Npv Finance

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Submitted By mari3500
Words 533
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‫ﺗﻤﺮﻳﻦ ﺳﺮي اول‬ ‫ﻣﻬﻠﺖ ﺗﺤﻮﻳﻞ: ﺷﻨﺒﻪ 01 آﺑﺎن 3931‬

‫درس ﻣﺪﻳﺮﻳﺖ ﻣﺎﻟﻲ ﺑﻨﮕﺎه ﻫﺎ‬ ‫ﻋﺒﺪاﻟﺤﻤﻴﺪ ﻣﺪرس‬ ‫زﻣﺴﺘﺎن 3931‬

‫ ‬ ‫1( ﻓﺮض ﻛﻨﻴﺪ ﻛﻪ ﺷﻤﺎ در ﺣﺎل ﺑﺮرﺳﻲ ﭘﺮوژه اي ﺑﺮاي ﺳﺮﻣﺎﻳﻪ ﮔﺬاري ﻫﺴﺘﻴﺪ. اﻳﻦ ﭘﺮوژه در ﺳﺎل آﺗﻲ ﺑﺎزدﻫﻲ 00002 $ اراﺋﻪ‬ ‫ﺧﻮاﻫﺪ ﻧﻤﻮد و اﻳﻦ ﺑﺎزدﻫﻲ ﺑﺮاي ﺳﺎﻟﻬﺎي ﺑﻌﺪ ﺑﺎ ﻧﺮخ 5% ﺑﻪ ﻣﺪت ﻧﺎﻣﺤﺪود اﻓﺮاﻳﺶ ﻣﻲ ﻳﺎﺑﺪ.‬ ‫اﻟﻒ( اﮔﺮ ﻧﺮخ ﺑﺎزﮔﺸﺖ ﻣﻮرد اﻧﺘﻈﺎر ﺷﻤﺎ 81 % ﺑﺎﺷﺪ، ارزش ﻓﻌﻠﻲ اﻳﻦ ﺳﺮﻣﺎﻳﻪ ﮔﺬاري ﺑﺮاي ﺷﻤﺎ ﭼﻘﺪر اﺳﺖ؟‬ ‫ب( ﻓﺮض ﻛﻨﻴﺪ، ﺷﻤﺎ ﻣﻲ داﻧﻴﺪ ﻛﻪ ﺑﺎزدﻫﻲ اﻳﻦ ﭘﺮوژه در ﺳﺎل ﻫﺎي آﺗﻲ داراي رﺷﺪ ﺛﺎﺑﺘﻲ اﺳﺖ اﻣﺎ ﻧﺮخ رﺷﺪ ﺑﺮاي ﺷﻤﺎ ﻣﻌﻠﻮم‬ ‫ﻧﻴﺴﺖ. اﮔﺮ ارزش ﻓﻌﻠﻲ اﻳﻦ ﺳﺮﻣﺎﻳﻪ ﮔﺬاري 000002 $ ﺑﺎﺷﺪ، ﻧﺮخ رﺷﺪ ﺑﺎزدﻫﻲ ﺑﺎﻳﺪ ﺣﺪاﻗﻞ ﭼﻘﺪر ﺑﺎﺷﺪ؟ ‬

‫2( ﻓﺮض ﻛﻨﻴﺪ ﻛﻪ ﺷﻤﺎ ﻗﺼﺪ ﺧﺮﻳﺪ اﻗﺴﺎﻃﻲ اﺗﻮﻣﺒﻴﻞ ﺑﻪ ﻗﻴﻤﺖ 00002 $ را دارﻳﺪ. ﻛﺪام ﻳﻚ از دو ﻗﺮارداد زﻳﺮ را اﻧﺘﺨﺎب ﻣﻲ‬ ‫ﻛﻨﻴﺪ؟‬ ‫اﻟﻒ( ﻓﺮوﺷﻨﺪه ﻣﺎﺷﻴﻦ ﺑﻪ ﺷﻤﺎ ﭘﻴﺸﻨﻬﺎد ﻣﻲ ﻛﻨﺪ ﻛﻪ 01 % ﺑﻪ ﺷﻤﺎ ﺗﺨﻔﻴﻒ داده و ﻣﺎﺑﻘﻲ ﭘﻮل را ﺑﻪ ﺻﻮرت ﭘﺮداﺧﺖ ﻫﺎي ﻣﻨﻈﻢ ﺑﺎ‬ ‫ﻧﺮخ ﺑﻬﺮه )‪ %9 (APR‬از ﺷﻤﺎ درﻳﺎﻓﺖ ﻛﻨﺪ.‬ ‫ب( ﻓﺮوﺷﻨﺪه ﭘﻴﺸﻨﻬﺎد ﻣﻲ ﻛﻨﺪ ﻛﻪ ﻛﻞ ﻗﻴﻤﺖ اﺗﻮﻣﺒﻴﻞ را ﺑﻪ اﻗﺴﺎط و ﺑﺎ ﻧﺮخ ﺑﻬﺮه ﺳﺎﻻﻧﻪ 3% )‪ (APR‬ﺑﭙﺮدازﻳﺪ.‬ ‫ﺗﻮﺟﻪ: ﭘﺮداﺧﺘﻬﺎ ﺑﻪ ﺻﻮرت ﻣﺎﻫﺎﻧﻪ و درﻃﻲ 5 ﺳﺎل ﺻﻮرت ﻣﻲ ﮔﻴﺮد.‬

