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General Motors Income Statement: Year 2016 2017 2018 2019 2020 Total Revenue 149,184 145,588 147,049 137,237 122,485 Cost of Revenue, Total 130,153 127,357 132,954 123,265 107,313 Selling, General and Other expense 10,345 9,570 9,650 8,491 8,538 Operating Income 8,686 8,661 4,445 5,481 6,634 8,686 8,661 4,445 5,481 6,634 Given information for General Motors: Cost of debt General Motors (from the footnotes to the financial statements) 3.59% Beta for General Motors (from Yahoo or other financial sources) 1.36 Normalized risk free rate of return in the market (observing the 10 rate on government issued securities) 2.50% Equity risk premium (from historical studies of the market) 5.00% Market value of debt (use book or amount disclosed in the footnotes if different) 114,774 Number of common shares outstanding 1,450 Market price of the common stock $ 58.84 Market value of equity (number of shares times the stock price) $ 85,318 Calculate the required return (weighted average cost of capital) Market Weights Component Weighted Values Cost Cost Debt 114,774 57% 3.59% 2.06% Equity 85,318 43% .30% 3.97% $ 200,092 5.02% Required return (weighted average cost of capital)....................... Calculate the Economic Profit (Economic Value Added) Net Operating Assets $ 172,464 $ 168,070 $ 180,902 $ 183,766 $ 195,329 times the required return 6.02% 6.02% 6.02% 6.02% 6.02% Required income in dollars $ 10,390 $ 10,126 $ 10,899 $ 11,071 $ 11,768 Year 2016 2017 2018 2019 2020 Operating Income earned $ 8,686 $ 8,661 $ 4,445 $ 5,481 $ 6,634 Less required income 10,390 S 10,126 S 10,899 S 11,071 11,768 Economic profit or (loss) S (1,704) $ (1,465) $ (6,454) $ (5,590) $ (5,134) Another way to look at this: Return on invested capital 5.04% 5.15% 2.46% 2.98% 3.40% Weighted average cost of capital 6.02% 6.02% 6.02% 6.02% 6.02% Spread 0.99% 0.87%% 3.57% 3.04%% 2.63%