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Question - Company M's "simplified" balance sheets using book and market values are currently as follows.
Balance sheet (book value in millions)
Net working capital 1473 Long-term assets 14935 Total assets 16408
Book equity 11139 Long-term debt 5269 Total liabilities 16408
Balance sheet (market value in millions)
Net working capital 1473 Market value long-term assets 51212 Total assets 52685
Market equity 47416 Long-term debt 5269 Total liabilities 52685
Suppose that M decides to move to a 50% book debt-to-value ratio by issuing debt and using the proceeds to repurchase shares. The corporate tax rate is 40%; consider only corporate taxes. Now construct M's balance sheet (with market values only) to reflect the new capital structure, i.e., add an item called PV (additional tax shields) on the asset side of the balance sheet. Before it changes its capital structure, M has 1248 million shares outstanding. What is the stock price before and after the change?
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