September 2023 Begin with the partial model in the file Ch02 P15 Build a
2024 Lan & Chen Technologies Assignment Help
Begin with the partial model in the file Ch02 P15 Build a 2023
Begin with the partial model in the file Ch02 P15 Build a Model.xls on the textbook’s Web site. a. Using the financial statements shown below for Lan & Chen Technologies, calculate net operating working capital, total net operating capital, net operating profit after taxes, free cash flow, and return on invested capital for 2010. (Hint: Start with the partial model in the file and report all dollar figures in thousands to reduce clutter.) b. Assume there were 15 million shares outstanding at the end of 2010, the year-end closing stock price was $65 per share, and the after-tax cost of capital was 8%. Calculate EVA and MVA for 2010. Lan & Chen Technologies: Income Statements for Year Ending December 31 (Thousands of Dollars) 2010 2009 Sales $945,000 $900,000 Expenses excluding depreciation and amortization 812,700 774,000 EBITDA $132,300 $126,000 Depreciation and amortization 33,100 31,500 EBIT $ 99,200 $ 94,500 Interest expense 10,470 8,600 EBT $ 88,730 $ 85,900 Taxes (40%) 35,492 34,360 Net income $ 53,238 $ 51,540 Common dividends $ 43,300 $ 41,230 Addition to retained earnings $ 9,938 $ 10,310 2010 2009 Assets Cash and cash equivalents $ 47,250 $ 45,000 Short-term investments 3,800 3,600 Accounts receivable 283,500 270,000 Inventories 141,750 135,000 Total current assets $476,300 $453,600 Net fixed assets 330,750 315,000 Total assets $807,050 $768,600 Liabilities and equity Accounts payable $ 94,500 $ 90,000 Accruals 47,250 45,000 Notes payable 26,262 9,000 Total current liabilities $168,012 $144,000 Long-term debt 94,500 90,000 Total liabilities $262,512 $234,000 Common stock 444,600 444,600 Retained earnings 99,938 90,000 Total common equity $544,538 $534,600 Total liabilities and equity $807,050 $768,600
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