Rabu, 25 Maret 2009

quity Analysis of a Project

Equity Analysis of a Project
INPUT SHEET: USER ENTERS ALL BOLD NUMBERS
INITIAL INVESTMENT CASHFLOW DETAILS DISCOUNT RATE
Initial Investment= $50.000 Revenues in year 1= $40.000 Approach(1:Direct;2:CAPM)= 2
Opportunity cost (if any)= $7.484 Var. Expenses as % of Rev= 50% 1. Discount rate = 10%
Lifetime of the investment 10 Fixed expenses in year 1= 0 2a. Beta 0,9
Salvage Value at end of project= $10.000 Tax rate on net income= 40% b. Riskless rate= 8,00%
Deprec. method(1:St.line;2:DDB)= 2 If you do not have the breakdown of fixed and variable c. Market risk premium = 5,50%
Tax Credit (if any )= 10% expenses, input the entire expense as a % of revenues. d. Debt Ratio = 30,00%
Other invest.(non-depreciable)= 0 e. Cost of Borrowing = 9,00%
Discount rate used= 10,69%
WORKING CAPITAL
Initial Investment in Work. Cap= $10.000
Working Capital as % of Rev= 25%
Salvageable fraction at end= 100%

GROWTH RATES
1 2 3 4 5 6 7 8 9 10
Revenues Do not enter 10,00% 10,00% 10,00% 10,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Fixed Expenses Do not enter 10,00% 10,00% 10,00% 10,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Default: The fixed expense growth rate is set equal to the growth rate in revenues by default.
YEAR
0 1 2 3 4 5 6 7 8 9 10
INITIAL INVESTMENT
Investment $50.000
- Tax Credit $5.000
Net Investment $45.000
+ Working Cap $10.000
+ Opp. Cost $7.484
+ Other invest. $0
Initial Investment $62.484

SALVAGE VALUE
Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $10.000
Working Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $14.641

OPERATING CASHFLOWS
Lifetime Index 1 1 1 1 1 1 1 1 1 1
Revenues $40.000 $44.000 $48.400 $53.240 $58.564 $58.564 $58.564 $58.564 $58.564 $58.564
-Var. Expenses $20.000 $22.000 $24.200 $26.620 $29.282 $29.282 $29.282 $29.282 $29.282 $29.282
- Fixed Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
EBITDA $20.000 $22.000 $24.200 $26.620 $29.282 $29.282 $29.282 $29.282 $29.282 $29.282
- Depreciation $10.000 $8.000 $6.400 $5.120 $4.096 $3.277 $2.621 $486 $0 $0
EBIT $10.000 $14.000 $17.800 $21.500 $25.186 $26.005 $26.661 $28.796 $29.282 $29.282
-Tax $4.000 $5.600 $7.120 $8.600 $10.074 $10.402 $10.664 $11.518 $11.713 $11.713
EBIT(1-t) $6.000 $8.400 $10.680 $12.900 $15.112 $15.603 $15.996 $17.278 $17.569 $17.569
+ Depreciation $10.000 $8.000 $6.400 $5.120 $4.096 $3.277 $2.621 $486 $0 $0
- ∂ Work. Cap $0 $1.000 $1.100 $1.210 $1.331 $0 $0 $0 $0 $0
NATCF ($62.484) $16.000 $15.400 $15.980 $16.810 $17.877 $18.880 $18.618 $17.764 $17.569 $17.569
Discount Factor 1 1,11 1,23 1,36 1,5 1,66 1,84 2,04 2,25 2,49 2,76
Discounted CF ($62.484) $14.455 $12.570 $11.784 $11.200 $10.761 $10.268 $9.148 $7.885 $7.046 $15.294

Investment Measures
NPV = $47.928
IRR = 23,55%
ROC = 60,12%


BOOK VALUE & DEPRECIATION
Book Value (beginning) $50.000 $40.000 $32.000 $25.600 $20.480 $16.384 $13.107 $10.486 $10.000 $10.000
Depreciation $10.000 $8.000 $6.400 $5.120 $4.096 $3.277 $2.621 $486 $0 $0
BV(ending) $50.000 $40.000 $32.000 $25.600 $20.480 $16.384 $13.107 $10.486 $10.000 $10.000 $10.000

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