By Brian Coyle
· labored examples illustrating key points
· clarification of complicated or imprecise terms
· complete word list of terms
The titles during this sequence, all formerly released by way of BPP education, are actually to be had in totally up to date and reformatted variants. each one bargains a world point of view on a specific element of possibility management.
Topics incorporated during this name within the company Finance sequence contain Quantifying the necessity for money from open air the enterprise; an summary of many of the investment concepts to be had to managers; fairness and debt investment; Hybrid monetary tools; types at the optimum capital constitution; Debt profile administration; and Refinancing. specially meant for possibility managers, monetary officials, fund managers, funding advisers, accountants, and scholars of commercial and finance.
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Extra resources for Capital Structuring: Corporate Finance
The dividend payments on the new stocks would probably have cost the company almost $200 million annually. Retained Profits or New Equity? External funds must come from new stock issues or new borrowings. It was suggested in the chapter on quantifying funding needs (Chapter 2) that a company should forecast its external funding requirements over its business planning period, after allowing for estimates of future profits and dividends. However, retained earnings are by far the most Equity 39 important source of new equity.
E. breakeven is at a fairly low volume of sales ● the net income margin is relatively low, and the change in total income for each $1 increase or decrease in sales is fairly low ● operating income therefore tends to be fairly stable despite changes in turnover from one year to the next. Capital Structuring 32 High operating leverage occurs when a company has relatively high fixed costs, and relatively low variable costs, so that the change in profit for every $1 increase or decrease in sales is high.
The yield curve is expected to move from positive to flat or negative, companies are likely to want to fix the interest rate for medium-term debts. They can switch from variable rate to fixed-rate debt obligations by using interest rate swaps. Currency of Denomination Where possible, matched funding should be in the currency of the project being funded. For example, the purchase of a US company (a dollar-based asset) by a UK company ideally should be funded by dollar-denominated borrowings, so that the debt can be serviced by the dollar surpluses of the acquired business.