QUESTION Calculate the Free Cash Flow for all, the one available to shareholders and bondholders. QUESTION 2 Calculate the market value of the firm in million dollars, use a price of $33.84 per share. Remeber, do not use diluted shares, use basic if you use the average shares outstanding. QUESTION 3 Calculate book to market ratio, use the market value you calculated in question 2 QUESTION 4 Calculate Return on Equity QUESTION Calculate Return on Assets (ROA) QUESTION Calculate Asset Turnover Ratio.
Homework Answers
I have used Walgreens 2009 financing statement for the year ending 31 August 2009. All the below numbers are for FY19 (ending Aug-19)
1) Free cash flow for all :
FCF to all = Cash flow from operating + Cash flow from investing activities
= 3,744 - 1,274
FCF to all = $2,470 millions
2) Market capitalization at $33.84 share price
Average number of shares outstanding at of 31 August 2019 = 990 million
Market cap = 990 * 33.84
Market cap as of 31 August 2019= $33.5 billion
3) Book to market value ratio = Market cap / Book value of equity
= 33.5 / 14.4
Book to market value ratio = 2.33
4) Return on Equity = Net income / Book value of equity
= 2,006 / 14,376
Return on Equity = 13.95%
5) Return on Assets = Net income / Average total assets = Net income / (total assets in 2009 + total assets in 2008)/2
= 2,006 / (25,142+ 22,410) /2
Return on Assets = 8.44%
6) Asset turnover ratio = Sales in 2009 / Average assets
= 63,335 / (25,142+ 22,410) /2
Asset turnover ratio = 2.66 times
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ratios for 2018. Instead, use the number presented on the 2018
balance sheet.
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