Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Actual and Forecasted Financial Statements Assuming No Investment in New Product Line, No Sale of New
Common Stock, and All Borrowings at 9.25%
Actual
Forecast
2007
2008
2009
2010
2011
2012
$77,131
$62,519
$14,612
$80,953
$68,382
$12,571
$89,250
$72,424
$16,826
$120,000
$97,320
$22,680
$144,000
$116,784
$27,216
$144,000
$116,784
$27,216
$3,726
$6,594
$4,292
$4,133
$7,536
$902
$4,416
$7,458
$4,952
$6,000
$10,032
$6,648
$7,200
$12,038
$7,978
$7,200
$12,038
$7,978
$480
-$39
$652
-$27
$735
-$35
$937
-$50
$1,323
-$50
$1,565
-$50
$3,773
$223
$4,182
$5,661
$6,604
$6,363
$1,509
$2,264
$89
$134
$1,673
$2,509
$2,264
$3,396
$2,642
$3,963
$2,545
$3,818
$1.52
$0.09
$1.68
$2.28
$2.66
$2.56
Sales ( given)
Cost of goods sold=sales*.811
Gross margin
Research and development=Sales*.05
Selling, general and administrative=sales*.0836
Operating income
Interest expense=pre years notes payable*.0925
Other income (expenses)-Given
Forecast
2007
2008
2009
2010
2011
2012
$2,536
$10,988
$9,592
$309
$23,425
$2,218
$12,864
$11,072
$324
$26,478
$2,934
$14,671
$11,509
$357
$29,471
$3,960
$19,726
$13,865
$480
$38,031
$4,752
$23,671
$16,638
$576
$45,637
$4,752
$23,671
$16,638
$576
$45,637
$5,306
$792
$4,514
$6,116
$1,174
$4,942
$7,282
$1,633
$5,649
$8,182
$2,179
$6,003
$9,082
$2,793
$6,290
$9,982
$3,474
$6,508
$27,939
$31,420
$35,120
$44,034
$51,926
$52,145
Accounts payable=COGS*.6*30/365
Notes payable
Accrued expenses=Sales*.0073
Income taxes payable=Income tax*.1
Other current liabilities=Sales*.0062
Total current liabilities
$3,084
$6,620
$563
$151
$478
$10,896
$4,268
$8,873
$591
$9
$502
$14,243
$3,929
$10,132
$652
$167
$554
$15,434
$4,799
$14,306
$876
$226
$744
$20,952
$5,759
$16,914
$1,051
$264
$893
$24,881
$5,759
$13,324
$1,051
$255
$893
$21,282
$15
$7,980
$9,048
$17,043
$15
$7,980
$9,182
$17,177
$15
$7,980
$11,691
$19,686
$15
$7,980
$15,087
$23,082
$15
$7,980
$19,050
$27,045
$15
$7,980
$22,868
$30,863
$27,939
$31,420
$35,120
$44,034
$51,926
$52,145
1,491,662
1,491,662
1,491,662
1,491,662
1,491,662
1,491,662
$11.43
$11.52
$13.20
$15.47
$18.13
$20.69
13.3%
8.9
60.2%
38.8%
63.9%
0.8%
1.4
69.0%
51.7%
82.9%
12.7%
6.7
69.1%
51.5%
78.4%
14.7%
7.1
72.5%
62.0%
90.8%
14.7%
6.0
71.5%
62.5%
92.0%
12.4%
5.1
56.3%
43.2%
69.0%
Cash=Sales*.033
Accounts receivable=Sales*60/365
Inventories=COGS*52/365
Prepaid expenses=Sales*.004
Total current assets
Property, plant & equipment at cost ( pre year value+900)
Less: Accumulated depreciation (accu dep+pre year pl value*.075)
Net property, plant & equipment
Total assets
Micron Technology
Book value of equity = Sh o/s *B.V of share
Book value of debt=B.V of equity*.33/.67
Market value of equity=shares o/s*M.V
D/V
E/V
D = debt beta(Assumed)
E = equity or levered beta(Given)
A = asset or unlevered beta =A = D x (D/V) + E x (E/V)
SanDisk Corporation
Book value of equity = Sh o/s *B.V of share
Book value of debt=B.V of equity*.33/.67
Market value of equity=shares o/s*M.V
D/V
E/V
D = debt beta(Assumed)
E = equity or levered beta(Given)
A = asset or unlevered beta =A = D x (D/V) + E x (E/V)
0.20
1.25
0.00
0.20
1.36
-
STEC, Inc.
Book value of equity = Sh o/s *B.V of share
Book value of debt=B.V of equity*.33/.67
Market value of equity=shares o/s*M.V
D/V
E/V
D = debt beta(Assumed)
E = equity or levered beta(Given)
A = asset or unlevered beta =A = D x (D/V) + E x (E/V)
Average beta of the industry
Calculation of Cost of Capital
0
1
0.00
18.0%
82.0%
0.20
3.70%
0.00
6.00%
0.82
0.18
7.25%
40.00%
sd
1.36
1.14074
1.19221
1.05236
1.13171
1.19096
mc
1.25
1.29552
0.96486
0.18
0.82
2011
2012
2013
2014
2015
$7,322
$7,322
$2,877
$1,308
$0
$21,600
$28,000
$28,000
$11,000
$5,000
$0
$0
$0
$0
$0
$300
$0
$0
$0
$0
Net income
Depreciation of equipment=Cost of equip/5
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
-$2,200
-$2,200
Total