試題詳解

1.J&J's has total net income of $418,400, earnings before interest and taxes (EBIT) of $102,500, depreciation of $59, 100, and an average tax rate of 21 percent. The company is all-equity financed with 15,000 shares outstanding at a book value of $38 a share and a price-to-book ratio of 3. What is the firm's EV/EBITDA ratio if the firm has excess cash of $49.200?
(A) 9.67
(B)10.28
(C)8.39
(D)9.15
(E) 10.98