A. General Mills, Inc., the large manufacturer of packaged foods, reported the following in its annual report for the year ending May 25, 2008 (in millions):
Short term borrowing â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.$ 442.0
Long-tern debt â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦4,348.7
Stockholders equity â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦6,215.8
The short-term borrowing and long-term debt are carried on the balance sheet at approximately their market value. The firmâ€™s 337.5 million shares traded at $62 per share when the annual report was released. From these numbers, calculate General Millsâ€™s enterprise market value (the market value of the firm).
b. Hewlett-Packard, the computer equipment manufacturer and systems consultant, had 2,473 million shares outstanding in May 2008, trading at $47 per share. Its most recent quarterly report listed the following (in millions):
Investments in interest-bearing debt
Securities and deposits â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.$11,513
Short-term borrowings â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. 711
Long-term debt â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦. 7,688
Stockholders equity â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦.. 38,153
Calculate the enterprise market value of Hewlett-Packard. The question requires you to consider the treatment of the interest-bearing debt investments. Are they part of the enterprise?Get FInance Help Today
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