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- Determinants of Financial Structure
- Capital Structure Theory - Net Income Approach
- Chapter 03- Time Value of Money
- Management Consultancy QUIZ REVISED
- Capital
- Capital Structure Efficiency of Cement Industry in Tamil Nadu
- Capital Structure Theories Notes
- Chapter15-lengkap
- Share Sansar Samachar of 15th August' 2012
- The Analysis & Selection of Equity Bonds - Stocks 2011 Forum Presentation
- Capital Budgeting
- ch15[1]
- Capital Structure Decision-1
- Capital Structure and Cost of Capital
- Drawback of WACC
- Final Note Sheet
- Analisis Struktur Modal Perusahaan Industri Makana
- Capital Structure and Performance
- Financial Management
- December 2010

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Capital Structure

and Leverage

Pamela L. Hall, Western Washington University

Background

Capital structure refers to the mix of a firm’s

debt and equity

Preferred stock is assumed to be part of a firm’s debt

Financial leverage refers to using borrowed

money to enhance the effectiveness of invested

equity

Financial leverage of 10% means the firm’s

capital structure contains 10% debt and 90%

equity

2

The Central Issue

Can the use of debt increase the value of a

firm’s equity

Specifically, the firm’s stock price

Under certain conditions changing leverage

increases stock price

An optimal capital structure maximizes stock price

The relationship between capital structure and

stock price is not precise nor fully understood

3

Risk in the Context of Leverage

Leverage influences stock price

Alters the risk/return relationship in an equity investment

Measures of performance

Operating income (AKA: EBIT or Earnings Before Interest and

Taxes)

• Unaffected by leverage because it is calculated prior to the

deduction for interest

Return on Equity (ROE) is Earnings after Taxes ÷ Stockholders’

Equity

Earnings per Share (EPS) is Earnings after Taxes ÷ number of

shares

• Investors regard EPS as an important indicator of future profitability

4

Risk in the Context of Leverage

Issues

Leverage-related risk is variation in ROE and

EPS

• Business risk—variation in EBIT

• Financial risk—additional variation in ROE and

EPS brought about by financial leverage

5

Figure 13.1: Business and

Financial Risk

6

Leverage and Risk—Two Kinds

of Each

Relates to a company’s cost structure

Involves relative use of fixed and variable

costs

Operating leverage has an influence on a

firm’s business risk

7

Financial Leverage

leverage can improve a firm’s ROE and

EPS

However, at other times it may worsen EPS

and ROE

8

Table 13.1

ratio rises, both

EPS and ROE rise

dramatically. While

EAT falls, the

number of shares

outstanding falls at

a faster rate as

debt replaces

equity.

9

Financial Leverage

Return on Capital Employed (ROCE)

Measures the profitability of operations before financing charges

but after taxes on a basis comparable to ROE

ROCE =

debt + equity

When the ROCE exceeds the after-tax cost of debt,

more leverage improves ROE and EPS

When ROCE is less than the after-tax cost of debt,

more leverage makes ROE and EPS worse

10

Table 13.2

ABC is now

doing rather

poorly—ROE and

ROCE are quite

low. As the firm

adds leverage,

EPS and ROE

decrease.

11

Financial Leverage—Example

Q: Selected financial information for the Albany Corporation follows:

($000 except for per-share amounts)

EBIT $23,700 Debt $10,000

Interest (@12%) 1,200 Equity 90,000

EBT $22,500 Capital $100,000

Example

EAT $13,500

Stock price = $10 per share

ROE = EAT ÷ equity = $13,500 ÷ $90,000 = 15%

EPS = EAT ÷ number of shares = $13,500 ÷ 9,000,000 = $1.50

The treasurer feels debt can be traded for equity without immediately affecting the price of the stock or

the rate at which the firm can borrow. Management believes it is in the best interest of the company and

its stockholders to move the firm’s EPS from its current level up to $2.00 per share. However, no

opportunities are available to increase operating profit (EBIT) above the current level of $23.7 million.

Will borrow more money and retiring stock raise Albany’s EPS, and if so what capital structure will

achieve an EPS of $2.00?

12

Financial Leverage—Example

A: EPS will rise if ROCE exceeds the after-tax cost of debt. ROCE is currently:

23.7M ( 1 - 0.40 )

ROCE = = 14.2%

Example

$100.0M

The after-tax cost of debt is 12% x (1 – 0.4), or 7.2%. Since 7.2% <

14.2%, trading equity for debt will increase EPS.

