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CONFIDENTIAL BM/APR 2006/FIN538/580
UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION
COURSE CORPORATE FINANCE
COURSE CODE FIN538/580
EXAMINATION APRIL 2006
TIME 3 HOURS
INSTRUCTIONS TO CANDIDATES
1. This question paper consists of seven (7) questions.
2. Answer five (5) questions only. Start each answer on a new page.
3. Do not bring any material into the examination room unless permission is given by the invigilator.
4. Please check to make sure that this examination pack consists of:
i) the Question Paper ii) a t w o - page Appendix iii) an Answer Booklet - provided by the Faculty
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 6 printed pages © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 2 BM/APR 2006/FIN538/580
QUESTION 1
a) Mirzan Industries which pays corporation tax at 30%, has the following capital structure:
Common shares 100,000 common shares at a market value of RM44.00 per share. A dividend of RM2.70 per share has just been paid and dividends are expected to grow by 8% per year for the foreseeable future. Floatation cost for the new issues will be 5%.
Preferred shares 25,000 preferred shares at a market value of RM30.00 per share, the annual net dividend of 7.5% has just been paid and 3% floatation cost will be incurred for the new issues.
Bond 10,000 units of a 5 year bond with a market price of 92% of par value, coupon rate of 10% and floatation cost of 6% for the new issues.
Based on the above information:
i)
ii)
iii)
What is the market value of the firm's capital structure? (3 marks)
Determine rate should the firm use to discount the cash flows if the firm is evaluating a new investment that has the same risk as the firm's typical project?
(8 marks)
Calculate is the true cost of the funds after taking floatation costs into account?
(5 marks)
b) Explain the basic relationships among cost of capital, capital structure and a firm's value.
(4 marks)
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 3 BM/APR 2006/FIN538/580
QUESTION 2
a) Good Mousetrap has developed a new trap. It can go into production for an initial investment in equipment of RM600.000. The equipment will be depreciated straight line over 5 years to a value of zero, but in fact is can be sold after 5 years for RM50,000. The firm believes that working capital at each year must be maintained at a level of 10% of next year's forecasted sales. The firm estimates production costs equal to RM1.50 per trap and believes that the traps can be sold for RM4 each. Sales forecasts are given in the following table. The project will come to an end in 5 years, when the traps become technologically obsolete.
If the firm's tax bracket is 35% and the required rate of return on the project is 12%, what is the project's NPV?
Year 1 2 3 4 5 thereafter
Sales (in units) 50,000 60,000 100,000 100,000 60,000
(15 marks)
b) Discuss the stand alone principle in project evaluation. (5 marks)
QUESTION 3
a) A new computer system will require an initial outlay of RM30,000 but it will increase the firm's cash flows by RM4.000 a year for each of the next 5 years.
i) Calculate the discounted payback period for the system if the required rate of return is 14%?
(3 marks)
ii) Is the system worth installing if the required rate of return is 14%? Why?
(3 marks)
iii) How high can the discount rate be before you would reject the project? Justify your answer.
(7 marks)
b) Briefly explain the distinction between hard and soft capital rationing and the reasons why such conditions might occur.
(7 marks)
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 4 BM/APR 2006/FIN538/580
QUESTION 4
a) Reliable Power Bhd currently is an unlevered firm with cost of equity of 14%. Its EBIT is currently at RM225.000 a year. The company is going to set up a new factory in line with the company's new mission to increase its productivity. The company expects to include 30% debt amounted to RM99.900 that costs 9% per annum in order to finance the expansion. At present the company pays 32% tax rate.
i) What is the value of the company after restructuring? (3 marks)
ii) Calculate the cost of equity of the firm after restructuring. (3 marks)
iii) What is the firm's WACC after restructuring? (3 marks)
iv) Explain what will happen to the WACC if the firm introduces 50% debt to its capital structure?
(5 marks)
b) Critically discuss how venture capital firms design successful deals. (6 marks)
QUESTION 5
a) The management of Tiger Golf Ltd is considering the possibility of manufacturing a new motorized golf buggy. The initial outlay for the new plant to manufacture the vehicle is RM0.45 million. The following estimates for the project have been provided by the staff of the company:
Estimates Items pessimistic most likely optimistic Sales (units) 2,500 3,500 4,500 Selling price(RM) per unit 80 85 90 Fixed costs (RM) per annum 100,000 90,000 80,000 Variable costs (RM) per unit 35 25 15 Life of the plant (years) 4 5 6
Assuming a required rate of return of 10% and tax rate of 27%, determine:
i) The best case and worst case NPV for the project. (8 marks)
ii) The financial breakeven under the most likely scenario of the project.
(5 marks)
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 5 BM/APR 2006/FIN538/580
b) Elaborate how sensitivity analysis can help management to assess the risk of an investment project.
