Recent information on the earnings per share and share price of Par Co is as follows:The 8
Recent information on the earnings per share and share price of Par Co is as follows:
The 8% loan notes are convertible into eight ordinary shares per loan note in seven years’ time. If not converted, the loan notes can be redeemed on the same future date at their nominal value of $100. Par Co has a cost of debt of 9% per year.
The ordinary shares of Par Co have a nominal value of $1 per share and have been traded on a large stock exchange for many years. Listed companies similar to Par Co have been recently reported to have an average price/earnings ratio of 12 times.
Required:
(a) Calculate the market price of the convertible loan notes of Par Co, commenting on whether conversion is likely. (5 marks)
(b) Calculate the share price of Par Co using the price/earnings ratio method and discuss the problems in using this method of valuing the shares of a company. (5 marks)
请帮忙给出正确答案和分析，谢谢！

查看答案

更多“Recent information on th…”相关的问题

第1题

—Why did you go to the travel agency yesterday？—_________
A. At 8 o’clock
B. I drove there myself
C. For some information
D. In the East street

请帮忙给出正确答案和分析，谢谢！

点击查看答案

第2题

Chokwe Selassie is on a mission to help drivers avoid potholes （路面坑洞) .The eighth-gra
Chokwe Selassie is on a mission to help drivers avoid potholes (路面坑洞) .The eighth-grader got his inspiration on a recent morning, when his mother was driving him to school. Their car was damaged as it went over a huge pothole in the middle of the street in their hometown of Jackson, Mississippi. “I decided I was going to do something about the pothole problem in my city,”said Chokwe. His solution: an app that warns drivers when there is a pothole ahead.
Chokwe developed the app with his friends,“When the app detects a pothole, it is highlightedin red,” Chokwe says. “And if you get close to the pothole, your phone will warn you with a beep.” Drivers can also use the app to report any potholes they encounter, and to look for other routes they can take to avoid roads that have them.
The app relies on current available information about the streets of Jackson. “It works by using the city’s 311 call system, soit uses information already stored in a database,” Chokwe says. Throughthe call system, citizens dial 311 to report non-emergency problems—which include potholes. As Chokwe and his friends worked on the app, they also went street by street throughout the city. They determined that focusing on the 10 busiest streets in Jackson would give them a large enough sample size to test it.
Although the app isn’t yet available for sale,Chokwe is already looking for ways to improve it. The app remains limited to 10 streets in Jackson, but he hopes to add more, so that it includes every street in the city. And then he wants to go even farther. “I want to keep working on the app until it’s nationwide, ” Chokwe says.
Chokwe Selassie got the idea to develop the app from ________.
A.his own experience
B.a recent news report
C.his friends
D.his mother
When you are close to a pothole, your phone will warn you with ________.A.a voice report
B.a red light
C.a beeping sound
D.a map image
Drivers can also use Chokwe’s app to ________.A.report emergency traffic problems
B.look for information other than potholes
C.choose safer routes without potholes
D.avoid traffic jam caused bypotholes
To develop the app, Chokwe and his friends ________.A.reported potholes to 311 call system
B.conducted field trips onthe streets
C.built their own information database
D.collected samples in their neighborhood
We can learn from the last paragraph that Chokwe ________.A.is quite successful
B.is facing difficulties
C.has regained hope
D.has a great ambition

请帮忙给出每个问题的正确答案和分析，谢谢！

点击查看答案

第3题

An annual report of a company provides information about its business performance for certain people. These people include the investors, potential investors and other stakeholders. From the report, people can understand the company’s business scope, recent situation and future development. The main parts of an annual report usually include chairman’s letter, financial statements and operation analysis.

● Chairman’s Letter

Usually, an annual report should contain a letter from the chairman. The letter should provide details about the successes and the challenges of the past year. It should also include the future outlook for the company.

● Operation Analysis

The operation analysis is an overview of the business in the past year. It usually includes new hires and new product introductions. At the same time, it will introduce business acquisitions and other important issues.

● Financial Statements

The financial statements are very important for an annual report. People can know the company’s performance in the past from the statements. It usually consists of the following three aspects. The first one is the profit and loss statement. The second one is the balance sheet. And the third one is the cash flow statement.

