SOLUTION: MBA 620 University of Maryland Marketing Decisions of McCormick & Company Worksheet

Hello, here is the solution. Let me know if you have any questionInstructionsTo complete this workbook, answer the questions on each worksheet in the spaceprovided.Information from McCormickYour task is to make an estimate of McCormick & Company’s Weighted Average Cost of Capital (WACC) to use aThe CFO plans to borrow a portion of the required $350 million initial investment for this project using 20 year bostudy of the company’s WACC in early 2010. Interest rates have risen since the last study when the McCormick &weights between debt and equity in the overall capital structure since 2010.The most significant change was the acquisition of RB Foods. It is the main reason for this study. Here is what ouOn August 17, 2017, we completed the acquisition of Reckitt Benckiser’s Food Division (“RB Foods”) from Reckitt Bacquisition was funded through our issuance of approximately 6.35 million shares of common stock nonnotes and pre-payable term loans (see note 6 of the financial statements). The acquired marketour robust global branded flavor portfolio. We believe that these additions move us to a leading position in the attconsumer and industrial segments.The RB Foods acquisition resulted in acquisitions contributing more than one-third of our sales growth in 2017 andAs part of your work, you will be asked for a recommendation for the cost of equity. There are three widely accethe Discounted Cash Flow approach (DCF) and the debt rate plus a risk premium of 3% to 5% recommended by onmethods. Your recommendation for the cost of equity will be necessary so you can undertake the calculation estQuestions:1. You have been asked to calculate the cost of equity using the Capital Asset Pricing Model (CAPM). The CFO estthat Investors should make long term investments; that rate is 3% today. The expected return on the stock markan expected return of 9% for the average stock. The market risk Premium (RPM) will be 6%. 9% minus 3% = 6%.Calculate the cost of equity (Rs) using the CAPM. The formula is Rs = rRF + (RPM ) x β. Rsexcess of the risk free rate, and β , (Beta) is the stocks relative risk. β is also described as the estimate of the amo2. The Discounted Cash Flow model is referred to as the Direct Dividend Model in the MBA 620 course materials.Equity, D1 is the expected future dividend, P0 is the price of the stock today and g is the expected growth in dividethis calculation, please use the March 17, 2020 closing price of $138.70 per share. Calculate the cost of equity (R3. Cristina Flores is an advisor to a board member who works at a private equity firm. She has told the CFO that slogically be higher than the company’s debt rate. The estimate is that 3% to 5% should be added to the companyyour own estimate of the relative risk of McCormick & Company. Then, calculate the cost of equity (Rs) using th4. Calculate the Weighted Average Cost of Capital (WACC) for McCormick and Company using the formula WACCNote that -Rs = the cost of equityRd = the cost of debtT = the tax rateWD = Value of debt / (Value of debt plus value of equity)WS = Value of equity / (Value of debt plus value of equity) **Note that the weight of debt plus the weight of eqIn order to estimate the weights of debt and equity in the total capital structure, the CFO suggests using the bookyear end November 2019 McCormick 10-K. Look on the Balance sheet and add the followinguse the following data: On March 17, 2020 the market value of equity (or “Market Cap”) for McCormick (MKC )an estimate of the combination of federal and state income tax rates. Make your own best estimate of the cost o5. Your WACC formula is a simplified version for a company using only debt and equity. In real business context, hquestion)Answer Questions Below:#1Risk Free Rate3%Market Premium Beta6%0.90.03+0.9(0.09-0.03)#2D1$2.38P0$139D1 / P00.O172%gDCF Cost of Equity7%8.70%#3Bond RatePremium3%5%5%#4Calculate weightsShort-term borrowingsCurrent portion of long-term debtLong-term debtTotal DebtWeightsDebt Interest rateTax RateAfter tax cost of debtCost of Equity4%4%0%$8$7.00$1.00$2.00$18.0052.0%34%27.50%28.50%Debt term7.0000%SUM(B3:B4)*4%7%8%9%skill gapcommunicationteamworkleadershiptrainingimportancehighmoderatemoderatelowage Cost of Capital (WACC) to use as the