Raising Capital Review
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ExamMidtermReview2018.docMidterm Exam Review
Everything in the book and everything we talked about in class may be on the midterm whether or not included in this review.
A. Debt Equity Ratio
Banks want to make sure there are enough assets to seize and sell if a company does not repay its loan in a timely basis. A shortcut method they use is to look at a company’s debt equity ratio. If the debt equity ratio is unsatisfactory, they rarely go further with a potential loan application.
1 Zeta Corporation has a debt/equity ratio of 2:1.
How much of the assets are being financed by creditors?
How much can the value of assets decline without impair the ability of creditors to get paid in liquidation? Liquidation means assets are seized and sold.
2 Tango Corporation has a debt equity ratio of 6:1.
How much of the assets are being financed by creditors?
How much can the value of assets decline without impair the ability of creditors to get paid in liquidation? Liquidation means assets are seized and sold.
B. Borrowing Capacity
If a company passes a few initial tests, a bank will want to evaluate a company’s borrowing capacity. Borrowing capacity is defined as tangible net worth times some factor, usually 75% to 80%, less outstanding bank debt.
Tangible assets excludes: loans to officers and employees, pre-paid expenses, patents and copyrights, goodwill and accounts receivable over a certain age.
1 Alpha Corporation has the following terms on its Line of Credit: Max line $2,000, Factor 75%, A/R > 90 days ineligible. What is their remaining capacity?
|
Cash |
$20 |
Accounts Payable |
$400 |
|
Accounts Receivable |
$600 |
Line of Credit |
$570 |
|
Due From Officer |
$50 |
Notes Payable to Vendors |
$200 |
|
Prepaid Expense |
$20 |
GE Capital Leases |
$20 |
|
Inventory |
$560 |
Bank Term Loan |
$360 |
|
Plant, Property & Equipment |
$1,000 |
Total Liabilities |
$1,550 |
|
Goodwill |
$150 |
|
|
|
Total Assets |
$2,400 |
Equity |
$850 |
************************************************************************************************************************
A/R Aging: $225 < 30 days; $175 31-60 days; $125 61-90 days; $75>90 days.
************************************************************************************************************************
Assets:
Less: Excluded Items:
Ineligible A/R: ______
Tangible Assets
Less: Non-bank Liabilities:
______
x Factor ______
Borrowing Capacity
Less Outstanding Bank Debt:
Term Loan
Line of Credit ______
Remaining Capacity:
2 Beta corporation has the following terms for its Line of Credit: Max line $2,000, Factor 80%, A/R > 60 days ineligible. What is their remaining capacity?
|
Cash |
$120 |
Accounts Payable |
$1,000 |
|
Accounts Receivable |
$900 |
Line of Credit |
$570 |
|
Due From Officer |
$250 |
Notes Payable to Vendors |
$200 |
|
Prepaid Expense |
$20 |
GE Capital Leases |
$20 |
|
Inventory |
$660 |
Bank Term Loan |
$360 |
|
Plant, Property & Equipment |
$1,000 |
Total Liabilities |
$2,150 |
|
Patents & Copyrights |
$300 |
|
|
|
Goodwill |
$150 |
|
|
|
Total Assets |
$3,400 |
Equity |
$1,250 |
Assets:
Less: Excluded Items:
Ineligible A/R: ______
Tangible Assets
Less: Non-bank Liabilities:
______
x Factor ______
Borrowing Capacity
Less Outstanding Bank Debt:
Term Loan
Line of Credit ______
Remaining Capacity:
C. Income Statement Ratios
Allison Income Statement Jones Income Statement
Sales $390,000 Revenue $190,000,000
COGS $180,000 Cost of Goods $105,000,000
Gross Profit $210,000 Gross Profit $85,000,000
Selling & Marketing $80,000 Selling &Marketing $4,000,000
Other Overhead $60,000 Other Overhead $31,000,000
Total Overhead $140,000 Total Overhead $35,000,000
Operating Income $70,000 EBIT $50,000,000
Interest $8,000 Interest $14,000,000
Earnings Before Tax $62,000 EBT $36,000,000
Taxes $15,000 Taxes $11,000,000
Net Income $47,000 Net Income $25,000,000
1) What is COGS%?
2) What is Gross Margin?
3) What is Overhead%?
4) What is Selling Cost%?
5) What is Other Overhead%?