‫3( ارزش ﺳﻬﺎم ﺷﺮﻛﺘﻲ ﻛﻪ ﺗﺎ ﺑﻪ ﺣﺎل ﻫﺮ ﺳﺎﻟﻪ 1$ ﺑﻪ ﻋﻨﻮان ﺳﻮد ﺳﻬﺎم )‪ (Dividends‬ﭘﺮداﺧﺖ ﻣﻲ ﻛﺮده و اﻧﺘﻈﺎر ﻣﻲ رود ﻛﻪ‬ ‫اﻳﻦ ﺳﻮد ﺳﻬﺎم ﺑﺮاي 5 ﺳﺎل آﻳﻨﺪه ﺑﺎ ﻧﺮخ 51 % و ﺑﺮاي ﺳﺎﻟﻬﺎي ﺑﻌﺪ از آن ﺑﺎ ﻧﺮخ 5% ﺗﺎ ﺑﻴﻨﻬﺎﻳﺖ رﺷﺪ داﺷﺘﻪ ﺑﺎﺷﺪ، ﭼﻘﺪر اﺳﺖ؟‬ ‫)ﻓﺮض ﻛﻨﻴﺪ ﻛﻪ ﻫﺰﻳﻨﻪ ﻓﺮﺻﺖ ﺳﺮﻣﺎﻳﻪ 5,21 % اﺳﺖ(‬

‫4( ﻓﺮض ﻛﻨﻴﺪ ﻛﻪ ﺷﻤﺎ ﻣﺪﻳﺮﻳﺖ ﻣﺎﻟﻲ ﺻﻨﺪوق ﻳﻚ ﺷﺮﻛﺖ ﻛﻮﭼﻚ را ﺑﻪ ﻋﻬﺪه دارﻳﺪ. ﺷﺮﻛﺖ در ﺣﺎل ﺣﺎﺿﺮ 0000005 $ ﺑﻪ ﻋﻨﻮان‬ ‫ﺳﺮﻣﺎﻳﻪ در اﺧﺘﻴﺎر دارد و اﻧﺘﻈﺎر ﻣﻲ رود ﻛﻪ ﺑﺮاي 5 ﺳﺎل آﻳﻨﺪه ﺟﺮﻳﺎن ﻣﺎﻟﻲ 0000002 $ ﺑﻪ ﺻﻮرت ﺳﺎﻻﻧﻪ ﺑﻪ آن اﺿﺎﻓﻪ ﺷﺪه و‬ ‫ﭘﺲ از آن ﺑﻪ ﻣﺪت 5 ﺳﺎل ﺟﺮﻳﺎن ﻣﺎﻟﻲ ﺑﻪ ﻣﻘﺪار 0000003 $ ﺑﻪ ﻃﻮر ﺳﺎﻻﻧﻪ از ﺻﻨﺪوق ﺧﺎرج ﺷﻮد. ﻓﺮض ﻛﻨﻴﺪ ﻛﻪ ﻧﺮخ ﺑﻬﺮه‬ ‫8% ﺑﺎﺷﺪ.‬ ‫اﻟﻒ( ارزش آﺗﻲ ﺟﺮﻳﺎن ﻧﻘﺪي )‪ (FV‬ﺻﻨﺪوق در اﻧﺘﻬﺎي ﺳﺎل 01 ﭼﻘﺪراﺳﺖ؟‬

‫ ب( اﮔﺮ ﻻزم ﺑﺎﺷﺪ ﻛﻪ ﺷﻤﺎ ﺳﺎﻻﻧﻪ و ﺑﻪ ﺻﻮرت ﻧﺎ ﻣﺤﺪود)‪ (Perpetuity‬ﺑﻌﺪ از 01 ﺳﺎل اول ) ﺷﺮوع از ﺳﺎل 11 و ﺗﺎ ﺑﻴﻨﻬﺎﻳﺖ(‬ ‫از ﻣﻮﺟﻮدي ﺻﻨﺪوق ﭘﺮداﺧﺖ داﺷﺘﻪ ﺑﺎﺷﻴﺪ، ﺗﻮاﻧﺎﻳﻲ ﺷﻤﺎ ﺑﺮاي…...

