ࡱ> %` 0fbjbj 2̟̟kDDDDDDDX````L,XXZegggggg$hxv]DDD4DDeehDDx pͪy,`"=Y <XM Dh8t XXXXdfkXXXXkXXXDDDDDD Example of Capital Structure Project Coca Cola (Fall 2007) Introduction Capital structure refers to the way a corporation finances its assets through some combination of equity and debt. A firm's capital structure is the composition of structure of its liabilities. According to Modigliani-Miller theorem, in a perfect capital market (no transaction or bankruptcy costs; perfect information); firms and individuals can borrow at the same interest rate; no taxes; and investment decisions aren't affected by financing decisions. Modigliani and Miller made two findings under these conditions. Their first 'proposition' was that the value of a company is independent of its capital structure. Their second 'proposition' stated that the cost of equity for a leveraged firm is equal to the cost of equity for an unleveraged firm, plus an added premium for financial risk. That is, as leverage increases, while the burden of individual risks is shifted between different investor classes, total risk is conserved and hence no extra value created. Under a classical tax system, the tax deductibility of interest makes debt financing valuable; that is, the cost of capital decreases as the proportion of debt in the capital structure increases. The optimal structure then would be to have virtually no equity at all. However, there is no such perfect market in real world. Under this situation, capital structure is necessary when scrutinize a companys performance from finance perspective. And our project will examine the capital structure of Coca Cola Company from the aspects of Trade-off theory (bankruptcy cost and debt issue), Pecking order theory (financing priority), and Agency cost (debt-to equity ratio and cash flow), because all of these theories are related to capital structure. Trade-off theory concerns about the bankruptcy cost, it states that there is an advantage to financing with debt, the tax benefit of debt and there is a cost of financing with debt, the bankruptcy costs of debt. The marginal benefit of further increases in debt declines as debt increases, while the marginal cost increases, so that a firm that is optimizing its overall value will focus on this trade-off when choosing how much debt and equity to use for financing, thus, affect debt-to-equity ratio as a result. In addition, the debt-to-equity ratio depends on industrial characteristics and varies among industries. For pecking order theory, due to the information asymmetric, companies prioritize their sources of financing (from internal financing to equity) according to the law of least effort, or of least resistance, preferring to raise equity as a financing means of last resort. Hence internal funds are used first, then debt is issued, and equity is issued as last step. The agency cost is mainly related to the conflict between bondholders and stockholders. Firstly, as D/E ratio increases, management has an increased incentive to undertake risky projects. This is because if the project is successful, stockholders get all the upside, whereas if it is unsuccessful, bondholders get all the downside. If the projects are undertaken, there is a chance of firm value decreasing and a wealth transfer from bondholders to stockholders. Secondly, when debt is risky, the gain from the project will accrue to bondholders rather than stockholders. Thus, management has an incentive to reject positive NPV projects, even though they have the potential to increase firm value. How is agency cost related to optimal capital structure? What sort of firms will have more debt, according to agency theory? You started off well; but you dont relate all these things to Coca-Cola. The following is our analysis of Coca Colas capital structure. Debt-to-equity ratio and Financial Strategies For coca cola, the following is our calculation of its debt-equity ratio: We used the amount of long term debt and shareholders' equity to find Coca Colas debt- equity ratio by using Excel function. The result is shown below table. For example, debt-equity ratio in 2002 was equal to 0.228898 which are calculated by 2701/11800. Debt-Equity Ratio020062005200420032002Total Long Term Debt13141154115725172701Value of Equity1692016355159351409011800Debt-Equity Ratio0.077660.0705590.0726070.1786370.228898Also, look at the kinds of securities that Coca Cola has used for financing its operations Source: SEC Annual report of Coca Cola In order to show Coca Colas financing methods, the above table presents cash flow from financing activities. Coca Coal is using funds from issuing debt and issuing stocks. Coca Cola believe that their ability to generate cash from operating activities is one of their fundamental financial strengths. They expect cash flows from operating activities to be strong in 2007 and in future years. Accordingly, Coca Cola expects to meet all of their financial commitments and operating needs for the foreseeable future. Also, Coca Cola expect to use cash generated from operating activities primarily for dividends, share repurchases, acquisitions and aggregate contractual obligations. Coca Cola also has used debt financing for their operations. Coca Cola maintains debt levels they consider prudent based on cash flows, interest coverage ratio and percentage of debt to capital. Coca Cola uses debt financing to lower their overall cost of capital, which increases their return on shareowners equity. As of December 31, 2006, Coca Colas long-term debt was rated A+ by Standard & Poors and Aa3 by Moodys, and their commercial paper program was rated A-1 and P-1 by Standard & Poors and Moodys, respectively. Coca Cola debt management policies, in conjunction with their share repurchase programs and investment activity, can result in current liabilities exceeding current assets. Issuances and payments of debt included both short-term and long-term financing activities. For instance, on December 31, 2006, Coca Cola had $1,952 million in lines of credit and other short-term credit facilities available, of which approximately $225 million was outstanding. The outstanding amount of $225 million was primarily related to Coca Cola international operations. The issuances of debt in 2006 primarily included approximately $484 million of issuances of commercial paper and short-term debt with maturities of greater than 90 days. The payments of debt in 2006 primarily included approximately $580 million related to commercial paper and short-term debt with maturities of greater than 90 days and approximately $1,383 million of net repayments of commercial paper and short-term debt with maturities of 90 days or less. The below table explains aggregate contractual obligations of Coca Cola from 10k, and this table also shows that Coca Colas financing method including short-term loans, borrowings and commercial paper.  1 Refer to Note 8 of Notes to Consolidated Financial Statements for information regarding short-term loans and notes payable. Upon payment of outstanding commercial paper, we typically issue new commercial paper. Lines of credit and other short-term borrowings are expected to fluctuate depending upon current liquidity needs, especially at international subsidiaries. 