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Ако безрисковата възвръщаемост е 9%, а очакваната норма на възвръщаемост на пазарния портфейл е 14%, то очакваните възвръщаемости на три облигации, представени в таблицата са : облигация Очаквана възвръщаемост Бета коефициент Кои акции са надценени, подценети или точно оценени от пазара? Определете цената на двегодишна облигация с фиксиран годишен купон от 9%, който се изплаща в края на всяка година и номинал от 100лв., който ще се изплати на падежа на облигацията. Пазарният лихвен процент е 10%. Акционерно дружество е емитирало конвертируема облигация с номинал 1000лв., конверсионната цена на обикновената акция е 250 лв. Ако курса на борсата /текущата пазарна цена/ на обикновената акция е 1400 лв., срокът на облигацията е тригодишен, купоновата лихва е в размер на 9%, пазарния лихвен процент за целия период е 7% определете: a) коефициента на конверсия и конверсионната стойност на облигацията б) инвестиционната стойност /стойността без опция за конвертиране/ на конвертируемата облигация
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- Aswath Damodaran - 654 Pages Contents on Page - 308 Trim Size: 8in x 10in Damodaran c07.tex V2 - 08/27/2014 12:30 A.M. Page 292 292 Chapter 7 CAPITAL STRUCTURE: OVERVIEW OF THE FINANCING DECISION issue, conversion becomes a more attractive option as stock prices increase. Firms generally add conversions options to bonds to lower the interest rate paid on the bonds. In a typical convertible bond, the bondholder is given the option to convert the bond into a specified number of shares of stock. The conversion ratio measures the number of shares of stock for which each bond may be exchanged. Stated differently, the market conversion value is the current value of the shares for which the bonds can be exchanged. The conversion premium is the excess of the bond value over the conversion value of the bond. Thus, a convertible bond with a par value of $1,000, which is convertible into 50 shares of stock, has a conversion ratio of 50. The conversion ratio can also be used to compute a conversion price—the par value divided by the conversion ratio—yielding a conversion price of $20. If the current stock price is $25, the market conversion value is $1,250 ($50 × $25 ). If the convertible bond is trading at $1,300, the conversion premium is $50. IN PRACTICE: ASIMPLE APPROACH TO DECOMPOSING DEBT AND EQUITY The value of a convertible debt can be decomposed into straight debt and equity components using a simple approach. Because the price of a convertible bond is the sum of the straight debt and the conversion option components, the value of the straight bond component in conjunction with the market price of the convertible bond should be sufficient to estimate the conversion option component, which is also the equity component of the convertible bond: Value of Conversion Option = Price of Convertible Bond − Value of Straight Bond Component The value of the straight bond component can be estimated using the coupon payments on the convertible bond, the maturity of the bond, and the market interest rate the company would have to pay on a straight debt issue. This last input can be estimated directly if the company also trades straight bonds in the market place, or it can be based on the bond rating, if any, assigned to the company. For instance, assume that you have a 10-year convertible bond, with a 5% coupon rate trading at $1,050 and that the company has a debt rating of BBB (with a market interest rate of 8%). The value of the straight bond and equity components can be estimated as follows: Straight Bond Component = $50 (PVA, 10 years , 8 %) + 1000 ∕1.0810 = $799 Conversion Option = $1 ,050 − $799 = $251 ◾ 7.6 CONVERTIBLE DEBT AND YIELDS The yields on convertible bonds are much lower than the yields on straight bonds issued by a company. Therefore, convertible debt is cheaper than straight debt. True b. False Why or why not? Preferred Stock Preferred stock is another security that shares some characteristics with debt and some with equity. Similar to debt, preferred stock has a fixed dollar dividend; if the firm does not have the cash to pay the dividend, it is accumulated and paid in a period when there are sufficient earnings. Similar to debt, preferred stockholders do not have a share of control in the firm, and their voting privileges are strictly restricted to issues that might affect their claims on the firm’s cash flows or assets. Similar to equity, payments to preferred stockholders are not tax-deductible and come out of after-tax cash. In addition, similar to equity, preferred stock does not have a maturity date when the face value is due. In terms of priority, in the case of bankruptcy, preferred stockholders have to wait until the debt holders’ claims have been met before receiving any portion of the assets of the firm.