Use the Information for the Question(s)below

question 63

Essay

Use the information for the question(s)below.
Iota Industries is an all-equity firm with 50 million shares outstanding.Iota has $200 million in cash and expects future free cash flows of $75 million per year.Management plans to use the cash to expand the firm's operations,which in turn will increase future free cash flows by 12%.Iota's cost of capital is 10% and assume that capital markets are perfect.
-A member of Iota's board of directors suggests that Iota's stock price would be higher if they used the $200 million to repurchase shares instead of funding the expansion.If you were advising the board,what course of action would you recommend,expansion or repurchase? Which provides the higher stock price?

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Definitions:

Alpha

The first letter of the Greek alphabet used symbolically in various contexts, often to denote superiority or primary status within a group.

Structural-Functional

A framework in sociology that views society as a complex system whose parts work together to promote solidarity and stability, emphasizing the interrelations of social institutions.

Social Conflict

A form of struggle or disagreement between individuals, groups, or classes, often arising from opposing interests, needs, and values.

Social Exchange

A theory in sociology and psychology that suggests human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives.