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    DFL - Student - XLSX - Google Trang Tính

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    Thư Nguyễn Huỳnh Anh
    The document contains several cases analyzing the impact of financial leverage on firm returns under different earnings before interest and tax (EBIT) scenarios. Each case compares a leveraged plan using debt against a conservative plan using only equity, showing how the use of debt can increase returns but also increases financial risk if EBIT declines. The document also analyzes different funding plans of common stock, debt, and preferred stock and their impact on key financial metrics like earnings per share.

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    DFL - Student - XLSX - Google Trang Tính

    Uploaded by

    Thư Nguyễn Huỳnh Anh
    16 views1 page
    The document contains several cases analyzing the impact of financial leverage on firm returns under different earnings before interest and tax (EBIT) scenarios. Each case compares a leveraged plan using debt against a conservative plan using only equity, showing how the use of debt can increase returns but also increases financial risk if EBIT declines. The document also analyzes different funding plans of common stock, debt, and preferred stock and their impact on key financial metrics like earnings per share.

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    DFL _ student.xlsx - Google Trang tính

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    The document contains several cases analyzing the impact of financial leverage on firm returns under different earnings before interest and tax (EBIT) scenarios. Each case compares a leveraged plan using debt against a conservative plan using only equity, showing how the use of debt can increase returns but also increases financial risk if EBIT declines. The document also analyzes different funding plans of common stock, debt, and preferred stock and their impact on key financial metrics like earnings per share.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views1 page

    DFL - Student - XLSX - Google Trang Tính

    Uploaded by

    Thư Nguyễn Huỳnh Anh
    The document contains several cases analyzing the impact of financial leverage on firm returns under different earnings before interest and tax (EBIT) scenarios. Each case compares a leveraged plan using debt against a conservative plan using only equity, showing how the use of debt can increase returns but also increases financial risk if EBIT declines. The document also analyzes different funding plans of common stock, debt, and preferred stock and their impact on key financial metrics like earnings per share.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    CASE 1: EBIT (0) CASE 3: EBIT (16,000) Điểm bàng quang CASE 4: EBIT (60,000)

    PLAN A PLAN B PLAN A PLAN B PLAN A PLAN B


    Items Items Items
    (Leveraged) (Conserva ve) (Leveraged) (Conserva ve) (Leveraged) (Conserva ve)
    Earning before interest and taxes ( EBIT 0 0 Earning before interest and taxes ( EBIT) 16.000 16.000 Earning before interest and taxes ( EBIT) 60.000 60.000
    (-) Interest (I) $ 12.000 $ 4.000 (-) Interest (I) $ 12.000 $ 4.000 (-) Interest (I) $ 12.000 $ 4.000
    Earning before taxes (EBT) $ (12.000) $ (4.000) Earning before taxes (EBT) $ 4.000 $ 12.000 Earning before taxes (EBT) $ 48.000 $ 56.000
    (-) Taxes (T) - taxe rate 50% $ -   $ -   (-) Taxes (T) - taxe rate 50% $ 2.000 $ 6.000 (-) Taxes (T) - taxe rate 50% $ 24.000 $ 28.000
    Earning a er taxes ( EAT) $ (12.000) $ (4.000) Earning a er taxes ( EAT) $ 2.000 $ 6.000 Earning a er taxes ( EAT) $ 24.000 $ 28.000
    Shares 8.000 24.000 Shares 8.000 24.000 Shares 8.000 24.000
    Earnings per share (EPS) $ (1,50) $ (0,17) Earnings per share (EPS) $ 0,25 $ 0,25 Earnings per share (EPS) $ 3,00 $ 1,17
    DFL = 0 0 DFL = 4 1,33 DFL = 1,25 1,07

    CASE 2: EBIT ($12,000) CASE 4: EBIT (36,000) CASE 4: EBIT (100,000)


    PLAN A PLAN B PLAN A PLAN B PLAN A PLAN B
    Items Items Items
    (Leveraged) (Conserva ve) (Leveraged) (Conserva ve) (Leveraged) (Conserva ve)
    Earning before interest and taxes ( EBIT $ 12.000 $ 12.000 Earning before interest and taxes ( EBIT) 36.000 36.000 Earning before interest and taxes ( EBIT) 100.000 100.000
    (-) Interest (I) $ 12.000 $ 4.000 (-) Interest (I) $ 12.000 $ 4.000 (-) Interest (I) $ 12.000 $ 4.000
    Earning before taxes (EBT) 0 $ 8.000 Earning before taxes (EBT) $ 24.000 $ 32.000 Earning before taxes (EBT) $ 88.000 $ 96.000
    (-) Taxes (T) - taxe rate 50% 0 $ 4.000 (-) Taxes (T) - taxe rate 50% $ 12.000 $ 16.000 (-) Taxes (T) - taxe rate 50% $ 44.000 $ 48.000
    Earning a er taxes ( EAT) 0 $ 4.000 Earning a er taxes ( EAT) $ 12.000 $ 16.000 Earning a er taxes ( EAT) $ 44.000 $ 48.000
    Shares 8.000 24.000 Shares 8.000 24.000 Shares 8.000 24.000
    Earnings per share (EPS) $0 $ 0,17 Earnings per share (EPS) $ 1,50 $ 0,67 Earnings per share (EPS) $ 5,50 $ 2,00
    DFL = 0 1,5 DFL = 1,5 1,125 DFL = 1,14 1,04

    Impact of Financial Leverage on Returns Impact of Financial Leverage on Returns

    Firm U Firm L Firm U Firm L


    EBIT $3.000 $3.000 EBIT $2.000 $2.000
    Interest 0 1.200 Interest 0 10.000
    EBT $3.000 $1.800 EBT $2.000 ($8.000)
    Taxes (40%) 1200 720 Taxes (40%) 800 -3200
    Net income $1.800 $1.080 Net income $1.200 ($4.800)
    ROIC 15% 15% ROIC 10% 20%
    ROE (Net income / Equity) 9% 11% ROE (Net income / Equity) 6% -48%

    Item Phương án tài trợ / Funding plan


    Cổ phiếu Nợ / Cổ phiếu ưu
    thường Debt đãi
    Stock Prefer stock
    Earning before interest and taxed (EBIT $ 2.700.000 $ 2.700.000 $ 2.700.000
    (-) Interest (I) 0 600.000 -  
    Earning before taxs (EBT) $ 2.700.000 $ 2.100.000 $ 2.700.000
    (-) Taxes $ 1.080.000 $ 840.000 $ 1.080.000
    Earning a er taxes (EAT) $ 1.620.000 $ 1.260.000 $ 1.620.000
    Prefer dividen (co tuc co phieu uu dai) 0 0 550.000
    Net profit (LN danh cho co dong thuong $ 1.620.000 $ 1.260.000 $ 1.070.000
    Shares 300.000 200.000 200.000
    Earning per share (EPS) 5,4 6,3 5,35
    EPS = [(EBIT - I) (1-t) - PD] / NS (number of shares)

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