Mаxwell Cоrpоrаtiоn currently hаs a capital structure made entirely of equity with total invested capital of $8 million made up of 100,000 shares of common stock. They are considering issuing new debt to replace some of this equity. Maxwell currently has a beta of 2.1, and is considering replacing either $2 million in equity or $4 million in equity with new debt. Maxwell’s current corporate tax rate is 30%. The interest rate (rd) on $2 million of debt is 8%. The interest rate (rd) on $4 million in debt is 15%. The risk-free rate is 3% and the required return on the market is 14%. Maxwell has an EBIT of $3 million this year. Assume Maxwell has a payout ratio of 35% regardless of its capital structure and that their growth rate in earnings is 5% annually. a. What will be Maxwell’s new levered beta if it replaces $4 million in equity with debt? b. What will be Maxwell’s weighted average cost of capital (WACC) if it utilizes $4 million in debt? c. What would be Maxwell’s earnings per share (EPS) if it issued $4 million in debt? d. Assuming g=5%, what would be Maxwell’s stock price per share if it issued $4 million in debt? (Assume Maxwell just paid a dividend based on their current year earnings)
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The signs оf inflаmmаtiоn аre
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