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Chapter 16

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the announcement date of the most recent dividend?


b. What was
stock last go ex dividend?
c. When did Apple
to the stock price on the ex-dividend date? When was the dividend ctu
d. What happened
ally paid?
e. What is Apples dividend yield?

expect the

uld the rep

f. Look U estimates of Apples EPS for the next year. What is the dividend payout ratio?
does Apple plan to spend on repurchases in the next year? What is the overall
g. How much
(dividends plus repurchases)?
ratio
payout
policy Investors and financial managers focus more on changes in cash dividends
13 pividend
than on the level of cash dividends. Why?

ce sheet Now
talization riOwhat happ(
re repurch
nce sheet One
$1 million ii
re. Whatm

Information content of dividends What is meant by the information content of dividends?


Explain.
15. Information content of dividends Does the good news conveyed by the announcement of a
dividend increase mean that a firm can increase its stock price in the long run simply by pay
ing cash dividends? Explain.
14.

yes that Berk.


ause Ben
cash for living
A shares have
stantiaiiy less.)
no cash :
fl outstandj
and reinves
;rowth averag.

16. PayoUt policy MM insisted that payout policy should be analyzed holding debt and invest
ment policy constant. Why? Explain.
17. DividendS and value Little Oil has outstanding one million shares with a total market value
of $20 million. The firm is expected to pay $1 million of dividends next year, and thereaf
ter the amount paid out is expected to grow by 5% a year in perpetuity. Thus the expected
dividend is $1.05 million in year 2, $1.105 million in year 3, and so on. However, the com
pany has heard that the value of a share depends on the flow of dividends, and therefore it
announces that next years dividend will be increased to $2 million and that the extra cash
will be raised immediately by an issue of shares. After that, the total amount paid out each
year will be as previously forecasted, that is, $1.05 million in year 2 and increasing by 5% in
each subsequent year.

F model from

cash dividend.
.t the company i1
s will come as
c price? Why?

tocks because
:hese investors
jthat pay no
prefer compa
not care?

slowing down.
stockholdel

1
ce like Yaho

Payout Policy

a. At what price will the new shares be issued in year 1?


b. How many shares will the firm need to issue?
c. What will be the expected dividend payments on these new shares, and what therefore will
be paid out to the old shareholders after year 1?
d. Show that the present value of the cash flows to current shareholders remains $20 million.
18. Dividends and value We stated in Section 16-3 that MMs proof of dividend irrelevance
assumes that new shares are sold at a fair price. Look back at Problem 17. Assume that new
shares are issued in year 1 at $10 a share. Show who gains and who loses. Is dividend policy still
irrelevant? Why or why not?
19. Payout and valuation Look back one last time at Problem 17. How would you value Little
Oil if it paid out $500,000 in cash dividends year in and year out, with no expected growth or
decline? Remaining free cash flow will be used to repurchase shares. Assume that Little Oils
free cash flow continues to grow at 5% as in Problem 17.
20. Dividends vs. repurchases House of Haddock has 5,000 shares outstanding and the stock
price is $140. The company is expected to pay a dividend of $20 per share next year and there
after the dividend is expected to grow indefinitely by 5% a year. The President, George Mullet,
flow makes a surprise announcement: He says that the company will henceforth distribute half
the cash in the form of dividends and the remainder will be used to repurchase stock.
a. What is the total value of the company before and after the announcement? What is the
value of one share?
b. What is the expected stream of dividends per share for an investor who plans to retain his
shares rather than sell them back to the company? Check your estimate of share value by
discounting this stream of dividends per share.

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