Explanation:

Depreciation Expense = 2 × SLDP × BVSLDP

Where,

SLDP = 100 ÷ Number of useful life

Therefore,

SLDP =  100 ÷ 6

         = 16.67 %

2018

Depreciation Expense = 2 × 16.67 % × ($36,000 - $3,600)

                                      = $10,802.16

2019

Depreciation Expense = 2 × 16.67 % × ($36,000 - $3,600 - $10,802.16)

                                      = $7,200.72

Accumulated Depreciation at the end of 2019 :

Accumulated Depreciation = $10,802.16 +  $7,200.72

                                             = $18,002.88

Will mark brainly
Martha runs a small travel and tourism business. She, along with her staff, organizes vacations for her clients. Recently, Martha opened a new branch of her business in a different city. She has decided to print new brochures and catalogs that give information about her business. She also plans to mail these brochures to various homes in a location that attracts customers. Which type of promotion does Martha plan to use?
A.
sales promotion
B.
direct marketing
C.
personal selling
D.
advertising
E.
public relations

Answers

Answer:

c

i can't ghshjdhnsjsggsbdn

Answer:

B - Direct Marketing

Explanation:

1. Plato

2. personal selling is meeting face to face. Direct marketing does not invlove interaction with customers. (:

Walters manufactures a specialty food product that can currently be sold for $21.80 per unit and has 19,800 units on hand. Alternatively, it can be further processed at a cost of $11,800 and converted into 11,800 units of Deluxe and 5,800 units of Super. The selling price of Deluxe and Super are $31.20 and $19.80, respectively. The incremental income of processing further would be:

Answers

Answer:

$51,360

Explanation:

The computation of the incremental income of processing further is shown below:

Given that

Total sales unit before further processing is 19,800 units

And, its sale price per unit is $21.80

So, the total sales price is

= 19,800 units × $21.80

= $431,640

$483000

Now after processing, the sales revenue in both the deluxe and super is

= 11,800 units × $31.20 + 5,800 units × $19.80

= $368,160 + $114,840

= $483,000

So, the incremental net income after further processing is

= $483,000 - $431,640

= $51,360

You are the HR manager for a fifty-person firm that specializes in the development and marketing of plastics technologies. When you were hired, you felt the company had little idea what you should be paid and just made up a number, which you were able to negotiate to a slightly higher salary. While you have been on the job for three months, you have noticed a few concerning things in the area of multiculturalism, besides the way your salary was offered. The following are some of those items:

1.You know that some of the sales team, including the sales manager, get together once a month to have drinks at a strip club.

2. A Hispanic worker left the organization, and in his exit interview, he complained of not seeing a path toward promotion.

3.The only room available for breast-feeding mothers is the women’s restroom.

4.The organization has a policy of offering $200 to any employee who refers a friend, as long as the friend is hired and stays at least six months.

5.The manufacturing floor has an English-only policy.

6.You have heard managers refer to those wearing turbans in a derogatory way.

Questions

1. What do you think needs to be done to create a more inclusive environment, without losing the culture of the company?

2?What suggestions would you make to those involved in each of the situations?

Answers

Answer:

read the paragraph and get the answer

"The Boyle Company estimated that April sales would be 10,000 units with an average selling price of $2.00. Actual sales for April were 8,000 units and average selling price was $2.10. The sales volume variance was:"

Answers

Answer:

-$4,000 unfavourable

Explanation:

The sales volume variance is calculated as ;

= (Actual sales units - Estimated sales units) × Estimated selling price.

Given that;

Actual sales units = 8,000

Estimated sales units = 10,000 units

Estimates selling price = $2 per unit

Therefore,

Sales volume variance = (8,000 - 10,000) × $2

Sales volume variance = -$4,000 unfavourable

The senior management of a firm is undecided about the number of employees needed for its new project. To advise the executives, a human resource specialist uses a computer system to estimate how long teams of three different sizes will take to complete the project, assuming the project is of either low, average, or high difficulty. The type of system appropriate for this case is a(n)

Answers

Answer:

Decision support system

Explanation:

The decision support system is a system that support the business decisions. It mainly works for reviewing the data of the business in that way where the user could access it and make the decisions accordingly.

In the given situation since it is mentioned how much team is required for project completion so this represent the decision support system

You make $40,000 per year. You have been offered a promotion and a $5,000 raise per year. Your average federal income tax rate will go up from 10% to 15% per year. Should you take the new job and the raise?

Answers

Answer:

Yes, Accept the new Job and raise

Explanation:

With the old Job, the annual income is $40,000 and a tax rate of 10%.

The annual tax obligation is 10%  of $40,000

=10/100 x $40,000

=0.1 x $40,000

=$4,000

Annual take home is $40,000 -$4,000

=$36,000

With the new salary, the tax obligation will be

Tax rate=15%

Salary =$45,000

=15/100 x $45,000

=0.15 x $45,000

$6,750

The new take home pay is $45,000- $,6750

=$38,250

With the new Job, the take-home pay increases from $36,000 to $38,250.

The new Job and raise should be accepted.

The strengths of a company can only include tangible things.


True

False

Answers

I believe the answer is false due to the fact that people can have strengths in things such as communication.

Answer:

True is the answer cause tangible things  is a physical object that can be perceived by touches such as a building, vehicle, or gadget.

For a period during which the quantity of product manufactured exceeds the quantity sold, operating income reported under absorption costing will be smaller than operating income reported under variable costing. True False

Answers

Answer:

False

Explanation:

Operating income reported under absorption costing will be smaller than operating income when quantities of products manufactured are less than the quantities sold (Sales > Production). This is because Fixed costs deferred in inventory will be falling and the costs of sales in absorption cost will be rising.

