Financial Strategy (Spring 2025)
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The best definition of shareholders equity is:
In the context of IPO, associate the concept with the word
Company ABC has the following Balance Sheet as of December 31, 20XX
December 31 20XX | |||
Operating Assets | 1,000 | Net Debt | 800 |
Non operating cash | 200 | NW | 400 |
The results forecast for next year 20XX+1 is the following
P&L 1 | |
EBITDA | 120 |
EBIT | 80 |
EAT | 30 |
The company trades in the market with an Enterprise Value of Operating Assets (EV) of 1,100
In the market, the comparable set of companies trade at the following multiples: PER = 15x, PtB = 2x and EV/EBITDA =10x
It is true that refering to the PER of comparable companies:
It is true that refering to the PtB of comparable companies:
It is true that refering to the EV/EBITDA of comparable companies:
A company in the electricity industry has just announced that it will go public at a price of €117/share. The company has issued 600 shares and will offer all these shares for trading. The company's expected EAT for the next year is €5,400. Competing companies already listed on the stock exchange have the following characteristics:
Company | Capitalisation (€ in thousands) | Shares issued (#) | EPS (€) | Price per share € |
A | 55,000 | 1,000 | 8.25 | 123.75 |
B | 75,000 | 1,500 | 8.50 | 144.50 |
C | 37,000 | 800 | 9.25 | 185.00 |
Notice, that Moodle only accepts puctuation sings in decimal
What is the price earnings ratio of the company that plans to go public?
What is the average price earnings ratio for the comparable companies?
What is the target price of the company in the IPO according with the price earnings criteria?
Do you consider it a good investment?
Year Zero Balance Sheet | |||
Net NCA | 4,000 | STD | 4,000 |
WCN | 5,000 | LTD | 1,500 |
|
| NW | 3,500 |
TNI | 9,000 | CE | 9,000 |
This is the balance sheet submitted by the company at the time of its initial public offering. 5,000 company shares will be offered to the public.
The projected profit and loss account for the following year is as follows:
P&L 1 | |
Sales | 16,500 |
Cost of sales | 3,300 |
Gross margin | 13,200 |
Salaries and wages | 8,250 |
General expenses | 850 |
Depreciation | 750 |
EBIT | 3,350 |
Interest | 399 |
EBT | 2,951 |
Taxes | 738 |
EAT | 2,213 |
Dividends | 580 |
Retained earnings | 1,633 |
All figures are in thousands (5,000,000 shares).
The investment bank leading the operation has negotiated an EV/EBITDA of 10 with the remaining underwriting banks. When drafting the prospectus:
At what PER is the company expected to be listed?
At what PtB is the company expected to be listed?
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