1. An annual report of a company provides some information about its business performance for certain people. ()

2. People can know everything of the company from the annual report. ()

3. An annual report usually includes chairman’s letter, financial statements and operation analysis. ()

4. A chairman’s letter should include the strategic direction moving forward. ()

5. This passage is mainly about the main parts of an annual report. ()

点击查看答案

第4题

Ganymede University （GU) is one of the three largest universities in Teeland, which has ei

Ganymede University (GU) is one of the three largest universities in Teeland, which has eight universities in total. All of the universities are in the public sector. GU obtains the vast majority of its revenue through government contracts for academic research and payments per head for teaching students. The economy of Teeland has been in recession in the last year and this has caused the government to cut funding for all the universities in the country.
In order to try to improve efficiency, the chancellor of the university, who leads its executive board, has asked the head administrator to undertake an exercise to benchmark GU’s administration departments against the other two large universities in the country, AU and BU. The government education ministry has supported this initiative and has required all three universities to cooperate by supplying information.
The following information has been collected regarding administrative costs for the most recent academic year:
Ganymede University （GU) is one of the three large
The key drivers of costs and revenues have been assumed to be research contract values supported, student numbers and total staff numbers. The head administrator wants you to complete the benchmarking and make some preliminary comment on your results.
Required:
(a) Assess the progress of the benchmarking exercise to date, explaining the actions that have been undertaken and those that are still required. (8 marks)
(b) Evaluate, as far as possible, Ganymede University’s benchmarked position. (9 marks)

请帮忙给出正确答案和分析，谢谢！

点击查看答案

第5题

Task 3Directions: Read the following passage is about a survey conducted by Corvallis Clin
Task 3
Directions: Read the following passage is about a survey conducted by Corvallis Clinic. After reading it, you should complete the information by filling in the blanks marked 48 to 52 (in no more than 3 words) in the table below. You should write your answers on the Answer Sheet correspondingly.
Thank you for selecting the Corvallis Clinic (诊所 ) for your recent healthcare needs. To continue delivering the highest possible level of service, we survey our patients to learn about their experiences at our clinic. The comments and suggestions you provide about your visit will help us evaluate (评价 ) our services and improve our care.
This survey takes only a few minutes to complete. Your comments and suggestions are very important to us, and they will be kept confidential (保密 ). A postage-paid reply envelop is enclosed for your convenience. If you have any questions about this survey, please call our Service Center at 541-754-1374.
Thank you for helping us as we continually try our best to improve the quality of medical care. Please drop your completed survey in the mail as soon as possible.
Patient’s Survey
Survey conducted by: Corvallis Clinic
Aim of the survey: to deliver the highest possible level of service
Values of patients comments and suggestions:
1) helping to evaluate the clinic 48 ______ ‘s
2) helping to improve the clinic 49______‘s
Promise by the clinic: comments and suggestions to be kept 50 ______
Enclosure: a 51 ______reply envelop
Contact: to call Service Center at 52 ______

