Awa ensayo

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Professor Anant Sundaram THUNDERBIRD March 2003 AMERICA WEST AIRLINES (AWA) America West Airlines Inc. (AWA) is a Phoenix-based commercial airline carrier serving the US, Canada, andMexico. The following tables contain some relevant financial data for the fiscal year ending in December for this company, as well as some additional data on financial markets and on theairline industry. All data, unless otherwise specified, are in US$ millions.

1996 Revenue Net Operating Expenses (excl. Depreciation) Depreciation & Non-cash Charges Interest ExpenseIncome before taxes Taxes Net income Dividends Paid TOTAL Current Assets TOTAL Assets Net capital expenditure Short term debt TOTAL Current Liabilities Long Term Debt (incl. CapitalLeases) TOTAL Liabilities Equity (Book value) Number of Shares Outstanding (mn) Period-end Stock Price ($) 1,740 1,473 198 34 35 25 10 0 351 1,598 199 46 522 452 974 623 43.3 $15.88

19971,875 1,534 193 22 126 65 61 0 324 1,547 130 54 486 378 864 684 43.4 $18.63

1998 2,023 1,585 207 24 207 97 110 0 364 1,578 243 72 607 311 918 661 38.8 $15.88

(DATA CONTINUED IN NEXTPAGE)

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The following additional data are also provided: AWA’s equity beta, 12/98: AWA’s credit rating, 12/98: Yield on AWA debt issue when issued one year ago: 12/98 yield onBBB-rated corporate bonds: Debt beta implied by BBB rating 12/98 yield on US Treasury bills: 12/98 yield on 30-year US Treasury bonds: Airline industry 12/98 P/E ratio Airline industry12/98 market equity-to-book equity ratio Airline industry 12/98 ROE Airline industry 12/98 (Total Debt + Lease)/Book Equity ratio Airline industry 12/98 equity beta 1.65 BBB 9.2% 9.5% 0.5335.1% 5.5% 13.06 3.04 26.5% 74.0% 1.20

(Assume that the 12/98 marginal tax rate for AWA is equal to its 1998 average tax rate as derived from AWA’s income statement.)

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