Topic №11: Evaluation of financial and economic efficiency of investment projects
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presentation-11 OFI
- Bu sahifa navigatsiya:
- Non-operational expenditures, C.U. 10 15 Price, C.U./product
- amount (NV, NPV, MNPV);
- Model No. 3.
Task 5 . An enterprise considers the feasibility of acquiring a new production line :
Possible annual sales respectively : 6.8 , 7.5, 8.4 , 8.0 , 6.4 CU. Costs for production (without amortization) in the 1st year of operation line 3.4 CU., followed by annual growth of 3%. Income tax rate - 24%. Financial and economic position of the enterprise is that the profitability of the advanced capital is 22 % , the "price" of capital - 19% . Management of the company does not intend to implement projects with a payback period of more than three years. Using static and dynamic methods for assessing the effectiveness of investments , determine the feasibility of the project. In classical investment analysis, there are 3 types of mathematical models that determine the parameters:
using cash flows generated by the investment project. Model No. 1. The model includes only cash flows (CF and I). In this case determined the parameters NV and Payback. Model No. 2. The model includes cash flows and the barrier rate (CF, I and R(bar)). In this model determined the parameters IRR, NPV, DPI, DPP and MIRR (bar); also added accounting for changes in the value of money over time(using R (bar)). Model No. 3. The model includes cash flows, a barrier rate and a reinvestment rate (CF, I, R (bar) and R (reinv)). In this model determined the parameters MIRR and MNPV; added, in addition to accounting for changes in the value of money over time, accounting for the rate of return of reinvestments (using R (reinv)). Depending on the current situation, the option of calculating the forecast of barrier rates is selected, giving the most reliable result (data forecast and calculation procedure): - the barrier rate only taking into account inflation; - the barrier rate, taking into account the weighted average cost of capital, WACC; - the barrier rate taking into account risks; - the barrier rate only taking into account the currency index. Download 37.48 Kb. Do'stlaringiz bilan baham: |
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