[dubie01]

Paper was tough. Revenues were so high and contribution margin was 25% in my question for the APV. I got a well positive base case NPV and APV in question 1. Couldn’t figure out how to use the information on market share. Market share was #155m, when 1st year revenue only was #6750m and they are supposed to have 1% of it.

Question 3 on interest rate collars and swap is a hoodlum.

Question 2 was manageable, except the proof of 11% equity was quite tough. Couldn’t crack the question.

[Author]

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