April 2006

CONFIDENTIAL
BM/APR 2006/FIN538/580
UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION
COURSE COURSE CODE EXAMINATION TIME
CORPORATE FINANCE FIN538/580 APRIL 2006 3 HOURS
INSTRUCTIONS TO CANDIDATES 1. 2. 3. This question paper consists of seven (7) questions. Answer five (5) questions only. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) the Question Paper a t w o - page Appendix an Answer Booklet - provided by the Faculty
4.
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO

This examination paper consists of 6 printed pages
Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL
BM/APR 2006/FIN538/580
QUESTION 1 a) Mirzan Industries which pays corporation tax at 30%, has the following capital structure: Common shares 100,000 common shares at a market value of RM44.00 per share. A dividend of RM2.70 per share has just been paid and dividends are expected to grow by 8% per year for the foreseeable future. Floatation cost for the new issues will be 5%. 25,000 preferred shares at a market value of RM30.00 per share, the annual net dividend of 7.5% has just been paid and 3% floatation cost will be incurred for the new issues. 10,000 units of a 5 year bond with a market price of 92% of par value, coupon rate of 10% and floatation cost of 6% for the new issues.
Preferred shares
Bond
Based on the above information:
i)
What is the market value of the firm's capital structure? (3 marks)
ii)
Determine rate should the firm use to discount the cash flows if the firm is evaluating a new investment that has the same risk as the firm's typical project? (8 marks) Calculate is the true cost of the funds after taking floatation costs into account? (5 marks)
iii)
b)
Explain the basic relationships among cost of capital, capital structure and a firm's value. (4 marks)
Hak Cipta Universiti Teknologi MARA
CONFIDENTIAL
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BM/APR 2006/FIN538/580
QUESTION 2 a) Good Mousetrap has developed a new trap. It can go into production for an initial investment in equipment of RM600.000. The equipment will be depreciated straight line over 5 years to a value of zero, but in fact is can be sold after 5 years for RM50,000. The firm believes that working capital at each year must be maintained at a level of 10% of next year's forecasted sales. The firm estimates production costs equal to RM1.50 per trap and believes that the traps can be sold for RM4 each. Sales forecasts are given in the following table. The project will come to an end in 5 years, when the traps become technologically obsolete. If the firm's tax bracket is 35% and the required rate of return on the project is 12%, what is the project's NPV? Year Sales (in units) 1 50,000 2 60,000 3 100,000 4 100,000 5 thereafter 60,000 (15 marks) b) Discuss the stand alone principle in project evaluation. (5 marks)
QUESTION 3 a) A new computer system will require an initial outlay of RM30,000 but it will increase the firm's cash flows by RM4.000 a year for each of the next 5 years. i) Calculate the discounted payback period for the system if the required rate of return is 14%? (3 marks) Is the system worth installing if the required rate of return is 14%? Why? (3 marks) iii) How high can the discount rate be before you would reject the project? Justify your answer. (7 marks)
ii)
b)
Briefly explain the distinction between hard and soft capital rationing and the reasons why such conditions might occur. (7 marks)
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BM/APR 2006/FIN538/580
QUESTION 4 a) Reliable Power Bhd currently is an unlevered firm with cost of equity of 14%. Its EBIT is currently at RM225.000 a year. The company is going to set up a new factory in line with the company's new mission to increase its productivity. The company expects to include 30% debt amounted to RM99.900 that costs 9% per annum in order to finance the expansion. At present the company pays 32% tax rate. i) What is the value of the company after restructuring? (3 marks) ii) Calculate the cost of equity of the firm after restructuring. (3 marks) iii) What is the firm's WACC after restructuring? (3 marks) iv) Explain what will happen to the WACC if the firm introduces 50% debt to its capital structure? (5 marks) (6 marks)