Using trial and error, you can determine that $45 million of debt is the

approximate amount of debt that makes the firm’s EPS equal $2.00.

13

An Alternate Approach

Using ratios and information from financial

statements we can solve for unknown values

EPS = ROE × Book Value per share

ROE = EAT ÷ Equity

EAT = [EBIT – Interest] (1 – tax rate)

Interest = kd (Debt)

Therefore, EAT = [EBIT – (kd)(Debt)](1 – tax rate)

Equity = Total Capital – Debt

EPS = [[EBIT – (kd)(Debt)](1 – tax rate)] ÷ Total

Capital – Debt

14

An Alternate Approach

Using the previous example everything is known

except Debt

If we set EPS to $2 we can solve for the value of

Debt

$23.7M - (.12)(Debt)(1 - .4)

$2 = [ $10]

$100.0M - Debt

Debt = $45,156,25 0

15

Financial Leverage and

Financial Risk

Financial leverage is a two-edged sword

Multiplies good results into great results

Multiples bad results into terrible results

experience more variation

Financial risk is the increased variability in

financial results that comes from

additional leverage

16

Putting the Ideas Together—

The Effect on Stock Price

Leverage enhances performance while it

adds risk, pushing stock prices in opposite

directions

Enhanced performance makes the expected

return on stock higher, driving up the stock’s

price

The increased risk drives down the stock’s

price

• Which effect dominates, and when?

17

Real Investor Behavior and the

Optimal Capital Structure

When leverage is low an increase in debt

has a positive effect on investors

At high debt levels concerns about risk

dominate and adding more debt

decreases the stock’s price

As leverage increase its effect goes from

positive to negative, which results in an

optimum capital structure

18

Figure 13.2: The Effect of

Leverage on Stock Price

19

Finding the Optimum—A

Practical Problem

There is no way to determine the exact optimum

amount of leverage for a particular company at

a particular time

Appropriate level tends to vary according to

• Nature of a company’s business

• If firm has high business risk it should use less leverage

• Economic climate

• If the outlook is poor investors are likely to be more sensitive to

risk

As a practical matter the optimum capital

structure cannot be precisely located

20

The Target Capital Structure

management’s estimate of the optimal

capital structure

An approximation or best guess as to the

amount of debt that will maximize the firm’s

stock price

21

The Effect of Leverage When Stocks

Aren’t Trading at Book Value

We’ve assumed that changes in leverage

involve purchasing equity at book value

If this is not the case, things are more

complex

Repurchasing stock at prices other than book

value will have the same general impact on

ROE, but not necessarily for EPS

• However the important point is the direction of the

stock price change, not the exact amount

22

The Degree of Financial Leverage

(DFL)—A Measurement

Financial leverage magnifies changes in EBIT

into larger changes in ROE and EPS

The degree of financial leverage (DFL) relates

relative changes in EBIT to relative changes in EPS

% ∆ EPS Somewhat

DFL = or % ∆ EPS = DFL × % ∆ EBIT tedious

% ∆ EBIT

An easier method of calculating DFL is:

EBIT

DFL =

EBIT - Interest

23

The Degree of Financial Leverage

(DFL)—A Measurement—Example

Q: Selected income statement and capital information for the Moberly Manufacturing Company

follow ($000):

Capital

Revenue $5,580 Debt $1,000

Cost/expense 4,200 Equity 7,000

EBIT $1,380 Total $8,000

Example

Currently 700,000 shares of common stock are outstanding. The firm pays 15% interest

on its debt and anticipates that it can borrow as much as it reasonably needs at that rate.

The income tax rate is 40%

Moberly is interested in boosting the price of its stock. To do that management is

considering restructuring capital to 50% debt in the hope that the increased EPS will have

a positive effect on price. However, the economic outlook is shaky, and the company’s

CFO thinks there’s a good chance that a deterioration in business conditions will reduce

EBIT next year. At the moment Moberly’s stock sells for its book value of $10 per share.

Estimate the effect of the proposed restructuring on EPS. Then use the degree of

financial leverage to assess the increase in risk that will come along with it.

24

The Degree of Financial Leverage

(DFL)—A Measurement (Example)

A: Since the equity is trading at book value, this is a relatively simple example.

Current Proposed

Capital

Debt $1,000 $4,000

Equity 7,000 4,000

Total $8,000 $8,000

Example

Current Proposed

EBIT $1,380 $1,380

Interest (15% of debt) 150 600 If business conditions

EBT $1,230 $780 remain unchanged, a

Tax (@40%) 492 312 higher EPS will result

EAT $738 $468 with the addition of

EPS $1.054 $1.170 debt.