2 Refer to Note 8 of Notes to Consolidated Financial Statements for a discussion of our liability to CCEAG shareowners as of December 31, 2006. We paid the amount due to CCEAG shareowners in January 2007 to discharge our liability.3 Refer to Note 9 of Notes to Consolidated Financial Statements for information regarding long-term debt. We will consider several alternatives to settle this long-term debt, including the use of cash flows from operating activities, issuance of commercial paper or issuance of other long-term debt.4 We calculated estimated interest payments for long-term debt as follows: for fixed-rate debt and term debt, we calculated interest based on the applicable rates and payment dates; for variable-rate debt and/or non-term debt, we estimated interest rates and payment dates based on our determination of the most likely scenarios for each relevant debt instrument. We typically expect to settle such interest payments with cash flows from operating activities and/or short-term borrowings. 5 The purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including long-term contractual obligations, open purchase orders, accounts payable and certain accrued liabilities. We expect to fund these obligations with cash flows from operating activities. 6 We expect to fund these marketing obligations with cash flows from operating activities. Therefore, Coca Cola has used many sources to finance their operation activities. First of all, the main fund is their cash from operating earnings. Coca Cola is strongly mentioning about this fact. Other mainly sources are short term borrowing and long term debts. Coca Cola has maintained less amount of stock compared to short term and long term debt. For example, in 2006, Coca Cola had 878 million of stock, but they had 3235 million in terms of short term debt and 1314 million in terms of long term debt. In this case, short term debts include commercial paper, loans and short term borrowing. Also, long term debts include notes. At last, look at changes in Coca-colas financing strategy over time, the long-term Debt to Equity ratio has strongly decreased between 2002 and 2004, especially between 2003 and 2004. Since then, the ratio has not changed in a significant way. The variations of the long-term Debt to Equity ratio can be mainly explained by the significant decrease of long-term debts over the period. Between 2003 and 2004, Coca-cola has cut its long-term debts by more than 50 percent. According to Coca-cola, this evolution reflects improved business results and effective capital management strategies. Even though there was a significant change in the long-term Debt to Equity ratio over the period, it is important to notice that this ratio always stays low. Coca-cola carries a long term debt burden of less than one years current net earnings. In other words, the earnings for a single year can wipe Cokes balance sheet squeaky clean. This is consistent with the belief of Mister Warren Buffet, the largest investor in the company at some point, (The Buffettology workbook by Mary Buffet and David Clark) who has discovered that the wealth of a companys asset, tangible and intangible, is in its ability to produce wealth via earnings. According to him, the best of a companys financial power is in its ability to service and pay off debt out of its net earnings. The appendix 2 and 3 are the charts of long-term debt-to-equity ratio and long-term debt. Very descriptive; you are not planning to do any analysis? Explanation of what you see? Asset Furthermore, as Corporate Finance taught us, the question of a firms capital structure is relevant to bankruptcy cost of the firm, which further requires examining what kinds of assets the firm owns. So next we would like to take a deep look at Coca Colas assets. First, we want to see the composition of Coca Colas assets in terms of tangible versus non-tangible. The table below would help us better understand. Name of Assets 2006200520042003Trademarks with indefinite lives2,0451,9462,0371,979Good will1,4031,0471,0971,029Other Intangible Assets1,687828702981Percentage in Total Assets17.14%12.98%12.25%14.59%Ratio of Intangible to Tangible1:4.841:6.701:7.171:5.85Note: (units in million except the percentage) (Source: 10 K of Coca Cola from S.E.C http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=ko&filenum=&State=&SIC=&owner=include&action=getcompany) Clearly from this table, the intangible assets play an important role among all Coca Colas assets. This should not be surprising, as we all know; Coca Cola is such a firm which derives a great deal of its value from its brand name. Thus, direct bankruptcy cost of the firm should be rather high because some of its assets are not easily divisible and marketable. That is to say, Coca Cola should use less debt in respect that its assets are less liquid. Why do you say that? What assets are you talking about? Why dont you use some of the extensive facts that you set out above to buttress your arguments here? Second, we also need to see whether Coca Colas assets are specialized or not. This is one obvious thing that we dont need to use figures to prove out. The firms major business, beverage, which is very popular worldwide, relies on Coca Colas production factory settled in many countries around the world. When the firm wants to select a new location to have a new factory, it will consider whatever will be best for a good beverage, for instance, the water conditions will be tested strictly. And most of its equipments are very specialized for producing such beverage products. Therefore, again in terms of liquidation, Coca Colas assets will be less likely to fetch its market value in a short time, resulting in higher expected bankruptcy cost. Hence, the company should use less debt based on this point. Specialized to produce Coca-Cola, as opposed to some other beverages? Really? Sorts of investors of Coca Cola Beside expected bankruptcy cost, agency cost of borrowing is also a factor which should be considered by a firms management for decision making on capital structure of the company. Thus, we are interested in what sorts of investors does Coca Cola have. As a large publicly traded corporation, Coca Cola issues both stocks and bonds for its financing needs. There are a big number of investors including private stockholders, institutional stockholders, mutual stockholders and bondholders. Consequently, the conflict could easily exist between stockholders and bondholders, resulting in agency cost when Coca Cola wants to raise fund by borrowing. Furthermore, Coca Cola may want to avoid the agency cost by using less debt. This sound like something you could have written for any company just substitute the name of that company for Coca-Colas! Life cycle In order to determine whether Coca Colas current D/E ratio is reasonable, it is necessary to understand the life cycle stage which Coca Cola belong right now. And we calculate Coca Colas 6 years revenues conditions to achieve this goal. The following is the result Year200120022003200420052006Net operating revenue (Unit: million dollars)$17,545$19,394$20,857$21,742$23,104$24,0880000000Growth2001-200210.539%000002002-20037.54%000002003-20044.24%000002004-20056.26%000002005-20064.26%000000000006 years average growth06.570%0000 From the revenue growth in past sin years, the rates fluctuate between 10.539% and 4.24% with an average rate of 6.57%. It appears that there was no sharply increase in any year but grew in a steady rate. Therefore, we think Coca Cola is a stable growth firm and is in the mature growth stage of life cycle. Furthermore, from dividend table in appendix 4, we can find out that Coca Cola keep increasingly paying dividends from 2001 to 2006 and this situation reflects of Coca Colas current mature growth stage in life cycle. Usually, when a company is in rapid expansion or high growth stage, dividend is rarely being paid because of lots of new investments and unstable risk, thus, company still needs plenty of cash. Until the mature growth stage, company has no larger investment which requires lots of cash and has more free cash, and then dividend will likely to be paid. Is this stability because the industry/product is stable? Or is it because Coca-Cola