Caso Dixon
Caso DIXON
Finanzas Corportativas
Integrantes
• Hugo Rangel
• Alvaro Rojas
• Javier Rota
• Javier Seminario
1. Estimate the cost of equity appropriate for the evaluation of the incremental cash flows associated with the Collinsville investment. Estimate the weighted average cost of capital appropriate for discounting the Collinsville plant’s incremental cash flows
a) Usando los β de Burnswick y Southern, hallamos el βE desapalancado de Collinsville. Southern Chem. βA= βD(D/V)+βE(E/V) βD(D/V) = 0 βA= βE(E/V) βA=1.2(0.79) βA=0.948 0.948=βE(0.33) βE=2.87 Burnswik Chem. βA= βD(D/V)+βE(E/V) βD(D/V) = 0 βA= βE(E/V) βA=1.1(0.85) βA=0.935 0.935=βE(0.33) βE=2.83
Por promedio ponderado (usando las ventas) el βE es 2.85
RE = Rf + β(Rm – Rf) Rf=9.5% (long-term treasury bonds) Rm= 14.81% (S&P – 1,980)
RE = Rf + β(Rm – Rf) RE = 9.5% + 2.85(14.81%-9.5%) RE = 24.64% b) Con RE y los datos t = 48%, RD = 11.25%, D/V = 66.7%, E/V = 33.3%, hallamos WACC = (1-t)* RD(D/V) + RE(E/V) WACC = 0.52*11.25(66.7%) + 24.64(33.3%) WACC = 3.92% + 8.13% WACC = 12.05%
2. Project the incremental cash flows associated with the acquisition of the Collinsville plant without the laminate technology and estimate the acquisition’s net present value. Project the incremental cash flows associated with the 1980 investment in laminate technology and estimate the investment’s net present value.
3. Is the Collinsville proposal attractive on economic grounds?
• Si debido a que el Valor Actual Neto de la inversión es
– Sin laminado: $373 + $1,362 = $1,735
– Con laminado: $8,326 + $1,362 = $9,688
4. Assess the strategic issues associated with the proposal. Is Collinsville attractive on strategic grounds?
• Sí es estratégico debido a que entrar a este negocio (clorato de sodio) se complementaba perfectamente con su oferta actual.
• El mercado objetivo ya es cliente de la compañía, generando sinergias en la fuerza
Finanzas Corportativas
Integrantes
• Hugo Rangel
• Alvaro Rojas
• Javier Rota
• Javier Seminario
1. Estimate the cost of equity appropriate for the evaluation of the incremental cash flows associated with the Collinsville investment. Estimate the weighted average cost of capital appropriate for discounting the Collinsville plant’s incremental cash flows
a) Usando los β de Burnswick y Southern, hallamos el βE desapalancado de Collinsville. Southern Chem. βA= βD(D/V)+βE(E/V) βD(D/V) = 0 βA= βE(E/V) βA=1.2(0.79) βA=0.948 0.948=βE(0.33) βE=2.87 Burnswik Chem. βA= βD(D/V)+βE(E/V) βD(D/V) = 0 βA= βE(E/V) βA=1.1(0.85) βA=0.935 0.935=βE(0.33) βE=2.83
Por promedio ponderado (usando las ventas) el βE es 2.85
RE = Rf + β(Rm – Rf) Rf=9.5% (long-term treasury bonds) Rm= 14.81% (S&P – 1,980)
RE = Rf + β(Rm – Rf) RE = 9.5% + 2.85(14.81%-9.5%) RE = 24.64% b) Con RE y los datos t = 48%, RD = 11.25%, D/V = 66.7%, E/V = 33.3%, hallamos WACC = (1-t)* RD(D/V) + RE(E/V) WACC = 0.52*11.25(66.7%) + 24.64(33.3%) WACC = 3.92% + 8.13% WACC = 12.05%
2. Project the incremental cash flows associated with the acquisition of the Collinsville plant without the laminate technology and estimate the acquisition’s net present value. Project the incremental cash flows associated with the 1980 investment in laminate technology and estimate the investment’s net present value.
3. Is the Collinsville proposal attractive on economic grounds?
• Si debido a que el Valor Actual Neto de la inversión es
– Sin laminado: $373 + $1,362 = $1,735
– Con laminado: $8,326 + $1,362 = $9,688
4. Assess the strategic issues associated with the proposal. Is Collinsville attractive on strategic grounds?
• Sí es estratégico debido a que entrar a este negocio (clorato de sodio) se complementaba perfectamente con su oferta actual.
• El mercado objetivo ya es cliente de la compañía, generando sinergias en la fuerza