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“H. J. Heinz: Estimating the Cost of Capital in Uncertain Times”

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Heinz Capital Structure Debt Accounts payable Short-term debt Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt Other noncurrent liabilities 2008 1,247,479 124,290 328,418 969,873 2,670,060

$ $ $ $ $

$ 4,730,946 $ 1,276,217 $ 6,007,163 $ 1,887,820 $ 10,565,043 311.45

Equity Total liabilities and equity Shares outstanding (in millions) Share price (as of close april 30) Market Value of Equity Total long term debt + current long-term Weight of debt Weight of equity

$ 5,059,364

Cost of Debt Required return = risk-free rate + Risk Premium 2032 Bond 2009 Future Value = pesent value = Maturity date Current Date Date Dif Year Dif Semi-annual periods Coupon Payment (semi annual) Yield to Maturity 100 91.4 15/03/2032 01/05/2009 8354 22.88767123 45.77534247 6.75% 3.375 7.545%

Income before taxes interest

2009 $ 1,319,883 275,485

EBIT Taxes Paid Tax rate Before tax cost of debt tax rate after tax cost of debt

$ 1,044,398 375,483 36.0% 7.545% 36.0% 4.832%

Cost of common Equity

2009 kj = krf+(km-krf)bj krf km bj kj 4.17% 6.00% 0.569 5.21%

$ $ $ $ $ $ $ $ $ $

2009 1,113,307 61,297 4,341 883,901 2,062,846

$ $ $ $ $

2010 1,129,514 43,853 15,167 986,825 2,175,359 4,559,152 1,392,704 5,951,856 1,948,496 10,075,711

5,076,186 $ 1,246,047 $ 6,322,233 $ 1,279,105 $ 9,664,184 $

WACC = wdkd(1-T)+wsks

314.86 $34.42 $10,837,481.20 $

317.69 $46.87 $14,890,130.30 4,574,319 23.5% 76.5%

5,080,527 $ 31.9% 68.1%

2032 Bond 2010 100 116.9 15/03/2032 01/05/2010 7989 21.88767123 43.77534247 6.75% 3.375 5.422%

2011 Bond 2009 2010 100 100 116.5 113.7 15/10/2011 15/10/2011 01/05/2009 01/05/2010 897 532 2.457534247 1.457534247 4.915068493 2.915068493 6.625% 6.625% 3.3125 3.3125 -0.081% -2.542%

$

2010 1,290,454 250,574

$

1,039,880 358,514 34.5% 5.422% 34.5% 3.553%

2010 4.06%

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