discount rate for evaluating capital projects, such as the one in the next tab.ent for this project using 20 year bonds. For most of the past 10 years, the company has used 7% as the discount rate. This was based on ae last study when the McCormick & Co rate average interest rate was 3%. We will use 4% today. Also, there has been a change in theason for this study. Here is what our MD&A reported about that acquisition.Division (“RB Foods”) from Reckitt Benckiser Group plc. The purchase price was approximately $4.2 billion, net of acquired cash. Theares of common stock non-voting (see note 13 of the financial statements) and through new borrowings comprised of senior unsecuredacquired market-leading brands of RB Foods include French’s®, Frank’s Red Hot® and Cattlemen’s®, which are a natural strategic fit withve us to a leading position in the attractive U.S. condiments category and provide significant international growth opportunities for ourhird of our sales growth in 2017 and is expected to result in acquisitions contributing more than one-third of our sales growth in 2018.equity. There are three widely accepted methods used to calculate the cost of equity. They are the Capital Asset Pricing Model (CAPM),m of 3% to 5% recommended by one board member. This last is often used by very wealthy investors as a check on the other twou can undertake the calculation estimating the WACC.Pricing Model (CAPM). The CFO estimates the Beta as 0.90. Management wants to use the 30 year bond rate as the risk free rate, arguingexpected return on the stock market as a whole has been estimated to be 7%, 10% and 12% by various studies. The CFO asks that you us) will be 6%. 9% minus 3% = 6%.. Rs is the required return on equity or the Cost of Equity, rRF is the risk free rate, RP M is the required stock market return inescribed as the estimate of the amount of risk that an individual stock contributes to a well balance portfolio.el in the MBA 620 course materials. The formula reduces to Rs = (D1 / P0 ) + g where Rs is the required return on equity or the Cost ofd g is the expected growth in dividends. The CFO notes that the expected future dividend is $2.38 and the expected growth rate is 7%. FoCalculate the cost of equity (Rs) using the DCF approach.ty firm. She has told the CFO that sophisticated investors use a quick estimate of the cost of equity. She says that the cost of equity must% should be added to the company’s long term interest rates. McCormick & Company estimates its current borrowing cost at 4%. Makeate the cost of equity (Rs) using this “own debt plus 3% to 5%” formula.d Company using the formula WACC = (WD x RD x (1-T)) + (WS x Rs)weight of debt plus the weight of equity must total to 100%, as there are only two components in the capital structure.**re, the CFO suggests using the book value of debt and the market value of equity. To determine the book value of debt, use data from thed the following — Short term borrowings, Current portion of long term debt, and Long term debt. To determine the market value of equityarket Cap”) for McCormick (MKC ) – as found on Yahoo finance – was $18.42 billion. Use 4% for the cost of debt. Use 27.5% as the tax rateour own best estimate of the cost of equity based on your work in questions 1, 2, and 3.d equity. In real business context, how would you adapt and expand the original formula to account for different type of financing? (openBeta x Market Premium0.9×0.063.00% Risk Free rate8.40% CAPM cost of EquityMarket Cap Equity$324.00Total Capital$356.006.0%Equity term34.000%WACC13.00%skill level rquiredexcellentgoodexcellentgoodt rate. This was based on as been a change in theacquired cash. Thed of senior unsecurednatural strategic fit withh opportunities for oursales growth in 2018.t Pricing Model (CAPM),k on the other twothe risk free rate, arguingThe CFO asks that you usetock market return inequity or the Cost ofcted growth rate is 7%. Forat the cost of equity mustowing cost at 4%. Makeof debt, use data from thethe market value of equity,Use 27.5% as the tax rate -t type of financing? (open#NAME?Details of McCormick Plant ProposalAs you know from Project 4, McCormick & Company is considering building a new factory in Largo, Maryland. McCompany decided to offer $4,424,000 to obtain the land for this project. The new factory will require an initial