本次美国代写主要为金融建模相关的problem set

问题一

面值为100,000美元、5年期、一年期的ABC公司债券
6% 的息票(刚刚支付)现在交易价格为 90,000 美元。计算债券的收益率-
到期(反映当前债务成本)。提示:在 Excel 中使用 IRR 函数。

问题二

实习业务分析师估计公司的股权成本。他估计风险——
免费利率为 3%,股票市场平均回报率为 9%。由于公司不
上市,他不知道它的beta,因此使用行业平均值=2。什么
分析师对公司权益成本的估计是什么? [5%]

分析师主管指出,行业平均负债权益比为4比1,
而对于公司而言,它是 1 比 4,并要求他更新估计
考虑到这一点。他对股权成本的新估计是什么? [5%]

问题三

假设您正在评估 Romashka Ltd,这是一家在
哈萨克斯坦。今年 Romashka Ltd 的收入为 280 万美元,销售成本为
120 万美元,运营费用为 30 万美元,折旧和摊销 – 20 万美元。罗马什卡
Ltd 有 500 万美元的未偿债务,面值与市场价值相同。
利率为 8%。哈萨克斯坦的利润税率为 10%。资本投资
本年度为 35 万美元,营运资金增加了 12 万美元。

问题 1. 计算今年的净收入、NOPLAT 和企业自由现金流。
[10%]

问题 2 假设美国国债利率为 1.5%。股票市场溢价为 5.5%。
使用上市花卉和礼品公司的一小部分样本,您估计它们的 Beta 值为 1.25。
哈萨克斯坦政府债券目前的交易收益率为 5.5%。估值
手册建议您应该为这种规模的业务使用 8% 的规模溢价。
鉴于此信息,并假设 Romashka Ltd 将维持 40%/60% 的债务-
股本比率,这是该行业的典型情况,您的估计是什么
罗马什卡的WACC? [10%]

Problem 1

Company ABC bond with a face value of $100,000, maturity in 5 years and an annual
coupon of 6% (which just has been paid) is now traded at $90,000. Calculate bond’s yield-
to-maturity (which reflects current cost of debt). Hint: use IRR function in Excel.

Problem 2

An intern business analyst estimates the cost of equity of a company. He estimates the risk-
free interest rate at 3% and the average stock market return at 9%. As the company is not
listed, he does not know its beta, and therefore uses the industry average value =2. What
would be the analyst’s estimate of the cost of equity of the company? [5%]

The analyst’s supervisor points out, that the industry average debt-to-equity ratio is 4-to-1,
while for the company at consideration it is 1-to-4, and asks him to update the estimation
taking that into account. What would be his new estimation of the cost of equity? [5%]

Problem 3

Suppose that you are valuing Romashka Ltd, which is a florist business operating in
Kazakhstan. In this year the Revenue of Romashka Ltd is $2.8m, Costs of Goods Sold is
$1.2m, Operating Expenses are $300k, Depreciation and Amortization – $200k. Romashka
Ltd has $5m of outstanding debt, with the face value being the same as the market value.
The interest rate is 8%. Kazakhstan profit tax rate is 10%. Capital investments in the
current year were $350k, and the working capital has increased by $120k.

Question 1. Calculate this year Net Income, NOPLAT and enterprise Free Cash Flow.
[10%]

Question 2. Suppose that the U.S. T-bonds rate is 1.5%. Equity market premium is 5.5%.
Using a small sample of listed flower and gift companies you estimate their beta at 1.25.
Kazakhstan government bonds are currently traded at yield 5.5%. The Valuation
Handbook suggests that you should use the size premium of 8% for this size of business.
Given this information, and assuming that Romashka Ltd will maintain 40%/60% debt-
to-equity ratio, which is typical for the industry, what would be your estimation of
Romashka’s WACC? [10%]

 


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