TheHoffmanCardCo.earned￡1.50persharelastyear.Investmentinfixedcapitalwas￡0.80pershare,anddepreciationwas￡0.30.Investmentinworkingcapitalwas￡0.20pershare.Hoffmanexpectsearningstogrowat15%peryearforthenextfiveyearsandthatinvestmentinfixedcapital,depreciation,andinvestmentinworkingcapitalwillgrowatthesamerate.Afterfiveyears,thegrowthinearningsandworkingcapitalrequirementswilldeclinetoastable5％peryear,andinvestmentinfixedcapitalanddepreciationwilloffseteachother(i.e.,theywillbeequal).Hoffman'stargetdebtratiois30%.Theshareholdersrequireareturnof17%ontheirinvestmentduringthehigh-growthstageandareturnof10%ontheirinvestmentduringthestablestage.TheFCFEinYear6andthevaluepershareofHoffman'scommonstockareclosestto:
FCFEinYear6Sharevalue
A: £2.03£31.08
B: £2.88£31.08
C: £2.88£57.60
A: £2.03£31.08
B: £2.88£31.08
C: £2.88£57.60
举一反三
- A．How’sthatgoing?B．Wouldyouliketocomewithus?<br/>C．Whenandwhereshallwemeet?D．Seeyouthen.<br/>E．Whereareyougoingtohaveit?F．Wecangotherebybike.<br/>G．Whydon’twecomeearly?<br/><br/>Lina:WearegoingtohaveapicniconSunday.<br/>Paul:Oh,really?<spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span>1</span><spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span></span><br/>Lina:Bytheriver<spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span>2</span><spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span></span><br/>Paul:OK.Whynot?Howcanwegetthere?<br/>Lina:<spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span>3</span><spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span></span><br/>Paul:Goodidea<spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span>4</span><spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span></span><br/>Lina:Wewillmeetatmyhomeat8:30inthemorning.<br/>Paul:OK<spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span>5</span><spanstyle="text-decoration:underline;"><spanstyle="text-decoration:underline;"></span></span><br/>Lina:Seeyou.
- Kate:What’sthatonyourdesk?<br/>Jack:<spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span>1</span><spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span></span>It’saknife.<br/>Kate:<spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span>2</span><spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span></span><br/>Jack:It’spink.<br/>Kate:Isityours?<br/>Jack:<spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span>3</span><spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span></span>IsitSusan’s?<br/>Kate:Let’sgoandaskher.<br/>Jack:Hi,Susan.Isthisyourknife?<br/>Susan:Oh,yes,itismine.<br/>Jack:<spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span>4</span><spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span></span><br/>Susan:Thanksalot.<br/>Jack:<spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span>5</span><spanstyle="text-decoration:underline"><spanstyle="text-decoration:underline"></span></span><br/>A．Whoseknifeisit?<br/>B．Letmesee.<br/>C．No,myknifeisgreen.<br/>D．Yes,itismine.<br/>E．Notatall.<br/>F．Hereyouare.<br/>G．Whatcolourisit?
- 引起主诉症状患牙最可能是（）。 A: <spanstyle="text-decoration:underline">4</span> B: <spanstyle="text-decoration:underline">6</span> C: <spanstyle="text-decoration:underline">5</span> D: <spanstyle="text-decoration:underline">54</span> E: <spanstyle="text-decoration:underline">654</span>
- BHGCorporationprovidesgoodsandservicestoitscustomersoncredit.Customerpaymentsaredue30daysfrominvoicedate.Ignoringtaxes,whatisthe<em>likely</em>impactonnetincomeandoperatingcashflowifBHGrecognizesrevenuetoosoon?<br/><spanstyle="text-decoration:underline">Netincome</span><spanstyle="text-decoration:underline">Operatingcashflow</span> A: HigherNoeffect B: HigherHigher C: NoeffectNoeffect
- —Goodevening.Grandma’sRestaurant.MayIhelpyou?<br/>—Goodevening.<spanstyle="text-decoration:underline;"></span><spanstyle="text-decoration:underline;">1</span><spanstyle="text-decoration:underline;"></span><br/>—Thankyou.MayIhaveyourname,Miss?<br/>—MaryBrown.<br/>—<spanstyle="text-decoration:underline;"></span><spanstyle="text-decoration:underline;">2</span><spanstyle="text-decoration:underline;"></span><br/>—I’dliketoorderthe“FreeMatchingDinnerfor2”.<br/>—Yes,youmaychoosetwosoups,twodrinksandfourmaincoursefromthemenu.<br/>—<spanstyle="text-decoration:underline;"></span><spanstyle="text-decoration:underline;">3</span><spanstyle="text-decoration:underline;"></span><br/>—areyouready.WhatKindofsoupdoyouwant?<br/>—Chickensoupandtomatosoup.<br/>—<spanstyle="text-decoration:underline;"></span><spanstyle="text-decoration:underline;">4</span><spanstyle="text-decoration:underline;"></span><br/>—I’dlikeaplateofnoodles,twochickenwings,somebeefandabowlofrice.<br/>—<spanstyle="text-decoration:underline;"></span><spanstyle="text-decoration:underline;">5</span><spanstyle="text-decoration:underline;"></span><br/>—MayIcokeandsomegreentea,please.<br/>—MayIhaveyouraddress,please?<br/>—Sure,6A,kingstonCourt,BelairCardens,Shatin.<br/>—Okay,letmesee.<br/>A．MayIbookatableinyourrestaurantfortonight?<br/>B．Iwouldliketoordersomefoodfordinner.<br/>C．MissBrown,pleasetellmeyourorder.<br/>D．Howaboutyourmaincourses?<br/>E．Wouldyoulikesomedrinks?<br/>F．Okay.Letmesee.<br/>G．Andyourdrinks?