25

The Degree of Financial Leverage

(DFL)—A Measurement—Example

A: Next, calculate DFL:

$1,380

DFLCurrent = = 1.12

Example

$1,380 - $150

$1,380

DFLProposed = = 1.77

$1,380 - $600

EPS will be much more volatile under the proposed plan. EPS will

change by a factor of 1.77 vs. 1.12.

26

EBIT-EPS Analysis

Managers need a way to quantify and analyze

the tradeoffs between risk and results when

changing leverage levels

Provides a graphical portrayal of the trade-off

Involves graphing EPS as a function of EBIT for each

leverage level

Portrays the results of leverage and helps to

decide how much to use

27

Figure 13.3: EBIT – EPS Analysis for ABC

Corporation

(from Table 13.1, Columns 1 and 2)

It is

important to

determine When examining the ABC

the Corporation you can see that

indifference the 50% Debt and No

point, which Leverage lines intersect. At

occurs when the point of intersection ABC

the two is indifferent between the two

plans offer plans. However, to the left of

the same the intersection the 50% Debt

EBIT. plan is preferable, but to the

right of the point the No

Leverage plan is preferable.

28

Operating Leverage

Terminology and Definitions

Risk in Operations—Business Risk

• Variation in EBIT

Fixed and Variable Costs and Cost Structure

• Fixed costs don’t change with the level of sales, while

variable costs do

• Fixed costs include rent, depreciation, utilities, salaries

• Variable costs include direct labor, direct materials, sales

commissions

• The mix of fixed and variable costs in a firm’s operations is

its cost structure

Operating Leverage Defined

• Refers to the amount of fixed costs in the cost structure

29

Breakeven Analysis

firm must achieve to stay in business in

the long run

Shows the mix of fixed and variable cost

and the volume required for zero

profit/loss

Profit/loss generally measured by EBIT

30

Breakeven Analysis

Breakeven Diagrams

Breakeven occurs at the intersection of

revenue and total cost

• Represents the level of sales at which revenue

equals cost

31

Figure 13.5: The Breakeven

Diagram

32

Breakeven Analysis

The Contribution Margin

Every sale makes a contribution of the

difference between price (P) and variable cost

(V)

• Ct = P – V

Can be expressed as a percentage of

revenue

• Known as the contribution margin (CM)

• CM = (P – V) ÷ P

33

Breakeven Analysis—Example

variable labor and materials, and sell it for $10. What are the

Example

contribution margin is $3 ÷ $10, or 30%.

34

Breakeven Analysis

Calculating the Breakeven Sales Level

EBIT is revenue minus cost, or

• EBIT = PQ – VQ – FC

Breakeven occurs when revenue (PQ) equals

total cost (VQ + FC), or

• QB/E = FC ÷ (P – V)

• Breakeven tells us how many units have to be sold to

contribute enough money to pay for fixed costs

• Can also be expressed in terms of dollar sales

• SB/E = P(FC) ÷ (P – V) or FC ÷ CM

35

Breakeven Analysis—Example

Q: What is the breakeven sales level in units and dollars for a

company that can make a unit of product for $7 in variable costs

and sell it for $10, if the firm has fixed costs of $1,800 per

Example

month?

The breakeven point in dollars is $10 per unit times 600 units, or

$6,000, which could also be calculated as $1,800 ÷ 0.30. Thus,

the firm must sell 600 units per month to cover fixed costs.

36

The Effect of Operating

Leverage

As volume moves away from breakeven, profit or loss

increases faster with more operating leverage

The Risk Effect

More operating leverage leads to larger variations in EBIT, or

business risk

The Effect on Expected EBIT

Thus, when a firm is operating above breakeven, more

operating leverage implies higher operating profit

• If a firm is relatively sure of its operating level, it is in the firm’s best

interests to trade variable costs for fixed cost (assuming the firm is

operating above breakeven)

37

Figure 13.6: Breakeven Diagram at

High and Low Operating Leverage

38

The Effect of Operating

Leverage—Example

Q: Suppose Firm A has fixed costs of $1,000 per period, sells its product for $10,

and has variable costs of $8 per unit. Further, suppose Firm B has fixed costs of

$1,500 and also sells its product for $10 a unit. Both firms are at the same

breakeven point. What variable cost must Firm B have if it is to achieve the

same breakeven point as Firm A? State the trade-off at the breakeven point.

