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Faculty of Economics and Business uy dd B Department o? Business Universitas Antónoma de Barceluna FINANCE | (102329) — Group 3 - 2012-13 Study Guide. Dr. Marla-Antonta Tarrazon €. Dr. Joan Mentilor ANSWER SHEET. EXERCISE 7: CAP--POTA Ltd Name SOLUTION Group 3 1. Previous calculations: *Required rates of retum yesterday (before the mayor's announcement) and today (after his announcement): Rre, (before ehome) =0/0S + (0,46 - 0,95). 0,So = 0,1080 lo Sos E lofts compe) = 0,05 + 10,46-0,05)- 0,8636 = 0,1480 44,30%, *growth rate (9) = 0,)5 = 0,So = 0,0950 *dividend paid (€) = lo,So € » 0,50 = 5,25 € 32,9» Market value par share yesterday (before the mayor's announcement) and today (after his announcement): according to Gordon-Shapiro dividend mode! MV (before change) 2 5 LA = 195% 0,10% - 0,0759 0,03 5/25 € nY (often. A ) = z - 5,25 325€ 04450 - 0,0750 0,0+ TVice has dmumk due lo He susk amortose Which is the difference between market value and book value for Cap-+Pota,Ltd yesterday (beta 0.50) and today (beta 0.8636)? Can this difference he interpreted as a NPV? Why? AP incorporadas slo Has sfocke pic > Marker Value — Boole. Value. before chomps : AIS- 80 = 9435€>0 afiea cho: 35- $0 pes Mr Cap ds MBA hen he soys Jal de “shareo incorporado mw a wpakve NP, bb is is mol a reason dee shithmg down He fra! 2. 1f Mr Pota sells his shares at 75 € will the transaction be favorable to his interests? Why? NOV of deumsachion Price - Monkel” Vibue = 95-35 = O No mofk ab all for he Fa: Me sollslor dadenda lo sell) once Y prce Foo obrady gumke | Does Txatxi's transaction have a positive NPY? Why? y NOV A kasachon: 145 35 = tooe>o |! Tusder Radias Y Trabi sella before luz mice Eimks lenow img Jhat Jue mues ompoincemen will offer Mae sfocle pe negabivalo. She “trade using por leged informahon. 2 Faculty of Economies and Business uU $ B Department of Business Universitat Autdnuean de Barcelona FIMANCE | (102329) — Group 3 — 2012-13 Study Guide. Dr. Maria-Antonia Tarrazon €: Dr. Jean Mantllar Which the difference between the NPV of Txatxí's transaction and the NPV of her uncle's transaction? e Yr fota Lundie) sella “us hen puce han abre y Sum ke / sels ln effruenes isndibicua ¿=> NPV basachon = 0 «Trab sella belire Hue amoumcement ad lu subrenuen E pace decrtare / AAA ea y. => NiYiamsachon >0O oud ¡Hertfore, wrolego a gepr. 3. Analyze Mr Cap's investment proposal of 3.000 €. When justifying whether it is right or wrong, present your arguments and calculations (required rates of return and NPV of both investmets) and incorporate them into a SML diagram. — s Trrztn Seugs Ree = 0,05 + (0,16-0,05) 0,4 = 0,0%o E- 4 40% < ads <=» PV >o —ACCEPTANCE ape 3207 os 829,19 € o/0qUuo0 Ñ m ] ERROR: 41 AL ANSIA. =D mol RETECTON > expected atras car $e conti affa anmaruciants | a Vegelariom homburgers Ru = 0/05 + 0,44>2 = 0,2% k=2+/% ) 20%. q=» MPYV» wen AcerTance * SMt > Rrez.= 0/08 + 0,44 B; boy. R FS: [eozen soJps VH: vegelanions haraluugacs Nro = ficos aereo cash oy capi Mever Ja used du y, 3 Ss pe amados 
