Excel Finance

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Instructions

Finance 3910 Fall 2015
·      Correctness of the solution.
·      Does the solution answer the question and whether the question is completed as instructed
·      Correctness of the formulas used in completing each question
·      Flow of the Sheet (do all formulas flow through the sheet correctly, in other words,
minimize the number of direct numerical inputs required by the user)
·      Correctly label the sheet
·      Presentation (i.e. Do not create sloppy sheets)
·      Include assumptions (only when needed)
·      Follows all directions
Make sure your exam prints correctly on 8.5 x 11.0” paper either portrait or landscaped. Upon completion (after scanning for viruses), upload your file into the dropbox in D2L no later than Monday November 30th (see Dropbox for time).
Student Name:
Replace with Student's Name
NC1. Input name above (failure to do so will result in a loss of points)
NC2. Do not enlarge the columns, i.e. the hard copy should print on 1 page with respect to width.
(enlarging columns without reformatting to fit on 1 page will result in a loss of points)
NC3. Do not work together (doing so will result in a zero on this assignment)
NC4. Do not seek help from the Finance Tutoring Lab (doing so will result in a loss of points)
1. Work the problems on the Valuation and Forecasting tabs.
~ NC indicates Non-credit directions, but students can lose points for failing to comply

Valuation

1. Next year the Blue Raider company will earn $3.25 per share and have a return on equity of 14%. Shareholders require a return of 12% and the firm has a dividen payout ratio of 27%. Part A) Determine the company's growth rate of EPS, B) Calculate the value of the stock using the earnings model, & C) Construct a data table showing how the growth rate and value of the stock will change if the ROE ranges between 10% and 20%, in 1% increments.
Bobco Rawhide Company
EPS C)
Payout Ratio
ROE
Required Return
A) Growth Rate
Value without Growth
Value of Growth Opportunities
B) Value of Stock
2. Use the information given to calculate the values of the stock below using the various Dividend Growth Rates.
Single-Stage Growth Data
Stock Price $ 24.00
D0 $ 0.75
Growth Rate 8%
Required Return 12%
Two-Stage Growth Data
Stock Price $ 24.00
D0 $ 0.75
Growth Rate 1 20%
Growth Rate 2 8%
Rapid Growth Time 3.00 years
Required Return 12%
Three-Stage Growth Data
Stock Price $ 24.00
D0 $ 0.75
Growth Rate 1 20%
Growth Rate 2 8%
Rapid Growth Time 3.00 years
Transition Period 5.00 years
Required Return 12%
Valuation
Single-Stage Under, Over or Fairly Valued?
Two-Stage Under, Over or Fairly Valued?
Three-Stage Under, Over or Fairly Valued?
H Model Under, Over or Fairly Valued?
3. Using the information below, calculate the value of the stock. All calculations will be graded.
The Miracle Clean Company
Free Cash Flow Forecast
2012 2013 2014 2015
Depreciation 15,000 21,000 27,000
EBIT 125,000 145,000 165,000
Investment in Operating Assets 35,000 25,000 10,000
Net Operating Profit After Tax
Operating Cash Flow After Tax
Free Cash Flow
Tax Rate 35%
Current Market Value of Debt 250,000
Non-Operating Assets 64,000
FCF Growth Rate after 2014 8%
WACC 12%
Common Shares Outstanding 100,000
Value of Firm
Value of Equity
Per Share Value
To Forecasting Tab