in$350 million to build the new plant and purchase equipment.You have been asked to continue your work from project 4 with a full analysis of the proposed factory, including tcosts, the projected net cash flows from operations, the tax impact of depreciation, and the cash flow impacts ofworking capital.The investment will be depreciated as a modified accelerated cost recovery system (MACRS) sevendepreciation table is included below.The company will need to finance some of the cash to fund $17 million in accounts receivable and $14 million in Istarting at year zero. The company expects vendors to give free credit on purchases of $15 million (accounts paywants you to consider the net cash outflows for working capital as well as the cash outflows for the plant, equipmin year zero.Note: The $17 million for accounts receivable and the $14 million for Inventory are cash outflows. The $15 milliopayable is a cash inflow.The CFO has indicated that this net working capital will be recovered as a cash inflow in year 21. She also estimatcompany will be able to sell the factory, equipment, and land in year 21 for $40 million.The company estimates that the cash flows from operations will be as shown in Table 2. Note: Only the cash flowoperations (years 1-20) will generate accounting profits and thus taxable income (or losses).Questions:1. What will be the depreciation for tax purposes each year? Complete Table 1 below to answer this question. Ndeprecation for tax purposes will be $350 million.2. Create an after-tax cash flow timeline for the proposed factory in Table 2 below. Note: The CFO estimates thafor the company will be profitable on an on-going basis. As a result, any accounting loss on this specific project wbenefit for the company overall in the year of the loss.3. Calculate the NPV and IRR using the data from Table 2. Should the project be accepted?The following questions will be used to assist in evaluating the proposed project’s risk.4. The CFO is particularly concerned about the potential impact of future tax increases and that the expenses maysystematically understated. In order to undertake an objective evaluation of the project’s risk, she asks you to preanalysis with a less favorable set of assumptions. She asks, “What would happen to the NPV and IRR calculationsoutflow for expenses comes in 2% higher than estimated for the entire life of the project and if the tax rate increa(combined Federal and Maryland state rates) starting in year 4?” Create an after-tax cash flow timeline for the pfactory with these new assumptions in Table 3 below.5. Calculate the NPV and IRR using the data from Table 3.6. Considering all of your work in questions 1 through 5, should the project be accepted? Discuss the risk and thAnswer Questions Below:1Year12345678Table 1MACRSDepreciation7 Year class14.29%24.49%17.49%12.49%8.93%8.92%8.93%4.46%$350Depreciation (in millions)$50.02$85.72$61.23$43.72$31.23$31.22$31.23$15.402AYear01234567891011121314151617181920213 NPVIRRTable 2CBCash fromRevenue in$Millions$$ 1,800.00$ 1,900.00$ 2,000.00$ 2,100.00$ 2,200.00$ 2,300.00$ 2,400.00$ 2,500.00$ 2,600.00$ 2,700.00$ 2,600.00$ 2,500.00$ 2,400.00$ 2,200.00$ 2,000.00$ 1,800.00$ 1,500.00$ 1,200.00$800.00$400.005.64.5DEFTax inAfter taxCash outflow, Depreciati Taxable $Millions Cash Flowexpenses inon inIncome in 27.5%In$Millions$Millions $ Millions rate$Millions$$$$$$$$$$$$$$$$$$$$1,728.001,824.001,920.002,016.002,112.002,208.002,304.002,400.002,496.002,592.002,496.002,400.002,304.002,112.001,920.001,728.001,440.001,152.00768.00384.00$$$$$$$$50.0285.7261.2343.7231.2331.2231.2315.40$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$ 21.99$ (9.72)$ 19.00$ 40.28$ 56.77$ 60.78$ 80.60$ 84.60$ 104.00$ 108.00$ 104.00$ 100.00$ 96.00$ 88.00$ 80.00$ 72.00$ 60.00$ 48.00$ 32.00$ 16.00$$$$$$$$$$$$$$$$$$$$6.05(2.67)5.2311.0815.6116.7117.8023.3028.6029.7028.6027.5026.4024.2022.0019.8016.5013.208.804.40$$$$$$$$$$$$$$$$$$$$65.9578.6713.7729.2041.1644.0758.4061.3075.4072.5069.6863.8058.0052.0058.0052.2043.5034.2023.2011.604AYear01234567891011121314151617181920215 NPVIRR6BCash fromRevenue in$Millions$$ 1,800.00$ 1,900.00$ 2,000.00$ 2,100.00$ 2,200.00$ 2,300.00$ 2,400.00$ 2,500.00$ 2,600.00$ 2,700.00$ 2,600.00$ 2,500.00$ 2,400.00$ 2,200.00$ 2,000.00$ 1,800.00$ 1,500.00$ 1,200.00$800.00$400.00342671.64235Table 3CDETax in$Millions27.5%rate