{"id":27831,"date":"2021-02-03T10:57:18","date_gmt":"2021-02-03T10:57:18","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=27831"},"modified":"2021-02-03T10:57:18","modified_gmt":"2021-02-03T10:57:18","slug":"ou-are-the-cfo-of-floor-tile-incorporated-there-are-two-investment-options-your-management-team-has-asked-you-to-getboard-approval-on-the-first-is-a-new-manufacturing-plant-in-indiana-to-service-the","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/ou-are-the-cfo-of-floor-tile-incorporated-there-are-two-investment-options-your-management-team-has-asked-you-to-getboard-approval-on-the-first-is-a-new-manufacturing-plant-in-indiana-to-service-the\/","title":{"rendered":"ou are the CFO of Floor Tile Incorporated. There are two investment options your management team has asked you to getBoard approval on. The first is a new manufacturing plant in Indiana to service the local construction industry"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>Q1You are the CFO of Floor Tile Incorporated. There are two investment options your management team has asked you to getBoard approval on. The first is a new manufacturing plant in Indiana to service the local construction industry. The secondis a new product-line expansion for environmentally conscious consumers when they build or remodel their home. Below arethe cash flow estimates for both projects along with some notes on each.\u00a0\u00a0\u00a0\u00a0\u00a0New Plant\u00a0The new plant will cost $15 million to build. The plant will lose money the first year as it ramps up which can be seen belowin the cash flow estimates. The company management estimates that the plant will continue to produce product for years tocome and have indicated that the earning potential of the plant will be worth $10 million at the end of year five. Please takethis into consideration when you consider the value of the plant. Floor Tile Inc. has a weighted Average Cost of Capital of11%. The CFO believes this investment is consistent with the company\u2019s existing business model and has the same riskprofile.\u00a0\u00a0New Plant in Indiana\u00a0(dollars in millions)\u00a0\u00a0Year 1Year 2Year 3Year 4Year 5\u00a0Free Cash Flow($1.0)$3.0 $4.0 $5.5 $17.0 \u00a0\u00a0\u00a0\u00a0\u00a0New Product Line\u00a0The new product line will cost $25 million up front to launch. The $25 million will include the price of a new plant formanufacturing as well as the equipment. Because this new environmentally friendly tile is much more expensive thecompany feels they will need a new sales force and it will take a few years before the product is cash flow positive due tothe ramp up of sales. It is a different customer base and the CFO believes consumers will turn back to lower cost product atthe expense of the environment so he is certain it is more risky than the company\u2019s traditional business. He has used datafrom companies with environmentally focused products to determine this project\u2019s Weighted Average Cost of Capital is13%. It too will have a terminal value and the management team estimates that at the end of 5 years the new product linewill be worth $22 million.\u00a0\u00a0\u00a0\u00a0New Environmentally Friendly Tile\u00a0(dollars in millions)\u00a0\u00a0Year 1Year 2Year 3Year 4Year 5\u00a0Free Cash Flow($3.0)($1.0)$5.0 $8.0 $36.0 \u00a0\u00a0\u00a0\u00a0\u00a0Should the CFO propose both projects to the board. Why or why not? How did you determine this? Show your work.\u00a0\u00a0(10)Project 1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10)Project 2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5)What discount rate did you use for the New Product line? Why?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5)If the CFO chose to use the companies Cost of Capital to assess the new product line would he have made a different decisionabout proposing the project?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Q2The current 10 year government bond is trading at 2.0%. The beta of the market is 1.0. The long term equity risk premium is 7%.\u00a0\u00a0\u00a0\u00a0(5)Draw the Security Market Line (SML). Label both Axes.\u00a0\u00a0\u00a0(10)Now show where a stock would fall on that line if it had a beta of 1.4? What would its expected return be?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SML\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Q3You are trying to decide what the WACC of a Company in the mining industry should be. You have determined(15)from its peer companies that the unlevered beta for the industry is 1.25. The 10 year government bond is tradingat 2.0%. The Company\u2019s debt currently has an interest rate of 7.0% and is trading at par. The Company\u2019s tax rateis 37%. The equity risk premium is 7%. The Company currently has a market value of $700 million. It has $114.5`million in net debt outstanding (see statements below). This is the capital structure the company expects to havewell into the future. What is the Company\u2019s cost of capital?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Q4Use the data from Question 3 plus the data below.\u00a0\u00a0\u00a0\u00a0\u00a0(10)What is the Company\u2019s 2010 EBITDA Multiple?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10)What is the Company\u2019s 2010 P\/E multiple?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10)What is the Company\u2019s Return on Capital?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10)What is the Company\u2019s 2010 DSO?\u00a0\u00a0\u00a0\u00a0days\u00a0\u00a0\u00a0Mining Co. Inc. \u2013 Income Statement20092010\u00a0\u00a0\u00a0Revenue$460.0$700.0\u00a0Cost of Goods Sols165.6 238.0 \u00a0Gross Profit294.4 462.0 \u00a0Sell., Gen. and Admin. Exp.207.0 301.7 \u00a0Operating Income$87.4$160.3\u00a0\u00a0\u00a0Interest Expense2.0 6.0 \u00a0Pre-Tax Income85.4 154.3 \u00a0Taxes29.9 54.0 \u00a0Net Income$55.5$100.3\u00a0\u00a0\u00a0Balance Sheet20092010\u00a0\u00a0\u00a0Cash$75.0 $35.5 \u00a0Accounts Receivable92.0 210.0 \u00a0Inventory69.0 126.0 \u00a0Total Current Assets$236.0 $371.5 \u00a0\u00a0\u00a0Property Plant and Equipment184.0 280.0 \u00a0Total Assets$420.0 $651.5 \u00a0\u00a0\u00a0Accounts Payable59.8 91.0 \u00a0Total Current Liabilities$59.8 $91.0 \u00a0\u00a0\u00a0Debt50.0 150.0 \u00a0Total Liabilities$109.8 $241.0 \u00a0\u00a0\u00a0Shareholders\u2019 Equity310.2 410.5 \u00a0Total Liabilities &amp; Shareholders\u2019 Equity$420.0 $651.5 \u00a0\u00a0\u00a0Statement of Cash Flow20092010\u00a0\u00a0\u00a0Cash Flow from Operation\u00a0Net Income$55.5$100.3\u00a0Change in Working Capital(143.8)\u00a0Depreciation26.3 \u00a0Free Cash Flow from Operations($17.2)\u00a0\u00a0\u00a0Cash Flow from Investing\u00a0Additions to Property Plant and Equipment(122.3)\u00a0Free Cash Flow from Investing($122.3)\u00a0\u00a0\u00a0Cash Flow from Financing\u00a0Issuance\/(Paydown) of Debt100.0 \u00a0Issuance\/(Repurchase) of Equity0.0 \u00a0Cash Flow from Financing Activities$100.0 \u00a0\u00a0\u00a0Cash Flow Generated\/(Used) During the Year($39.5)\u00a0\u00a0\u00a0Beginning of Year Cash75.0 \u00a0End of Year Cash35.5<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>Q1You are the CFO of Floor Tile Incorporated. There are two investment options your management team has asked you to getBoard approval on. The first is a new manufacturing plant in Indiana to service the local construction industry. The secondis a new product-line expansion for environmentally conscious consumers when they build or remodel their home&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27831","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ou are the CFO of Floor Tile Incorporated. There are two investment options your management team has asked you to getBoard approval on. 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