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QUESTION 1.
QUESTION 2.
UST Philip Morris N.A.T. RJR Nabisco DiMon Std Com. Universal
EBITDA margin
EBIT margin
Net margin
Return on Equity (ROE)
Return on Assets (ROA)
QUESTION 3.
QUESTION 4.
UST Philip Morris N.A.T. RJR Nabisco DiMon Std Com. Universal
Liabilities/Assets
Debt/Assets
Net debt/Assets *
Liabilities/Firm value **
Debt/Firm value
Net debt/Firm value
Debt/EBITDA
Coverage ratio
* Net debt = Debt − Cash and cash equivalents ** Firm value = Liabilities + Market equity
QUESTION 5.
QUESTION 6.
Assets: Hard-to-
value/redeploy, intangible
ecap is announced
ap is announced
e recap is announced
al repurchase
res) at announcement
announcement
res) post-recap