(7 marks)
QUESTION 6
a) Mawee Corp. is bidding to take over Marssa Bhd. Mawee has 30,000 shares outstanding, selling at RM50 per share whereas Marssa has 20,000 shares outstanding, selling at RM 17.50 per share. Mawee estimates the economic gain from the merger to be RM100,000.
i) Compute the value of Marssa to Mawee. (2 marks)
ii) If Marssa can be acquired for RM20 a share, what is the NPV of the merger to Mawee?
(3 marks)
iii) What will Mawee shares sell in the market after the acquisiton? (4 marks)
iv) What is the NPV of the merger to Mawee when it uses an exchange of stock? (6 marks)
b) Explain how should the gains and costs of mergers to the acquiring firm be measured.
(5 marks)
QUESTION 7
a) Beta Best stocks currently sell in the market at RM20 per share. The firm will either pays RM2.60 dividend per share or repurchase RM26.000 worth of shares. Below is the firm's most recent balance sheet:
Assets Liabilities and Equity Assets RM300.000 Debt RM 100,000
Equity RM200.000
i) What will be the price per share under each alternative (cash dividend versus stock repurchase)?
(2 marks)
ii) If total earnings of the firm are RM28.800 a year, compute earnings per share under each alternative.
© Hak Cipta Universiti Teknologi MARA C O N F I D E N T I A L
CONFIDENTIAL 6 BM/APR 2006/FIN538/580
(3 marks)
iii) What will be the price earnings ratio under each alternative? (3 marks)
iv) If you hold 100 units of the company's shares, calculate your total wealth immediately after stock repurchase.
(3 marks)
b) Describe any three (3) key factors that should be considered in making a decision on the size of the annual dividend to be paid to its equity investors.
(6 marks)
c) Distinguish the two (2) types of business insolvency. (3 marks)
END OF QUESTION PAPER
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL APPENDIX 1 BM/APR 2006/FIN538/580
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PRESENT V A L U E INTEREST F A C T O R FOR ANNUITY (PVIFA)
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PeriodfR IK 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0 9901 0 9804 0 9709 0 9615 0 9524 0 9434 0 9346 0 9259 0 9174 0 9091 0 9009 0 8929 0 8B50 0 8772 0 8696 0 8621 0 8547 0 8475 0 8403 0 8333
2 1 9704 19416 1 9135 1 8861 1 8594 18334 1 8080 1 7833 17591 1 7355 17125 1 6901 1 6681 16467 1 6257 1 6052 1 5852 1 5656 1 5465 15278
3 2 9410 2 8839 2 8286 2 7751 2 7232 2 6730 2 6243 2 5771 2 5313 2 4869 24437 2 4018 2 3612 2 3216 2 2832 2 2459 2 2096 2 1743 2 1399 2 1065
4 3 9020 3 8077 3 7171 3 6299 3 5460 3 4651 3 3872 3 3121 3 2397 31699 3 1024 3 0373 2 9745 2 9137 2 8550 2 7982 2 7432 2 6901 2 6386 2 5887
5 4 8534 4 7135 4 5797 4 451B 4 3295 4 2124 4 1002 3 9927 3 8897 3 7908 3 6959 3 6048 3 5172 3 4331 3 3522 3 2743 3 1993 3 1272 3 0576 2 9906
6 5 7955 5 6014 54172 5 2421 5 0757 4 9173 4 7665 4 6229 4 4BS9 4 3553 4 2305 41114 3 9975 3 8887 3 7845 3 6847 3 5892 3 4976 3 4098 3 3255
7 6 7282 6 4720 6 2303 6 0021 5 7864 5 5824 5 3893 5 2064 5 0330 4 8684 4 7122 4 563B 4 4226 4 2883 4 1604 4 0386 3 9224 38115 3 7057 3 6046
8 7 6517 7 3255 7 0197 6 7327 6 4632 6 2098 5 9713 5 7466 5 5348 5 3349 5 1461 4 9676 4 7988 4 6389 4 4873 4 3436 4 2072 4 0776 3 9544 3 8372
