FIN203: Corporate Finance - Cash Conversion Cycle - Finance Assessment Answer

Finance Assessment Task

Part 1: Company Perspective

a) Calculate the Cash Conversion Cycle for Apple in 2017 as compared to 2018 by referring to Source 1 pp. 38-40 and evaluate how it has changed. In your analysis consider the working capital efficiency of competitors like Samsung (See Source 5). (Keep in mind that in America Gross Margin is Net Sales)

b) On page 8 of Apple’s Annual Report (Source 1) what are three of the major risks discussed? Are these risks systematic or unsystematic? Why? 

c) Apple Shares and Debt: i. How has Apple share price preformed over the last three years relative to the market? (See Source 4) 

ii. From 2014 to 2018 has Apple taken on more or less long-term debt? See Source 3 and justify your answer. 

iii. Imagine that in 2007 you purchased an Apple $1000 face value bond with a fixed annual coupon rate of 4.5% which matures at the end of 2020. Currently it is the end of 2019 and the bond has a yield to maturity of 5%. What would be the price of the bond today in 2019?

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