Capital Structure Decisions in Financial Management 7 November

CAPITAL STRUCTURE
DECISIONS IN FINANCIAL
MANAGEMENT
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CAPITAL STRUCTURE
DECISIONS IN FINANCIAL
MANAGEMENT
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk, www.afterschoool.tk
What is leveraging?
• When a firm uses fixed cost sources of
funds, it is called leveraging. Higher the
ratio of debt in total funds, higher the
leveraging.
• Unleveraged firm is that which has no
debt.

If there are two companies, one
with leverage of 1 and other with
leverage of 20 ,which one will you
select for investments (you are risk
averse investor)?
• First company.

A Company produces and sells
10,000 shirts. The selling price per
shirt is Rs.
500. Variable cost is Rs. 200 per
shirt and fixed operating cost is Rs.
25,00,000.
(a) Calculate operating leverage.
(b) If sales are up by 10%, then
what is the impact on EBIT?

Solution
• There are 2 ways to find leverage:
• Operating leverage = contribution / EBIT
• Contribution = Sales – Variable cost
• =50,00,000 – 20,00,000 = 30,00,000
• EBIT = 30,00,000 – 25,00,000 = 5 lakhs
• Operating leverage = 30 lakhs/ 5 lakhs
• Thus operating leverage is 6 times. Ans.

What will happen if sales are up by
10%, then what is the impact on
EBIT?
• Operating leverage = %change in EBIT /
% change in sales
• New EBIT = 55,00,000 – (22,00,000 +
25,00,000) = 8 lakhs
• Change = 3 lakhs or 3/5*100 = 60%
change
• Operating leverage = 60%/10% = 6 times.
Answer.
Suppose there are 2 firms with the same
operating leverage, business risk and
probability of EBIT and only differ with respect
to their use of debt.
• Goti International • Ramesh Continental

• No Debt • $10000 debt at 12%
• $20000 in assets • $20000 in assets
• 40% tax • 40% tax

In the previous statement, if EBIT is
between $ 2000 to 4000 with equal
probability, what are the
possibilities?
• Suppose income is • Suppose income is
2000$ 2000$ - int.1200
• EAT = 1200 • EAT = 480
• 3000 is EBIT • 3000 is EBIT - 1200
• EAT = 1800 • EAT = 1080
• EBIT is 4000 • EBIT is 4000 - 1200
• EAT = 2400 • EAT = 1680

Analysis
• BEP = EBIT / Total • BEP = EBIT / Total
assets. assets.
• 2000/20000 • 2000/20000
• =.1 • =.1
• ROE= • PAT/NETWORTH
PAT/NETWORTH • =480/10000=.048
• =1200/20000=.06 • DSCR / ICR
• DSCR / ICR • =EBIT / INT
• =EBIT / INT • =2000/1200=1.67

APPLYING PROBABILITY
• Suppose probability of EBIT of
2000,3000,4000 is .25, .5 and .25.
• Thus we have to find expected BEP, ROE
and DSCR / ICR for the two firms.

EXPECTED VALUES OF
BEP,ROE,DSCR
• Goti • Ramesh
• BEP =.25*.1 +.5*.15 • BEP =.25*.1 +.5*.15
+.25*.2 = .15 +.25*.2 = .15
• ROE=.25*.06 +.5*.09 • ROE=.25*.048
+.25*.12 = .09 +.5*.108+.25*.168 =
• DSCR= NO LOAN .108
• DSCR=.25*.0167
+.5*.025+.25*.033
=.024

Jitu Global Productions has
following details:
• Sales $ 24,00,000 (@$100)
• Variable cost = 50%
• Fixed cost = $10,00,000
• Borrowing = $10,00,000 @10%
• Equity 10,00,000 (face value $100)
• Find its combined leverage?