is moribund and is not growing and is not being run properly? Have you looked at other beverage companies? Are they also stable and not growing? Can you really conclude that there are no new profitable investments available in this industry? Optimal Structure At last, we try to estimate the performance of Coca Colas capital structure by using Professor Aswath Damodarans spreadsheet to compute optimal capital structure and comparing Coca Colas ratios with the whole industry. For the optimal capital structure, all the numbers are obtained and still available from 10-K of 2006, so the input numbers explanations will not be discussed here, but only the output. The appendix 5 only shows the summary result and please refers to the Excel spreadsheet attaching with this document for detail information (File name: Capital Structure). In order to determine Coca Colas performance, the appendix 6 and 7 show the numbers of industry and leader in each category. The result reveals that: Coca Colas D / (D+E) ratio is much lower than optimal, however, it is not a bad thing when a company has low debt. It just implies that Coca Cola has more credit to issue debts if it wants. Why is it not a bad thing? It is better to leave value untapped? Coca Colas beta is a little lower than optimal beta. Whats an optimal beta? However, Coca Colas current beta is just equal to current industry beta, which means Coca Cola is moving with market movements and exactly match! The following is the link of all industries beta look up. ( http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html ) Although Coca Cola ha lower cost of equity than optimal, its WACC (Weighted Average Cost of Capital) is higher than optimal. According to the formula, it implies that Coca Cola may have higher cost of debt. Thus, it helps explain Coca Colas recent finance strategies to keep lowing long-term debt. This is a surprising finding because Coca Cola has stable growth rate and kept paying dividends, but the last four numbers show that Coca Colas firm value and current stock price is underestimated for 17,399 million and 7.41 dollars for perpetual growth. And under the situation, company usually does not issue stock because of no benefit, thus, it helps explain Coca Colas finance strategies to keep repurchasing stocks while issues less stocks year by year. At last, comparing with the whole industry and leader in each category, Coca Cola performs pretty well and is above average. Under this situation, we think Coca Cola is a financially healthy firm. Conclusion Based on our analysis above, we have two recommendations for Coca Cola. As mention in trade-off theory with the advantages of issuing debts, we suggest Coca Cola to issue more debt and issue less equity because of tax benefit. However, Coca Cola also has a problem with higher cost of debt and this is the problem Coca Cola has to fix in order to issue more debt. By looking at the life cycle, Coca Cola is in mature growth stage and is on the way to declining stage. This fact may help explain the underestimation of its stock price; investors forecast that Coca Cola will decline in the future, and unwilling to invest. Instead, investors prefer to invest in a potential company which is in rapid expansion or high growth stage, even though investors cannot get any money back now. They expect the stock price will increase sharply in the future, and then sell it to gain more. Under this situation, we recommend that Coca Cola has to introducing some innovative products in order to bring it backward to rapid expansion or high growth stage and attract investors. By doing so, we think Coca Cola has enough free cash flow (because only companies with enough free cash and do not have big projects with positive NPV to invest will attempt to pay dividends as substitutes for debt) and credit to issue debts (the low long-term debt to equity ratio) to invest in this kind of huge project. Otherwise, Coca Cola will lose its competitiveness in the future. You cannot investigate capital structure without getting your hands dirty. Damodarans spreadsheet is not an automatic machine that generates optimal capital structures. Did you input the right data? Are the assumptions appropriate? Does it take all relevant information into account? Appendix Coca Cola - annual reports of previous 5 years Annual Balance Sheet Top of Form Bottom of Form In Millions of U.S. Dollars (except for per share items)2006 12/31/062005 12/31/05 Reclassified 12/31/062004 12/31/04 Restated 12/31/052003 12/31/032002 12/31/02 Restated 12/31/03Cash & Equivalents 2,4404,7016,7073,3622,260Short Term Investments 150666112085Cash and Short Term Investments 2,5904,7676,7683,4822,345Trade Accounts Receivable, Gross 2,6502,3532,3132,1522,152Provision for Doubtful Accounts (63)(72)(69)(61)(55)Total Receivables, Net 2,5872,2812,2442,0912,097Inventory - Finished Goods 548512------Inventory - Raw Materials 923704------Inventories - Other 170163------Total Inventory 1,6411,3791,4201,2521,294Prepaid Expenses 1,6231,7781,8491,5711,616Total Current Assets 8,44110,20512,2818,3967,352Buildings 3,0202,6922,8222,6152,332Land/Improvements 495447479419385Machinery/Equipment 7,8896,7396,6186,5886,284Construction in Progress 507306230----Property/Plant/Equipment - Gross 11,91110,18410,1499,6229,001Accumulated Depreciation (5,008)(4,353)(4,058)(3,525)(3,090)Property/Plant/Equipment - Net 6,9035,8316,0916,0975,911Goodwill, Net 1,4031,0471,0971,029876Intangibles, Net 3,7322,7742,7392,9602,582LT Invt. - Affiliate Comp. 6,3106,5625,8975,2244,737LT Investments - Other 473360355314254Long Term Investments 6,7836,9226,2525,5384,991Other Long Term Assets 2,7012,6482,9813,3222,694Total Assets 29,96329,42731,44127,34224,406Accounts Payable 929902------Payable/Accrued ----4,4034,0583,692Accrued Expenses 4,1263,591------Notes Payable/Short Term Debt 3,2354,5184,5312,5832,475Curr. Port. LT Dbt/Cap Ls. 33281,490323180Other Current Liabilities, Total 567797709922994Total Current Liabilities 8,8909,83611,1337,8867,341Total Long Term Debt 1,3141,1541,1572,5172,701Total Debt 4,5825,7007,1785,4235,356Deferred Income Tax 608352402337304Other Liabilities, Total 2,2311,7302,8142,5122,260Total Liabilities 13,04313,07215,50613,25212,606Common Stock 878877875874873Additional Paid-In Capital 5,9835,4924,9284,3953,857Retained Earnings (Accumulated Deficit) 33,46831,29929,10526,68724,506Treasury Stock - Common (22,118)(19,644)(17,625)(15,871)(14,389)Other Equity, Total (1,291)(1,669)(1,348)(1,995)(3,047)Total Equity 16,92016,35515,93514,09011,800Total Liabilities & Shareholders Equity 29,96329,42731,44127,34224,406Total Common Shares Outstanding 2,3182,3692,4092,4422,471Trsy. Shrs-Comm. Primary Iss. 1,1931,1381,0911,0531,020Sources: Reuter, SEC 10K & 3.   