请帮忙给出正确答案和分析，谢谢！

点击查看答案

第6题

Just how much does the Constitution protect your digital data？ The Supreme Court will now consider whether police can search the contents of a mobile phone without a warrant if the phone is on or around a person during an arrest.
California has asked the justices to refrain from a sweeping ruling particularly one that upsets the old assumption that authorities may search through the possessions of suspects at the time of their arrest. It is hard, the state argues, for judges to assess the implications of new and rapidly changing technologies. The court would be recklessly modest if it followed California’s advice. Enough of the implications are discernable, even obvious, so that the justices can and should provide updated guidelines to police, lawyers and defendants.
They should start by discarding California’s lame argument that exploring the contents of a smart phone — a vast storehouse of digital information — is similar to, say, rifling through a suspect’s purse. The court has ruled that police don’t violate the Fourth Amendment when they sift through the wallet or pocketbook of an arrestee without a warrant. But exploring one’s smart phone is more like entering his or her home. A smart phone may contain an arrestee’s reading history, financial history, medical history and comprehensive records of recent correspondence. The development of “cloud computing,” meanwhile, has made that exploration so much the easier.
Americans should take steps to protect their digital privacy. But keeping sensitive information on these devices is increasingly a requirement of normal life. Citizens still have a right to expect private documents to remain private and protected by the Constitution’s prohibition on unreasonable searches.
As so often is the case, stating that principle doesn’t ease the challenge of line-drawing. In many cases, it would not be overly onerous for authorities to obtain a warrant to search through phone contents. They could still invalidate Fourth Amendment protections when facing severe, urgent circumstances, and they could take reasonable measures to ensure that phone data are not erased or altered while a warrant is pending. The court, though, may want to allow room for police to cite situations where they are entitled to more freedom.
But the justices should not swallow California’s argument whole. New, disruptive technology sometimes demands novel applications of the Constitution’s protections. Orin Kerr, a law professor, compares the explosion and accessibility of digital information in the 21st century with the establishment of automobile use as a virtual necessity of life in the 20th: The justices had to specify novel rules for the new personal domain of the passenger car then; they must sort out how the Fourth Amendment applies to digital information now.
26. The Supreme Court will work out whether, during an arrest, it is legitimate to
A.prevent suspects from deleting their phone contents.
B.search for suspects’ mobile phones without a warrant.
C.check suspects’ phone contents without being authorized.
D.prohibit suspects from using their mobile phones.
The author’s attitude toward California’s argument is one ofA.disapproval
B.indifference
C.tolerance
D.cautiousness
The author believes that exploring one’s phone contents is comparable toA.principles are hard to be clearly expressed
B.the court is giving police less room for action
C.citizens’ privacy is not effectively protected
D.phones are used to store sensitive information
Orin Kerr’s comparison is quoted to indicate thatA.the Constitution should be implemented flexibly
B.new technology requires reinterpretation of the Constitution
C.California’s argument violates principles of the Constitution.
D.principles of the Constitution should never be altered
The author believes that exploring one’s phone contents is comparable toA.getting into one’s residence
B.handling one’s historical records
C.scanning one’s correspondences
D.going through one’s wallet

请帮忙给出每个问题的正确答案和分析，谢谢！

点击查看答案

第7题

Many teachers believe that the responsibilities for learning lie with student. If a long reading ______ is given, instructors expect students to be familiar with the information in the reading even if they do not discuss it in class or take an examination. The ideal student is considered to be one who is motivated to learn for the ______ of learning, not the one interested only in getting high grades. Sometimes, homework is ______ with brief written comments but without a grade. Even if a grade is not given, the student is ______ for learning the material assigned. When research is assigned, the professor expects the students to take it actively and to ______ it with minimum guidance. It is the student's responsibility to find books, magazines, and articles in the library. Professors do not have the time to explain what a university library works; they ______ students, particularly graduate students, to be able to exhaust the reference sources in the library. Professors will help students who need it, but prefer that their students should not be too ______. on them. In the United States, professors have many other duties besides teaching, such as ______ or research work. Therefore, the time that a professor can spend with a student outside of class is ______. ff a student has problems with classroom work, the student should either approach a professor during office hours or make an ______.
A) expect B) administrative C) returned D) recycled E) dependent
E) complete G) sake H) temper I) responsible J) limited
K) likely L) assignment M) concept N) qualified O) appointment

点击查看答案

第8题

Mobile Phones:Are They about to Transform. Our Lives？ We love them so much that some of us sleep with them under the pillow,yet we are increasingly concerned that we cannot escape their electronic reach.We use them to convey our most intimate secrets,yet we worry that they are a threat to our privacy.We rely on them more than the lnternet to cope with modern life,yet many of us don’t believe advertisements saying we need more advanced services.
Sweeping aside the doubts that many people feel about the benefits of new third generation phones and fears over the health effects of phone masts(天线竿),a recent report clains that the long-term effects of new mobile technologies will be entirely positive so long as the public can be convinced to make use of them.Research about users of mobile phones reveals that the mobile has already moved beyond being a mere practical communications tool to become the backbone (支柱)of modern social life,from love affairs to friendship to work.One female teacher,32,told the researchers:“I love my phone.It’s my friend.”
The close relationship between user and phone is most pronounced among teenagers,the report says,who regard their mobiles as an expression of their identity.This is partly because mobiles are seen as being beyond the control of parents.But the researchers suggest that another reason may be that mobiles,especially taxt messaging,are seen as a way of overcoming shyness.“Texting is often used for apologies,to excuse lateness or to communicate other things that make us uncomfortable,”the report says,The impact of phones,however,has been local rather than global,supporting existing friendships and networks,rather than opening users to a new broader community.Even the language of texting in one area can be incomprehensible to anybody from another area.
Among the most important benefits of using mobile phones,the report claims,will be a vastly improved mobile infrastructure(基础设施),providing gains throughout the economy,and the provision of a more sophisticated location-based services for users.The report calls on govemment to put more effort into the delivery of services by bobile phone,with suggestions including public transport and traffic information and doctors’ text messages to remind patients of appointments.“I love that idea,”one user said in an interview.“It would mean I wouldn’t have to write a hundred messages to myself.”
There are many other possibilities.At a recent trade fair in Sweden,a mobile navigation product was launched.When the user enters a destination,a route is automatically downloaded to their mobile and presented by voice,pictures and maps as they drive.In future,these devices will also be able to plan around congestion(交通堵塞)and road works in real time.Third generation phones will also allow for remote monitoring of patients by doctors.In Britain scientists are developing a asthma(哮喘)management solution,using mobiles to detect early signs of an attack.
第11题：What does the writer suggest in the first paragraph about our attitudes to mobile phones？
A．We can’t live without them.
B．We are worried about using them so much.
C．We have contradictory feelings about them.
D．We need them more than anything else to deal with modem life.

