Mayberry Personal Receivers: Improved Situation

Net PPE199,000.0190,800.0202,248.0
Total assets361,000.00339,200.00359,552.00

Liabilities and Shareholders’ Equity
Operating current liabilities57,911.563,600.067,416.0
Total current liabilities57,911.563,600.067,416.0
Long-term debt136,253.0143,061.0150,223.0
Total liabilities194,164.5206,661.0217,639.0
Total common equity166,835.5132,539.0141,913.0
Total liabilities and equity361,000.0339,200.0359,552.0

Other Data
Tax rate40%
Expected growth rate6.00%
Weighted average cost of capital (WACC)10.02%
Number of shares of stock (millions)10,000
Change from “Original”
FCF Valuation20012002200320022003
NOPAT
Operating CA
Operating CL
NOWC
Net PPE
Total net operating capital
Investment in capital
ROIC (beginning capital)
FCF
Change from “Original”
20032003
FCF
Value of operations
Plus the value of non-operating assets
Total value of the corporation
Minus value of debt
Value of equity
Price per share

EVA
EVA based on ROIC

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