9 8 5660 8 1622 7 7861 7 4353 7 1078 6 8017 6 5152 6 2469 5 9952 5 7590 5 5370 5 3282 5 1317 4 9464 4 7716 4 6065 4 4506 4 3030 4 1633 4 0310
10 9 4713 8 9826 8 5302 8 1109 7 7217 7 3601 7 0236 6 7101 6 4177 6 1446 5 8892 5 6502 5 4262 52161 5 0188 4B332 4 6586 4 4941 4 3389 4 1925
11 10 3676 9 7868 9 2526 8 7605 8 3064 7 8869 7 4987 7 1390 6 8052 6 4951 6 2065 5 9377 5 6869 5 4527 5 2337 5 0286 4 8364 4 6560 4 4B65 4 3271
12 112551 10 5753 9 9540 9 3851 8 8633 8 3838 7 9427 7 5361 7 1607 6 8137 6 4924 6 1944 5 9176 5 6603 5 4206 5 1971 4 9884 4 7932 4 6105 4 4392
13 12 1337 113484 10 6350 9 9856 9 3936 8B527 8 3577 7 9038 7 4869 7 1034 6 7499 64235 6 1218 5 8424 5 5831 5 3423 5 1183 4 9095 4 7147 4 5327
14 13 0037 12 1062 11 2961 10 5631 9 8986 9 2950 8 7455 8 2442 7 7862 7 3667 6 9819 6 6282 6 3025 6 0021 5 7245 5 4675 5 2293 5 0081 4 8023 4 6106
15 13 8651 12 8493 11 9379 111184 10 3797 9 7122 9 1079 8 5595 8 0607 7 6061 7 1909 6 8109 6 4624 6 1422 5 8474 5 5755 5 3242 5 0916 4 8759 4 6755
16 14 7179 13 5777 12 5611 11 6523 10 8378 10 1059 9 4466 8 8514 8 3126 7 8237 7 3792 6 9740 6 6039 6 2651 5 9542 5 6685 5 4053 5 1624 4 9377 4 7296
17 15 5623 14 2919 13 1661 12 1657 112741 104773 9 7632 9 1216 8 5436 8 0216 7 5488 7 1196 6 7291 6 3729 6 0472 5 7487 5 4746 5 2223 4 9897 4 7746
18 16 3983 14 9920 13 7535 12 6593 116896 10 8276 10 0591 9 3719 8 7556 B2014 7 7016 7 2497 6 8399 6 4674 6 12B0 5 8178 5 5339 5 2732 5 0333 4 8122
19 17 2260 15 6785 14 3238 13 1339 12 0853 11 1581 10 3356 9 6036 8 9501 8 3649 7 8393 7 3658 6 9380 6 5504 6 1982 5 8775 5 5845 5 3162 5 0700 4 8435
20 18 0456 16 3514 14 8775 13 5903 12 4622 114699 10 5940 9 8181 9 1285 8 5136 7 9633 7 4694 7 0248 6 6231 6 2593 5 9288 5 6278 5 3527 5 1009 4 8696
21 18 8570 170112 154150 14 0292 12 8212 117641 10 8355 10 0168 9 2922 8 6487 8 0751 7 5620 7 1016 6 6870 6 3125 5 9731 5 6648 5 3837 5 1268 4 8913
22 19 6604 17 6580 15 9369 14 4511 13 1630 12 0416 110612 10 2007 9 4424 8 7715 81757 7 6446 7 1695 6 7429 6 3587 60113 5 6964 5 4099 5 1486 4 9094
23 20 4558 1B2922 16 4436 14 8568 13 4886 12 3034 11 2722 10 3711 9 5802 8 8832 8 2664 7 7184 7 2297 6 7921 6 3988 6 0442 5 7234 5 4321 5 1668 4 9245
24 21 2434 18 9139 16 9355 15 2470 13 7986 12 5504 114693 10 5288 9 7066 8 9847 8 3481 7 7843 7 2829 6 8351 6 4338 6 0726 5 7465 5 4509 5 1822 4 9371
25 22 0232 19 5235 174131 15 6221 14 0939 12 7834 11 6536 10 6748 9 8226 9 0770 8 4217 78431 7 3300 6 8729 6 4641 6 0971 5 7662 5 4669 5 1951 4 9476
26 22 7952 20 1210 17 8768 15 9828 14 3752 13 0032 118258 10 8100 9 9290 9 1609 8 4881 7 8957 7 3717 6 9061 6 4906 6 1182 5 7831 5 4804 5 2060 4 9563
27 23 5596 20 7069 18 3270 16 3296 14 6430 13 2105 11 9867 10 9352 10 0266 9 2372 8 5478 7 9426 7 4086 6 9352 6 5135 6 1364 5 7975 54919 5 2151 4 9636
28 24 3164 21 2813 18 7641 16 6631 14 8981 13 4062 12 1371 110511 10 1161 9 3066 8 6016 7 9844 74412 6 9607 6 5335 6 1520 5 8099 5 5016 5 2228 4 9697
29 25 0658 218444 19 1885 16 9837 15 1411 13 5907 12 2777 11 1584 10 1983 9 3696 8 6501 8 0218 7 4701 6 9B30 6 5509 6 1656 5B204 5 5098 5 2292 4 9747
30 25 8077 22 3965 19 6004 17 2920 15 3725 13 7648 12 4090 11 2578 10 2737 9 4269 8 6938 8 0552 7 4957 7 0027 6 5660 6 1772 5 8294 5 5168 5 2347 4 9789
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