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在我国,挂车制动的控制一般采用()。
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表面淬火一般用于()加工的汽车配件。
影响汽车稳定性的主要因素有哪些？
Dinla Co has the following capital structure.
The ordinary shares of Dinla Co are currently trading at $4·26 per share on an ex dividend basis and have a nominal value of $0·25 per share. Ordinary dividends are expected to grow in the future by 4% per year and a dividend of $0·25 per share has just been paid.
The 5% preference shares have an ex dividend market value of $0·56 per share and a nominal value of $1·00 per share. These shares are irredeemable.
The 6% loan notes of Dinla Co are currently trading at $95·45 per loan note on an ex interest basis and will be redeemed at their nominal value of $100 per loan note in five years’ time.
The bank loan has a fixed interest rate of 7% per year.
Dinla Co pays corporation tax at a rate of 25%.
Required:
(a) Calculate the after-tax weighted average cost of capital of Dinla Co on a market value basis. (8 marks)
(b) Discuss the connection between the relative costs of sources of finance and the creditor hierarchy. (3 marks)
(c) Explain the differences between Islamic finance and other conventional finance. (4 marks)
Required:
(a) Justifying any assumptions which you make, calculate the current market value of the loan notes of Darlga Co, using future share price increases of:
(i) 4% per year;
(ii) 6% per year. (6 marks)
(b) Discuss the limitations of the dividend growth model as a way of valuing the ordinary shares of a company. (4 marks)
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