D. Factoring
Moe uses a factor to manage his accounts receivable. The factor’s terms are a fee of 4% and interest of 20% per year. They advance 85% of the face value of invoices. Moe sold a machine for $40,000 and factored the invoice. It took the customer 55 days to pay.
1) What is their advance?
2) How much will the factor charge for its fee?
3) How much did the factor charge in interest?
4) Moe has already received an advance. Will Moe receive anything else from this invoice?
Larry factors his accounts receivables on the following terms: 80% advance; 2% factor fee, 18% interest. Larry factored a $100,000 invoice which the customer paid in 45 days.
1) What is their advance?
2) How much will the factor charge for its fee?
3) How much did the factor charge in interest?
4) How much will Larry received when the customer pays the invoice?
E. Sale of Loan Notes
Sweetwater Pianos and Organs finances the pianos and organs it sells. Typically, customers sign a 3 year, 12% loan note with payments to be made monthly. Sweetwater doesn’t want to wait 3 years to collect on these notes so it sells them to Bob’s Finance Co. Bob needs 24% per year to make the transaction worthwhile so Sweetwater must discounts the notes when it sells them to Bob’s.
Randy buys a baby grand piano for $12,000, financed over 36 months at 12% per year.
1. What are Randy’s monthly payments?
Hint: The present value of the payments must equal the price of the piano. PV=Pmt x PVIFA(k, n) where k is the period discount rate (your interest is my discount, they are opposite sides of the coin); k= Annual % Rate / 12 payments per year; k=12%/12 =1%; n= number of payments =36; solve for Pmt.
2. What must Sweetwater sell the note for so that Bob can make 24% interest off the note?
Hint: We know the value of each payment; the annual yield Bob must get, 24%, and we can calculate the period discount rate, k=24%/12 payments per year; k=2% and n = 36 payments. The value of that payment stream is what Bob will pay for the note. Use the equation PV=Pmt x PVIFA(k, n); solve for PV.
Loretta sells used cars and allows purchasers to finance them over 5 years at 15% per year. Loretta sells her loan notes to Nancy Finance. Nancy Finance needs 24% per year otherwise she won’t buy the notes. Ichabod bought a $15,000 car from Nancy with no down payment and financed it over five years.
1 What are Ichabod’s monthly payments?
2 What is the most Nancy Finance will pay for Ichabod’s loan note?
F. Market Capitalization (Market Cap)
Plaskett Corporation is publically traded with sales of $200 million and net income of $22 million. It has 2,000,000 shares outstanding and its price per share is $80. What is its Market Capitalization?
Donna company is publicly traded. It has 35,000,000 shares outstanding. It trades for $4 per share. What is its Market Cap?
G. Company Valuation
|
INDEPENDENT WATER COMPANIES - SELECTED DATA |
|
||||
|
$ in millions |
Sales |
EBITDA |
Adj.Net Income |
Customers |
Market Cap |
|
Belmont |
115 |
35 |
28 |
128,000 |
120 |
|
Cascade |
17 |
5 |
3 |
16,000 |
18 |
|
Reading |
25 |
8 |
6 |
31,000 |
30 |
|
Boulder |
55 |
16 |
11 |
17,000 |
60 |
|
Temple |
21 |
6 |
4 |
21,000 |
20 |
|
Totals |
233 |
70 |
52 |
213,000 |
248 |
You have been asked to estimate the value of Elco Water Company. Elco has 30,000 customers; sales of $28,000 thousands; EBITDA of $8,000 thousands; and Net Income of $6,000 thousands.
1. What is the EBITDA Multiplier for water companies?
2. Estimate the value of Elco using the EBITDA Multiplier Method
3. What is the Sales Multiplier for water companies?
4. Estimate the value of Elco using the Sales Multiplier Method.
5. What is the Net Income Multiplier for water companies?
6. Estimate the value of Elco using the Net Income Multiplier Method.
7. What is the Customer Multiplier for water companies?
8. Estimate the value of Elco using the Customer Multiplier Method.
|
Independent Phone Companies |
|
||||
|
$ in millions |
Sales |
EBITDA |
Adj.Net Income |
Customers |
Market Cap |
|
Parkland |
200 |
65 |
50 |
300,000 |
210 |
|
Lawrence |
100 |
35 |
25 |
150,000 |
110 |
|
Bangor |
300 |
110 |
90 |
345,000 |
290 |
|
Rockland |
150 |
50 |
35 |
250,000 |
130 |
|
Riverside |
50 |
20 |
25 |
90,000 |
40 |
|
Totals |
710 |
280 |
225 |
1,135,000 |
780 |
You have been asked to value the Santa Anna Phone Company. It has Sales of $90, EBITDA of $32, Adjusted Net Income of $24 and 120,000 customers.
