Vraag: je wilt % van firm 1 (unlevered) kopen en daarmee de capital structure van firm 2 replicaten
LEVEREN
Firm 1 (unlevered) Kosten
Nr shares out
Share price % investeren 5%
Equity (stocks MV) € 2,400,000.00
Value 1 € 2,400,000.00 Je wil dus
En
Firm 2 (levered) Dus
Debt (bonds MV) € 1,000,000.00
Equity (stocks MV) € 1,714,000.00 Shareholder D/E verhouding:
Value 2 € 2,714,000.00 Shareholder D/V verhouding:
UNLEVEREN
Firm 1 (unlevered) CF shareholder
Nr shares out 5000 # shares 170
Share price € 90.00 Totaal shares 5000
Equity (stocks MV) € 450,000.00 EBIT € 45,000.00
Value 1 € 450,000.00 % dividend 100.00%
Aandeel bedrijf 3.40%
Firm 2/ situation 2 (levered) Cash flow SH € 1,530.00
Debt (bonds MV) € 166,500.00
Equity (stocks MV) € 283,500.00 Debt in scenario 2 37%
Value 2 € 450,000.00 D/V unlever 37%
# shares verkopen 63
nieuw # shares 107
# shares out. Scenario 2 3150
Nieuw aandeel 3.40%
is het zelfde als oud aandeel bedrijf?
,n firm 2 replicaten
Returns
Firm 1 Firm 2
€ 120,000.00 € 85,700.00 Interest (bonds %)
€ 120,000.00 in firm 1 investeren
€ 85,700.00 van je eigen geld inleggen
€ 34,300.00 Lenen
holder D/E verhouding: 0.400233372
holder D/V verhouding: 0.285833333
Returns EBIT firm 1
€ 45,000.00
Interest (bonds %) 6% 0
Net income € 45,000.00
Return SH € 1,530.00
Opbrengst verkoop
Rente ontvangst
Return SH
van je aandelen verkopen Investeren in: Firm 1
zelfde als oud aandeel bedrijf??
, EBIT firm 1 EBIT firm 2
€ 300,000.00 € 300,000.00
6% 0 € 60,000.00
Net income € 300,000.00 € 240,000.00
Return SH € 15,000.00 € 12,000.00
Rente betaling € 2,058.00
Return SH € 12,942.00
Investeren in: Firm 1
EBIT firm 2
€ 45,000.00
€ 9,990.00
€ 35,010.00
€ 1,189.23
€ 5,670.00
€ 340.20
€ 1,529.43
, Finance Language
Item Synonyms
Accounts pay. Period
Accounts rec. period
Adverse selection problem asymetric information/ sigalling
Agency costs Of debt and of equity financing
Arbitrage
Ba (beta) unlevered Beta
Be (Beta) levered beta
Bond loan
Bond Loan an investor gives
Business risk
Call option Long call short call
Capital gain Capital surplus
Capital irrelevance MMI in a market without taxes
capital structure debt- equity ratio, leverage ratio
CAPM Rs, cost of equity
Cash cycle Cash to cash cycle, cash conversion cycle
Cash cycle
Cash dividend
CD Financial Distress
Commodity Raw material
Compound Rate r
confirmation bias
Cost of Capital WACC, overall cost of capital, discount rate
D/E B/S
D/E+D D/V
Debt D;B;L
Derivative Derivative securities
Discount Rate r, WACC, cost of capital
Discrete time discrete period
Discretionary spending Agency cost of free cash flow
E/E+D E/V
EAT Profit after taxes; Net Income
EBIT Profit before Taxes and Interest
EBT Profit before Taxes
Equity E;S;Es
EVA Economic Value Added
Ex divident date
Financial leverage beta portfolio
firm in steady state constant leverage ratio
frame dependence
LEVEREN
Firm 1 (unlevered) Kosten
Nr shares out
Share price % investeren 5%
Equity (stocks MV) € 2,400,000.00
Value 1 € 2,400,000.00 Je wil dus
En
Firm 2 (levered) Dus
Debt (bonds MV) € 1,000,000.00
Equity (stocks MV) € 1,714,000.00 Shareholder D/E verhouding:
Value 2 € 2,714,000.00 Shareholder D/V verhouding:
UNLEVEREN
Firm 1 (unlevered) CF shareholder
Nr shares out 5000 # shares 170
Share price € 90.00 Totaal shares 5000
Equity (stocks MV) € 450,000.00 EBIT € 45,000.00
Value 1 € 450,000.00 % dividend 100.00%
Aandeel bedrijf 3.40%
Firm 2/ situation 2 (levered) Cash flow SH € 1,530.00
Debt (bonds MV) € 166,500.00
Equity (stocks MV) € 283,500.00 Debt in scenario 2 37%
Value 2 € 450,000.00 D/V unlever 37%
# shares verkopen 63
nieuw # shares 107
# shares out. Scenario 2 3150
Nieuw aandeel 3.40%
is het zelfde als oud aandeel bedrijf?
,n firm 2 replicaten
Returns
Firm 1 Firm 2
€ 120,000.00 € 85,700.00 Interest (bonds %)
€ 120,000.00 in firm 1 investeren
€ 85,700.00 van je eigen geld inleggen
€ 34,300.00 Lenen
holder D/E verhouding: 0.400233372
holder D/V verhouding: 0.285833333
Returns EBIT firm 1
€ 45,000.00
Interest (bonds %) 6% 0
Net income € 45,000.00
Return SH € 1,530.00
Opbrengst verkoop
Rente ontvangst
Return SH
van je aandelen verkopen Investeren in: Firm 1
zelfde als oud aandeel bedrijf??
, EBIT firm 1 EBIT firm 2
€ 300,000.00 € 300,000.00
6% 0 € 60,000.00
Net income € 300,000.00 € 240,000.00
Return SH € 15,000.00 € 12,000.00
Rente betaling € 2,058.00
Return SH € 12,942.00
Investeren in: Firm 1
EBIT firm 2
€ 45,000.00
€ 9,990.00
€ 35,010.00
€ 1,189.23
€ 5,670.00
€ 340.20
€ 1,529.43
, Finance Language
Item Synonyms
Accounts pay. Period
Accounts rec. period
Adverse selection problem asymetric information/ sigalling
Agency costs Of debt and of equity financing
Arbitrage
Ba (beta) unlevered Beta
Be (Beta) levered beta
Bond loan
Bond Loan an investor gives
Business risk
Call option Long call short call
Capital gain Capital surplus
Capital irrelevance MMI in a market without taxes
capital structure debt- equity ratio, leverage ratio
CAPM Rs, cost of equity
Cash cycle Cash to cash cycle, cash conversion cycle
Cash cycle
Cash dividend
CD Financial Distress
Commodity Raw material
Compound Rate r
confirmation bias
Cost of Capital WACC, overall cost of capital, discount rate
D/E B/S
D/E+D D/V
Debt D;B;L
Derivative Derivative securities
Discount Rate r, WACC, cost of capital
Discrete time discrete period
Discretionary spending Agency cost of free cash flow
E/E+D E/V
EAT Profit after taxes; Net Income
EBIT Profit before Taxes and Interest
EBT Profit before Taxes
Equity E;S;Es
EVA Economic Value Added
Ex divident date
Financial leverage beta portfolio
firm in steady state constant leverage ratio
frame dependence