4. Dividends period: 1/1/2001 ~ 12/31/2006 DateOpenHighLowCloseVolumeAdj Close*29-Nov-06$ 0.31 Dividend13-Sep-06$ 0.31 Dividend13-Jun-06$ 0.31 Dividend13-Mar-06$ 0.31 Dividend29-Nov-05$ 0.28 Dividend13-Sep-05$ 0.28 Dividend13-Jun-05$ 0.28 Dividend11-Mar-05$ 0.28 Dividend29-Nov-04$ 0.25 Dividend13-Sep-04$ 0.25 Dividend14-Jun-04$ 0.25 Dividend11-Mar-04$ 0.25 Dividend26-Nov-03$ 0.22 Dividend11-Sep-03$ 0.22 Dividend11-Jun-03$ 0.22 Dividend12-Mar-03$ 0.22 Dividend26-Nov-02$ 0.20 Dividend11-Sep-02$ 0.20 Dividend12-Jun-02$ 0.20 Dividend13-Mar-02$ 0.20 Dividend28-Nov-01$ 0.18 Dividend13-Jun-01$ 0.18 Dividend13-Mar-01$ 0.18 Dividend* Close price adjusted for dividends and splits.Source: http://finance.yahoo.com 5. Optimal capital structure  EMBED Excel.Sheet.8  6. Leader Comparison KO VS. INDUSTRY LEADERS  Statistic Industry Leader KO KO Rank  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/1/*http:/biz.yahoo.com/ic/ll/348mkt.html" Market Capitalization  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/1/*http:/finance.yahoo.com/q?s=KO&d=t" KO 145.57B - 1 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/2/*http:/biz.yahoo.com/ic/ll/348per.html" P/E Ratio (ttm)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/2/*http:/finance.yahoo.com/q?s=HANS&d=t" HANS 31.76 26.94 2 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/3/*http:/biz.yahoo.com/ic/ll/348peg.html" PEG Ratio (ttm, 5 yr expected)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/3/*http:/finance.yahoo.com/q?s=CSG&d=t" CSG 4.40 2.36 3 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/4/*http:/biz.yahoo.com/ic/ll/348r1g.html" Revenue Growth (Qtrly YoY)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/4/*http:/finance.yahoo.com/q?s=HANS&d=t" HANS 38.40% 19.20% 2 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/5/*http:/biz.yahoo.com/ic/ll/348e1g.html" EPS Growth (Qtrly YoY)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/5/*http:/finance.yahoo.com/q?s=HANS&d=t" HANS 73.00% 13.90% 6 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/6/*http:/biz.yahoo.com/ic/ll/348g5r.html" Long-Term Growth Rate (5 yr)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/6/*http:/finance.yahoo.com/q?s=JSDA&d=t" JSDA 43.4% 9.89% 7 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/7/*http:/biz.yahoo.com/ic/ll/348roe.html" Return on Equity (ttm)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/7/*http:/finance.yahoo.com/q?s=HANS&d=t" HANS 44.30% 28.91% 4 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/8/*http:/biz.yahoo.com/ic/ll/348tbe.html" Long-Term Debt/Equity (mrq)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/8/*http:/finance.yahoo.com/q?s=COKE&d=t" COKE 7.080 0.490 12 / 17  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/9/*http:/biz.yahoo.com/ic/ll/348yie.html" Dividend Yield (annual)  HYPERLINK "http://us.rd.yahoo.com/finance/industry/leaf/5/9/*http:/finance.yahoo.com/q?s=FIZZ&d=t" FIZZ 10.90% 2.20% Source: http://finance.yahoo.com 7. Industry Comparison Industry Statistics  Market Capitalization:224BPrice / Earnings:27.3Price / Book:-365.0Net Profit Margin (mrq):8.3%Price To Free Cash Flow (mrq):-139.5Return on Equity:18.1%Total Debt / Equity:0.7Dividend Yield:2.0%Source: http://finance.yahoo.com Reference http://ihome.ust.hk/~nengjiu/JFQApaper04.pdf http://www.econ.hku.hk/workshop/2000/pecking.html =>K5 7  5 6  I W M\]ʽp_N h^h5OJQJ^JnHtH h^hjKOJQJ^JnHtH h^hhYOJQJ^JnHtH h^hmXOJQJ^JnHtHh^h>(OJQJ^Jh^hvOJQJ^J h^hvOJQJ^JnHtHh^h OJQJ^J.hRu#hRu#5CJOJQJ^JaJnHo(tH%h35CJOJQJ^JaJnHtHh_/Wh3CJ aJ =>Knocd<>bdf $Ifgd9] XWD`Xgd & XWD`Xgdyvgd0 XWD`Xgd0gdv XWD`Xgd($dd1$4$7$8$VD[$\$^a$gd9] ------..112T3333333±±£±{jT>- h^hyvOJQJ^JnHtH+h^hyv5CJOJQJ^JaJnHtH+h^h05CJOJQJ^JaJnHtH h^hfOJQJ^JnHtH'HhthfOJQJ^JnHtH'HhshfOJQJ^JnHtHh^h'z?6OJQJ^J h^h'z?OJQJ^JnHtHh^h'z?OJQJ^Jh^h$d$Ifa$gdg?gYgZgtguggggggggghhhh6h7h̶{i#h^h ]~5OJQJ^JnHtH#h^hA5OJQJ^JnHtH&h^h^5OJQJ^JnHo(tH(hL!n6CJOJQJ^JaJnHo(tH+h^h^6CJOJQJ^JaJnHtH+h^h6CJOJQJ^JaJnHtH h^hESECJOJQJ^JaJh^hESEOJQJ^Jffff}n$d,$Ifa$gdESE$d,$Ifa$gdESErkdj$$If-0 "0634-affff}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd $$If-0 "0634-afffg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd$$If-0 "0634-ag gg#g}n$d,$Ifa$gdESE$d,$Ifa$gdESErkdP$$If-0 "0634-a#g$g.g>g}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd$$If-0 "0634-a>g?gIgYg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd$$If-0 "0634-aYgZgdgtg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd6$$If-0 "0634-atguggg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd$$If-0 "0634-agggg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkdz$$If-0 "0634-agggg}n$d,$Ifa$gdESE$d,$Ifa$gdESErkd$$If-0 "0634-agggg}_kd`$$If- 0634-a$d,$Ifa$gdESErkd$$If-0 "0634-aghh7hRhShThihjhhhhhhhhh$d,$Ifa$gdAK$d,gdA8kd$$If 634a d,$IfgdAgdAgdQ9q='Y1+ʁr(ʁr]}u>;@9P@9P@9P@9P@9P@9P@9P@9P@9P@9P/~S[ht/~UGϿGoo~xo{W^U<ָr|w>8Ϻ6>`wv:kwρo~߿#?y/_ w?\w;_eG1b w|xJq8-b٫Nqq#Gmmt5c1AZc ;ʛ##*ƊOm/G{)7̕<쁱'qoӷ =>9L_f`..%1^ڊW[s]̘JYZrgMW`wK.c_ \GN۹\sXc{GxgI]:=SXӹٸ_3{ y"g6haOSȽ89J|`rD_$osּg]1Tsf+?zp'bVݜ|[8ϥֹOWX\30`Gtۛᨶ3{8~g||sݹĝÜ'Wg\+?r ^u >r }HƝ}{b@}߬+}%M`C'q;ś-m署CN\@^c>ȥNnW}ӏ%攖Ⱦx)K\3oq_li y#/Vr3Ft\8z~LsX?둱kZwo .|Oǹ垍m(ϧvS{ksv'~#a=泵[bF7_刞8?bfLދ%r=cij:'36<7ēK2Nn^L|⾧dϾi3݋*'8S#y;ej,he'<\%}Vn֣3'meǑ~ƞxSnuS=>qW}7VV~ \p-m̫v/#bYLdƷ -tԴ5{|_fZ~sX.}Kʠk8z=#=a/ɼδk?ߵcOk#6M!}i9g|:'/K{9VxN/sq8j복֦3/k Zgȼ=eB0_őg>tOw8j.<{6'ry?s[(;-#6xaOč)o>iGN8br>5۽;c~e;{6r\_Ou>,׹\\JZtOԬ=wl2粹џGk\U=eXV9`sNߑg*e_XČllŞ/ݧ]q\3{v.Łž=kH.ߋ̓> n-u'S#gZEx w2UğڙJwEܦ|^a~~Ƃ̴Y٢oK͕.90oU_:77x1wsnu$6gXwV~eg@vsװ/sl֦]sg?{s?IϽ~^=6bv8Eߪk[;v%[[sOmy]ϾK[:̍:g&1GO?S=u^92/s^˾e=}d}o?Y[fM`jY+t'p?};soI3fn+eg%{.A.p;sp#=VH++Ϡ=+; 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L\$149,728*******%  9 T| 8 \@6@ L\$167,128*******%   Tx  \@6@ L\$17,399******T_\@6@LValue/share (No Growth) =/<%)% )%%<*<*:)/P LTpi O _\@6@i LX$62.30*****%   LTp(  _\@6@( LX$65.58*****%   LTl  _\@6@ LX$3.28****T io\@6@i LValue/share (Perpetual Growth) =<%)% )%%/%*%)%<*:)/P Tpi iO \@6@i iLX$62.30*****%   Tp( i \@6@( iLX$69.71*****%   Tl i \@6@ iLX$7.41****%  % % " !% %    <u  T  ' h\@6@ LxRESULTS FROM ANALYSISE77.<33.77<J7<733. . % % " !% %   O% % " !% %   H'% (   Ld!??Ld!??Ld!??Ld!??Ld!??Ld!??Ld8?8!??LdH!??Ld!??Ld!??LdH!??Ld8?8!??Ld!??Ld!??&%  u6 % Ld u  uJ!??%  u6 % Ld u  uJ!??%  u6 % Ld u  uJ!??Ld8?8!??LdH!??Ld8?8!??Ld8!??Ld4 !??Ld74 !??Ld8!??Ld8?8!??Ld74 !??Ld4 !??% ( % " !%   O% " !%   M 0  F(GDIC1oFEMF+*@$??@UUAAX@ A?`@$@PP@!b K$$==_888% '%  ;(-T6^;TX4;T;T;T;U;;U^;;U6(-;UX4-;U,U,T,T-T(-T=:hSY$=T:V=<?5j % % $$AA( " FEMF+@ FGDICF(GDICFEMF+*@$??@UUAAX@ A?`@$@@!b K$$==_888% %  ;X.&[6^;&[X4;&[;D[;h[;[;[^;[6X.[X44.[.[.h[.D[4.&[X.&[=:YY$=h[:\=<? % % $$AA( " FEMF+@ FGDICK@0 MM  % % % ( ( ( ( ( " F4(EMF+*@$??!b Ld})??" 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'a8 %               "    "8 "8@ @  "<@ @     " !   (@@   (@   (` @  (@  ( "< "<`  "<  "<` "<`  (`@  (`  "<`  "<@ "8@ "<@  &8@@  &8@  &8 @  (@ "<@ @  (@  (@  ( "<  !< "<   <  "<  (@@  "<@  "<@  "<  @ !8@  "For smaller and riskier firmsOperating Lease ConverteryOperating lease expenses are really financial expenses, and should be treated as such. Accounting standards allow them to:Q1: What do I do excel says there are circular references?bGo into preferences, choose calculation options and make sure the iteration box has a check in it.Current EBITDA= Current Interest rate (Company)= Tax rate=Current Rating=Current T.Bond rate=/WORKSHEET FOR ESTIMATING RATINGS/INTEREST RATESD/(D+E)D/E$ DebtEBITDA DepreciationEBITInterestTaxable IncomeTax Net Income (+)Deprec'nFunds from Op.;! I use the average lease expense over the first five years3to estimate the number of years of expenses in yr 6Firm Value (no growth) =Firm Value (Perpetual Growth) =Value/share (No Growth) = Value/share (Perpetual Growth) =Implied Growth Rate Calculationjare closer to the optimal than the stated optimal. Let me explain. Assume that you are at a 24% debt ratioNo2Corporate Finance: Theory and Practice, Chapter 18yesXThis spreadsheet allows you to compute the optimal capital structure for a non-financial:From the current financial statements, enter the following"Reported Operating Income (EBIT) =;! This is the EBIT reported in the current income statement(Ratings comparison at current debt ratioRating Coverage gtand lt[Sure. If your operating income is either negative or very low, relative to your firm value,9Q5: My cost of capital at my optimal debt ratio is higherRGenerally, you are right. However, I would suggest that you look at three factors:;than the current cost of capital. I thought it was supposedi - If your optimal is just slightly higher or lower than your current debt ratio, it is possible that you to be lower.'Market Value of interest-bearing debt ='Debt Value of Operating leases (if any) Value (no growth)Value (perpetual growth) ReferencesXpremium