Chapter 6

Problems 1-38
Input boxes in tan
Output boxes in yellow
Given data in blue
Calculations in red
Answers in green
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Chapter 6
Question 1
Input Area:

Dividendo anual
nmero de aos
Dividendo liquidativo
Tipo de descuento

$
$

2.40
4
40.00
10%

Output Area:

P0

$34.93

P0 =

D1

(1+ k )

P0 =

D1

D2

(1+ k ) ( 1+ k )

D3

( 1+ k )

DL

( 1+ k )

DL

1+ k )

Chapter 6
Question 2
Input Area:

Dividendo anual
Nmero de aos
Tipo de inters
Precio actual de la accin

2.40
4
10%
50.00

VA del dividendo liquidativo $

42.39

Dividendo liquidativo

62.07

Output Area:

Chapter 6
Question 3
Input Area:

Beta de la accin
Ratio Deuda/Accin
Tipo impositivo

1.40
0.30
30%

Beta acci

Output Area:

Beta de la accin

1.16

Beta accin=Beta activo 1+

Deuda
( 1t )
Accin

Chapter 6
Question 4
Input Area:

Beta de la accin
Tasa libre de riesgo
Prima de Riesgo del Mercado

1.16
4%
7%

Output Area:

Tipo de descuento

Tipo de descuento=
12.1%

po de descuento=Tasa Libre Riesgo + ( Beta AccnPr ima Riesgo del Mercado )

go del Mercado )

Chapter 6
Question 5
Input Area:

Beneficio neto
Depreciacin
Gastos de Capital

$
$
$

30.00
4.00
5.00

FCF = Net Income +

Output Area:

FCF

29.00

FCF = Net Income + Depreciation Capital Spending

Chapter 6
Question 6
Input Area:

FCL
Tasa de crecimiento
Tipo de interes requerido

29.00
2.00%
12.10%

Output Area:

Valor de la compaa

$292.90

This is the total firm value. To get the equity value

we need to subtract out the value of the debt.

FCF( 1+ g )
P0 =
kg

( Important: g<

ortant: g< k )

Chapter 6
Question 7
Input Area:

Precio por accin

Pago de dividendo
Tasa de crecim del dividendo

$
$

50
3.26
3.0%

P0 =

Output Area:

9.520%

D1

P0 =

D1
k g

k =

D 1 + P0g
P0

Chapter 6
Question 8
Input Area:

Precio de la accin
Pago de dividendo
Tasa de descuento

$
$

42
1.40
11%

Output Area:

Tasa de crecimiento del dividendo

7.42%

P0 =

D 0 ( 1+ g )
k g

g=

P0k D 0
D 0 + P0

Chapter 6
Question 9
Input Area:

Precio por accin

Nmero de aos
Tasa de descuento
Tasa de crecimento dividendo

38
3
9%
3.80%

D1

1.98

D3

2.13

Output Area:

P0 =

D1
k g

D 1 = P0( k g )

Dt +1 =Dt ( 1+ g )
So, D 2 = D 1 (1+ g )= D0 ( 1+ g )( 1+ g)

Chapter 6
Question 10
Input Area:

Beneficio por accin

Dividendo pagado por accin
ROE

$
$

3.10
1.25
16%

Output Area:

Ratio de retencin
Tasa de crecimiento sostenible

59.68%
9.55%

D
B
Ratio Retencio
Tasa de Cmto
Ratio Pago=

Dividendo por accin

B por accin
Ratio Retencion=1Ratio Pago
Tasa de Cmto Sostenible=ROERatio Retencion
Ratio Pago=

Chapter 6
Question 12
Input Area:

Beta
Tasa libre de riego
Prima de riesgo del mercado
Beta

Output Area:

1.20
4.10%
7.50%
0.85

Re ntabilidad esperada accin Tipo int ers lib

Rentabilidad esperada

13.10%

Rentabilidad esperada

10.48%

accin Tipo int ers libre Riesgo ( Beta * Pr ima de Rie

Chapter 6
Question 13
Input Area:

EPS al prximo ao
Valor en libros
Tasa de descuento requerida
Tasa de crecimiento de los beneficios

$
$

2.56
4.70
11.00%
3.00%

30.24

Output Area:

P0

P0 =B 0 +

EPS 0 ( 1+ g )B0 k
kg

or
P0 =

EPS 1 B0 g
k g

Chapter 6
Question 14
Input Area:

EPS actual
Valor en libros
Tasa de descuento requerida
Tasa de crecimiento de los beneficios

$
$

2.56
4.70
11.00%
3.00%

31.20

Output Area:

Precio de la accin

EPS 0 ( 1+ g )B0 k
P0 =B 0 +
kg
or
P0 =

EPS 1 B0 g
k g

Chapter 6
Question 16
Input Area:

Dividendo por accin

Tasa de crecimiento inicial
Tasa de creciminiento perpeto
nmero de aos
Tipo de inters requerido

1.25
20%
5%
4
15%

Output Area:

Crecimiento del primer ao

Decrecimiento lineal
Crecimiento segundo ao
Crecimiento tercer ao
Crecimiento cuarto ao y siguientes

20%
5%
15%
10%
5%

Dividendo del primer ao

Dividendo del segundo ao
Dividendo del tercer ao
Dividendo del cuarto ao

$
$
$
$

1.50
1.73
1.90
1.99

Valor residual (ao 3)

19.92

P0

16.96

P0

D
1

P0

D1
D2
D3
P3

1 k 1 k 2 1 k 3 1 k 3

Chapter 6
Question 21
Input Area:

Ao
Precio
EPS (Ganancia por accin)
CFPS (Cash Flow por accin)
SPS (Ventas por accin)

2005
2006
2007
94.50 $ 100.40 $
99.10
4.34
5.05
5.22
7.27
8.24
8.71
$
52.60 $
58.52 $
57.90
$

Output Area:

P/E ratios (PER)

21.77
Media P/E
EPS tasa de crecimiento
Media EPS tasa de crecimiento de 5 aos
Precio por accin esperado utilizando el ratio P/E
P/CFPS
13.00
Media P/CFPS
CFPS tasa de crecimiento
Media CFPS 5-year growth rate
Precio por accin esperado utilizando el P/CFPS
P/S
1.797
Media P/S
SPS tasa de crecimiento
Media ventas 5-aos tasa de crecimiento
Ganancia esperada por accin utilizando P/S

19.88

18.98

16.36%

3.37%

12.18

11.38

13.34%

5.70%

1.716

1.712

11.25%

-1.06%

2008
97.90
6.06
10.12
$
60.69

2009
$ 121.50
7.00
11.80
$ 71.60

16.16

17.36

16.09%

15.51%

9.67

10.30

16.19%

16.60%

1.613

1.697

4.82%

17.98%

2010
136.80
8.00
13.10
$
78.70

17.10
18.54
14.29%
13.12%
167.80

Expected stock price = historical P/E ratio projected EPS

10.44
11.16
11.02%
12.57%
164.61

Expected stock price = historical P/CF ratio

1.738
1.712
9.92%
8.58%
$

146.30

Expected stock price = historical P/S ratio x proyected SPS

E ratio projected EPS

P/CF ratio projected CFPS

P/S ratio x proyected SPS

Chapter 6
Question 22
Input Area:

Ao
Dividendos por accin
Prima de Riesgo
Rentabilidad Letras Tesoro
Beta

Output Area:

2005
$

1.00 $

2006
1.08

2007
1.17

7.5%
4%
0.90

Discount rate = time value of money + risk p

Re ntabilidad esperada accin Tipo int ers

k
Tasa de crecimiento anual del dividendo
Tasa histrica de crecimiento medio del dividendo
P0

8.00%

8.33%

2008
2009
1.25 $
1.35 $

2010
1.40

e value of money + risk premium = U.S. T-bill Rate + (Stock Beta x Stock Market Risk Premium)
ada accin Tipo int ers libre Riesgo ( Beta * Pr ima de Rie
6.84%

10.75%
3.70%
6.97%

8.00%

39.67

P0

D 0 1 g
D1

k g
k g

(Important : g k)

ket Risk Premium)

Important : g k)

Chapter 6
Question 28
Input Area:

High
Low
EPS
CFPS
SPS

$
$
$
$
$

2005
50.00
37.50
2.50
3.42
14.51

$
$
$
$
$

2006
49.90
39.20
2.52
3.51
14.62

$
$
$
$
$

2007
59.50
48.80
2.84
4.05
16.72

$
$
$
$
$

2008
61.10
45.80
3.03
4.32
19.40

Output Area:

Average stock price

$43.75

P/E ratios
17.50
Average P/E
EPS growth rate
Average EPS 5-year growth rate
Expected share price using P/E ratio
P/CFPS
12.79
Average P/CFPS
CFPS growth rate
Average CFPS 5-year growth rate
Expected share price using P/CFPS
P/S
3.015
Average P/S
SPS growth rate
Average sales 5-year growth rate
Expected share price using P/S

$44.55

$54.15

$53.45

17.68

19.07

17.64

0.80%

12.70%

6.69%

12.69

13.37

12.37

2.63%

15.38%

6.67%

3.047

3.239

2.755

0.76%

14.36%

16.03%

$
$
$
$
$

2009
57.40
41.30
3.65
4.95
19.70

$49.35
13.52
17.08
20.46%
10.16%
$ 68.68
9.97
12.24
14.58%
9.82%
$ 66.53

2.505
2.912
1.55%
8.17%
62.06