1. What is the EBITDA Multiplier for independent phone companies?
2. Estimate the value of the Santa Anna Phone Company using the EBITDA Multiplier Method
3. What is the Sales Multiplier for independent phone companies?
4. Estimate the value of the Santa Anna Phone Company using the Sales Multiplier Method.
5. What is the Net Income Multiplier for independent phone companies?
6. Estimate the value of the Santa Anna Phone Company using the Net Income Multiplier Method.
7. What is the Customer Multiplier for independent phone companies?
8. Estimate the value of the Santa Anna Phone Company using the Customer Multiplier Method.
H. Company Growth Rate
If a company has a track record, an investor is likely to ask about the rate of sales growth. The formula for sales growth is:
g = (FV/PV)(1/n) -1
Where PV is sales in the first measurement year, FV is sales in the most recent year and n is the number of years over which sales is measured.
1. Three years ago Phyllis Fashions sold $20,000 of dresses and this year she sold $100,000. What is her rate of sales growth?
2. Alan Automotive sold $30,000 of gasoline-to-natural-gas conversion kits five years ago and sold $500,000 this year. What is his growth rate?
I. Payoff at Exit
Entrepreneurs need a certain amount of money for a certain period of time. Investors need a certain rate of return and an exit that matches the period of time entrepreneur’s need money. The simplest type of investment is where investors purchase common stock at the beginning and sell it at exit. Both entrepreneurs and investors need to know how much that payoff at exit will be. The equation is:
Payoff at Exit = PV x (1 + Kr) n
Payoff at exit is how much the investor will receive at the end; PV is the present value of the amount invested; Kr is the investor’s required rate of return; and n is the number of years between the investment and exit.
1. The entrepreneur needs $500,000 for four years. An Angel Investor needs a 40% per year return to justify the investment. What must the Angel’s payoff be in four years?
2. An entrepreneur needs $100,000 for five years. The angel investors making the investment need 30% per year to justify her investment. What is the payoff at exit?
J. How Much Equity Should an Entrepreneur Give Up?
A perennial question is how much of the company’s equity an investor should get in return for his or her investment. This question can only be answered when the entrepreneur and investor agree as to the likely value of a company at the time of exit. The equation to determine how much equity the entrepreneur will have to give up is:
%Equity = Payoff at Exit / CoVal
Where %Equity is the percentage of common stock ownership, Payoff at Exit is the number of dollars an investor will have to receive to justify the investment and CoVal is the estimated value of the company at exit.
1. Both the entrepreneur and investor agree that the likely value of a company in seven years will be $15 million when the investor wants to exit. They have structured a deal in which there is a single investment by the investor and the investor needs a payoff of $1,000,000 to meet her investing objective. What percent of equity must the investor get?
2. There is agreement that a company’s value will be about $22,000,000 in four years when the investor wants to exit. The investor needs $205,000 at exit to justify her investment. What percent of equity must the investor get?
K. Investor Shares
Assuming a company is incorporated, the percent of equity must be translated to the number of shares the investor gets. The formula for the number of shares is:
Shares = %Equity x Number of Shares Already Outstanding
1-%Equity
If the company issues no new shares between the time the investors invests and exits, this formula works very well. However, if the company issues additional shares, the investors’ %Equity may be reduced over time. As an alternative, the investor might inquire as to the number of shares that are likely to be outstanding at the time of exit. Dividing by 1-%Equity adjusts for the fact that the investor will be getting newly issued shares which will increase the total shares outstanding.
1. An investor in Clark Superconducting Materials needs 3.2% of equity to justify his investment. Clark has 800,000 shares outstanding. How many shares must the investor get?
2. An investor in Merton Energy needs 1.8% of equity to justify her investment. Merton has 320,000 shares outstanding now, but the investor asks, “How many shares will be outstanding by the time of my exit?” Merton says, “Around 480,000 shares.” The investor does not want the additional shares to reduce her payoff. How many shares does she need?