Solution
• EBIT = 2400000 – (1200000+1000000)
• Operating leverage
• Contribution / EBIT
• 1200000/200000=6
• Financial leverage
• EBIT / (EBIT – Interest)
• =200000/(200000-100000) = 2
• Combined leverage = 6*2 = 12 answer.
Find the combined leverage
installed Capacity 4000 units

Actual Production and Sales 75%
Selling Price 30 per unit
Variable Cost 15 per unit
Fixed Cost:
Under Situation I 15000
Under Situation-il 20000
Financial Plan
A B
Equity 10,000 15,000

Debt (20%) 10,000 5,000
Total 20,000 20,000

Solution – operating leverage in
plan A and plan B.
• Sales : 3000*30 = • Sales : 3000*30 =
90000 90000
• Contribution • Contribution
• 90000-45000=45000 • 90000-45000=45000
• EBIT = 90000- • EBIT = 90000-
(45000+15000) (45000+20000)
• =30000 • =25000
• Operating • Operating
leverage=1.5 leverage=1.8
Solution – Financial leverage in
plan A and plan B.
• EBIT / (Ebit-interest) • EBIT =25000
• EBIT =30000 • 25000/24000 = 1.04
• 30000/28000 = 1.07
• Combined leverage • Combined leverage
• =1.5*1.07=1.605 • =1.8*1.04=1.87

Question on NI approach
• Rupa Company’s EBIT is Rs. 5,00,000.
The company has 10% 20 lakh
debentures. The equity capitalization rate
i.e. Ke is 16%.
• You are required to calculate:
• (i) Market value of equity and value of firm
• (ii) Overall cost of capital

Solution
• Market value of the firm = Value of equity (
market value) + value of debt.
• Value of equity = [EBIT – Interest (1-ts)]/K

• (there is an assumption that there are no
taxes in all the theories of capital
structure)
• =500000 – 200000 = 300000
Solution …
• Equity = 3 lakh / .16
• =1875000
• Debt = 20,00,000
• Total value = 38,75,000
• Answer.

Ramesh Ltd’s. operating income is $ 5,00,000.
The firms cost of debt is 10%
firm employs $ 15,00,000 of debt. The overall
cost of capital of the firm is
15%. What is total value of the firm.
& Cost of equity as per NOI approach.
• In NOI approach, we take up operating income

and capital structure decision is immaterial (not
relevant). Cost of equity depends on ratio of debt
(higher the debt, higher the cost of equity).
Solution
• Value of firm = 500000/ .15
• =33,33,333
• Value of debt = 1500000
• Thus value of equity = 18,33,333
• Earnings available to equity share holders:
• 500000 – 150000 = 350000 (we assume no
taxes)
• Cost of equity = 3,50,000/18,33,333 *100 =
19.09% answer.
There are two firms – Goti
International & Ramesh Global.
Goti International is leveraged
company having debt of $ 100,000
@ 7%. Cost of equity of both the
companies is 11.5% and 10%
respectively.analyse using MM
approach. EBIT = $20000
• As you can see that the overall value of
the firm is same – so no impact of debt.
Analysis
• Goti • Ramesh
• Debt = 100000 • EBIT = 20000
• EAI = 20000-7000 • Equity = 20000/.1
• =13000 (we assume no • =200000
taxes)
• Equity • Thus we can see that the
• =13000/.115 value of Goti International
• =113043 is little bit higher
• Total value
• =2,13,043

Arbitrage process
• you may invest in Goti • You may borrow (take
International personal leverage) and
• Suppose we invest invest in Ramesh –
10000, we get = 1150 because it it unleveraged
firm
• Here we can borrow
10000 and invest our own
10000. We get 2000 as
return, and we have to
pay interest of 700, so
finally we have 1300 left
out.

Vinod Bhugari Continental has
EBIT of $ 100000. Company has
10% debentures of $ 5 Lakhs and
equity capitalisation rate is 15%.
What is the value of the firm as per
traditional approach ?
• Earnings after interest = 100000-50000
• =50000 (we ignore taxes)
• Value of equity = 50000/.15 = 333333
• Value of the firm=$ 833333 answer.
Sarika Consultants & Pankaj Baid
Consultants are two firms. Having
NOI of $ 15 lakhs each.Pankaj Baid
consultants have taken ECB of $7
lakhs @11%. Tax rate = 33%
Equity of Sarika consultants $ 13
lakhs and that of Pankaj
Consultants is $6 lakhs

