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MaritimeTV Emporium, a national retailer of flat-panel screens, is investigating an opportunity to ...

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MaritimeTV Emporium, a national retailer of flat-panel screens, is investigating an opportunity to ...

Maritime

TV Emporium, a national retailer of flat-panel screens, is investigating an opportunity to purchase Maritime TV and Sound Inc. An acquisition is expected to lower overhead costs, improve distribution efficiencies, and improve ordering volumes from the major manufacturers. If those improvements (synergies) are implemented, TV Emporium financial staff estimate the following incremental net cash flows to be $5 million, $5.6 million, and $6.9 million for the first three years. Cash flows would grow at 3% thereafter. Maritime TV and Sound’s tax rate is 30%. Its cost of equity is 10%.

Refer to Scenario: Maritime. What is the horizon value of Maritime’s operation as of Year 3?

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$101.53 million

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$98.57 million

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$86.66 million

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$71.07 million

Textbook

Financial Management: Theory and Practice

Edition: 4^th

Authors: Brigham, Ehrhardt, Gessaroli, Nason

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