inyears 1 ,Cash outflow, Depreciati Taxable 2, 3 andexpenses inon inIncome in 50% there$Millions$Millions $ Millions afterFAfter taxCash FlowIn$Millions$ 1,762.56 $ 50.02 $ (12.57) $ (3.46) $ 40.90$ 1,860.48 $ 85.72 $ (46.20) $ (12.70) $ 52.22$1.00 $ 61.23 $ 34.00 $ (3.50) $ 34.00$ 2,056.32 $ 43.72 $ (0.04) $ (0.02) $ 43.70$ 2,030.00 $ 31.23 $ (43.00) $ (0.76) $ 43.00$ 45,532.00 $ 31.22 $ (8.60) $ (43.50) $ 54.00$ 4,534.00 $ 31.23 $ (32.00) $ (54.40) $ 43.00$ 6,435.00 $ 15.40 $ (32.40) $ (32.40) $ 53.00$ 2,342.00$0.00 $ (34.56) $ 3.50 $ 68.00$ 24,246.00$0.00 $ 12.00 $ (12.60) $ 21.00$ 2,545.92$0.00 $ 54.08 $ 27.04 $ 27.04$ 5,534.00$0.00 $ (43.40) $ 32.50 $ 44.00$ 2,456.00$0.00 $ (43.00) $ (54.00) $ 32.00$ 1,573.00$0.00 $ 12.00 $ 32.00 $ 12.00$ 3,456.00$0.00 $ (76.00) $ 45.00 $ 65.00$ 2,134.00$0.00 $ 43.00 $ 43.00 $ 53.00$ 17,975.00$0.00 $ (54.00) $ 23.00 $ 53.00$45.00$0.00 $ (32.42) $ 12.00 $ 12.87$544.00$0.00 $ (23.00) $ 42.00 $ 53.70$27.00$0.00 $ (32.00) $ 2.00 $ 4.70tory in Largo, Maryland. McCormick &require an initial investment ofproposed factory, including the start-upnd the cash flow impacts of changes inMACRS) seven-year class asset. The correctceivable and $14 million in Inventoryof $15 million (accounts payable). The CFOutflows for the plant, equipment, and landash outflows. The $15 million for accountsin year 21. She also estimates that thee 2. Note: Only the cash flows related tow to answer this question. Note: the totalThe CFO estimates that operationsoss on this specific project will provide a taxs and that the expenses may have beenect’s risk, she asks you to prepare a secondhe NPV and IRR calculations if the cashect and if the tax rate increases to 50%cash flow timeline for the proposeded? Discuss the risk and the potentialRunning Head: PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSCapital Budgeting DiscussionStudent NameName of ProfessorInstitutional AffiliationCourse TitleDate1PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERS2Capital Budgeting DiscussionInvestment Decision MakingMcCormick’s best estimates and the company’s capital structure in getting new productsline is the optimal capital structure that will estimate to 8% in calculating the debt mix andminimized weighted average cost of capital. When the cost of capital slow, the higher the presentvalue of the company’s future cash flows. The weighted average cost of capital discounted it.However, a corporate finance department’s main aim is to get the optimal capital structure thatcauses the lowest weighted average price. Debt is cheap than equity simply because the firm isbeing tax relief on interest. The debt cost is lower than equity, which implies that the debt priceis lower than equity since it has lower (Burgos et al., 2020).Capital budgeting assist the McCormick and Company’s potential investments in makingplans that is long-lasting. The company should consider its profitability in deciding on the newfactory setting. It’s crucial to analyze the project’s capital investment, like purchasing newequipment and rebuilding its gears. For the company to grow and improve in its unique settings,long-term goals are very significant (Burgos et al., 2020). The investment needs enough fundssince the company has fewer resources to make thorough decision-making for the new factory.The critical lesson is long-term appraisal needs a budget to satisfy the need to start aninvestment. Getting the new products build will in decision making of the company’s estimatesof capital.PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSReferencesBurgos, J. A. M., Kittler, M., & Walsh, M. (2020). Bounded rationality, capital budgetingdecisions, and small business. Qualitative Research in Accounting & Management.https://bit.ly/2KRKDel3Running Head: PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSExecutive SummaryStudent NameName of ProfessorInstitutional AffiliationCourse TitleDate1PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERS2Executive SummaryMcCormick’s company decided to have a new product line that is essential in creating thefactory. The decision by management reached through the meeting of shareholders to approvethe decision. The report’s purpose was to enable the company to have a concise decision-makingthat will be optimal to capital budgeting, hence having the capital structure