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Words: 498 - Pages: 2

Npv Analysis

...Less Initial Investment 125.000 NPV 23.298 NPV @ 12% = £23, 298 Project B: £000 Year NCF 1 43 2 43 3 43 4 43 5 43 Discount Factor 12% PV 0.893 38.399 0.797 34.271 0.712 30.616 0.636 27.348 0.567 24.381 Total PV 155.015 Less Initial Investment 125.000 NPV 30.015 NPV @ 12% = £30,015 Yes, they should be accepted because both projects have a positive NPV, therefore it indicates the increase in the market value of the shareholder’s funds. For both projects the company will recover the initial outlay and earn a return greater than 12% per year on the investment. 4 Question E According to Colin Drury, the most straightforward way of determining whether a project yields a return in excess of the alternative equal risk investment in traded securities is to calculate the net present value (NPV). This is the present value of the net cash inflows less the project’s initial investment outlay. If the rate of return from the project is greater than the return from an equivalent risk investment in securities traded in the financial market, the NPV will be positive. Alternatively, if the rate of return is lower, the NPV will be negative. A positive NPV therefore indicates that an investment should be accepted, while a negative value indicates that it should be rejected. A zero NPV calculation indicates that the firm should be indifferent to whether the project is accepted or rejected. Question F 1) If the cost of capital increases, the NPV would be reduced and......

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Irr & Npv

...on (1) a given rate of return of 15% (Task 4) and (2) the firm’s cost of capital (Task 5). Task 4. Capital Budgeting for a New Machine A few months have now passed and AirJet Best Parts, Inc. is considering the purchase on a new machine that will increase the production of a special component significantly. The anticipated cash flows for the project are as follows: Year 1 $1,100,000 Year 2 $1,450,000 Year 3 $1,300,000 Year 4 $950,000 You have now been tasked with providing a recommendation for the project based on the results of a Net Present Value Analysis. Assuming that the required rate of return is 15% and the initial cost of the machine is $3,000,000. 1. What is the project’s IRR? (10 pts) 2. What is the project’s NPV? (15 pts) 3. Should the company accept this project and why (or why not)? (5 pts) 4. Explain how depreciation will affect the present value of the project. (10 pts) 5. Provide examples of at least one of the following as it relates to the project: (5 pts each) a. Sunk Cost b. Opportunity cost c. Erosion 6. Explain how you would conduct a scenario and sensitivity analysis of the project. What would be some project-specific risks and market risks related to this project? (20 pts) Task 5: Cost of Capital AirJet Best Parts Inc. is now considering that the appropriate discount rate for the new machine should be the cost of capital and would like to determine it. You will assist in the process of obtaining this......

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Npv Irr

...1.NPV NPV(Net Present Value), is the present value of a project's cash flow minus the present value of its cost, it means that how much the project could create to shareholders' wealth, the more the NPV, the more value the project makes and the higher the stock's price. If NPV equal to zero means the cash flow which the project makes can compensate for the cost of investment, the rate of return equal to required rate of return. If NPV exceeds zero, the part of exceeded belongs to shareholders. Accept the project which has a positive NPV will create positive economic value added and market value added. In this case, it can be seen clearly from Table 1, SSW and CCS both has a positive NPV, they all create value and wealth for the company. What should be mentioned is that, the NPV of SSW is higher than CCS, it means SSW could add more value than CCS. Table 1. the NPVs of SSW and CCS SSW CCS NPV 240,796.39 226,897.07 2.IRR IRR(Internal Rate of Return ) is the discount rate that make the inflows to equal the initial cost, in other word, it makes NPV to equal to zero. IRR is an estimate of expected project's rate of return. If this return exceed the cost of the capital used to the project, the part of difference is a dividend to shareholders and causes the stock's price to rise. If the IRR is less than cost of capital , shareholders have to make up. In this case, the cost of capital of these two restaurants both equal to 10%, the Table 2 shows that the IRR of SSW is......

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