Advanced Corporate Finance – GESTS-410 – 24 January 2024

Pr. Benjamin Lorent

ADVANCED CORPORATE FINANCE

EXAM – Form A
24th January 2024

LAST NAME:

FIRST NAME:

STUDENT NUMBER:

1. This is an individual, closed-book exam; any attempt to cheat will be penalized by the
immediate cancellation of the exam.

2. The exam duration is 3 hours sharp.

3. One error is penalized only once. In case you estimate that a piece of data is missing or
ambiguous, state clearly your hypothesis in your answer and go ahead with solving the
question. Whenever needed, write down the formula used.

4. Your answers to the qualitative questions (where no calculation is required) should not be
long, but precise.

5. All answers should be rounded off and displayed with 2 decimal places.

6. All types of classical calculators are authorized. The use of a computer, smartphone and/or
computer-like calculator is not authorized. Students are requested to use their own
calculator and may not borrow from or share a calculator with another candidate during the
exam.

7. Answer all questions in a thorough, clear, and readable manner. Any ambiguous or
unreadable answer plays against you.

8. Check that your questionnaire contains 16 pages.

9. Good luck!

Part 1 2 3 4 Total
Maximum 5 5 5 5 20
Your result

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Part 1. Firm Valuation

AMC is a biotechnology startup that focuses on developing transformative gene-
based medicines using its AMC/Cas9 gene-editing platform. The startup was founded in
2017 and is headquartered in Rotterdam (the Netherlands) in the biotech incubator
district. AMC/Cas9 is a revolutionary technology that enables precise modification of
genes within organisms, offering promising treatments for a wide range of genetic
disorders that would otherwise not be possible to treat with standard medications. Due
to the significant capital requirements for research and development, which are often
funded through equity or other non-debt means, AMC is an unlevered firm with neither
short nor long-term debt.

In year 1, AMC is projected to earn 2,000 € before interest and taxes. The
marginal corporate tax rate equals 40% in the Netherlands, and the market expects
AMC’s EBIT to grow at a constant annual rate of 3% per year. The risk-free interest rate
on Dutch government bonds (Nederland Staatsobligaties) equals 5%, while the asset
beta for the biotech industry is 1.11, and the expected return on the market portfolio
equals 11%. Assume also that depreciation is equal to capital expenditure and that AMC
will make no investments or changes to working capital requirement (WCR).

Q1) What is the cost of AMC’s assets? What is AMC’s unlevered market value?

Assume now that AMC has 5,000 € in risk-free debt (in other terms, this debt is
guaranteed by the Dutch government and there is no bankruptcy risk). AMC plans to
maintain a proportional debt-to-value ratio and rebalance its debt level so that, on
average, the debt, interest expenses, and tax shield will also grow by 3% per year (the
same growth rate as AMC’s EBIT).

Q2) What is the amount of interest expense AMC will pay next year? If AMC’s debt
and interest payments are expected to grow by 3% per year, and future interest
expenses have the same beta as AMC’s assets, what is the present value of AMC’s
interest tax shield?

Q3) What is AMC’s total market value? What is the market value of AMC’s equity?

AMC is a growing firm, where both assets and debt levels are not constant but growing.
For tax efficiency reasons, AMC maintains a constant debt-to-value ratio (L) by
continuously rebalancing debt levels.

Q4) Compute the cost of (levered) AMC equity. Give a brief theoretical justification
for the cost of equity estimation method you have chosen. Would it be possible to
use Modigliani Miller for AMC cost of equity?

Q5) What is the leverage ratio (L) of AMC? What is the WACC of the company?
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Part 2. Real Options

HPS, a Belgian corporate entity, is resolutely committed to optimizing the
sustainability profile of its supply chain. Currently reliant on a singular supplier located
in a climatically vulnerable region, HPS acknowledges the strategic opportunity to
mitigate risk through supply chain diversification. The executive leadership is actively
exploring the incorporation of a secondary supplier (named Kivo) to enhance the
overall resilience and sustainability metrics.

