Filer Manufacturing has 6,044,800 shares of common stock outstanding. The current share price is $48.08, and the book value per share is $6.39. Filer Manufacturing also has two bond issues outstanding. The first bond issue has a face value of $47,943,371, has a 0.06 coupon, matures in 5 years and sells for 83 percent of par. The second issue has a face value of $74,392,701, has a 0.07 coupon, matures in 27 years, and sells for 94 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)
Equity = 6,044,800 * $48.08 = $290,633,984
Debt = ($47,943,371 * 83%) + ($74,392,701 * 94%)
= $39,792,997.9 + $69,929,138.9
= $109,722,137
Equity weight = $290,633,984 / ($290,633,984 +
$109,722,137)
= $290,633,984 / $400,356,121
= 0.7259 or 72.59%
weight of equity on a market value basis = 0.7259 or 72.59%
Filer Manufacturing has 6,044,800 shares of common stock outstanding. The current share price is $48.08, and...
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