b)
Critically discuss how venture capital firms design successful deals.
QUESTION 5 a) The management of Tiger Golf Ltd is considering the possibility of manufacturing a new motorized golf buggy. The initial outlay for the new plant to manufacture the vehicle is RM0.45 million. The following estimates for the project have been provided by the staff of the company: Estimates Items pessimistic most likely optimistic Sales (units) 2,500 3,500 4,500 Selling price(RM) per unit 80 85 90 Fixed costs (RM) per annum 100,000 90,000 80,000 Variable costs (RM) per unit 35 25 15 Life of the plant (years) 4 5 6
Assuming a required rate of return of 10% and tax rate of 27%, determine: i) The best case and worst case NPV for the project. (8 marks) ii) The financial breakeven under the most likely scenario of the project. (5 marks)
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BM/APR 2006/FIN538/580
b)
Elaborate how sensitivity analysis can help management to assess the risk of an investment project. (7 marks)
QUESTION 6
a)
Mawee Corp. is bidding to take over Marssa Bhd. Mawee has 30,000 shares outstanding, selling at RM50 per share whereas Marssa has 20,000 shares outstanding, selling at RM 17.50 per share. Mawee estimates the economic gain from the merger to be RM100,000. i) Compute the value of Marssa to Mawee. (2 marks) ii) If Marssa can be acquired for RM20 a share, what is the NPV of the merger to Mawee? (3 marks) What will Mawee shares sell in the market after the acquisiton? (4 marks)
iii)
iv)
What is the NPV of the merger to Mawee when it uses an exchange of stock? (6 marks)
b)
Explain how should the gains and costs of mergers to the acquiring firm be measured. (5 marks)
QUESTION 7
a)
Beta Best stocks currently sell in the market at RM20 per share. The firm will either pays RM2.60 dividend per share or repurchase RM26.000 worth of shares. Below is the firm's most recent balance sheet: Assets Assets Liabilities and Equity Debt RM 100,000 Equity RM200.000
RM300.000
i)
What will be the price per share under each alternative (cash dividend versus stock repurchase)? (2 marks)
ii)
If total earnings of the firm are RM28.800 a year, compute earnings per share under each alternative.
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BM/APR 2006/FIN538/580 (3 marks)
iii)
What will be the price earnings ratio under each alternative? (3 marks)
iv)
If you hold 100 units of the company's shares, calculate your total wealth immediately after stock repurchase. (3 marks)
b)
Describe any three (3) key factors that should be considered in making a decision on the size of the annual dividend to be paid to its equity investors. (6 marks)
c)
Distinguish the two (2) types of business insolvency. (3 marks)
END OF QUESTION PAPER
CONFIDENTIAL
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APPENDIX 1
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CONFIDENTIAL
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PRESENT V A L U E INTEREST F A C T O R FOR ANNUITY (PVIFA) UJ
in
PeriodfR 1 2 3 4 5 6 7 8 9 10 11
IK 0 9901 1 9704 2 9410 3 9020 4 8534 5 7955 6 7282 7 6517 8 5660 9 4713 10 3676 112551 12 1337 13 0037 13 8651 14 7179 15 5623 16 3983 17 2260 18 0456 18 8570 19 6604 20 4558 21 2434 22 0232 22 7952 23 5596 24 3164 25 0658 25 8077
2% 0 9804 19416 2 8839 3 8077 4 7135 5 6014 6 4720 7 3255 8 1622 8 9826 9 7868 10 5753 113484 12 1062 12 8493 13 5777 14 2919 14 9920 15 6785 16 3514 170112 17 6580 1B2922 18 9139 19 5235 20 1210 20 7069 21 2813 218444 22 3965
3% 0 9709 1 9135 2 8286 3 7171 4 5797 54172 6 2303 7 0197 7 7861 8 5302 9 2526 9 9540 10 6350 11 2961 11 9379 12 5611 13 1661 13 7535 14 3238 14 8775 154150 15 9369 16 4436 16 9355 174131 17 8768 18 3270 18 7641 19 1885 19 6004
4% 0 9615 1 8861 2 7751 3 6299 4 451B 5 2421 6 0021 6 7327 7 4353 8 1109 8 7605 9 3851 9 9856 10 5631 111184 11 6523 12 1657 12 6593 13 1339 13 5903 14 0292 14 4511 14 8568 15 2470 15 6221 15 9828 16 3296 16 6631 16 9837 17 2920
5% 0 9524 1 8594 2 7232 3 5460 4 3295 5 0757 5 7864 6 4632 7 1078 7 7217 8 3064 8 8633 9 3936 9 8986 10 3797 10 8378 112741 116896 12 0853 12 4622 12 8212 13 1630 13 4886 13 7986 14 0939 14 3752 14 6430 14 8981 15 1411 15 3725