Solution
• Sarika Consultants • Pankaj Consultants
• EBIT = 1.5 million • EBIT = 1.5 million
• Tax = 5 Lakhs • Interest = 77000
• EAT = 1 million • EAIBT= 14,23,000
• Cost of equity • Tax= 4,74,333
• 10/13 *100 = 77% • EAT = 9,48,666
• Value = 13 lakhs • Cost of equity =
• 948666/600000*100
=158%
• Value of firm 13 laks

In the previous question, what will
happen if cost of equity is given as
20% in both the cases?
• Value of equity • Tax= 4,74,333
• =10,00,000/.2 • EAT = 9,48,666
• =50,00,000 • Value of equity
• Total value of the firm is • =948666/.2 =47,43,330
also 50 lakhs
• Total value of the firm
• =54,43,330 answer.
In the previous question, what will
happen, if market capitalises operting
income as a whole @ 20%?
• Value of the firm • Tax= 4,74,333
• =10 lakhs / .2 • EAT = 9,48,666
• = 50 lakhs • Value of the firm
• Value of equity = 50 • 1500000/.2 = 7500000
lakhs
• Cost of equity = 20% • Value of equity =
6800000
• Cost of equity
• 13.94%
Operating leverage…
• = % change in EBIT / % change in sales
• Actually it measures the impact of fixed
cost (as aginst variable cost).

Financial leverage…
• % change in EPS / % change in EBIT
• Actually it measures the impact of interest
and other such fixed charge securities on
EPS.
• EPS = earning per share.

Alternate formulaes
• Operating leverage
• = Contribution / EBIT
• Financial leverage
• = EBIT / (EBIT – interest)

What is capital structure?
• Combination of capital is called capital
structure. The firm may use only equity, or
only debt, or a combination of equity +
debt, or a combination of
equity+debt+preference shares or may
use other similar combinations.

How do you design capital
structure?
1. It should minimise cost of capital
2. It should reduce risks
3. It should give required flexibility
4. It should provide required control to the
owners
5. It should enable the company to have
adequate finance.

What are the risks associated with
capital structure decisions?
• Meaning of risk = variability in income is
called risk.
• Business risk = it is the situation, when the
EBIT may vary due to change in capital
structure. It is influenced by the ratio of fixed
cost in total cost. If the ratio of fixed cost is
higher, business risk is higher.
• Financial risk = it is the variability in EPS due
to change in capital structure. It is caused
due to leverage. If leverage is more,
variability will be more and thus financial risk
will be more.
Degree of financial leverage?
• It shows the extend of financial risk.
Higher the DFL, higher is the financial risk.
• Formula =
• % change in EPS / % change in EBIT.
• Suppose EBIT changes 10%, due to this
EPS changes 20%,
• 20/10 = 2
• DFL is 2.
EBIT - EPS analysis
• Generally cost of debt is lower than cost of
equity. Therefore raising debt (trading on
equity) increases EPS and it gives benefit
to the shareholders. However, excess of
debt will create more risk and therefore it
is not advisable. A firm can identify an
ideal level of quantum of debt and equity
so that it is within proportion.

Formula
• [(EBIT – I1) (1-t)]/ E1 = [(EBIT – I2) (1-t)]/
E2
• E1 = equity in 1st alternative (no debt or
minimum debt)
• E2 = equity in 2nd alternative (no debt or
max. debt)
• I1 and I2 represent interest payable in the
2 alternatives respectively.
What do you understand from
trading on equity?
• With capital, we can raise debt, and raise
our EPS, this is called trading on equity.

What is coverage ratio or DSCR?
• DSCR = debt service coverage ratio
• Coverage ratio denotes the extent to which
interest is covered by the EBIT. It denotes
whether we have sufficient earnings to meet
our interest obligation. If DSCR is 1 or less
than one, it is dangerous situation.
• Formula = EBIT / interest.
• Higher the DSCR, less is the risk (because
there is higher coverage).

Theory of optimal capital structure?
• This theory states that we can have an
optimum capital structure – as we raise the
debt, we can raise the value of the firm to
some extent. Thus level of debt can be
increased upto some level. That level is the
ideal capital structure.
• Ultimate objective of Finance manager is to
raise the value of the firm and raise the
wealth – which is possible by an ideal capital
structure.
Is there indifference point?