L. Dilution
Dilution occurs when new investors are issued additional shares. Dilution is a reduction in the percent of ownership in a company. Everything in accounting or finance is either an equation or a format. Dilution is best explained as a format. The percent of equity each “person” owns is their number of shares divided by the total shares outstanding as shown:
%Equity = Shares / Σ Outstanding Shares
|
|
Shares |
%Equity |
Shares |
%Equity |
Shares |
%Equity |
|
Entrepreneur |
100,000 |
100% |
100,000 |
83.3% |
100,000 |
50.0% |
|
First Round Angels |
|
|
20,000 |
16.7% |
20,000 |
10.0% |
|
Second Round Angels |
|
|
|
|
80,000 |
40.0% |
|
Outstanding Shares |
100,000 |
100% |
120,000 |
100.0% |
200,000 |
100.0% |
In this example the ownership of the first round angels was diluted from 16.7% to 10.0%
1. Sharon of Sharon Industries issued herself 100,000 shares when she founded the company. She issued 25,000 shares to first round angel investors. She issued 50,000 shares to second round angel investors and issued 75,000 shares to third round angel investors.
a. What percent of ownership did the first round angels originally have?
b. What percent of ownership will the first round angels diluted down to?
|
|
Shares |
%Equity |
|
Shares |
%Equity |
|
Entrepreneur |
|
|
|
|
|
|
First Round Angels |
|
|
|
|
|
|
Second Round Angels |
|
|
|
|
|
|
Third Round Angels |
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
|
|
|
2. Lyle founder of Lyle Comics issued himself 500,000 shares when he founded the company. He issued 20,000 shares to Bob, his first investor for $25,000. Later he issued 20,000 shares to Sam for $50,000. Finally, he issued another 20,000 shares to Sarah for $100,000.
a. What percentage of ownership did Lyle originally have?
b. What was his ownership percentage diluted down to after Sam and Sarah were issued shares?
M. Private Company Discount
Privately held companies sell at a discount to publically held companies. There are several reasons for this including: (i) public company shares are more liquid. It is easier to purchase and sell shares in public companies. Shares of private companies are illiquid. Once shares are purchased they cannot be resold to the public. That means private shares may not be listed on a stock exchange and may not be sold through a stock broker; (ii) privately held shares are harder to value. Among other things private companies are less transparent, and may not have audited financial statements, whereas all publicly traded companies must have audited financial statements. Typically, private companies sell at a discount of between 20% and 30% to comparable public companies. The exact discount depends on several factors including the industry and whether it is profitable and expanding. Private companies may be “valued” as though they were public companies using any or all of the multiplier methods. Then a discount is applied to the value they would have it public as shown in this equation:
Private Company Value = Public Company Value x (1 – Discount)
1. If Sharon Industries were public, its estimated value would be $18 million. In her industry the discount for private companies is about 25%. What is Sharon worth as a private company?
2. If Merton Energy were a public company, its estimated value would be $290 million. However, Merton is a privately held company. The discount for private energy companies is 22%. What is Merton worth?
N. Preferred Stock Conversion
Venture capitalists and sophisticated angel investors invest in the form of convertible Preferred Stock. Preferred stock has a stated value, often $1,000, printed on the face of the certificate; and a stated dividend rate, for example 8%. Convertibility refers to the right of preferred shareholders to convert their stock to common stock. Conversion rates are often stated in terms of the number of shares of common per $1,000 of Preferred stock. This conversion feature sets an effective cost for common as shown:
Cost per Common Share = Face Value of Preferred Stock
#Common Shares in Conversion Feature
Number Common Shares = (Amount of Preferred /$1,000) x Conversion Rate
1. Bob’s Autoworld sold $1,000 shares of 8%, cumulative Preferred Stock, convertible to common at 50 shares per $1,000. Alice has a $1,000 share of Bob’s Preferred that she converts when Bob’s Autoworld stock is selling for $35 per share.
a. How many shares of Bob’s common can she get for her share of Preferred?
b. If she converts the Preferred and immediately sells the common what will be her gain?
2. Samuel Buskill owns $100,000 of Exxon Preferred stock convertible to common at 25 shares per $1,000. Exxon currently sells for $90 per share.
a. How many shares of common will he have if all preferred is converted to common?
b. What will be the gain if converted shares are immediately sold?
O. Equity Needed Considering Preferred Stock Dividends
Investors usually have a target return in mind when they invest in a company. They need to make that target return to justify the investment. Investors often want to structure their investment as dividend paying Preferred Stock. So, dividends become part of their return on investment. It is reasonable to expect that investors will prudently invest dividends so they will grow over the life of the investment. Interest on dividends becomes part of an investor’s total return. The ultimate question is what percent of equity must an entrepreneur give up considering the fact that the investor is taking part of their return as dividends.