uplifted to reduce thedebt mix and maximize the capital. The weighted cost average cost of capital discounted impactsthe corporate aim in getting the optimal capital structure to sustain it since it has a lowerweighted average price of money. The firm needs to reduce the debt simply because its shorterthan equity. The debt price is lower than equity since it had the lowest risk.The company’s capital budgeting decision will follow in regards to needs a capitalintensive in setting the new factory the company needs enough resources to maintain it. Thecompany’s growth and prosperity long-term objectives are significant to prevent lousy decisionmaking. Capital budgeting of the company affects its future cost and plans. The companystructure should project a useful evaluation that provides decision making. It is essential to havean expansion workforce and research and development of new markets. The company needs toevaluate the overall project in terms of cash flows that are important to the capital budgetingsetup. However, using the company money in doing business in the long run. The money will beworth establishing the new investment for some years. (Fehrenbacher,2020). The vital decisionmade will be significant in the future budget that satisfies a business firm in line with its newproduct lines.PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSReferences;Fehrenbacher, D. D., Kaplan, S. E., & Moulang, C. (2020). The role of accountability inreducing the impact of affective reactions on capital budgeting decisions. ManagementAccounting Research, 47, 100650. https://bit.ly/3lkMdlg3Running Head: PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSSkill Gap Analysis Step 5Student NameName of ProfessorInstitutional AffiliationCourse TitleDate1PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERS2Executive SummaryMcCormick’s company decided to have a new product line that is essential in creating thefactory. The decision by management reached through the meeting of shareholders to approvethe decision. The report’s purpose was to enable the company to have a concise decision-makingthat will be optimal to capital budgeting, hence having the capital structure uplifted to reduce thedebt mix and maximize the capital. The weighted cost average cost of capital discounted impactsthe corporate aim in getting the optimal capital structure to sustain it since it has a lowerweighted average price of money (Fehrenbacher, 2020). The firm needs to reduce the debtsimply because its shorter than equity. The debt price is lower than equity since it had the lowestrisk.The company’s capital budgeting decision will follow in regard to needs a capitalintensive in setting the new factory the company needs enough resources to maintain it. Thecompany’s growth and prosperity long-term objectives are significant to prevent lousy decisionmaking. Capital budgeting of the company affects its future cost and plans. The companystructure should project a useful evaluation that provides decision making. It is essential to havean expansion workforce and research and development of new markets. The company needs toevaluate the overall project in terms of cash flows that are important to the capital budgetingsetup. However, using the company money in doing business in the long run. The money will beworth establishing the new investment for some years (Fehrenbacher, 2020). The vital decisionmade will be significant in the future budget that satisfies a business firm in line with its newproduct lines.PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSReferences;Fehrenbacher, D. D., Kaplan, S. E., & Moulang, C. (2020). The role of accountability inreducing the impact of affective reactions on capital budgeting decisions. ManagementAccounting Research, 47, 100650. https://bit.ly/3lkMdlg3Running Head: PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERSProject 5: Financial Decision Making for Managers OutlineStudent NameName of ProfessorInstitutional AffiliationCourse TitleDate1PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERS2Step 1: Cost of CapitalThe calculations have been made on the workbook attached in the worksheet named Costof Capital in the Project 5 Workbook.Step 2: Capital BudgetingThis part has been done on the worksheet named Capital Budgeting in the sameworkbook named Project 5 