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Questions 2 and 3 both relate to the following financial information for XYZ Inc. for fiscal 2020 (the year just past) and fiscal 2021 (forecasted). Note that more information is given than is necessary for solving both questions.
XYZ Inc.: Highlighted Financial Information (in $ million
2020 2021
Total Assets
400.0
423.0
Total Debt
172.0
189.0
Total Sales
1,070.5
1,130.0
Net Income
187.0
195.4
EBIT
232.0
245.2
Depreciation & Amortization (D&A)
(35.2)
(38.7)
Capital Expenditure (Capex)
96.8
106.5
Change in Net Working Capital
(30.0)
(28.4)
These indicators of financial performance from other companies in the same industry:
Company
Trailing P/E Ratio
Forward P/E Ratio
ABC Co.
13.4
11.0
DEF Inc.
11.2
10.6
GHI Ltd.
9.9
10.5
J&K LLP.
15.1
13.9
And these following conditions:
Stock Price ($/share), 12/31/2019
$22
Earnings per share (EPS), 2019
$1.84
Forecasted earnings per share (EPS), 2020
$1.87
Number of shares outstanding
87 million
BV of Short-Term Debt
$12 million
BF of Long-Term Debt
$160 million
(Leveraged) Beta
0.75
Yield-to-maturity on 10-year US Treasury bonds (at 12/29/19)
1.92%
Equity risk premium
5.0%
Effective Tax Rate
25%
Effective Interest Rate
8.5%
Inflation
1.0%
Remember that: = +∗( −)
= ∗
++ ∗(1−)∗+
= ∗(1−)+&−− ∆
2. Calculate the actual profit margin and ROA for 2020, and the forecasted profit margin and ROA for 2021. What do these results tell you about the financial performance of XYZ Inc.?
3. Calculate the indirect valuation of XYZ Inc., using the benchmark information provided. Briefly analyze what this valuation means.
Questions 2 and 3 both relate to the following financial information for XYZ Inc. for fiscal 2020 (the year just past) and fiscal 2021 (forecasted). Note that more information is given than is necessary for solving both questions.
XYZ Inc.: Highlighted Financial Information (in $ million
2020 2021
Total Assets |
|
400.0 |
|
423.0 |
Total Debt |
|
172.0 |
|
189.0 |
Total Sales |
|
1,070.5 |
|
1,130.0 |
Net Income |
|
187.0 |
|
195.4 |
EBIT |
|
232.0 |
|
245.2 |
Depreciation & Amortization (D&A) |
|
(35.2) |
|
(38.7) |
Capital Expenditure (Capex) |
|
96.8 |
|
106.5 |
Change in Net Working Capital |
|
(30.0) |
|
(28.4) |
|
|
|
|
|
These indicators of financial performance from other companies in the same industry:
Company |
Trailing P/E Ratio |
Forward P/E Ratio |
ABC Co. |
13.4 |
11.0 |
DEF Inc. |
11.2 |
10.6 |
GHI Ltd. |
9.9 |
10.5 |
J&K LLP. |
15.1 |
13.9 |
And these following conditions:
Stock Price ($/share), 12/31/2019 |
$22 |
Earnings per share (EPS), 2019 |
$1.84 |
Forecasted earnings per share (EPS), 2020 |
$1.87 |
Number of shares outstanding |
87 million |
BV of Short-Term Debt |
$12 million |
BF of Long-Term Debt |
$160 million |
(Leveraged) Beta |
0.75 |
Yield-to-maturity on 10-year US Treasury bonds (at 12/29/19) |
1.92% |
Equity risk premium |
5.0% |
Effective Tax Rate |
25% |
Effective Interest Rate |
8.5% |
Inflation |
1.0% |
Remember that: = +∗( −)
= ∗++ ∗(1−)∗+
= ∗(1−)+&−− ∆
2. Calculate the actual profit margin and ROA for 2020, and the forecasted profit margin and ROA for 2021. What do these results tell you about the financial performance of XYZ Inc.?
3. Calculate the indirect valuation of XYZ Inc., using the benchmark information provided. Briefly analyze what this valuation means.
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