The company wants to end each month with ending finished goods inventory equal to 25% of the next month's sales. Finished goods inventory on June 30 is 1,050 units. The budgeted production units for July are:

Answers

Answer: 4,375 units

Explanation:

The budgeted production for July will be;

= July sales + Ending inventory - Beginning inventory

Ending inventory = 25% * August sales =25% * 4,900 = 1,225

Budgeted production = 4,200 + 1,225 - 1050 = 4,375 units

During a six month period, a department had planned sales of $75,000 and planned turnover of 2.6. Using the Basic Stock Method, determine the BOM stock for February, if planned sales for February are $10,500.

Answers

Answer:

the BOM stock is $26,846

Explanation:

The computation of the BOM stock for the feb month is shown below:

But before that following calculations need to be done

Average stock is

= net sales ÷ stock turnover

= $75,000 ÷ 2.6

= $28,846

Now the basic stock is

= Average stock - monthly sales

= $28,846 - ($75,000 ÷ 6)

= $16,346

And, finally BOM stock is

= Planned sales + basic stock

= $10,500 + $16,346

= $26,846

hence, the BOM stock is $26,846

A firm has an Inventory turnover (IT) of 5 times a year on a cost of goods sold (COGS) of $800,000. If the firm improves the inventory turnover to 8 times a year while the COGS remains the same, which of the following statements is true?

a $100,000 is additionally invested in purchasing stock.

b. $160,000 is released into the working capital.

C. $60,000 is additionally invested into purchasing stock

d. $60,000 is released into the working​

Answers

Answer:

d. $60,000 is released into the working​

Explanation:

A high inventory indicates that a company sells its stock many times in a year. It means its costs of managing inventory decreases.

The inventory turnover ratio is calculated as below

=Cost of goods sold/ average inventory

If COGS = $800,000 and the inventory turnover ratio =5,

the average inventory will be

=$800,000 /5

=$160,000

With a turnover of 8, and COGS remain $800,000, average inventory will now be

=$800,000/8

=$100,000

The average inventory will decrease to $100,000 from $160,000 previously.

$60,000  will be released to working capital.

Do you know the answer?

Answers

Answer:

yes I do know the answer

Why are craftsman likely to produce fewer goods than modern manufacturers produce?
They do less intensive labor than manufacturing.
They are not organized into uniorhs
They are considered unskilled laborers.
They do more intensive labor than manufacturing
NEXT QUESTION
ASK FOR HELP

Answers

Answer:

They do more intensive labor than manufacturing.

Explanation:

Answer:

I see you copy and pasting from ignitia

Explanation:

Identify five areas of concern where business standards apply

Answers

Answer:

The government regulates the activities of businesses in five core areas: advertising, labor, environmental impact, privacy and health and safety.

Consumer protection Via Advertising Restrictions. ...

Employment and Labor Protection. ...

Environmental Impact of Business. ...

Date Security and Privacy Protection. ...

Safety and Health.

that something unique your business should have which other business do not have ​

Answers

Answer:

find a trust ful patner

trying to make unique and helpful things

making things by using natural ingredients like in toothpaste, soap,shampooetc which make other attractive towars our business and sefty to other people

g At the optimal quantity of a public good: A. marginal benefit exceeds marginal cost by the greatest amount. B. total benefit equals total cost. C. marginal benefit equals marginal cost. D. marginal benefit is zero.

Answers

Answer: C. marginal benefit equals marginal cost.

Explanation:

As is the case in the private sector , the optimal quantity of a public good is the quantity where Marginal benefit (revenue in private) equals marginal cost.

This is the optimal quantity because any quantity made that is more than this will result in marginal cost being greater than marginal benefit. This is therefore the highest quantity that can be produced without costs exceeding benefits so it is optimal.

During the year, Carolina, Inc. writes off a client's Accounts Receivable of $1,600 because it determines that the receivable is uncollectible. Immediately before the write-off, Carolina has total Accounts Receivable of $120,000 and its Allowance for Doubtful Accounts is $16,000. After the write-off, what is the amount of Carolina's net accounts receivable

Answers

Answer:

the Net accounts receivables after write off is $104,000

Explanation:

The computation of the net account receivable after write off is shown below:

Net accounts receivables after write off is

= (Account receivable - written off) - (Allowance for doubtful accounts - written off)

= ($120,000 - $1,600) - ($16,000 - $1,600)

= $118,400 - $14,400

= $104,000

hence, the Net accounts receivables after write off is $104,000

You are considering borrowing $10,000 for 3 years at an annual interest rate of 6%. The loan agreement calls for 3 equal payments, to be paid at the end of each of the next 3 years. (Payments include both principal and Interest.) The annual payment that will fully pay off the loan is?

a. $2,890.

b. $4,020.

c. $2,674.

d. $3,741.​

Answers

Hello! The answer would be D. $3,741. I hope this helps!

When deciding whether or not to replace old equipment with new equipment, the overriding consideration is the

Answers

Answer: d. difference between future cost savings and the new equipment's costs.

Explanation:

When deciding whether or not to replace old equipment, the main thing the company should be concerned about is if the new equipment is worth it. This worth will be measured by how much it saves for the company over the old equipment vs its cost.

If the cost of the equipment is less than the future savings it will bring in, it should be bought to replace the old equipment because it would be contributing more than it costs. If the reverse is true then it should not be bought.

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