you would like to use to estimate your cost of equity and the current rating forXyour firm. If you do not have a rating, there is an option for you at the very bottom of.the spreadsheet to compute a synthetic rating.YEnter a marginal tax rate, if you can estimate it. Otherwise, use the effective tax rate.!Enter current interest expenses =9(Use only long term interest expense for financial firms)Spread!Current Interest coverage ratio =Rating based upon coverage =[can be mismatched. You can get around this by switching to a synthetic rating for computingYFrom the statement of cash flows, also enter the capital spending from the recent period.PRELIMINARY STUFF AND INPUTS` - Existing debt at low rates: I assume in the spreadsheet that existing debt gets refinanced atREADING THE OUTPUTSummaryZThe summary provides a picture of your firm's current cost of capital and debt ratio, and [your books at much lower rates, the interest expense that I report will be much higher thanNThis, too, you can fix by locking in debt at current rates in the input sheet.Pre-tax cost of debt Spread is<Interest expenses with Operating leases classified as debt = Long Term Government Bond Rate =Pre-tax cost of debt = Likely Rating Eff. Tax RateCost of equity Cost of debt Interest covRATING Interest rateLowHigh Debt RatioBetaCost of Equity Bond RatingInterest rate on debt Income inputsQuestionAnswerNumber of shares outstanding:Market price per share:Beta of the stock:Book value of debt::Can you estimate the market value of the outstanding debt? (Yes or No)&If so, enter the market value of debt:nbe treated as operating expenses. This program will convert commitments to make operating leases into debt andbadjust the operating income accordingly, by adding back the imputed interest expense on this debt.)Operating lease expense in current year =Pre-tax Int. cov" Funds/DebtAssumes perpeutal growthAssumes constant savingBefore you start"Risk premium (for use in the CAPM) greater thand" to Rating isReported Interest Expenses =+Number of years embedded in yr 6 estimate =Current interest rate on debt = Current beta=Current Equity=Current Depreciation=Current Debt=Xnumbers). If the most recent period for which you have data has an operating income thatWis abnormal, either because of extraordinary losses/gains or some other occurrence, useVThe key income inputs are EBITDA, depreciation and amortization and interest expenses.4an average operating income over the last few years.VP.S: If you have negative operating income and you expect to continue having negative$Applied Corporate Finance: Chapter 8 ObjectiveYEnter the book value of all interest-bearing debt. If you have a market value enter that Dservice firm. If you have a financial service firm use capstrfin.xlsCOST OF CAPITAL CALCULATIONSCost of CapitalWuses the savings from the change in cost of capital to compute how much your firm value will change:> - with constant savings: as the present value of a perpetuitybe right. Can it?Yyou can end up at an optimal debt ratio of 0%. For instance, if you have EBIT of 100 on aVfirm value of 10000, a 10% debt ratio would probably push you into a C rating and give you a very high cost of capital.WI am sorry to say this, but you probably just made an input error. While you might haveWhat did I do wrong?Zfixed it, the iterations in the spreadsheet make it very sensitive and the errors will notdgo away. The only fix (Sorry, sorry& ) is to copy the inputs into a fresh version of the spreadsheet.3Q3: I am entering the inputs for my company but the7You probably forgot to check the iteration box (see Q1).optimal numbers do not seem to change from the originalsAWhich spread/ratio table would you like to use for your anlaysis?&Inputs for synthetic rating estimationEnter the type of firm =`(Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)9Enter current Earnings before interest and taxes (EBIT) =>(Add back only long term interest expense for financial firms)B! Commitment beyond year 6 converted into an annuity for ten yearsDebt Value of leases =Restated Financials=Operating Income with Operating leases reclassified as debt =MDo you want the firm's current rating to be adjusted to the synthetic rating?1the current cost of capital (in the input sheet).\compares it to your firm's optimal debt ratio and the cost of capital at that level. It then_the new pre-tax cost of debt at each debt ratio. Consequently, if you have a lot of old debt onWand the optimal comes out to 30%. The true optimal is really somewhere around 30% since`your actual interest expense. This, in turn, can affect your interest coverage ratio and rating.V - Rating Differences: One of the costs of rating a company based only on the interest\coverage ratio is that the rating might be very different from the actual rating. Thus, yourXcurrent cost of capital is based upon your current rating, and the optimal is based uponDepreciation and Amortization:Capital Spending:Interest expense on debt:&Current Rating on debt (if available):A Interest rate based upon rating:Tax rate on ordinary income: (in percent)8Do you want me to try and estimate market value of debt?7If yes, enter the average maturity of outstandi< ng debt?9Operating Lease Commitments (From footnote to financials)Year Commitment! Year 1 is next year, & . 6 and beyondPre-tax Cost of Debt =DCCCCCCB-BB+BBBBBA-A+AAAAASummary of InputsG! If you do not have a cost of debt, use the attached ratings estimatorFor large or stable firms\Open preferences in excel, go into calculation options and put a check in the iteration box.)If it is already checked, leave it as is.SThe inputs are primarily in the input sheet. If your company has operating leases, Luse the operating lease worksheet to enter your lease or rental commitments.UnitsEEnter all numbers in the same units (000s, millions or even billions)Current rating for company =Tax RateCost of Debt (after-tax)WACCFirm Value (G)7Please enter the name of the company you are analyzing:9Earnings before interest, taxes and depreciation (EBITDA)D/(D+E) Ratio =Beta for the Stock =7operating income, your optimal debt ratio will be zero. Balance Sheetk(firms with market capitalizations that exceed $ 5 billion is a simple cut off but you can deviate from it)Unumber. Alternatively, input the average maturity of the debt and I will estimate theUa more conservatve for small or risky firms. If you want, you can change the interestUIf this number is >Riskfree rate, I use the riskfree rate as a perpetual growth rate.Cost of Equity =AT Interest Rate on Debt =Implied Growth Rate =bWe use the following default spreads in our analysis. Change them in the input sheet if necessary:Inputs,Current long-term (LT) government bond rate:Financial InformationMarket Information!Do you have any operating leases? General DataGeneral Market Datamarket value of debt. Market DataSEnter the current stock price, the current long-term government bond rate, the risk2 - with a growth rate in the savings in perpetuityMThe firm value change, divided by the number of shares, yields a price changeDetailsHThe details of the calculation at each debt ratio are below the summary.Default Spreads[This spreadsheet has interest coverage ratios, ratings and default spreads built into it in,coverage ratios and ratings in these tables.TEnter the most updated numbers you have for each (even if they are 12-month trailing9Q2: My spreadsheet has gone crazy. I get errors all over.8Q4: I am getting an optimal debt ratio of 0%. This can't.Enter current long term government bond rate =OutputInterest coverage ratio =Estimated Bond Rating =Estimated Default Spread =#Interest rate based upon coverage =Value of Firm =Current WACC =Current FCFF =! I am ignoring working capital%Converting Operating Leases into debt Present Valuefthe worksheet. This spreadsheet treats the imputed interest expense on operating leases as part of theBB+kinterest expense when computing the interest coverage ratio. You can choose between ratings for large firmsVI am constrained to work in 10% increments of the debt ratio. If the true optimal were=26%, your current debt ratio of 24% is closer to the optimal. Coca Cola 5A+ 5"4+ ,,-C//0b134 6x d8< 9:]:;==?