Workbook.Step 3: Capital Budgeting DiscussionMcCormick’s best estimates and the company’s capital structure in getting new productsline is the optimal capital structure that will estimate to 8% in calculating the debt mix andminimized weighted average cost of capital. When the cost of capital slow, the higher the presentvalue of the company’s future cash flows. The weighted average cost of capital discounted it.However, a corporate finance department’s main aim is to get the optimal capital structure thatcauses the lowest weighted average price.Step 4: Executive SummaryThe company’s capital budgeting decision will follow in regards to needs a capitalintensive in setting the new factory the company needs enough resources to maintain it. Thecompany’s growth and prosperity long-term objectives are significant to prevent lousy decisionmaking. Capital budgeting of the company affects its future cost and plans. The companystructure should project a useful evaluation that provides decision making.PROJECT 5: FINANCIAL DECISION MAKING FOR MANAGERS3Step 5: Skill Gap AnalysisMcCormick’s company decided to have a new product line that is essential in creating thefactory. The decision by management reached through the meeting of shareholders to approvethe decision. The report’s purpose was to enable the company to have a concise decision-makingthat will be optimal to capital budgeting, hence having the capital structure uplifted to reduce thedebt mix and maximize the capital.ReferencesYou can submit this one nowInstructionsTo complete this workbook, answer the questions on each worksheet in the spaceprovided.Information from McCormickYour task is to make an estimate of McCormick & Company’s Weighted Average Cost of Capital (WACC) to use aThe CFO plans to borrow a portion of the required $350 million initial investment for this project using 20 year bostudy of the company’s WACC in early 2010. Interest rates have risen since the last study when the McCormick &weights between debt and equity in the overall capital structure since 2010.The most significant change was the acquisition of RB Foods. It is the main reason for this study. Here is what ouOn August 17, 2017, we completed the acquisition of Reckitt Benckiser’s Food Division (“RB Foods”) from Reckitt Bacquisition was funded through our issuance of approximately 6.35 million shares of common stock nonnotes and pre-payable term loans (see note 6 of the financial statements). The acquired marketour robust global branded flavor portfolio. We believe that these additions move us to a leading position in the attconsumer and industrial segments.The RB Foods acquisition resulted in acquisitions contributing more than one-third of our sales growth in 2017 andAs part of your work, you will be asked for a recommendation for the cost of equity. There are three widely accethe Discounted Cash Flow approach (DCF) and the debt rate plus a risk premium of 3% to 5% recommended by onmethods. Your recommendation for the cost of equity will be necessary so you can undertake the calculation estQuestions:1. You have been asked to calculate the cost of equity using the Capital Asset Pricing Model (CAPM). The CFO estthat Investors should make long term investments; that rate is 3% today. The expected return on the stock markan expected return of 9% for the average stock. The market risk Premium (RPM) will be 6%. 9% minus 3% = 6%.Calculate the cost of equity (Rs) using the CAPM. The formula is Rs = rRF + (RPM ) x β. Rsexcess of the risk free rate, and β , (Beta) is the stocks relative risk. β is also described as the estimate of the amo2. The Discounted Cash Flow model is referred to as the Direct Dividend Model in the MBA 620 course materials.Equity, D1 is the expected future dividend, P0 is the price of the stock today and g is the expected growth in dividethis calculation, please use the March 17, 2020 closing price of $138.70 per share. Calculate the cost of equity (R3. Cristina Flores is an advisor to a board member who works at a private equity firm. She has told the CFO that slogically be higher than the company’s debt rate. The estimate is that 3% to 5% should be added to the companyyour own estimate of the relative risk of McCormick & Company. Then, calculate the cost of equity (Rs) using th4. Calculat…

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