Table 1 details the anticipated cash flows resulting from the capital infusion into
Kivo. Upon the affirmative decision to integrate a secondary supplier, HPS is committed
to sustaining the dual-supplier system for a minimum of four years. A substantial
investment outlay, estimated at 41 million €, is necessary to upgrade the capabilities,
performance, and compliance standards of Kivo. This financial assessment is linked to
the cost of capital, currently set at 12%, and the prevailing risk-free interest rate of
3.5% (annually compounded). The industry benchmarks reveal a standard deviation of
35% in the returns from analogous projects, emphasizing the risk dynamics inherent in
this strategic move.

Table 1 – Project Cash Flows (in millions €)

Year 1 2 3 4
Cash Flows 28 20 12 7

HPS has the option to invest either today or in one year with the same initial
investment and future cash flows after the start. The objective is to determine the
optimal timing for investing in upskilling Kivo, considering uncertainties in climate-
related disruptions and the potential market benefits of a more sustainable and resilient
supply chain.

Q6) Compute the NPV of the supplier development program if undertaken today.

Q7) Based on a binomial model (with a step of one year), compute the NPVs of the
program if undertaken one year from now.

Q8) Compute the NPV today of the program if undertaken in one year? Should HPS
undertake now or in one the supplier development program? Justify your answer
based on your calculations.

Q9) What is the name of such option and its value? Explain your reasoning carefully.

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Q10) Assume now two modifications: the volatility of the project falls, and the
company can invest either now or in two years (instead of one year). Carefully
explain their impact on the value of the option. No computation required.

Part 3. Convertible Bond

In the early summer of 2020, the Belgian government faces numerous challenges
as it strives to minimize the economic fallout of the Covid-19 pandemic. Among the
many issues at hand, BX-Airlines, the flag carrier airline of Belgium, is requesting a 300
million € loan as part of a refinancing effort to overcome this unprecedented crisis.

The federal government must respond to this request by balancing the

significant economic impact of the airline (BXAirlines represents 40% of Brussels
Airport traffic) with the significant political and economic risks associated with
investing in this sector. The government cannot afford to be misled in negotiations with
Loufthanza, the parent company of BXAirlines. Over the past few decades, Belgium has
been perceived as being too lenient in selling off crown jewels like the power company
Electrabel, Fortis bank and BXAirlines. Moreover, the deal will come under scrutiny
from the EU Commission’s “Competition” services.

Considering the sector’s situation, the current value of BXAirlines is evaluated at

a mere 30 million €. However, Loufthanza has agreed to a 170 million € capital injection
as a contribution to the refinancing. Still, the post-refinancing valuation of the firm
(including the refinancing by Loufthanza and the Belgian state) is expected to be volatile
in the next 2 years as the lockdowns are progressively lifted; the value of BXAirlines
could either increase by 50% each year or decrease by one-third.

The cabinet of the finance minister has proposed that the loan be issued through
a 2-year zero-coupon bond. The issued bond will be convertible in 2 years with a ratio
that would result in the federal government reaching a 35% stake in BXAirlines,
alongside Loufthanza. The risk-free interest rate is 1% (annually compounded).
Consider that BXAirlines has no other outstanding debt.

Q11) Draw a binomial tree of BXAirlines’s value over the next two years.

Q12) What is the risk neutral probability of BXAirlines’s value going up in any given
year?

Q13) What is the value today of the convertible debt, according to the binomial
tree?

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Pr. Benjamin Lorent

Q14) As the negotiations come to an end, Loufthanza proposes the bond be callable
by BXAirlines after one year for 320 million €. Explain and calculate the impact on
the bond value.

Q15) The EU Commission believes that the proposed deal is too lenient on
BXAirlines. How would you advise the Belgian State to proceed towards BXAirlines
(2 sentences or less)?

Part 4. Varia
Q16) What does the WCR mean? As the CFO of a company, why should you monitor
carefully the WCR?

Q17) Comment on the following statement: “beta equity can vary significantly
between two companies while beta asset is quite similar”.

Q18) What is the meaning of a convertible bond? As an investor, what would be the
reason(s) for investing in such debt? As a company, why might you choose to issue
such debt?

Q19) If the firm’s debt-to-equity ratio changes over time, can the WACC method still
be applied to value a project? Carefully explain your answer.

Q20) Do you agree with the following statement: “The semi-strong efficient market
hypothesis implies that it is useless to exploit ANY information when investing”?
Explain (a simple “yes” or “no” is not enough. No point will be given if the
justification is wrong).

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Part 1:

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Part 1 (continued):

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Part 2:

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Part 2 (continued):

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Part 3:

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Part 3 (continued):

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Part 4:

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Part 4 (continued):

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Formula Sheet

1. Discounting and Portfolio Theory

Constant perpetuity PV = C / r
Growing perpetuity PV = C1 /(r − g )

Constant annuity PV = (C / r )[1 − 1/(1 + r )T ]

Growing annuity PV = C1 /(r − g )  1 − ((1 + g ) /(1 + r ))T 

Expected Return for N assets ̅̅̅̅

𝑅𝑃 = ∑𝑁𝑖=1 𝑋𝑖 𝑅̅𝑖

Variance for N assets 𝜎𝑃2 = ∑𝑁 𝑁

𝑖=1 ∑𝑗=1 𝑋𝑖 𝑋𝑗 𝜎𝑖𝑗

2. Capital Asset Pricing Model

CAPM equation 𝑅̅𝑖 = 𝑟𝑓 + 𝛽𝑖 (𝑅

̅̅̅̅
𝑀 − 𝑟𝑓 )

𝐶𝑜𝑣(𝑅𝑖 ,𝑅𝑀 )
Definition of beta 𝛽𝑖 = 𝜎𝑀2

3. Capital Structure and Weighted Average Cost of Capital

Unlevered Free-cash Flows 𝐹𝐶𝐹𝑢 = 𝐸𝐵𝐼𝑇(1 − 𝑇𝑐 ) + 𝐷𝑒𝑝 − 𝐶𝐴𝑃𝐸𝑋 − ∆𝑊𝐶𝑅

Levered Free-cash Flows 𝐹𝐶𝐹𝑙 = 𝐹𝐶𝐹𝑢 − 𝑖𝑛𝑡 + 𝑖𝑛𝑡 ∗ 𝑇𝑐 + ∆𝐷

Weighted average cost of capital 𝑊𝐴𝐶𝐶 = 𝑟𝐸 ∗ 𝐸/𝑉 + 𝑟𝐷 ∗ (1 − 𝑇𝐶 ) ∗ 𝐷/𝑉

MM1958 (no taxes)

Required return to equity holders MM II 𝑟𝐸 = 𝑟𝐴 + (𝑟𝐴 − 𝑟𝐷 ) ∗ 𝐷/𝐸
Weighted average cost of capital 𝑊𝐴𝐶𝐶 = 𝑟𝐴 = 𝑟𝐸 ∗ 𝐸/𝑉 + 𝑟𝐷 ∗ 𝐷/𝑉

With Taxes - Constant debt

Required return to equity holders (MM II) 𝑟𝐸 = 𝑟𝐴 + (𝑟𝐴 − 𝑟𝐷 ) ∗ (1 − 𝑇𝐶 ) ∗ 𝐷/𝐸
𝐷
Weighted average cost of capital 𝑊𝐴𝐶𝐶 = 𝑟𝐴 ∗ (1 − 𝑇𝐶 ∗ )
𝑉

With Taxes – Debt proportional to value L = D/V (Harris-Pringle)