Which structure is preferred if there’s a choice?

Example

A: Both firms have a breakeven point of 500 units (Firm A: $1,000 ÷ $2). We need

to solve the breakeven formula for Firm B’s variable costs per unit:

differential in contribution

500 units = $1,500 ÷ ($10 – VB) makes up for a $500

VB = $7 difference in fixed cost.

volatile, the lower fixed cost structure might be better in the long run.

39

The Degree of Operating Leverage

(DOL)—A Measurement

Operating leverage amplifies changes in

sales volume into larger changes in EBIT

DOL relates relative changes in volume

(Q) to relative changes in EBIT

% ∆ EBIT Q(P - V)

DOL = or

%∆Q Q(P - V) - FC

40

The Degree of Operating Leverage

(DOL)—A Measurement

Q: The Albergetti Corp. sells its product at an average price of $10. Variable costs

are $7 per unit and fixed costs are $600 per month. Evaluate the degree of

operating leverage when sales are 5% and then 50% above the breakeven level.

A: First, compute the breakeven volume: $600 ÷ ($10 - $7) = 200 units.

Breakeven plus 5% is 200 x 1.05 or 210 units, while breakeven plus 50% is 200

x 1.50 or 300 units. DOL at 210 units is:

Example

210($10 - $7)

DOLQ=210 = = 21

210($10 - $7) - $600

DOL at 300 units is:

300($10 - $7) as the output level

DOLQ=300 = =3

300($10 - $7) - $600 increases above

breakeven.

41

Comparing Operating and

Financial Leverage

Financial and operating leverage are similar in that both can

enhance results while increasing variation

Financial leverage involves substituting debt for equity in the firm’s

capital structure

Operating leverage involves substituting fixed costs for variable

costs in the firm’s cost structure

Both methods involve substituting fixed cash outflows for variable

cash outflows

Both kinds of leverage make their respective risks larger as the

levels of leverage increase

However, financial risk is non-existent if debt is not present, while

business risk would still exist even if no operating leverage existed

Financial leverage is more controllable than operating leverage

42

The Compounding Effect of

Operating and Financial Leverage

The effects of financial and operating leverage

compound one another

Changes in sales are amplified by operating leverage

into larger relative changes in EBIT

Which in turn are amplified into still larger relative changes in

ROE and EPS by financial leverage

• The effect is multiplicative, not additive

Thus, fairly modest changes in sales can lead to dramatic

changes in ROE and EPS

The combined effect can be measured using degree of

total leverage (DTL)

DTL = DOL × DFL

43

Figure 13.9: The Compounding Effect of

Operating Leverage and Financial Leverage

44

The Compounding Effect of Operating

and Financial Leverage—Example

Q: The Allegheny Company is considering replacing a manual production process

with a machine. The money to buy the machine will be borrowed. The

replacement of people with a machine will alter the firm’s cost structure in favor

of fixed costs, while the loan will move the capital structure in the direction of

more debt. The firm’s leverage positions at expected output levels with and

without the project are summarized as follows:

DOL DFL

Example

Proposed 3.5 2.5

The economic outlook is uncertain and some managers fear a decline in sales of

as much as 10% in the coming year. Evaluate the effect of the proposed project

on risk in financial performance.

A: The firm’s current DTL is 2 x 1.5, or 3, meaning a 10% decline in sales could

result in a 30% decline in EPS. Under the proposal, the DTL will be much

higher: 8.75, or 3.5 x 2.5, meaning a 10% drop in sales could lead to a 87.5%

drop in EPS.

45

Capital Structure Theory

and the market value of the firm?

If so, is there an optimal structure that

maximizes either or both?

Results indicate that capital structure

does impact stock prices but there’s no

way to determine the optimal structure

with any precision

46

Background—The Value of the

Firm

Notation

Vd = market value of the firm’s debt

Ve = market value of the firm’s stock or equity

Vf = market value of the firm in total

• Vf = V d + V e

Investors’ returns on the firm’s securities will be

Kd = return on an investment in debt

Ke = return on an investment in equity

Theory begins by assuming a world without taxes or

transaction costs, so investors’ returns are exactly

component capital costs

Ka = average cost of capital

47

Background—The Value of the

Firm

Value is Based on Cash Flow Which Comes

from Income

Earnings ultimately determine value because all cash

flows paid to investors come from earnings

Dividends and interest payments are both

perpetuities

• The firm’s market value is the sum of their present values

annual interest paid to bondholders total annual dividend paid to stockholders

Vf = +

kd ke

which is equivalent to saying

Returns drive value Operating Income

Vf =

in an inverse ka

relationship.

