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Corporate Finance William Wrigley & Co

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Submitted By ahsanqazi123
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ACF
The William Wrigley Jr. Company
Group2
Ahsan Rashid Qazi 17110206
Sardar Noman Salim 17110210
M.Hasnain Shabbir 17110210
Jahanzaib Shoukat 17110286
Primary problems:
This case is about The Wm.Wrigley Jr. Company, which has to incorporate debt into its capital structure and then decide between two alternatives of whether to Repurchase Share or to pay Dividend. In the wake of introduction of new products and foreign expansion, firm has to raise capital as suggested in the case of $3 billion debt, which will influence the Wm. Wrigley Jr. ‘s outstanding shares, shall it repurchase them or pay dividend to its shareholders.
It also has to see the impact of this debt on the share price, the voting control of the Wrigley company, impact on EPS.

Analysis:
Impact on Share Price
Before taking the debt the share price of the company was $56.37 with 232.44 million shares outstanding and a market value of 13.103 billion. After taking the debt of 3 billion, the market value increase by the amount of tax shield provided by debt i.e. $1.2 billion and the share price increases to $61.53.

Impact on WACC
The pre-capitalization WACC is 10.90% using beta= 0.75, Rf=5.65%, Risk Premium=7%
The post capitalization WACC is 10.908% using Levered Beta = 0.87, Re= 11.74%, Rd=13%

Impact on Voting Control
Share repurchases results in less number of shares outstanding which increases the voting power of the Wrigley Family from 47% to 51%.

Impact on EPS Before Recapitalization | Worst Case | Most Likely | Best Case | EPS | 1.24 | 1.36 | 1.49 | | Worst Case | Most Likely | Best Case | After Recapitalization (Share Repurchase) | | EPS | 0.30 | 0.45 | 0.61 | | Worst Case | Most Likely | Best Case | After Recapitalization (Dividend Payout) | | EPS | 0.23 | 0.36 | 0.48 |

The earnings per share EPS decreases by taking on debt as shown above. The EPS as result of Share repurchase is greater than in the case of paying dividend.

Conclusion:
The company should use the $3 billion debt to repurchase current outstanding debt as it leads to greater EPS than paying dividend, increases the voting control of the Wrigley Family, increases the share price.

Exhibits | | | | EPSBefore Recapitalization | | | | | | | | Assumptions | | | | | | | | Pre-cap Debt | 0 | | | Interest Rate | 0 | | | Tax Rate | 40% | | | | | | | | Worst Case | Most Likely | Best Case | | | | | Operating Income | 480.48 | 528 | 575.52 | Interest Expense | 0 | 0 | 0 | Taxable Income | 480.48 | 528 | 575.52 | Taxes | 192.192 | 211.2 | 230.208 | Net Income | 288.288 | 316.8 | 345.312 | Shares Outstanding | 232.44 | 232.44 | 232.44 | EPS | 1.24 | 1.36 | 1.49 |

After Recapitalization (Share Repurchase) | | | | | | Assumptions | | | | | | | | Pre-cap Debt | 3 Billion | | | Interest Rate | 13% | | | Tax Rate | 40% | | | | | | | | Worst Case | Most Likely | Best Case | | | | | Operating Income | 480.48 | 528 | 575.52 | Interest Expense | 390 | 390 | 390 | Taxable Income | 90.48 | 138 | 185.52 | Taxes | 36.192 | 55.2 | 74.208 | Net Income | 54.288 | 82.8 | 111.312 | Shares Outstanding | 183.69 | 183.69 | 183.69 | EPS | 0.30 | 0.45 | 0.61 |

After Recapitalization (Dividend Payout) | | | | | | Assumptions | | | | | | | | Pre-cap Debt | 3 Billion | | | Interest Rate | 13% | | | Tax Rate | 40% | | | | | | | | Worst Case | Most Likely | Best Case | | | | | Operating Income | 480.48 | 528 | 575.52 | Interest Expense | 390 | 390 | 390 | Taxable Income | 90.48 | 138 | 185.52 | Taxes | 36.192 | 55.2 | 74.208 | Net Income | 54.288 | 82.8 | 111.312 | Shares Outstanding | 232.44 | 232.44 | 232.44 | EPS | 0.23 | 0.36 | 0.48 |

Ownership Control Pre-Capitalization | | | | | | Common Stock | Class B Shares | Total | Shares Outstanding | 189.8 | 42.641 | 232.441 | Votes Outstanding | 189.8 | 426.41 | 616.21 | | | | | | Wrigley Share | 39.858 | 24.73178 | 64.58978 | Wrigley Votes | 39.858 | 247.3178 | 287.1758 | | | | Ownership | 47% | | | | | | Post-Capitalization | Common Stock | Class B Shares | Total | Shares Outstanding | 141.043296 | 42.641 | 183.684296 | Votes Outstanding | 141.043296 | 426.41 | 567.453296 | | | | | | Wrigley Share | 39.858 | 24.73178 | 64.58978 | Wrigley Votes | 39.858 | 247.3178 | 287.1758 | | | | Ownership | 51% |

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