Required return to equity holders 𝑟𝐸 = 𝑟𝐴 + (𝑟𝐴 − 𝑟𝐷 ) ∗ 𝐷/𝐸

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Weighted average cost of capital 𝑊𝐴𝐶𝐶 = 𝑟𝐴 − 𝑟𝐷 ∗ 𝑇𝐶 ∗ 𝐿

With Taxes – Debt proportional to value L = D/V (Miles-Ezzel)

𝑟 −𝑟 𝐿
Required return to equity holders 𝐴
𝑟𝐸 = 𝑟𝐴 + (𝑟𝐴 − 𝑟𝐷 ∗ (1 + 𝑇𝐶 ∗ ( 1+𝑟 𝐷
))) ∗ 1−𝐿
𝐷

D 1+𝑟𝐷 ∗(1−𝑇𝐶 𝐿)
Beta Equity 𝛽𝐴 ∗ (1 + E ) ∗ ( 1+𝑟𝐷
)
1+𝑟
Weighted average cost of capital 𝑊𝐴𝐶𝐶 = 𝑟𝐴 − 𝑟𝐷 ∗ 𝑇𝐶 ∗ 𝐿 ∗ 1+𝑟𝐴
𝐷

4. Options
Put-Call Parity 𝑆 + 𝑃 = 𝐶 + 𝑃𝑉(𝐾)

Black and Scholes formula (non-dividend paying stock)

𝐶 = 𝑆𝒩(𝑑1 ) − 𝑃𝑉(𝐾)𝒩(𝑑2 )
𝑆
ln( )
𝑃𝑉(𝐾)
𝑑1 = 𝜎 √𝑇
+ 0.5𝜎√𝑇

𝑑2 = 𝑑1 − 𝜎√𝑇
(1+𝑟𝑓 ∆𝑡−𝑑)
Risk-neutral probability of up 𝑝= (𝑢−𝑑)
with simple interest rate

Gross returns in up and down states: 𝑢 = 𝑒 𝜎√∆𝑡

1
𝑑=𝑢

Binomial interest rate tree r1, H = r1,L*e2σ

5. Risky debt valuation

Merton model D = Risk-free debt – Put option

𝐹 (1−𝑝)∗(𝐹−𝑉𝑑 )
𝐷 = 1+𝑟 −
𝑓 1+𝑟𝑓

Beta equity 𝛽𝐴 ∗ Delta𝑒𝑞𝑢𝑖𝑡𝑦 ∗ V/E

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N(x) & N(-x)=1-N(x)