@BqDF}HJfK]LGLMOPR^S U U WL ـ  dMbP?_*+%"??U} I } ?+???@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@@?@%PRELIMINARY STUFF AND INPUTS ObjectiveaXThis spreadsheet allows you to compute the optimal capital structure for a non-financialMDservice firm. If you have a financial service firm use capstrfin.xlsBefore you starte\Open preferences in excel, go into calculation options and put a check in the iteration box.2)If it is already checked, leave it as is.Inputs\SThe inputs are primarily in the input sheet. If your company has operating leases, ULuse the operating lease worksheet to enter your lease or rental commitments.UnitsNEEnter all numbers in the same units (000s, millions or even billions) Income inputs_VThe key income inputs are EBITDA, depreciation and amortization and interest expenses. ] _TEnter the most updated numbers you have for each (even if they are 12-month trailing a _Xnumbers). If the most recent period for which you have data has an operating income that ` _Wis abnormal, either because of extraordinary losses/gains or some other occurrence, use = _4an average operating income over the last few years. b _YFrom the statement of cash flows, also enter the capital spending from the recent period.__VP.S: If you have negative operating income and you expect to continue having negative@7operating income, your optimal debt ratio will be zero. Balance SheetbYEnter the book value of all interest-bearing debt. If you have a market value enter that ^_Unumber. Alternatively, input the average maturity of the debt and I will estimate themarket value of debt.  Market Data\SEnter the current stock price, the current long-term government bond rate, the riska_Xpremium you would like to use to estimate your cost of equity and the current rating fora_Xyour firm. If you do not have a rating, there is an option for you at the very bottom of7.the spreadsheet to compute a synthetic rating.Tax RatebYEnter a marginal tax rate, if you can estimate it. Otherwise, use the effective tax rate.Default Spreadsd[This spreadsheet has interest coverage ratios, ratings and default spreads built into it ino_fthe worksheet. This spreadsheet treats the imputed interest expense on operating leases as part of thet_kinterest expense when computing the interest coverage ratio. You can choose between ratings for large firmst_k(firms with market capitalizations that exceed $ 5 billion is a simple cut off but you can deviate from it)^_Ua more conservatve for small or risky firms. If you want, you can change the interest5,coverage ratios and ratings in these tables.READING THE OUTPUTSummarycZThe summary provides a picture of your firm's current cost of capital and debt ratio, and DKl3{[@scd}konKpmNl-xooE{}lC) @!@"@#@$@%@&@'@(@)@*@ e _\compares it to your firm's optimal debt ratio and the cost of capital at that level. It then!`!_Wuses the savings from the change in cost of capital to compute how much your firm value""_ will change:#G#_> - with constant savings: as the present value of a perpetuity$;$_2 - with a growth rate in the savings in perpetuity%V%MThe firm value change, divided by the number of shares, yields a price change&DetailsQ&HThe details of the calculation at each debt ratio are below the summary. 'C@(G References(@;)C2Corporate Finance: Theory and Practice, Chapter 18)@-*C$Applied Corporate Finance: Chapter 8*@sn#UIdi!I>@m 7ggD ـ  dMbP?_*+%"??inU} !} m=C@@@@@@@@ @ @ @ @ @@@@@@@@@@@@@@@@CQuestionCAnswerC:Q1: What do I do excel says there are circular references?kbGo into preferences, choose calculation options and make sure the iteration box has a check in it.B9Q2: My spreadsheet has gone crazy. I get errors all over.`WI am sorry to say this, but you probably just made an input error. While you might have_What did I do wrong?c_Zfixed it, the iterations in the spreadsheet make it very sensitive and the errors will notdgo away. The only fix (Sorry, sorry& ) is to copy the inputs into a fresh version of the spreadsheet.<3Q3: I am entering the inputs for my company but the@7You probably forgot to check the iteration box (see Q1)7_.optimal numbers do not seem to change from the_ originalsA8Q4: I am getting an optimal debt ratio of 0%. This can'td[Sure. If your operating income is either negative or very low, relative to your firm value, _be right. Can it?b _Yyou can end up at an optimal debt ratio of 0%. For instance, if you have EBIT of 100 on a __ _Vfirm value of 10000, a 10% debt ratio would probably push you into a C rating and give )  you a very high cost of capital.B 9Q5: My cost of capital at my optimal debt ratio is higher[ RGenerally, you are right. However, I would suggest that you look at three factors:D _;than the current cost of capital. I thought it was supposedr _i - If your optimal is just slightly higher or lower than your current debt ratio, it is possible that you_ to be lower.s_jare closer to the optimal than the stated optimal. Let me explain. Assume that you are at a 24% debt ratio_`_Wand the optimal comes out to 30%. The true optimal is really somewhere around 30% since___VI am constrained to work in 10% increments of the debt ratio. If the true optimal were_F_=26%, your current debt ratio of 24% is closer to the optimal.___V - Rating Differences: One of the costs of rating a company based only on the interest_e_\coverage ratio is that the rating might be very different from the actual rating. Thus, your_a_Xcurrent cost of capital is based upon your current rating, and the optimal is based upon_d_[the synthetic ratings, and the two don't match, the current and the optimal cost of capital_d_[can be mismatched. You can get around this by switching to a synthetic rating for computing_:_1the current cost of capital (in the input sheet)._i_` - Existing debt at low rates: I assume in the spreadsheet that existing debt gets refinanced at_h__the new pre-tax cost of debt at each debt ratio. Consequently, if you have a lot of old debt on_d_[your books at much lower rates, the interest expense that I report will be much higher than_i_`your actual interest expense. This, in turn, can affect your interest coverage ratio and rating.WNThis, too, you can fix by locking in debt at current rates in the input sheet.>0(E m7nmTmsorrHwvrw>@m 7ggD ـ  dMbP?_*+%"??fiU} $7} ;AAAAAAAA A  A A AAAAAAAAAA@AAInputs@@7Please enter the name of the company you are analyzing:" Coca Cola 5@AAAGFinancial InformationBDD@?B@9Earnings before interest, taxes and depreciation (EBITDA)~ \@B@@'@Depreciation and Amortization:~ P@B@@@Capital Spending:~ @B@@"@Interest expense on debt:~ k@B@@%@Tax rate on ordinary income:~ A@B@@/@&Current Rating on debt (if available):A+ 5B@@) @ Interest rate based upon rating: K7A`? B@@ GMarket Information GG& @Number of shares outstanding:~ X@ B@@ @Market price per share:~ V@ B@@ @Beta of the stock:~ Q@ B@@@Book value of debt:~ @B@@C@:Can you estimate the market value of the outstanding debt? NoB@@/@&If so, enter the market value of debt:B@@A@8Do you want me to try and estimate market value of debt? NoB@@@@7If yes, enter the average maturity of outstanding debt?~ B@@*@!Do you have any operating leases? yesBBAAGGeneral Market DataBBBAA5@,Current long-term (LT) government bond rate:~ @B (in percent) B@A+@"Risk premium (for use in the CAPM)~ @B (in percent) B@AG General DataJ@AWhich spread/ratio table would you like to use for your anlaysis?