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1、金融學(xué)教學(xué)bodie2e-cha11ObjectiveExplain Capital BudgetingDevelop Criteria金融學(xué)教學(xué)bodie2e-cha12金融學(xué)教學(xué)bodie2e-cha13金融學(xué)教學(xué)bodie2e-cha14金融學(xué)教學(xué)bodie2e-cha15金融學(xué)教學(xué)bodie2e-cha16金融學(xué)教學(xué)bodie2e-cha17金融學(xué)教學(xué)bodie2e-cha18金融學(xué)教學(xué)bodie2e-cha19金融學(xué)教學(xué)bodie2e-cha110NPV of a ProjectDiscout10%YearFlowPVCum_PV0-1000-1000-10001450409-591
2、2350289-3023250188-1144150102-115503120NPV20 Do Project金融學(xué)教學(xué)bodie2e-cha111NPV of a ProjectDiscout15%YearFlowPVCum_PV0-1000-1000-10001450391-6092350265-3443250164-180415086-9455025-69NPV-69 Dont Do Project金融學(xué)教學(xué)bodie2e-cha112NPV of a ProjectDiscout11.04%YearFlowPVCum_PV0-1000-1000-10001450405-59523502
3、84-3113250183-128415099-30550300NPV0 Indifferent Internal Rate of Return金融學(xué)教學(xué)bodie2e-cha113金融學(xué)教學(xué)bodie2e-cha114NPV as a Function of Discount Rate-200-150-100-500501001502002500%5%10%15%20%Discount RateNPV金融學(xué)教學(xué)bodie2e-cha115金融學(xué)教學(xué)bodie2e-cha116金融學(xué)教學(xué)bodie2e-cha117金融學(xué)教學(xué)bodie2e-cha118金融學(xué)教學(xué)bodie2e-cha119金融
4、學(xué)教學(xué)bodie2e-cha120金融學(xué)教學(xué)bodie2e-cha121金融學(xué)教學(xué)bodie2e-cha122金融學(xué)教學(xué)bodie2e-cha123金融學(xué)教學(xué)bodie2e-cha124金融學(xué)教學(xué)bodie2e-cha125金融學(xué)教學(xué)bodie2e-cha126金融學(xué)教學(xué)bodie2e-cha127金融學(xué)教學(xué)bodie2e-cha128金融學(xué)教學(xué)bodie2e-cha129金融學(xué)教學(xué)bodie2e-cha130Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Grow
5、th0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =1236Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000Exp
6、ensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,5001,5001,5001,500Taxes600600600600600600600Net Profit900900900900900900900Operating CF1,3001,3001,3001,3001,3001,3001,3
7、00Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,3001,3001,3001,3001,3003,500PV(NCF)-500011309838557436465621316金融學(xué)教學(xué)bodie2e-cha131金融學(xué)教學(xué)bodie2e-cha132Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales g
8、rowth rate2.00%Unit price$5,000Unit Price Growth-3.00%Fixed Start3,100,000Fixed Growth8.00%Variable pcent75.00%Depreciation schedule400,000NPV =-797Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales reven
9、ue20,00019,78819,57819,37119,16518,96218,761ExpensesFixed Costs (cash)3,1003,3483,6163,9054,2184,5554,919Variable costs15,00014,84114,68414,52814,37414,22214,071Depreciation400400400400400400400Operating Profit1,5001,199879538174-214-629Taxes60048035121570-86-252Net Profit900719527323104-129-377Oper
10、ating CF1,3001,11992772350427123Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,1199277235042712,223PV(NCF)-50001130846610413251117836金融學(xué)教學(xué)bodie2e-cha133金融學(xué)教學(xué)bodie2e-cha134Assumptions(Table in $000)Cost of capital25.00%Tax rate40.00%Unit sales i
11、n year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =-429Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF
12、 ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,5001,5001,5001,500Taxes600600600600600600600Net Profi
13、t900900900900900900900Operating CF1,3001,3001,3001,3001,3001,3001,300Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,3001,3001,3001,3001,3003,500PV(NCF)-50001040832666532426341734Was 15%金融學(xué)教學(xué)bodie2e-cha135Assumptions(Table in $000)Cost of capita
14、l15.00%Tax rate30.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =1860Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Worki
15、ng Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,00015,00015,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,5001,5001,5001,5001,5001,5001,500Ta
16、xes450450450450450450450Net Profit1,0501,0501,0501,0501,0501,0501,050Operating CF1,4501,4501,4501,4501,4501,4501,450Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,4501,4501,4501,4501,4501,4503,650PV(NCF)-5000126110969538297216271372Was 40%金融學(xué)教學(xué)bodie
17、2e-cha136Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate5.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,000NPV =2885Start working capt2,200,000Investment schedule2,80
18、0,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00021,00022,05023,15324,31025,52626,802ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs15,00015,75016,53817,36418,23319,14420,101Depreciation400400400400400400400Oper
19、ating Profit1,5001,7502,0132,2882,5782,8813,200Taxes6007008059151,0311,1531,280Net Profit9001,0501,2081,3731,5471,7291,920Operating CF1,3001,4501,6081,7731,9472,1292,320Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,3001,4501,6081,7731,9472,1294,520
20、PV(NCF)-500011301096105710149689201699Was 0%金融學(xué)教學(xué)bodie2e-cha137Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,100,000Fixed Growth0.00%Variable pcent85.00%Depreciation schedule400,000NPV =
21、-3757Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,1003,1003,1003,1003,1003,1003,100Variable costs17,00017,00017,00017,000
22、17,00017,00017,000Depreciation400400400400400400400Operating Profit-500-500-500-500-500-500-500Taxes-200-200-200-200-200-200-200Net Profit-300-300-300-300-300-300-300Operating CF100100100100100100100Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,00010010
23、01001001001002,300PV(NCF)-5000877666575043865Was 75%金融學(xué)教學(xué)bodie2e-cha138Assumptions(Table in $000)Cost of capital15.00%Tax rate40.00%Unit sales in year 1$4,000Sales growth rate0.00%Unit price$5,000Unit Price Growth0.00%Fixed Start3,500,000Fixed Growth0.00%Variable pcent75.00%Depreciation schedule400,
24、000NPV =237Start working capt2,200,000Investment schedule2,800,000Capital movements sch0Dividend1,000,000Working Cap Sch2,200,000Year01234567CF ForecastSales revenue20,00020,00020,00020,00020,00020,00020,000ExpensesFixed Costs (cash)3,5003,5003,5003,5003,5003,5003,500Variable costs15,00015,00015,000
25、15,00015,00015,00015,000Depreciation400400400400400400400Operating Profit1,1001,1001,1001,1001,1001,1001,100Taxes440440440440440440440Net Profit660660660660660660660Operating CF1,0601,0601,0601,0601,0601,0601,060Working cap move2200-2,200Investment in P&E2,800000000Invest CF5,000000000-2,200Net CF-5,0001,0601,0601,0601,0601,0601,06
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