6% 0 9434 18334 2 6730 3 4651 4 2124 4 9173 5 5824 6 2098 6 8017 7 3601 7 8869 8 3838 8B527 9 2950 9 7122 10 1059 104773 10 8276 11 1581 114699 117641 12 0416 12 3034 12 5504 12 7834 13 0032 13 2105 13 4062 13 5907 13 7648
7% 0 9346 1 8080 2 6243 3 3872 4 1002 4 7665 5 3893 5 9713 6 5152 7 0236 7 4987 7 9427 8 3577 8 7455 9 1079 9 4466 9 7632 10 0591 10 3356 10 5940 10 8355 110612 11 2722 114693 11 6536 118258 11 9867 12 1371 12 2777 12 4090
8% 0 9259 1 7833 2 5771 3 3121 3 9927 4 6229 5 2064 5 7466 6 2469 6 7101 7 1390 7 5361 7 9038 8 2442 8 5595 8 8514 9 1216 9 3719 9 6036 9 8181 10 0168 10 2007 10 3711 10 5288 10 6748 10 8100 10 9352 110511 11 1584 11 2578
9% 0 9174 17591 2 5313 3 2397 3 8897 4 4BS9 5 0330 5 5348 5 9952 6 4177 6 8052 7 1607 7 4869 7 7862 8 0607 8 3126 8 5436 8 7556 8 9501 9 1285 9 2922 9 4424 9 5802 9 7066 9 8226 9 9290 10 0266 10 1161 10 1983 10 2737
10% 0 9091 1 7355 2 4869 31699 3 7908 4 3553 4 8684 5 3349 5 7590 6 1446 6 4951 6 8137 7 1034 7 3667 7 6061 7 8237 8 0216 B2014 8 3649 8 5136 8 6487 8 7715 8 8832 8 9847 9 0770 9 1609 9 2372 9 3066 9 3696 9 4269
11% 0 9009 17125 24437 3 1024 3 6959 4 2305 4 7122 5 1461 5 5370 5 8892 6 2065 6 4924 6 7499 6 9819 7 1909 7 3792 7 5488 7 7016 7 8393 7 9633 8 0751 81757 8 2664 8 3481 8 4217 8 4881 8 5478 8 6016 8 6501 8 6938
12% 0 8929 1 6901 2 4018 3 0373 3 6048 41114 4 563B 4 9676 5 3282 5 6502 5 9377 6 1944 64235 6 6282 6 8109 6 9740 7 1196 7 2497 7 3658 7 4694 7 5620 7 6446 7 7184 7 7843 78431 7 8957 7 9426 7 9844 8 0218 8 0552
13% 0 8B50 1 6681 2 3612 2 9745 3 5172 3 9975 4 4226 4 7988 5 1317 5 4262 5 6869 5 9176 6 1218 6 3025 6 4624 6 6039 6 7291 6 8399 6 9380 7 0248 7 1016 7 1695 7 2297 7 2829 7 3300 7 3717 7 4086 74412 7 4701 7 4957
14% 0 8772 16467 2 3216 2 9137 3 4331 3 8887 4 2883 4 6389 4 9464 52161 5 4527 5 6603 5 8424 6 0021 6 1422 6 2651 6 3729 6 4674 6 5504 6 6231 6 6870 6 7429 6 7921 6 8351 6 8729 6 9061 6 9352 6 9607 6 9B30 7 0027
15% 0 8696 1 6257 2 2832 2 8550 3 3522 3 7845 4 1604 4 4873 4 7716 5 0188 5 2337 5 4206 5 5831 5 7245 5 8474 5 9542 6 0472 6 12B0 6 1982 6 2593 6 3125 6 3587 6 3988 6 4338 6 4641 6 4906 6 5135 6 5335 6 5509 6 5660
16% 0 8621 1 6052 2 2459 2 7982 3 2743 3 6847 4 0386 4 3436 4 6065 4B332 5 0286 5 1971 5 3423 5 4675 5 5755 5 6685 5 7487 5 8178 5 8775 5 9288 5 9731 60113 6 0442 6 0726 6 0971 6 1182 6 1364 6 1520 6 1656 6 1772
17% 0 8547 1 5852 2 2096 2 7432 3 1993 3 5892 3 9224 4 2072 4 4506 4 6586 4 8364 4 9884 5 1183 5 2293 5 3242 5 4053 5 4746 5 5339 5 5845 5 6278 5 6648 5 6964 5 7234 5 7465 5 7662 5 7831 5 7975 5 8099 5B204 5 8294
18% 0 8475 1 5656 2 1743 2 6901 3 1272 3 4976 38115 4 0776 4 3030 4 4941 4 6560 4 7932 4 9095 5 0081 5 0916 5 1624 5 2223 5 2732 5 3162 5 3527 5 3837 5 4099 5 4321 5 4509 5 4669 5 4804 54919 5 5016 5 5098 5 5168
19% 0 8403 1 5465 2 1399 2 6386 3 0576 3 4098 3 7057 3 9544 4 1633 4 3389 4 4B65 4 6105 4 7147 4 8023 4 8759 4 9377 4 9897 5 0333 5 0700 5 1009 5 1268 5 1486 5 1668 5 1822 5 1951 5 2060 5 2151 5 2228 5 2292 5 2347
20% 0 8333 15278 2 1065 2 5887 2 9906 3 3255 3 6046 3 8372 4 0310 4 1925 4 3271 4 4392 4 5327 4 6106 4 6755 4 7296 4 7746 4 8122 4 8435 4 8696 4 8913 4 9094 4 9245 4 9371 4 9476 4 9563 4 9636 4 9697 4 9747 4 9789
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CONFIDENTIAL

UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION

COURSE COURSE CODE EXAMINATION TIME

CORPORATE FINANCE FIN538/580 APRIL 2006 3 HOURS

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO

Based on the above information:

What is the market value of the firm's capital structure? (3 marks)

Hak Cipta Universiti Teknologi MARA

Hak Cipta Universiti Teknologi MARA

Critically discuss how venture capital firms design successful deals.

Hak Cipta Universiti Teknologi MARA

Hak Cipta Universiti Teknologi MARA

BM/APR 2006/FIN538/580 (3 marks)

Distinguish the two (2) types of business insolvency. (3 marks)

END OF QUESTION PAPER

Hak Cipta Universiti Teknologi MARA

Hak Cipta Universiti Teknologi MARA

PRESENT V A L U E INTEREST F A C T O R FOR ANNUITY (PVIFA) UJ

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