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Chapter 9
1. Fletcher Company's current stock price is $36.00, its last dividend was $2.40, and its required rate of return is 12%. If dividends are expected to grow at a constant rate, g, in the future and if rs is expected to remain at 12%, what is Fletcher's expected stock price 5 years from now?
2. Snyder Computers Inc. is experiencing rapid growth. Earnings and dividends are expected to grow at a rate of 15% during the next 2 years, at 13% the following year, and at a constant rate of 6% during Year 4 and thereafter. Its last dividend was $1.25, and its required rate of return is 12%.
a. Calculate the value of the stock today. b. Calculate and c. Calculate the dividend and capital gains yields for Years 1, 2, and 3.
3. Smith Technologies is expected to generate $150 million in free cash flow next year, and FCF is expected to grow at a constant rate of 5% per year indefinitely. Smith has no debt or preferred stock, and its WACC is 12%. If Smith has 50 million shares of stock outstanding, what is the stock's value per share?
4. Ezzell Corporation issued perpetual preferred stock with a 15% annual dividend. The stock currently yields 8%, and its par value is $100.
a. What is the stock's value?
b. Suppose interest rates rise and pull the preferred stock's yield up to 12%. What is its new market value?
5. Martell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 5% per year. If D0 = $6 and rs = 15%, what is the value of Martell Mining's stock?
6. Dozier Corporation is a fast-growing supplier of office products. Analysts project the following free cash flows (FCFs) during the next 3 years, after which FCF is expected to grow at a constant 7% rate. Dozier's WACC is 12%.
a. What is Dozier's horizon, or continuing, value? (Hint: Find the value of all free cash flows beyond Year 3 discounted back to Year 3.)
b. What is the firm's value today? c. Suppose Dozier has $100 million of debt and 10 million shares of
stock outstanding. What is your estimate of the current price per share?
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