0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.070 0.075 0.080 0.085 0.090 0.095
0.0 0.5000 0.5020 0.5040 0.5060 0.5080 0.5100 0.5120 0.5140 0.5160 0.5179 0.5199 0.5219 0.5239 0.5259 0.5279 0.5299 0.5319 0.5339 0.5359 0.5378
0.1 0.5398 0.5418 0.5438 0.5458 0.5478 0.5497 0.5517 0.5537 0.5557 0.5576 0.5596 0.5616 0.5636 0.5655 0.5675 0.5695 0.5714 0.5734 0.5753 0.5773
0.2 0.5793 0.5812 0.5832 0.5851 0.5871 0.5890 0.5910 0.5929 0.5948 0.5968 0.5987 0.6006 0.6026 0.6045 0.6064 0.6083 0.6103 0.6122 0.6141 0.6160
0.3 0.6179 0.6198 0.6217 0.6236 0.6255 0.6274 0.6293 0.6312 0.6331 0.6350 0.6368 0.6387 0.6406 0.6424 0.6443 0.6462 0.6480 0.6499 0.6517 0.6536
0.4 0.6554 0.6573 0.6591 0.6609 0.6628 0.6646 0.6664 0.6682 0.6700 0.6718 0.6736 0.6754 0.6772 0.6790 0.6808 0.6826 0.6844 0.6862 0.6879 0.6897
0.5 0.6915 0.6932 0.6950 0.6967 0.6985 0.7002 0.7019 0.7037 0.7054 0.7071 0.7088 0.7106 0.7123 0.7140 0.7157 0.7174 0.7190 0.7207 0.7224 0.7241
0.6 0.7257 0.7274 0.7291 0.7307 0.7324 0.7340 0.7357 0.7373 0.7389 0.7405 0.7422 0.7438 0.7454 0.7470 0.7486 0.7502 0.7517 0.7533 0.7549 0.7565
0.7 0.7580 0.7596 0.7611 0.7627 0.7642 0.7658 0.7673 0.7688 0.7704 0.7719 0.7734 0.7749 0.7764 0.7779 0.7794 0.7808 0.7823 0.7838 0.7852 0.7867
0.8 0.7881 0.7896 0.7910 0.7925 0.7939 0.7953 0.7967 0.7981 0.7995 0.8009 0.8023 0.8037 0.8051 0.8065 0.8078 0.8092 0.8106 0.8119 0.8133 0.8146
0.9 0.8159 0.8173 0.8186 0.8199 0.8212 0.8225 0.8238 0.8251 0.8264 0.8277 0.8289 0.8302 0.8315 0.8327 0.8340 0.8352 0.8365 0.8377 0.8389 0.8401
1.0 0.8413 0.8426 0.8438 0.8449 0.8461 0.8473 0.8485 0.8497 0.8508 0.8520 0.8531 0.8543 0.8554 0.8566 0.8577 0.8588 0.8599 0.8610 0.8621 0.8632
1.1 0.8643 0.8654 0.8665 0.8676 0.8686 0.8697 0.8708 0.8718 0.8729 0.8739 0.8749 0.8760 0.8770 0.8780 0.8790 0.8800 0.8810 0.8820 0.8830 0.8840
1.2 0.8849 0.8859 0.8869 0.8878 0.8888 0.8897 0.8907 0.8916 0.8925 0.8934 0.8944 0.8953 0.8962 0.8971 0.8980 0.8988 0.8997 0.9006 0.9015 0.9023
1.3 0.9032 0.9041 0.9049 0.9057 0.9066 0.9074 0.9082 0.9091 0.9099 0.9107 0.9115 0.9123 0.9131 0.9139 0.9147 0.9154 0.9162 0.9170 0.9177 0.9185
1.4 0.9192 0.9200 0.9207 0.9215 0.9222 0.9229 0.9236 0.9244 0.9251 0.9258 0.9265 0.9272 0.9279 0.9285 0.9292 0.9299 0.9306 0.9312 0.9319 0.9325
1.5 0.9332 0.9338 0.9345 0.9351 0.9357 0.9364 0.9370 0.9376 0.9382 0.9388 0.9394 0.9400 0.9406 0.9412 0.9418 0.9424 0.9429 0.9435 0.9441 0.9446
1.6 0.9452 0.9458 0.9463 0.9468 0.9474 0.9479 0.9484 0.9490 0.9495 0.9500 0.9505 0.9510 0.9515 0.9520 0.9525 0.9530 0.9535 0.9540 0.9545 0.9550
1.7 0.9554 0.9559 0.9564 0.9568 0.9573 0.9577 0.9582 0.9586 0.9591 0.9595 0.9599 0.9604 0.9608 0.9612 0.9616 0.9621 0.9625 0.9629 0.9633 0.9637
1.8 0.9641 0.9645 0.9649 0.9652 0.9656 0.9660 0.9664 0.9667 0.9671 0.9675 0.9678 0.9682 0.9686 0.9689 0.9693 0.9696 0.9699 0.9703 0.9706 0.9710
