现值其他投资关键概念技能金融建模chapstu.pptx

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现值其他投资关键概念技能金融建模chapstu.pptx

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0Chapter8NetPresentValueandOtherInvestmentCriteria

1KeyConceptsandSkillsUnderstandthepaybackruleanditsingsUnderstandaccountingratesofreturnandtheirproblemsUnderstandtheinternalrateofreturnanditsstrengthsandweaknessesUnderstandthenetpresentvalueruleandwhyitisthebestdecisioncriteria

2ChapterOutlineNetPresentValueThePaybackRuleTheAverageAccountingReturnTheInternalRateofReturnTheProfitabilityIndexThePracticeofCapitalBudgeting

3GoodDecisionCriteriaWeneedtoaskourselvesthefollowingquestionswhenevaluatingdecisioncriteriaDoesthedecisionruleadjustforthetimevalueofmoney?Doesthedecisionruleadjustforrisk?Doesthedecisionruleprovideinformationonwhetherwearecreatingvalueforthefirm?

4ProjectExampleInformationYouarelookingatanewprojectandyouhaveestimatedthefollowingcashflows:Year0: CF=-165,000Year1: CF=63,120;NI=13,620Year2: CF=70,800;NI=3,300Year3: CF=91,080;NI=29,100AverageBookValue=72,000Yourrequiredreturnforassetsofthisriskis12%.

5NetPresentValueThedifferencebetweenthemarketvalueofaprojectanditscostHowmuchvalueiscreatedfromundertakinganinvestment?Thefirststepistoestimatetheexpectedfuturecashflows.Thesecondstepistoestimatetherequiredreturnforprojectsofthisrisklevel.Thethirdstepistofindthepresentvalueofthecashflowsandsubtracttheinitialinvestment.

6NPVDecisionRuleIftheNPVispositive,accepttheprojectApositiveNPVmeansthattheprojectisexpectedtoaddvaluetothefirmandwillthereforeincreasethewealthoftheowners.Sinceourgoalistoincreaseownerwealth,NPVisadirectmeasureofhowwellthisprojectwillmeetourgoal.

7ComputingNPVfortheProjectUsingtheformulas:NPV=63,120/(1.12)+70,800/(1.12)2+91,080/(1.12)3–165,000=$12,627.41Usingthecalculator:CF0=-165,000;C01=63,120;F01=1;C02=70,800;F02=1;C03=91,080;F03=