~ ?RIIDo you want to assume that existing debt is refinanced at the 'new' rate? yesB (Yes or No) CAAV@MDo you want the firm's current rating to be adjusted to the synthetic rating? yesB (Yes or No) CAA: '|6fK>FIdQ3JD?@hGfdP4pf-nn CV (  r / 0سXPP?|]4/@س  ?GSV9K  J<KEBIT (from income statement) + Depr & Amort (from statement of cash flows)< JS rtcurr 0 0<XPP?|]40@<  Ѱf|BhɊX +<,Depr & Amort (from statement of cash flows)< +olswxx 1 6 XPP?|]41@  W]%b I <Capital Expenditures (from statement of cash flows). Enter this as a positive number even though it is shown as a negative number in the cashflow statement.< [ rr 2 0XPP?|]42@(  KpKvlwW߱X F<GInterest Expense (from income statement). If you have no debt, enter 0< }Fxx 3 6h XPP?| ]43@hX R B?j( <Use effective tax rate. If firm paying taxes & effective tax rate<35%, use 35%. If firm not paying taxes (EBIT<0), you can use 0% tax rate< achsW rr 4 0̵XPP?| ]44@̵x rŶ PzEX P<QUse either current rating or synthetic rating (based on interest coverage ratio)< PawhtD xx 5 60 XPP?| M]45@0 sŶ PzE ~<Add default spread to current long term government bond rate. You can look up default spreads in the default spread worksheet.< ~aregr rr 6 0XPP? | ]46@  oEUD2RX ^<_Be careful to stay in same units. If earnings entered in millions, enter this in millions too.< ^ 0XPP?|]4>@ PZPzEX h<iAswath Damodaran: If you have operating leases, you will have to fill out the operating lease worksheet.<s hev{rr ? 0XPP?|r]4?@ ~Ŷ PzEX }<~Enter the current treasury bond rate. Should be the same rate that you used above to estimate interest rate on company's debt< }aretrr @ 0|XPP?|]4@@| Ŷ PzEX I<JYou can update this to reflect current premium. Available in histret.xls.< yI uac nxx A 6຺ XPP?9]4A@຺8 PZPzE <Aswath Damodaran: Enter 1: Large or stable 2: Small or risky firm The interest coverage ratio/ratings table is the default spreads input worksheet. You can modify them if you want.<s mPWxx B 6D XPP?|]4B@DX Ŷ PzE <Generally safer to answer yes. If you answer no, there will be a transfer of wealth from existing bondholders to stockholders, when the firm borrows more money. < k tobdnxx C 6 XPP?|@]4C@  Ŷ PzE <If you used an actual rating, you can switch to a synthetic rating by answering yes. If you are already using a synthetic rating, it does not apply.< dnohdl-/!A satisfied Microsoft Office userh-0!A satisfied Microsoft Office userh-1!A satisfied Microsoft Office userh-2!A satisfied Microsoft Office userh-3!A satisfied Microsoft Office userh-4!A satisfied Microsoft Office userh- 5!A satisfied Microsoft Office userh- 6!A satisfied Microsoft Office userh- 7!A satisfied Microsoft Office userh- 8!A satisfied Microsoft Office userh-9!A satisfied Microsoft Office userh-:!A satisfied Microsoft Office userh-;!A satisfied Microsoft Office userh-<!A satisfied Microsoft Office userh-=!A satisfied Microsoft Office userh>Aswath Damodarano-?!A satisfied Microsoft Office userh-@!A satisfied Microsoft Office userhAAswath Damodarano-B!A satisfied Microsoft Office userh-C!A satisfied Microsoft Office userh>@m 5ggD ـ  dMbP?_*+%"?? OU%  w ;> >@ ; w ?@ @@ C @ @@ @ @ @ @ @ @  @  @ C @ @ ? @ ? C @ @ @ @ @ @ @ "Operating Lease Converter yOperating lease expenses are really financial expenses, and should be treated as such. Accounting standards allow them to wnbe treated as operating expenses. This program will convert commitments to make operating leases into debt and kbadjust the operating income accordingly, by adding back the imputed interest expense on this debt.  ?Inputs?????????? 2@)Operating lease expense in current year = @@@~ b@@@@@@@ BC9Operating Lease Commitments (From footnote to financials)CCCCCCCCCC  EYearE Commitment;@! Year 1 is next year, & .@@@@@@@@  E?a@ @@@@@@@@@  E@ h@ @@@@@@@@@  E@x@ @@@@@@@@@  E@_@ @@@@@@@@@  E@U@ @@@@@@@@@ E 6 and beyond~ U@@@@@@@@@@ @@@@@@@@@@@ @Pre-tax Cost of Debt =@BʡE?,ZYes  : : BP@G! If you do not have a cost of debt, use the attached ratings estimator@@@@@@CC:From the current financial statements, enter the followingCCCC+@"Reported Operating Income (EBIT) = @@%@ZZD@;! This is the EBIT reported in the current income statement%@Reported Interest Expenses = @@k@Z@?Output???4@+Number of years embedded in yr 6 estimate = @@/?D% BAD@;! I use the average lease expense over the first five years????<@3to estimate the number of years of expenses in yr 6.C%Converting Operating Leases into debtCCCC EYearE CommitmentE Present Value @@?D a@D ,k`@DDD @@@D  h@D ,>'f@DDD @@@D L0@D ,Ͱ,@DDD @@@D _@D ,3gZ@DDD @@@D U@D ,D xP@DDD @@D 6 and beyond[U@ED -D DD $" BvCP@`D 7DDDDDDDBK@B! Commitment beyond year 6 converted into an annuity for ten years@DulD 1jd22222C Yb%RDP||||| @ ! @" @`# @ $ @  Debt Value of leases = # A5@ %Z @@@!@@@@@@"CRestated Financials"@@@@@F#@=Operating Income with Operating leases reclassified as debt =#@@@@'#}ʹ@DD DE$@<Interest expenses with Operating leases classified as debt =$@@@@'$ zn@DD DPd4>@m 5ggD ـ  dMbP?_*+%"d??U1    `     ` `       @  @ @ @         @    @  @  @  /&Inputs for synthetic rating estimation !@Enter the type of firm =@?Zi@`(Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)@@@@@@ B@9Enter current Earnings before interest and taxes (EBIT) =@@@N~ @G@>(Add back only long term interest expense for financial firms) @@@ *@!Enter current interest expenses =@@@@~ k@B@9(Use only long term interest expense for financial firms) @@@ 7@.Enter current long term government bond rate =@@@@{Gz?Z@@@@ ?Output@@@@N@@@@ #@Interest coverage ratio = @@Cfffff=@-D DDj@B@N@@@@  @Estimated Bond Rating = Y`CD D%BfD%"0BfBAAA #@Estimated Default Spread = y&1l?rD D%BfKD D%"0BfD+Bf"B ! @Estimated Cost of Debt = @@! ʡE? DD @@@@@@  @@@f@@@@@@ " ?For large or stable firms  & If interest coverage ratio is   > d" to  Rating is  Spread is  ~ EjE?6? ED~ F4@ ~ E4@E? EC~ F(@ ~ E@P@E? ECC~ F$@ ~ ET@E? ECCC~ F @ ~ E?E? EB-~ F@ ~ E?E? EB~ F@ ~ E?E? EB+~ F @ ~ E@E@ EBB~ F@ ~ E@Eǝ@ EBB+~ F@ ~ E@EBy@ EBBB~ F? ~ E@E}!@ EA-~ F? ~ E@E}!@ EAF rh? ~ E@E}!@ EA+Fy&1|? ~ E@Er @ EAA~ F? ^!@Ej@ EAAAFy&1l? DDQDDDQ  &?For smaller and riskier firms DlO/nBFeRRSTSRSSTTSVWSN ! @" # $ @% @& ' ( ) * + @, @- . / 0 & If interest coverage ratio is EE !E greater than!Ed" to!E Rating is!E Spread is! ~ "Ej"EB? "ED~ "F4@" ~ #E?#E? #EC~ #F(@# ~ $ET@$E? $ECC~ $F$@$ ~ %E?%E? %ECCC~ %F @% ~ &E?&E? &EB-~ &F@& ~ 'E@'EBy@ 'EB~ 'F@' ~ (E@(EBy@ (EB+~ (F @( ~ )E@)EBy @ )EBB~ )F@) ~ *E @*E@ *EBB+~ *F@* ~ +E@+E}!@ +EBBB~ +F?+ ~ ,E@,E}!@ ,EA-~ ,F?, ~ -E@-E}!@ -EA-F rh?- ~ .E@.Er"@ .EA+.Fy&1|?. ~ /E#@/Er(@ /EAA~ /F?/ 0E)@Ej@ 0EAAA0Fy&1l?&@FpRRSTSRSSTTSVWSPH 0(  >@ m 5ggD ـ  dMbP?_*+%; (Mv%"&C&"Times"&12CAPITAL STRUCTURE&R&P"Z??U} I >}  } m}  f  @  CP @ @  @` @@ @ @0 @ C @ @@ @@ @ @ @ @ @ @ ,@ @ ,@@ @ @ C  @@ @ @@ @ @@ @ @Z Coca Cola@@@ JCapital Structure KKKFinancial Market KKKIncome StatementKLCCC MCurrent MV of Equity =N%O3333CAZ Z !NCurrent Beta for Stock =NQ?Z NCurrent EBITDA =NJP}t@4ZYes Z#Z:B  @@@ 0M'Market Value of interest-bearing debt =NO@ZYes  :wZYes OZZ ZZ ZZ Z:"BNCurrent Bond Rating =NDZA+NCurrent Depreciation =NPP@Z  @@@ "M# of Shares Outstanding =NDX@Z Summary of Inputs NCurrent Tax Rate =NRffffff?Z  @@@ 0M'Debt Value of Operating leases (if any)N>A5@(ZYes  :  B)N Long Term Government Bond Rate =NQ{Gz?Z"NCurrent Capital Spending=NS@Z  @@@ TRisk Premium =UV)\(?ZUPre-tax cost of debt =UVK7A`?Z #UCurrent Interest Expense =UB zn@,ZYes  :$:B  @@@ @@@@@@@@@@@@ @@RESULTS FROM ANALYSIS@@@@@  CC|} Current Optimal Change CCCCC @@ ~D/(D+E) Ratio = 5 G]?DDDDD ?!wDIDCDIDCDIDCDIDCDIDCDIDCDIDCDIDCDI DC DI DC ! e ?! D D  @@@@@  @@~@( Implied Growth Rate Calculation @@ ~Beta for the Stock =  Q?D Ur?!wDID0DID0DID0DID0DID0DID0DID0DID0DI D0 DI D0 ! h.Y?! D D  @ ]Value of Firm =' uühGADDD N @@ ~Cost of Equity = ' \ZYes D DDDBFx $?!wDIDGDIDGDIDGDIDGDIDGDIDGDIDGDIDGDI DG DI DG !8vj?! DD@]Implied Growth Rate =S A"?