ACC306 Individual Assignment
Requirement: Two calculation questions, one is from Chapter
4, the other is from chapter 11, 10 marks each, in total 20 marks. Font size is 12, 1.5-line space. Harvard reference system Due time is at 5pm on Friday in week 10 12/01/2018, no extension will be given. One day late, 10% deduction on your assignment until zero.
Similarity rate must be lower than 20%, otherwise you will receive penalty, over than 40%, you will receive zero mark. You must register your own account with turn-it-in, after you log in, you use the following information to submit your assignment. Turnitin Assignment Submission: Class ID: 16886287 Password: ACC306 To submit your assignment, please use the class ID and password to enrol the subject on Turnitin. http://turnitin.com/ If you have any questions, please send email to me firstname.lastname@example.org Wechat: zjun2285 Nathan Zhang
Chapter 11: Free Cash Flow for Kimberly-Clark Corporation
(10 marks) Below are summary numbers from reformulated balance sheets for 2007 and 2006 for Kimberly- Clark Corporation, the paper product s company, along with numbers from the reformulated income statement fa. The net payout to shareholders (dividends and share repurchases minus share issues) in 2007 was $3,405.9 million. Calculate free cash flow using Method 1 and Method 2. b. The firm reported cash flow from
operation s of $2,429 million in its 2007 cash flow statement and also reported net interest payments of $142.4 million. It reported $898 million in cash spent on investing activities, but this was after including a net $56 million from liquidating short-term interest-bearing securities. The firm's statutory tax rate is 36.6 percent. Calculate free cash flow or 2007 (in millions of dollars).
A Discounted Cash Flow Valuation: General Mills, Inc. (10 marks) At the beginning of its fiscal year 2006, an analyst made the following forecast for General Mills, Inc., the consumer foods company, for 2006-2009 (in millions of dollars):
200General Mills reported $6, 192 million in short-term and
long-term debt at the end of 2005 but very little in interest-bearing debt assets. Use a required return of 9 percent to calculate both the enterprise value and equity value for General Mills at the beginning of 2006 under two forecasts for long-run cash flows: a. Free cash flow will remain at 2009 levels after 2009. b. Free cash flow will grow at 3 percent per year after 2009. General Mills had 369 million shares outstanding at the end of 2005, trading at $47 per share.
Calculate value per share and a value-to-price ratio under both scenarios. a. The exercise involves calculating free cash flows, discounting them to present value, then adding the present value of a continuing value. For part (a) of the question, the continuing value has no growth:
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