金融代写 | FIN2003 DT366 BSc Accounting & Finance

本次代写主要为金融相关的限时测试

FIN2003 DT366会计与金融理学士

A节

问题1

您是Smolin plc（一家制造公司）的业务分析师。 Smolin plc正在考虑生产新产品。作为公司的业务分析师，您需要评估此投资机会。

议程上的第一项是计算Smolin plc的资本成本，以便您可以将其应用于该项目。为了帮助您完成此任务，财务总监为您提供了以下资产负债表。

资产负债表

欧元

固定资产

3,300,000

当前资产

1,500,000

流动负债

760,000

资助人

普通股本

200万

8％可赎回债券

80万

6％不可赎回债券

500,000

储备金

610,000

可赎回债券的当前市场价格为每100欧元面值150欧元。可赎回债券可以在5年内以每股20欧元面值的价格，按10股的价格转换为普通股，预计每股市场价格为4欧元。股票的当前市值为3.80欧元。不可赎回债券的市场价值为每100欧元面值97欧元。 10年期政府债券的收益率为2％，市场收益率为8％，权益贝塔值为2。

税率为12％，应拖欠一年。

必需的

确定Smolin Plc的权益成本

（6分）

确定Smolin Plc的债务成本

（8分）

确定Smolin Plc的加权平均资本成本（WACC）

（6分）

（共20分）

投资机会

该公司正在评估购买用于生产产品Q的新机器的时间，由于技术日新月异，该产品的生命周期很短。预计该机器的成本为900,000欧元。预计产品Q的生产和销售如下：

年

1个

2个

3

4

生产和销售（单位/年）

45,000

50,000

55,000

60,000

产品Q的售价（按当前价格计算）将为每单位15欧元，而产品的可变成本（以当前价格计算）将为每单位8欧元。销售价格通胀率预计为每年5％，可变成本通胀率预计为每年6％。由于Smolin Plc在空间和人工方面均具有备用能力，因此预计不会增加现有固定成本。

生产和销售产品Q将需要增加对营运资金的投资。对Smolin Plc内的营运资金的历史水平进行的分析表明，在每年年初，产品Q的营运资金投资将需要占当年销售收入的8％。

Smolin Plc在产生应纳税利润的年份每年缴纳12％的税。机器应纳税的折旧额可减少应纳税额，Smolin Plc可以在拟议投资的四年期限内以直线法申索。预计新机器在四年期限结束时将没有废品价值。

必需的

根据现金流量，并使用c部分中计算出的WACC作为折现率，公司是否应把握这一投资机会

（20分）

（共40分）

FIN2003 DT366 BSc Accounting & Finance

Section A

Question 1

You are the business analyst for Smolin plc , a manufacturing company. Smolin plc are considering producing a new product. As the business analyst in the company you have been asked to assess this investment opportunity.

The first item on your agenda is to calculate the cost of capital for Smolin plc so you can apply it to the project. To help you with this the finance director has given you the following balance sheet.

The current market value of the redeemable bonds is €150 per €100 nominal value. The redeemable bonds are convertible into ordinary shares at a rate of 10 shares per €20 nominal value of the redeemable bond in 5 years’ time when it is expected the market price per share will be €4. The current market value of the shares is €3.80. the market value of the irredeemable bond is €97 per €100 nominal value. The rate of return of a 10 year government bond is 2% , the market return is 8% and the equity beta is 2.

Taxation is at 12% and is payable one year in arrears.

Required

1. Determine the cost of equity for Smolin Plc

(6 marks)

1. Determine the cost of debt for Smolin Plc

(8 marks)

1. Determine the weighted average cost of capital (WACC) for Smolin Plc

(6 marks)

(Total 20 marks)

Investment Opportunity

The company is evaluating the purchase of a new machine to produce product Q, which has a short product life-cycle due to rapidly changing technology. The machine is expected to cost €900,000. Production and sales of product Q are forecast to be as follows:

The selling price of product Q (in current price terms) will be €15 per unit, while the variable cost of the product (in current price terms) will be €8 per unit. Selling price inflation is expected to be 5% per year and variable cost inflation is expected to be 6% per year. No increase in existing fixed costs is expected since Smolin Plc has spare capacity in both space and labour terms.

Producing and selling product Q will call for increased investment in working capital. Analysis of historical levels of working capital within Smolin Plc indicates that at the start of each year, investment in working capital for product Q will need to be 8% of sales revenue for that year.

Smolin Plc pays tax of 12% per year in the year in which the taxable profit occurs. Liability to tax is reduced by tax allowable depreciation on machinery, which Smolin Plc can claim on a straight-line basis over the four-year life of the proposed investment. The new machine is expected to have no scrap value at the end of the four-year period.

Required

1. Based on the cash flows and using the WACC calculated in part c as a discount rate should the company go ahead with this investment opportunity

(20 marks)

(Total 40 marks)