The analysis takes three steps. First compute the Total Return in dollars an investor would need to meet their investing objectives if they simply made one investment in common stock.
Total Payoff = Investment x (1 + Kr) n
Where investment is the amount of money invested, Kr is the investor’s required return, n is the number of years over which the investment is made and Total Payoff is the amount they would have to have at exit on a common stock investment.
Second, determine how much of the Total Payoff they would receive as Preferred Stock dividends plus interest on those dividends. Total Payoff less Dividends and Interest give the Exit Payoff or the amount they must receive from sale of stock at exit as shown:
Total Payoff = Pmt x FVIFA(i, n) + Exit Payoff
Exit Payoff = Total Payoff - Pmt x FVIFA(i, n)
Pmt is the Preferred Dividend Payment (Dollar value of Preferred Stock x Dividend Rate); FVIFA(i, n) is the Future Value Interest Factor of an Annuity. It is the amount that would accrue if regular deposits equal to Pmt were made to an account at i interest rate per period, for n periods. Use the table below to find FVIFA(i, n).
Future Value Interest Factor for an Annuity - FVIFA(i, n)
|
n |
4.00% |
5.00% |
6.00% |
7.00% |
8.00% |
9.00% |
10.00% |
|
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
|
2 |
2.04 |
2.05 |
2.06 |
2.07 |
2.08 |
2.09 |
2.1 |
|
3 |
3.1216 |
3.1525 |
3.1836 |
3.2149 |
3.2464 |
3.2781 |
3.31 |
|
4 |
4.24646 |
4.31013 |
4.37462 |
4.43994 |
4.50611 |
4.57313 |
4.641 |
|
5 |
5.41632 |
5.52563 |
5.63709 |
5.75074 |
5.8666 |
5.98471 |
6.1051 |
|
6 |
6.63298 |
6.80191 |
6.97532 |
7.15329 |
7.33593 |
7.52333 |
7.71561 |
|
7 |
7.89829 |
8.14201 |
8.39384 |
8.65402 |
8.9228 |
9.20043 |
9.48717 |
|
8 |
9.21423 |
9.54911 |
9.89747 |
10.2598 |
10.6366 |
11.0285 |
11.4359 |
|
9 |
10.5828 |
11.0266 |
11.4913 |
11.978 |
12.4876 |
13.021 |
13.5795 |
|
10 |
12.0061 |
12.5779 |
13.1808 |
13.8164 |
14.4866 |
15.1929 |
15.9374 |
Third, knowing the Exit Payoff, and assuming the parties have agreed as to the likely company value, the percent of equity needed by the investor may be estimated as shown:
%Equity = Exit Payoff / Company Value at Exit
1. The investor wants to structure a deal in which he invests $100,000 and receives 12% bonds with interest payable annually. Bond interest works the same as Preferred dividends. It becomes part of the investor’s total yield. The entrepreneur and investor agree to sell the company in five years. The estimated value of the company at sale is $10,000,000. The investor has a 30% return goal. How much equity must the entrepreneur give up to meet the investor’s goals? Certificates of deposit are yielding 4% and will yield 4% for the next five years.
a. What is the Total Payoff?
b. What is the Exit Payoff?
c. What is the %Equity the investor needs?
2. Jack needs a 25% per year return on his investment. He is willing to invest $50,000 in convertible Preferred Stock with an 8% dividend payable annually provided he can exit the investment in four years. The company has agreed to sell out in four years and Jack and the company agree the company will be worth $6,000,000 at that time. Jack can safely reinvest his dividends at 5% per year.
a. What is the Total Payoff?
b. What is the Exit Payoff?
c. What is the %Equity the investor needs?
P. Requested Return Reasonableness
Sometimes investors don’t realize what they are asking for in terms of return. Sometimes entrepreneurs don’t realize what investors are asking for in terms of return. Sometimes investors ask for an outrageous return to see whether the entrepreneur understands what is going on. In any case, it is important for an entrepreneur to be able to estimate the return under any circumstances.
1. An investor is asking for five times his money back in three years. What rate of return is she asking for?
Kr = (FV / PV) 1/n -1
Where Kr is the rate of return, FV is the investor’s payoff, PV is what the investor is investing, and n is the number of years until exit.
2. An investor wants twenty times their money back in ten years. What rate of return are they asking for?
Present Value Interest Factor for an Annuity PVIFA(k, n)
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