You have 180 minutes to complete the exam. Please use your time efficiently and read the
questions carefully.
There are 30 questions, the exam is marked out of 100 points and all questions are equally
marked.
Assumptions:
Risk Free Rate 3%
Market Return 8%
ERP = Market return – Rf = 5%
Perpetuity Growth Rates
Dividend Growth Rate 3%
FCFF Growth Rate 3%
FCFE Growth Rate 3%
Tax rate 21%.
问题 1 1 分
7.73%
10.4%
6.0%
8.3%
What is the average annual expected growth rate in Sales between 2021 and
2025?
问题 2 1 分
2020/12/15 测验: Final Exam
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$ 48,684 million
$34,637 million
$67, 904 million
$72, 543 million
Sales in 2023 are expected to be:
问题 3 1 分
12.45%
20.92%
16.03%
8.37%
What is the average annual expected growth rate in Net Income between 2021
and 2025?
问题 4 1 分
$ 5,345 million
$3,134 million
$4,372 million
$7,904 million
Net Income in 2022 are expected to be:
2020/12/15 测验: Final Exam
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问题 5 1 分
$406 million
$6,439 million
$340 million
$3,259 million
The Change in Net Working Capital in year 2022 is closes to:
问题 6 1 分
$3,425 million
$734 million
$402 million
$1,287 million
Total capital expenditures for 2023 is closes to:
问题 7 1 分
Assuming that NIKE has $3.4 billion in long term debt.
Issue
Amount
$(Mil)
Maturity
Date
Yield To
Maturity
NIKE 4.375% 750 1/15/2025 4.25%
NIKE 5.7% 800 1/15/2035 6.45%
2020/12/15 测验: Final Exam
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2.13%
3.72%
4.23%
5.49%
NIKE 5.4% 800 1/15/2033 5.93%
NIKE 3.875% 500 12/1/2040 3.47%
NIKE 6.7% 550 12/1/2036 6.96%
What is the weighted average cost of debt (average pre-tax cost of debt)?
问题 8 1 分
9.2%
Assuming that NIKE has $3.4 billion in long term debt.
Issue
Amount
$(Mil)
Maturity
Date
Yield To
Maturity
NIKE 4.375% 750 1/15/2025 4.25%
NIKE 5.7% 800 1/15/2035 6.45%
NIKE 5.4% 800 1/15/2033 5.93%
NIKE 3.875% 500 12/1/2040 3.47%
NIKE 6.7% 550 12/1/2036 6.96%