=D  #D D D D D  NAB  N @@~@^]UIf this number is >Riskfree rate, I use the riskfree rate as a perpetual growth rate.  NN @@ ~WACC2ٵ'?D D DD #Wd{?! %HH B!`kx0o! DD@`aa @@~Implied Growth Rate =Z{Gz?DD D  $+D NA  $ "B@@@@@  Assumes constant saving@!~Firm Value (no growth) ='uühGADDD4+^!<7A!DDDDD!Vl@! DD@@@@@ !Assumes perpeutal growth@(~Firm Value (Perpetual Growth) ='uühGADDD!p3fA! DDARU@!+DDDDDD@@@@@ @@"~Value/share (No Growth) =.fffff&O@DDDD.{dP@!DDDD!@)8 @! DD@@@@@ @@) Value/share (Perpetual Growth) =.fffff&O@DDDD.$.vmQ@!DDDD!Pe/@! DD@@@@@ @@@@@@@@@@@@ kCbWe use the following default spreads in our analysis. Change them in the input sheet if necessary:CCCCCC1Z(Ratings comparison at current debt ratio[[\C @@Rating Coverage gtand ltSpread@*]!Current Interest coverage ratio = NN J ^gL:@4D D)D( Dj@B @ @@ AAA?_!@)Z  ::0B?_j@)Z  ::0B?y&1l?)Z  ::0B@%]Rating based upon coverage = NN + ED %P^BfAAA @ @@ AA?_@)Z  ::/B?_r @)Z  ::/B?{Gzt?)Z  ::/B@,]#Interest rate based upon coverage = NN + ʡE?D %P^Bf @ @@ A+?_@)Z  ::.B?_}!@)Z  ::.B?y&1|?)Z  ::.B@%]Current rating for company = NN  FDA+ @ @@ A?_@)Z  ::-B?_}!@)Z  ::-B? rh?)Z  ::-B@(`Current interest rate on debt = aa  FK7A`?D @ @@ A-?_@)Z  ::,B?_}!@)Z  ::,B?{Gz?)Z  ::,B@@@@@@ @@ BBB?_@)Z  ::+B?_By@)Z  ::+B?Q?)Z  ::+B@@@@@@ D+ lQ+9"La7Vnk"kgYR @! @@" @# @$ @@% @@& @' @ ( @) @* @+ @`, @@- @. @/ @ 0 @ 1 @ 2 @3 @4 @ 5 @`6 @7 @8 @9 @@: @; @@< @ = @`> @ ? @ @@ BB? _@)Z  ::)B? _@)Z  ::)B? ?)Z  ::)B @@@@@ !@@ !B+?!_?)Z  ::(B?!_?)Z  ::(B?!p= ף?)Z  ::(B!@@@@@ "@@ "B?"_?)Z  ::'B?"_?)Z  ::'B?"{Gz?)Z  ::'B"@@@@@ #@@ #B-?#_?)Z  ::&B?#_?)Z  ::&B?#Q?)Z  ::&B#@@@@@ $@@ $CCC?$_?)Z  ::%B?$_?)Z  ::%B?${Gz?)Z  ::%B$@@@@@ %@@ %CC?%_?)Z  ::$B?%_?)Z  ::$B?%?)Z  ::$B%@@@@@ &@@ &C?&_?)Z  ::#B?&_?)Z  ::#B?&Q?)Z  ::#B&@@@@@ '@@ 'D?'j)Z  ::"B?'?6?)Z  ::"B?'?)Z  ::"B'@@@@@ (N Current beta=(bQ?D(Q(cCurrent Equity=(Q(d3333CAD(e(QCurrent Depreciation=(Q( dP@D( H)NCurrent Debt=!)drdb@ DD)Q)cCurrent EBITDA=)Q)d}t@D)e))Q Current Interest rate (Company)=)Q) fK7A`?D) H*N Tax rate=*fffffff?D*Q*cCurrent Rating=*Q*fDA+*e*QCurrent T.Bond rate=*Q* f{Gz?D* H+NQQcQQH ,ghhhh8,i/WORKSHEET FOR ESTIMATING RATINGS/INTEREST RATES,hhhhj -kD/(D+E)B-WW$@W4@W>@WD@W?WN@WQ@WT@lV@  .kD/E&.WD-D-&.Wqq?D-D-&.W?D-D-&.Wܶm۶m?D-D-&.WVUUUUU?D-D-&.W?D-D-&.W?D-D-&.W@D-D-&. W@D- D- &. l"@D- D- /k$ Debt~ /m(/mkh>@D-D)D((/mkh>@D-D)D((/mP}@D-D)D((/mkh>@D-D)D((/muühG@D-D)D((/mP}@D-D)D((/mpޡ@D-D)D((/ mkh>@D- D)D((/ n|CsAD- D)D( 0BetaM0Җ`?7D(D*D)D(D*D.10)>I?)D0DAD.10Ur?)D0DAD.1002^?)D0DAD.10`??)D0DAD.107?)D0DAD.10"CE?)D0DAD.10'`Z@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6mzr)t@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6m6@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6mњ@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6mXV e@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6mњ@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6mo c`@!uZYes D@D/SD-D  ZZD/!ZD@D/D"B6 m 8M@!uZYes D@ D/ SD- D  ZZD/ !ZD@ D/ D"B6 m6@!uZYes D@ D/ SD- D  ZZD/ !ZD@ D/ D"B7kTaxable Income!7m}ʹ@ D5D6!7mxRV?@) D5D6!7m2J@) D5D6!7m3]@) D5D6!7m8aB) D5D6!7mยm) D5D6!7mA @[) D5D6!7m`Rs) D5D6!7 m)۠F) D5 D6 !7 nPn7) D5 D6  8kTax!8m @ D*D7!8m{!E@! D*D7!8mEmth*@! D*D7!8mp^@! D*D7!8mش%X"i! D*D7!8mle! D*D7!8mG?! D*D7!8m A.̫! D*D7!8 mḲ,! D*D7 !8 n^s! D*D7 9k Net Income!9mHð@ D7D8!9mw8@) D7D8!9mw`'@) D7D8!9mף@) D7D8!9mG-w) D7D8!9m#tGL) D7D8!9mGP) D7D8!9m0R|й) D7D8!9 mi靨) D7 D8 !9 nNatj) D7 D8 :k (+)Deprec'n:mP@D4:mP@D4:mP@D4:mP@D4:mP@D4:mP@D4:mP@D4:mP@D4: mP@D4 : nP@D4 ;kFunds from Op.!;mHm@ D9D:!;m;h^Ʋ@) D9D:!;mt@) D9D:!;m+@) D9D:!;m.5\q@) D9D:!;m#tG) D9D:!;mGP) D9D:!;m0R|&) D9D:!; mi靨;) D9 D: !; nNatj() D9 D: <kXXXXXXXXXp =Pre-tax Int. cov ="!=3*VF$@! D5D6!=Ϧμ@/@) D5D6!=6S@) D5D6!= e?) D5D6!=9e?) D5D6!= e?) D5D6!=,2?) D5D6!= t]~~ ?) D5 D6 != 6S?) D5 D6 >k Funds/Debt >X"!>Y ]^?) D;D/!>Yܴo2Q?) D;D/!>Y. TCҳ?) D;D/!>Y;Ϻ?) D;D/!>Y!I{) D;D/!>Y_,Rq) D;D/!>Y~HX) D;D/!> Y 䮿) D; D/ !> o[AZ) D; D/ ? Likely Rating ?AAA+?!D=%P^BfAAA+?!D=%P^BfA+? !D=%P^BfBB++?!D=%P^BfCCC+?!D=%P^BfC+? !D=%P^BfC+?$!D=%P^BfC+? (!D= %P^BfC+? ,!D= %P^BfCD+l dZ? ION ys@ @A @`B @C @D @@E @`F @ G @ H @ I ?@J ?@K @`L @@M @N @O @P @Q @R @S @T @U @@V @W @X @Y @@Z @[ @@\ @] @@^ @@kPre-tax cost of debt@WʡE?D^+@WʡE?!D=%P^Bf+@WEԨ?!D=%P^Bf+@WQ?!D=%P^Bf+@WQ?!D=%P^Bf+@W{Gz?!D=%P^Bf+@W{Gz?!D=%P^Bf+@W{Gz?!D=%P^Bf+@ W{Gz?!D= %P^Bf+@ l{Gz?!D= %P^BfAq Eff. Tax RateArffffff?D*5Arffffff?)D*D7D6D6B5Arffffff?)D*D7D6D6B5Arffffff?)D*D7D6D6B5Ar(Fm1?)D*D7D6D6B5Ar Zձ?)D*D7D6D6B5Ar(Fm1?)D*D7D6D6B5Ar9e?)D*D7D6D6B5A r;#J޾?)D*D7 D6 D6 B5A sᲑdBp?)D*D7 D6 D6 BBuvvvw%BxCOST OF CAPITAL CALCULATIONSBvvvvy CkD/(D+E)BCWW$@W4@W>@WD@W?WN@WQ@WT@lV@  DkD/E&DWDCDC&DWqq?DCDC&DW?DCDC&DWܶm۶m?DCDC&DWVUUUUU?DCDC&DW?DCDC&DW?DCDC&DW@DCDC&D W@DC DC &D l"@DC DC Ek$ DebtEmD/Emkh>@D/Emkh>@D/EmP}@D/Emkh>@D/EmuühG@D/EmP}@D/Empޡ@D/E mkh>@D/ E n|CsAD/ FCost of equityF-L?D1F0 ̴?)D1FxmΘ?)D1F*ߘ)Զ?)D1Fs?)D1FGXH?)D1FK<=?)D1Fl?)D1F F\?)D1 F RO?)D1 G Cost of debt&G3w-!?D@DA&G3w-!?)D@DA&GFx $?)D@DA&G+?)D@DA&G-״?)D@DA&G3b?)D@DA&Gjei/?)D@DA&G*b?)D@DA&G /:X?)D@ DA &G şrH?)D@ DA HCost of Capital2H-L?DFDCDGDC2HUp?)DFDCDGDC2HWd{?)DFDCDGDC2Hx_X?)DFDCDGDC2HvL>y?)DFDCDGDC2H3u?)DFDCDGDC2Hs?)DFDCDGDC2HciR2X?)DFDCDGDC2H SKi?)DF DC DG DC 2H Bj?)DF DC DG DC Ik?IX))DH%HH B  B?IX))DH%HH B  B?IX?))DH%HH B  B?IX))DH%HH B  B?IX))DH%HH B  B?IX))DH%HH B  B?IX))DH%HH B  B?IX))DH%HH B  B?I X))DH %HH B  B?I p))DH %HH B  BJk Value (no growth)4JzƑdk$ADDDHDDH4Jz4%sA)DDDHDDH4Jz+^!<7A)DDDHDDH4JzA4A)DDDHDDH4JzV46@)DDDHDDH4Jz>3@)DDDHDDH4Jz0%@)DDDHDDH4JzdEP@)DDDHDDH4J z]6iT@)DDDH DDH 4J d%?@)DDDH DDH !KqValue (perpetual growth)FK`[A0DDDHDDDHDFK zMA)0DDDHDDDHDFKp3fA)0DDDHDDDHDFKq:^A)0DDDHDDDHDFKv'KK@)0DDDHDDDHDFK׻@)0DDDHDDDHDFK#@)0DDDHDDDHDFKA$ @)0DDDHDDDHDFK (c @)0DDDH DDDH DFK @)0DDDH DDDH DLt{{{{{{{{{{ M@@@@@@@@@@@ N@@@N Interest covN Interest covNRATINGN Interest rateN@@@@ O@@@ OLow OHighO@@@@ ?PEj)Z  ::"B?PE?6?)Z  ::"B?PE0)Z  ::"BDKPQ?5Z ZDZ"DB?QE?)Z  ::#B?QE?)Z  ::#B?QE4)Z  ::#BCKQ{Gz?5Z ZDZ#DB?RE?)Z  ::$B?RE?)Z  ::$B?RE8)Z  ::$BCCKRQ?5Z ZDZ$DB?SE?)Z  ::%B?SE?)Z  ::%B?SE@)Z  ::%BCCCKSQ?5Z ZDZ%DB?TE?)Z  ::&B?TE?)Z  ::&B?TEH)Z  ::&BB-KT?5Z ZDZ&DB?UE?)Z  ::'B?UE?)Z  ::'B?UEP)Z  ::'BBKU{Gz?5Z ZDZ'DB?VE?)Z  ::(B?VE?)Z  ::(B?VET)Z  ::(BB+KV(\?5Z ZDZ(DB?WE@)Z  ::)B?WE@)Z  ::)B?WE\)Z  ::)BBBKWp= ף?5Z ZDZ)DB?XE@)Z  ::*B?XEǝ@)Z  ::*B?XEd)Z  ::*BBB+KXQ?5Z ZDZ*DB?YE@)Z  ::+B?YEBy@)Z  ::+B?YEl)Z  ::+BBBBKY)\(?5Z ZDZ+DB?ZE@)Z  ::,B?ZE}!@)Z  ::,B?ZEt)Z  ::,BA-KZ?5Z ZDZ,DB?[E@)Z  ::-B?[E}!@)Z  ::-B?[E|)Z  ::-BAK[EԨ?5Z ZDZ-DB?\E@)Z  ::.B?\E}!@)Z  ::.B?\E)Z  ::.BA+K\Mb?5Z ZDZ.DB?]E@)Z  ::/B?]Er @)Z  ::/B?]E)Z  ::/BAAK] ףp= ?5Z ZDZ/DB?^E!@)Z  ::0B?^Ej@)Z  ::0B?^E)Z  ::0BAAAK^ʡE?5Z ZDZ0DBBr)X:QZIQ8O  G  !"! !!""! !!a b c d e abcdeP d0<L( ? 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RO ـ  dMbP?_*+%"??U}  B} $ B}  @} I@}  @            E Debt Ratio EBetaECost of EquityE Bond RatingEInterest rate on debtETax Rate!ECost of Debt (after-tax) EWACCEFirm Value (G)~ ^Җ`?Z0F-L?ZFEZ?AAAFʡE?Z@Fffffff?ZA&3w-!?DD2-L?DDDD`[AZK~ $@^)>I?!Z0F0 ̴?!ZFE!Z?AAAFʡE?!Z@Fffffff?!ZA&3w-!?)DD2Up?)DDDD zMA!ZK~ 4@^Ur?!Z0FxmΘ?!ZFE!Z?AFEԨ?!Z@Fffffff?!ZA&Fx $?)DD2Wd{?)DDDDp3fA!ZK~ >@^02^?!Z0F*ߘ)Զ?!ZFE!Z?BB+FQ?!Z@Fffffff?!ZA&+?)DD2x_X?)DDDDq:^A!ZK~ D@^`??!Z0Fs?!ZFE!Z?CCCFQ?!Z@F(Fm1?!ZA&-״?)DD2vL>y?)DDDDv'KK@!ZK~ ?^7?!Z0FGXH?!ZFE!Z?CF{Gz?!Z@F Zձ?!ZA&3b?)DD23u?)DDDD׻@!ZK~ N@^"CE?!Z0FK<=?!ZFE!Z?CF{Gz?!Z@F(Fm1?!ZA&jei/?)DD2s?)DDDD#@!ZK~ Q@^><>><<<<>@m 7ggD ՜.+,0dHP X`hp x 0 READ ME FIRSTFAQsInputsOperating Lease InformationDefault Spreads and RatiosOptimal Capital StructureSummary TableChart - Cost of Equity u@ϪOh+'0lv"cմI$ QQ釖*(HN%ЪQ{77gwggfgv7~7{sR"[ (~w 6!"xSBAh$e_eH*@ t Y Xi;E-̧EІJV nh'e sE)=҅BA̦t#{) !`…@ntƢ>mj/B­>UN IA]y/^LJ6gX64g!pW:J I2 n0͟ ,ѢE._$Cb}Hq/N}I 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