请帮忙给出正确答案和分析，谢谢！

点击查看答案

第9题

1 The Health and Fitness Group （HFG), which is privately owned, operates three centres in
1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.
Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness
trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,
Beetown and Ceetown.
The following information is available:
(1) Summary financial data for HFG in respect of the year ended 31 May 2008.
1 The Health and Fitness Group （HFG), which is pri

(2) HFG defines Residual Income (RI) for each centre as operating profit minus a required rate of return of 12% of
the total assets of each centre.
(3) At present HFG does not allocate the long-term borrowings of the group to the three separate centres.
(4) Each centre faces similar risks.
(5) Tax is payable at a rate of 30%.
(6) The market value of the equity capital of HFG is $9 million. The cost of equity of HFG is 15%.
2
(7) The market value of the long-term borrowings of HFG is equal to the book value.
(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are
considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.
(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of
service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints
received from clients during each period as this is the most important performance measure for our business.
The number of complaints received from clients is a perfect performance measure. As long as the number of
complaints received from clients is not increasing from period to period, then we can be confident about our
future prospects’.
Required:
(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with
explanations as to the following:
(i) Which of the three centres is the most ‘successful’？ Your report should include a commentary on return
on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial
performance. Detailed calculations regarding each of these three measures must be included as part of
your report;
Note: a maximum of seven marks is available for detailed calculations. (14 marks)

请帮忙给出正确答案和分析，谢谢！

点击查看答案

第10题

Many people, particularly recent college graduates, dreaming of owning their own businesses. Although such ventures are often exciting and profitable, the new entrepreneur should thoroughly investigate and plan the situation before plunging in. The first step should be to assemble a board of advisers, including a lawyer, an accountant, and an insurance representative. These individuals can provide valuable information and counsel. Securing the necessary licenses and permits is also a precondition and may require research to determine what is necessary.
Most successful small business owners have considerable knowledge in the area working for others be fore they become independent. They also begin with substantial financial backing and a good location. Renting space may be preferable or necessary at the start, but the lease on the building must be examined carefully before it is signed. The new owner should be thoroughly familiar with the market and the competition. A person who wants to buy an existing business can often learn the history of the company and its prospects from the owner's records. Once the business gets started, accurate and complete records should be kept to monitor the company's progress and profits.
Financing may be the most difficult step for small-business owners. They may rely on their own savings or borrow money from a bank or the Small Business Administration. Some suppliers will sell merchandise on credit, and manufacturers may be willing to finance the purchase of equipment. If the new business is a corporation, the owner may choose to sell stock.
Once the new business is started, the Small Business Administration is a good source of advice. Several of its programs are designed to help new owners with expertise of retired executives. A nearby university or trade association may also help owners locate local sources of help.
New business owners often report that they work long, hard hours but find the experience extremely satisfying. The realization that their efforts will produce actual results in the form. of profit, success, and pride can be quite motivating. Those who have worked for others enjoy the opportunity to make decisions and follow projects through to completion. Many report that hard work has never been so enjoyable before. Careful research, investigation, and planning at the outset do not guarantee success, but they provide a good foundation for the new small business and its owner.
Before you begin, the most necessary adviser for you is ______.
A．a retired executive
B．a bank officer
C．a lawyer
D．a professor of economics

点击查看答案

搜题

如果结果不匹配，请联系老师获取答案