48

Figure 13.10: Variation in Value and

Average Return with Capital Structure

and the firm’s stock

price reach a

maximum when the

average cost of capital

is minimized.

49

The Early Theory by Modigliani

and Miller (MM)

Restrictive Assumptions in the Original

Model

In 1958 MM published their first paper on

capital structure

• Included numerous restrictions such as

• No income taxes

• Securities trade in perfectly efficient capital markets with

no transaction costs

• No costs to bankruptcy

• Investors and companies can borrow as much as they

want at the same rate

50

The Early Theory by Modigliani

and Miller (MM)

The Assumptions and Reality

Realistically income taxes exist

Realistically the costs of bankruptcy are quite

large

Realistically individuals cannot borrow at the

same rate as companies and interest rates

usually rise as more money is borrowed

51

The Early Theory by Modigliani

and Miller (MM)

The Result

Under MM’s initial set of restrictions, value is

independent of capital structure

As cheaper debt is added the cost of equity

increases because of increased risk

• However the weight of the more expensive equity

is decreasing while the weight of the cheaper debt

is increasing, leading to a constant weighted

average cost of capital

52

Figure 13.11: The

Independence Hypothesis

53

The Early Theory by Modigliani

and Miller (MM)

The Arbitrage Concept

Arbitrage means making a profit by buying and selling the same

thing at the same time in two different markets

MM proposed that arbitrage by equity investors would hold the

value of the firm constant as debt levels changed

• Equity investors could sell shares in a leveraged firm and buy

shares in an unleveraged firm by borrowing money on their own

Interpreting the Result

The MM result implies that leverage affects value because of

market imperfections

• Such as taxes and transaction costs (including bankruptcy)

54

Relaxing the Assumptions—

More Insights

Financing and the U.S. Tax System

Tax system favors debt financing over equity

financing

• Interest expense on debt is tax deductible while

dividends on stock are not

55

Table 13.4

pays more taxes

because it receives

no interest expense

deduction.

Total payments to

investors are higher

for the leveraged

company.

56

Relaxing the Assumptions—

More Insights

Including Corporate Taxes in the MM

Theory

When taxes exist operating income (OI) must

be split between investors and the

government

• This lowers the firm’s value compared to what it

would be if no taxes existed

• Amount of reduction depends on the firm’s use of

leverage

• Use of debt reduces taxable income which reduces

taxes

57

Including Corporate Taxes in

the MM Theory

In the MM model with taxes interest provides a

tax shield that reduces government’s share of

the firm’s earnings

When a firm uses debt financing the government’s

take is reduced by (corporate tax rate × interest

expense) every year

• Present value of tax shield = (corporate tax rate × interest

expense) ÷ kd

• Since interest is the amount of debt (B) times the interest

rate on the debt, the above equation can be written as

corporate tax rate x B x kd

PV of tax shield = = TB

kd

58

Including Corporate Taxes in

the MM Theory

Having debt in the capital structure

increases a firm’s value by the magnitude

of that debt times the tax rate

The benefit of debt accrues entirely to

stockholders because bond returns are

fixed

59

Figure 13.12: MM Theory with

Taxes

In the MM model with taxes

value increases steadily as

leverage is added. Thus, the

firm’s value is maximized with

100% debt. Note that kd remains

constant across all levels of

debt.

60

Including Bankruptcy Costs in

the MM Theory

As leverage increases past a certain point,

investors begin raising their required rates of

return

The probability of bankruptcy failure increases

Eventually the weighted average cost of capital

will be minimized and the firm value will be

maximized

The MM model with taxes and bankruptcy costs

concludes that an optimal capital structure exists

61

Figure 13.13: MM Theory with

Taxes and Bankruptcy Costs

62

An Insight into Mergers and

Acquisitions

In many mergers one company buys the

stock of another company called the

target

The buying company needs to buy shares

of the target company at a premium over

the current market price

Paying twice the current market value for a

target firm is not unheard of

Why do companies do this?

63

An Insight into Mergers and

Acquisitions

One argument is that target firms may be

underutilizing their debt capacity

Thus, a restructuring of capital may raise the value of

the target firm

Acquiring firms often raise the cash needed to

buy the target firm’s shares with debt

The resulting merged business ends up with more

debt than the individual firms had before the merger

• May theoretically be justified if adding debt adds value

64

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