我需要如下9道题的答案，问题出自valuation， measuring and managing the value of companies，第5版，急求各位学霸的帮助

(1) Textbook Page 163 – Review Question 1

(2) Textbook Page 163 – Review Question 2 & 3  (To be answered in approximately 200 words)

Exhibit 7.15 presents the income statement and balance sheet for Companies
A, B, and C. Compute each company’s return on assets, return on equity,
and return on invested capital. Based on the three ratios, which company
has the best operating performance?
2. Why does the return on assets differ between Company A and Company B?
Why do companies with equity investments tend to have a lower return on
assets than companies with only core operations?
3. Why does the return on equity differ between Company A and Company
C? Is this difference attributable to operating performance? Does return on
assets best reflect operating performance? If not, which ratio does and why?
EXHIBIT 7.15 Ratio Analysis: Consolidated Financial Statements
$ million
Company A Company B Company C
Operating profit 100 100 100
Interest – – (20)
Earnings before taxes 100 100 80
Taxes (25) (25) (20)
Net income 75 75 60
Balance sheet
Inventory 125 125 125
Property and equipment 400 400 400
Equity investments – 50 –
Total assets 525 575 525
Accounts payable 50 50 50
Debt – – 200
Equity 475 525 275
Liabilities and equity 525 575 525

(3) Textbook Page 164 – Review Question 4 & 5

EXHIBIT 7.16 HealthCo: Income Statement and Balance Sheet
$ million
Income statement                                                              Balance sheet
                    Prior year       Current year                                 Prior year               Current year
Revenues        605                665               Working cash           5                               5
Cost of sales     (200)         (210)              Accounts receivable   45                              55
Selling costs     (300)          (320)                Inventories             15                             20
Depreciation    (40)            (45)                    Current assets       65                             80
Operating profit 65              90
                                                    Property, plant, and equipment 250                      260
Interest expense (5)            (15)          Prepaid pension assets     10                            50
Gain on sale        –               25                    Total assets             325                       390
Earnings before taxes 60     100
                                                               Accounts payable        10                        15
Taxes                 (16)         (40)                  Short-term debt          20                        40
Net income        44               60              Restructuring reserves        20                       –
                                                                Current liabilities          50                      55
                                                                    Long-term debt        70                      70
                                                                   Shareholders’ equity 205                    265
                                                                Liabilities and equity     325                    390

4. Exhibit 7.16 presents the income statement and balance sheet for HealthCo,
a $665 million health care company. Compute NOPLAT, average invested
capital, and ROIC. Assume an operating tax rate of 25 percent and a marginal
tax rate of 35 percent.20 If the weighted average cost of capital is 9 percent,
is the company creating value?
5. Using the reorganized financial statements created in Question 4, what is
the free cash flow for HealthCo in the current year?

(4) Textbook Page 185 – Review Question 1, 2 & 3

JetCo is a manufacturer of high-speed aircraft. The company generates
100millioninoperatingprofiton600 million of revenue and 800millionofinvestedcapital.JetCo′sprimarycompetitor,GulfAviation,generates100 million in NOPLAT on 800millioninrevenue.GulfAviationhas600
million in invested capital. Based on the preceding data, which company is
creating more value? Assume an operating tax rate of 25 percent and cost of
capital of 8 percent.
2. Using the data presented in Question 1, decompose ROIC into operating
margin and capital turnover for each company. Which ratio is the key determinant
of ROIC: operating margin or capital turnover?
3. DefenseCo announces a purchase of Gulf Aviation for 1.1billionincash.Consequently,GulfAviation′sinvestedcapitalwithgoodwillandacquiredintangiblesrisesfrom600 million to $1.1 billion. The following year,
while conducting its annual review of Gulf Aviation, senior management at DefenseCo asks you the following questions: Based on the profitability figurespresented in Question 1, is Gulf Aviation creating value for DefenseCo?
Which company, JetCo or Gulf Aviation, has the best financial performance
in the industry?

(5) Textbook Page 186 – Revision Question 4

4.Gulf Aviation generates 800millioninrevenueperyear,withnomaterialgrowth.TheconsolidatedrevenuesforDefenseCoare1.5 billion in year
1, 1.8billioninyear2(theyearoftheacquisition),and2.5 billion in
year 3. If DefenseCo closed the acquisition of Gulf Aviation on October 1 of
year 2, what is the apples-to-apples organic growth for DefenseCo in year
2 and year 3? How does organic growth differ from the growth in reported
revenues? Assume Gulf Aviation revenues are consolidated into DefenseCo
only after the acquisition close date and that the fiscal year closes for both
companies on December 31 of each year.