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Union Pacific Railroad reported net income of $770 million after interest expenses of $320 million in a recent financial year. (The corporate tax rate was 36 percent.) It reported depreciation of $960 million in that year, and capital spending was $1.2 billion. The firm also had $4 billion in debt outstanding on the books, was rated AA (carrying a yield to maturity of 8 percent), and was trading at par (up from $3.8 billion at the end of the previous year). The beta of the stock is 1.05, and there were 200 million shares outstanding (trading at $60 per share), with a book value of $5 billion. Union Pacific paid 40 percent of its earnings as dividends and working capital requirements are negligible. (The Treasury bond rate is 7 percent.)
a. Estimate the FCFF for the most recent financial year.
b. Estimate the value of the firm now.
c. Estimate the value of equity and the value per share now.
Many states have prevailing wage laws that require government contracts pay premium wages to workers who would otherwise work for 20% to 30% less. What is the rationale for such laws? In your opinion, what is their effectiveness?
In what sense is a reinvestment rate assumption embodied in the NPV, IRR, and MIRR methods? What is the assumed reinvestment rate of each method?
at the beginning of 2014 tanham company discovered the following errors made in the preceding 2
Indicate the effect of each item on a Company's working capital, current ratio, and acid-test ratio. Use + for increase, - for decrease, and (NE) for no effect.
Which is generally considered to be the primary purpose of an internal auditor's evaluation of the adequacy of internal controls.
a corporation had 18500 shares of 5 par value common stock outstanding when the board of directors declared a stock
Due to an increase in labor rates, the company estimates that variable costs will increase by $3 per ball next year. If the expected change in variable costs takes place, how many balls will have to be sold next year to earn the same net operating..
Question 1: A taxpayer dies on March 31, 2012. For estate tax purposes, what is the alternate valuation date for the taxpayer's estate?
What is designated market value?
topaz company makes one product and has set the following standards for materials and labordirect materialsdirect
Examine the reasons service companies are more sensitive to labor and price variances, as compared to material price variances, in the industrial sector and why managing these variances is essential to sustaining profitability.
a state highway department is planning the construction of a 50 mile four lane toll road. it estimates that the
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