Solve the following
• Goti continental Inc. a profit makipg company, has a paid-
up capital of Rs. 100 lakhs consisting of 10 lakhs ordinary
shares of Rs. 10 each. Currently, it is earning an annual
pre-tax profit of Rs. 60 lakhs. The company’s shares are
listed and are quoted in the range of Rs. 50 to Rs. 80. The
management wants to diversify production and has
approved a project which will cost Rs. 50 lakhs and which
is expected to yield a pre-tax income of Rs. 40 lakhs per
annum. To raise this additional capital, the following
options are under consideration of the management:
• (a) To issue equity capital for the entire additional
amount. It is expected that the new shares (face value of
Rs. 10) can be sold at a premium of Rs. 15.
• (b) To issue 16% non-convertible debentures of Rs. 100
each for the entire amount. Tax rate = 30%

Solution
• (a) raising additional equity – how much
equity required?
• One share will give you 10 + 15 = 25
• Capital required = 50 lakhs.
• 50/25 = 2 lakh shares. (we already have
10 lakh shares)

Solution
• (a) All equity : • (B) All debt
• Earnings = 60 + 40 = 100 • Earnings = 60 + 40 = 100
• Tax: 30 • Payment of interest:
• EAT = 70 • 16% of Rs. 50 lakhs =8
• No. of shareholders: 12 lakhs
lakh shares • EAIBT = 92
• EPS = 70 / 12=5.83 • Tax: 30% = 27.6
• EAT = 64.4
• No. of shareholders: 10
lakh shares
• EPS = 64.4 / 10=6.44

Analysis
• From the above analysis, it is clear that
EPS is higher in the case when we are
raising debt. (therefore this option is better
and the firm should go for raising debt).
• We also have to look at the overall market
capitalisation and overall value of the firm.
• Suppose, PE ratio of the industry is 20,
the value of the firm is as under:
Solution
• (a) all equity • Debt
• 5.83 *20 = 116.6 • Use of debt will reduce
• Multiply it with 12 lakhs, the PE ratio to some
• extent as Beta will
The value of the firm is
increase. However, let us
1399.2 lakhs. Thus from
calculate using 20 as PE
this analysis, this option
ratio:
is better.
• 20*6.44 = 128.8 *10
lakhs + 16 lakhs
• =1304 lakhs

Theories of capital structures . .
• There are 4 theories:
2. NI approach (net income approach)
3. NOI approach (net operating income
approach)
4. MM approach (Modigliani Millar
Approach)
5. Traditional approach

Assumptions in capital structure
theories …..
1. There are only 2 sources of finance –
debt and equity
2. Taxes are ignored
3. Dividend payout ratio is 100%
4. Business risk is constant
5. Firm’s total financing remains constant.

NI approach (net income approach)
• When you raise debt, leverage will increase. The
overall value of the firm will incrase. Debt will
have lower cost, so overall cost of capital will
reduce (it is better if the cost of capital reduces).
• V = S+ D
• V = value of the firm, S = equity, D = debt
• An increase in leverage will increase the value of
the firm, it will raise EPS, it will raise the market
price of the shares and it will reduce weighted
average cost of capital, thus leverage is always
beneficial.

NOI approach (Net operating
income approach)
• Capital structure decision is irrelevant. If
you raise debt, the cost of equity will
increase. The overall cost of capital will
remain constant in spite of leverage. Thus
there is no advantage of raising debt. As
we raise the debt, the cost of equity
increases in the same proportion. The
market discounts the firm, which is
leveraged. Thus capital structure decision
has no relevance.
MM approach
• It is similar to NOI approch

Traditional approach
• It says that with the use of debt, the
overall cost of capital comes down upto
some extent and thereafer the overall cost
of capital increases. Thus there is an ideal
point, upto which the overall cost of capital
will decrease with the help of increase in
debt, beyond which the use of debt is
detrimental to the company.

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CAPITAL STRUCTURE

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• Goti International • Ramesh Continental

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installed Capacity 4000 units

Equity 10,000 15,000

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• Value of equity = [EBIT – Interest (1-ts)]/K

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• In NOI approach, we take up operating income

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