公司理财第九版课后练习16

16CHAPTER1612416.1EBITEPSBDJ8000125009%100045ROEBDJEBIT16.2MMHabitatWACC16%13%Habitat216.3MMGypco10000EBITGypco7%Gypco17%35%Gypco1500016.1EBITEBITEPS80000.09=7201000EPSEBIT720/1000125000.09=112545004500/45/=100900EPSEBIT1125/900EPSEBIT(EBIT720)/1000=(EBIT1125)/900(EBIT720)=1.11(EBIT1125)EBIT=4770EBIT4770EPS4.0516.2MMRE=RA+(RARD)(D/E)=16%+(16%13%)2=22%16.3GypcoWACC17%10000(10.35)=6500VU=6500/0.17=38235Gypco38235TCD0.3515000=525038235+5250=434851.ABA2.MMMMB1253.4.17-75.6.7.8.9.10.115161718211.EBITMoney150000EBIT14000EBIT30%EBIT60%Money5%600002500a.EPSEPSb.Moneya2.EBIT1Money35%1ab3.ROE11.0a.3ROEROEb.ac.35%ab4.EBITJamesIIIIJames16II82808%a.EBIT35EPSb.EBIT50EPSc.EBIT5.MM4MM6.EBITKolbyI7000160000II500024000010%126a.EBIT3900011000EPSb.aEBITc.IIIEPSd.40%abcEBIT7.6III8.Seether35%800055EBIT320008%a.Allison100100%b.Allison100c.SeetherAllisond.cSeether9.WACCABCXYZABC600000XYZ3000008%EBIT80000a.Rico30000XYZb.RicoABCc.ABCXYZd.ABCWACCXYZ10.MMWood9%2300EBIT11.MM1035%EBITWACC12.WACCMaxwell1.5WACC10%7%35%a.Maxwellb.Maxwellc.21.0013.WACCEmpress8.2%WACC11%35%a.Empressb.25%c.50%d.EmpressWACCbc14.MMFrederickEBIT920009%Frederick15%35%Frederick6000015.MM14WACC16.MMToolEBIT6400035%950008.5%B12715%MM17.UntilItSleepsEBIT14000UntilItSleeps16%9%35%UntilItSleeps50%100%18.VeblenKnightVeblenVeblenKnight40000040000072000250000016320001200000a.6%Knight5%Veblen5%b.19.WACCWACC=RU[1TC(D/V)]20.REMM21.RFβAβECAPMMMβE=βA(1+D/E)D/E022.1.02101520CEO3018CEO150035.201.12700CFO(JenniferWeyand)12.5%8%70%30%30%40%()1.2.3.12344.125.128