1.9 0.9713 0.9716 0.9719 0.9723 0.9726 0.9729 0.9732 0.9735 0.9738 0.9741 0.9744 0.9747 0.9750 0.9753 0.9756 0.9759 0.9761 0.9764 0.9767 0.9770
2.0 0.9772 0.9775 0.9778 0.9780 0.9783 0.9786 0.9788 0.9791 0.9793 0.9796 0.9798 0.9801 0.9803 0.9805 0.9808 0.9810 0.9812 0.9815 0.9817 0.9819
2.1 0.9821 0.9824 0.9826 0.9828 0.9830 0.9832 0.9834 0.9836 0.9838 0.9840 0.9842 0.9844 0.9846 0.9848 0.9850 0.9852 0.9854 0.9856 0.9857 0.9859
2.2 0.9861 0.9863 0.9864 0.9866 0.9868 0.9870 0.9871 0.9873 0.9875 0.9876 0.9878 0.9879 0.9881 0.9882 0.9884 0.9885 0.9887 0.9888 0.9890 0.9891
2.3 0.9893 0.9894 0.9896 0.9897 0.9898 0.9900 0.9901 0.9902 0.9904 0.9905 0.9906 0.9907 0.9909 0.9910 0.9911 0.9912 0.9913 0.9915 0.9916 0.9917
2.4 0.9918 0.9919 0.9920 0.9921 0.9922 0.9923 0.9925 0.9926 0.9927 0.9928 0.9929 0.9930 0.9931 0.9931 0.9932 0.9933 0.9934 0.9935 0.9936 0.9937
2.5 0.9938 0.9939 0.9940 0.9940 0.9941 0.9942 0.9943 0.9944 0.9945 0.9945 0.9946 0.9947 0.9948 0.9948 0.9949 0.9950 0.9951 0.9951 0.9952 0.9953
2.6 0.9953 0.9954 0.9955 0.9955 0.9956 0.9957 0.9957 0.9958 0.9959 0.9959 0.9960 0.9960 0.9961 0.9962 0.9962 0.9963 0.9963 0.9964 0.9964 0.9965
2.7 0.9965 0.9966 0.9966 0.9967 0.9967 0.9968 0.9968 0.9969 0.9969 0.9970 0.9970 0.9971 0.9971 0.9972 0.9972 0.9972 0.9973 0.9973 0.9974 0.9974
2.8 0.9974 0.9975 0.9975 0.9976 0.9976 0.9976 0.9977 0.9977 0.9977 0.9978 0.9978 0.9978 0.9979 0.9979 0.9979 0.9980 0.9980 0.9980 0.9981 0.9981
2.9 0.9981 0.9982 0.9982 0.9982 0.9982 0.9983 0.9983 0.9983 0.9984 0.9984 0.9984 0.9984 0.9985 0.9985 0.9985 0.9985 0.9986 0.9986 0.9986 0.9986
3.0 0.9987 0.9987 0.9987 0.9987 0.9987 0.9988 0.9988 0.9988 0.9988 0.9988 0.9989 0.9989 0.9989 0.9989 0.9989 0.9989 0.9990 0.9990 0.9990 0.9990
3.1 0.9990 0.9990 0.9991 0.9991 0.9991 0.9991 0.9991 0.9991 0.9992 0.9992 0.9992 0.9992 0.9992 0.9992 0.9992 0.9993 0.9993 0.9993 0.9993 0.9993
3.2 0.9993 0.9993 0.9993 0.9993 0.9994 0.9994 0.9994 0.9994 0.9994 0.9994 0.9994 0.9994 0.9994 0.9995 0.9995 0.9995 0.9995 0.9995 0.9995 0.9995
3.3 0.9995 0.9995 0.9995 0.9995 0.9995 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9996 0.9997 0.9997
3.4 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9997 0.9998 0.9998 0.9998
3.5 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998 0.9998
3.6 0.9998 0.9998 0.9998 0.9998 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999
3.7 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999
3.8 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 0.9999 1.0000
3.9 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
4.0 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Pr. Benjamin Lorent
Advanced Corporate Finance – GESTS-410 – 24 January 2024

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