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下列选项中，不属于抵押物的估价方法所指的内容是()。
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GWW Co is a listed company which is seen as a potential target for acquisition by financial analysts. The value of the company has therefore been a matter of public debate in recent weeks and the following financial information is available:
The shares of GWW Co have a nominal (par) value of 50c per share and a market value of $4·00 per share. The cost of equity of the company is 9% per year. The business sector of GWW Co has an average price/earnings ratio of 17 times. The 8% bonds are redeemable at nominal (par) value of $100 per bond in seven years’ time and the before-tax cost of debt of GWW Co is 6% per year.
The expected net realisable values of the non-current assets and the inventory are $86·0m and $4·2m, respectively. In the event of liquidation, only 80% of the trade receivables are expected to be collectible.
Required:
(a) Calculate the value of GWW Co using the following methods:
(i) market capitalisation (equity market value);
(ii) net asset value (liquidation basis);
(iii) price/earnings ratio method using the business sector average price/earnings ratio;
(iv) dividend growth model using:
(1) the average historic dividend growth rate;
The total marks will be split equally between each part. (10 marks)
(b) Discuss the relative merits of the valuation methods in part (a) above in determining a purchase price for GWW Co.
(c) Calculate the following values for GWW Co:
(i) the before-tax market value of the bonds of GWW Co;
(ii) debt/equity ratio (book value basis);
(iii) debt/equity ratio (market value basis).
Discuss the usefulness of the debt/equity ratio in assessing the financial risk of GWW Co.
The total marks will be split equally between each part. (7 marks)
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