Filer Manufacturing has 5,655,989 shares of common stock outstanding. The current share price is $47.15, and the book value per share is $9.37. Filer Manufacturing also has two bond issues outstanding. The first bond issue has a face value of $69,465,289, has a 0.08 coupon, matures in 29 years and sells for 86 percent of par. The second issue has a face value of $51,536,013, has a 0.07 coupon, matures in 14 years, and sells for 92 percent of par. What is Filer's weight of equity on a market value basis? Enter the answer with 4 decimals (e.g. 0.2345)
| Weight of equity on market value basis is shown below | ||||||
| Value of common stock | No of shares outstanding*Current share price | |||||
| Value of common stock | 5655989*47.15 | |||||
| Value of common stock | $266,679,881.35 | |||||
| Issue price of bond 1 | Face value*86% | |||||
| Issue price of bond 1 | 69465289*86% | |||||
| Issue price of bond 1 | $59,740,148.54 | |||||
| Issue price of bond 2 | Face value*92% | |||||
| Issue price of bond 2 | 51536013*92% | |||||
| Issue price of bond 2 | $47,413,131.96 | |||||
| Calculation of weight for equity | ||||||
| Market value of equity | $266,679,881.35 | |||||
| Total market value of capital structure | $373,833,161.85 | (266679881.35+59740148.54+47413131.96) | ||||
| Market value weight of equity | 0.7134 | |||||
| Thus, weight of equity based on market vaue is 0.7134. | ||||||
Filer Manufacturing has 5,655,989 shares of common stock outstanding. The current share price is $47.15, and...
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