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Kewangan Korporat Essay

1715 words - 7 pages

ISI KANDUNGAN
Bil | Item | Muka Surat |
1 | Pengenalan | |
2 | Isu | |
3 | Masalah | |
4 | Analisis WACC | |
5 | Cadangan | |
6 | Kesimpulan | |

PENGENALAN
Deluxe Corporation telah ditubuhkan pada tahun 1915 oleh ayam-petani yang kini menjadi pencetak di satu bilik kedai cetak di St Paul, Minnesota. Kemudian dikenali sebagai Deluxe Check Printers, syarikat merupakan perintis dalam cek perniagaan percetakan yang baru muncul, dan khusus dalam mencetak maklumat peribadi pada cek dan buku cek. Deluxe menjadi sebuah syarikat yang didagangkan secara umum pada tahun 1965, dan didagangkan di Bursa Saham New York pada tahun 1980 di bawah nama Deluxe Corporation. Syarikat ini ...view middle of the document...

Deluxe bertindak langsung khusus dalam pembangunan kempen pemasaran mel langsung yang disasarkan untuk institusi kewangan, dengan empat daripada lima unit yang telah diperolehi atau ditubuhkan pada tahun 1996 dan 1997. Akhir sekali , Deluxe Sistem Pembayaran Elektronik, Inc berkembang daripada yang AO 1986 yang diperoleh Smith Data Systems dan tertumpu kepada perkhidmatan pemindahan dana elektronik.
Dalam pada itu, syarikat itu telah memperoleh eFunds Corporation, pembekal penukaran cek elektronik dan perkhidmatan pemindahan dana elektronik, untuk $ 13 juta pada Februari 1999. Kemudian pada Januari tahun yang berikutnya, Deluxe mengumumkan rancangan untuk menggabungkan semua bayaran dan teknologi maklumat perniagaan elektronik, termasuk eFunds, Sistem Pembayaran Perlindungan Deluxe, ChexSystems, dan SCAN menjadi satu entiti, dan kemudian beralih dalam firma bebas diniagakan secara awam dipanggil eFunds Corporation.
Langkah-langkah ini telah direka untuk mewujudkan dua pemisahan, syarikat-syarikat "tulen-play", dan dengan itu membuka nilai untuk pemegang saham. Pada Jun 2000 eFunds diambil awam melalui IPO 12 peratus daripada saham, meningkatkan $ 71 juta. Pada bulan Disember tahun itu baki 88 peratus pegangan telah diedarkan percuma ke Deluxe pemegang saham sebagai dividen saham cukai.

Isu
* Kebimbangan terhadap kewangan masa hadapan.

Masalah Yang Dihadapi
Deluxe Corporation merupakan pemain utama dalam industri mendaftar percetakan yang sangat tertumpu dan berdaya saing. Pertumbuhan jualan dan pendapatan Deluxe bagaimanapun, telah merosot perlahan sambil syarikat ini berusaha untuk melawan gelombang tidak henti-henti berikutan perubahan teknologi. Sejak kemunculan kaedah pembayaran dalam talian dan kepopularan bagi kad kredit dan debit, penggunaan cek kertas telah jatuh secara berterusan.
Di antara tahun 1975 dan 1995, tahun-tahun puncak penggunaan cek di Amerika Syarikat, hasil Deluxe Corporation meningkat pada kadar tahunan 12%. Kadar ini bagaimanapun, telah merosot dalam dekad yang lalu disebabkan cek hilang bahagian kepada bentuk-bentuk pembayaran elektronik, seperti ATM, kad kredit, kad debit, dan sistem internet pembayaran bil. Deluxe bersaing terutamanya dengan dua syarikat lain, iaitu John Harland dan Clarke American. Dengan percambahan sistem pembayaran alternatif, perniagaan daftar percetakan menghadapi penurunan tahunan sebanyak 1% -3% dalam permintaan cek, satu trend yang penganalisis industri menjangka akan berterusan.

ANALISIS
Analisis WACC

Jalan Pengiraan:
1. Cost of debt after tax
Kd (1-t) = 5.47(1-0.30)
= 3.829

2. EPS = Net income/ common share issue
= 0.148

3. Estimated Beta
Zero debt | bu=β(1-0.13)
= 0.85(1-0.13)= 0.74 |
13% debt | bL= 0.85 |
23% debt | bL= 0.74[1+(1-0.3)(0.23/77) = 0.8947 |
33% debt | bL= 0.74[1+(1-0.3)(0.33/67)
= 0.9951 |
43% debt | bL= 0.74[1+(0.7)(0.43/57)
1.13077 |
53% debt | bL= 0.74[1+(0.7)(0.43/0.53)
=...

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