Laiho Industries's 2020 and 2021 balance sheets (in thousands of
dollars) are shown.
The data has been collected in the Microsoft Excel file below.
Download the spreadsheet and perform the required analysis to
answer the questions below. Do not round intermediate calculations.
Enter your answers in thousands. For example, an answer of $1
thousand should be entered as 1, not 1,000. Round your answers to
the nearest whole number. Use a minus sign to enter negative
values, if any.
Download spreadsheet Financial Statements, Cash Flow, and
Taxes-d999f1.xlsx
Sales for 2021 were $450,650,000, and EBITDA was 15% of sales.
Furthermore, depreciation and amortization were 18% of net fixed
assets, interest was $7,690,000, the corporate tax rate was 25%,
and Laiho pays 46.25% of its net income as dividends. Given this
information, construct the firm's 2021 income statement.
Construct the statement of stockholders' equity for the year
ending December 31, 2021, and the 2021 statement of cash
flows. Hint: The difference in accumulated depreciation
from one year to the next is the annual depreciation expense for
the year.
Calculate 2020 and 2021 net operating working capital (NOWC) and
2021 free cash flow (FCF). Assume the firm has no excess cash.
NOWC2020: $ ? thousand
NOWC2021: $ ? thousand
FCF2021: $ ? thousand
Assume that the firm's after-tax cost of capital is 10.5%. What
is the firm's 2021 EVA?
$ ? thousand
Assume that the firm's stock price is $21 per share and that at
year-end 2021 the firm has 10 million shares outstanding. What is
the firm's MVA at year-end 2021?
$ ? thousand
Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. The data has been collected in the
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Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. The data has been collected in the
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