公司戰(zhàn)略和凈現(xiàn)值分析-wenkub
2023-03-18 00:29:54 本頁(yè)面
【正文】 ceutical example, revenues were projected to be $7,000,000 per year. If they are only $6,000,000 per year, the NPV falls to $1, Also known as ―what if‖ analysis。 2023 by The McGrawHill Companies, Inc. All rights reserved. 86 Stewart Pharmaceuticals NPV of FullScale Production following Successful Test Note that the NPV is calculated as of date 1, the date at which the investment of $1,600 million is made. Later we bring this number back to date 0. Investment Year 1 Years 25 Revenues $7,000 Variable Costs (3,000) Fixed Costs (1,800) Depreciation (400) Pretax profit $1,800 Tax (34%) (612) Net Profit $1,188 Cash Flow $1,600 $1,588 ,3$)( 588,1$600,1$ 41???? ??t tNPVMcGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 82 Corporate Strategy and the Stock Market ? There should be a connection between the stock market and capital budgeting. ? If the firm invests in a positive NPV projects, the firm’s stock price should go up. ? Sometimes the stock market provides negative clues as to a new project’s NPV. ? Consider ATT’s repeated attempts to perate the putermanufacturing industry. McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 83 Decision Trees ? Allow us to graphically represent the alternatives available to us in each period and the likely consequences of our actions. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 87 Decision Tree for Stewart Pharmaceutical Do not test Test Failure Success Do not invest Invest Invest 611,3$??NPV0$?N PVThe firm has two decisions to make: To test or not to test. To invest or not to invest. mNPV ,3$?0$?N PVMcGrawHill/Irwin Copyright 169。 we examine how sensitive a particular NPV calculation is to changes in the underlying assumptions. ,1$)(928$600,1$ 41???? ??t tNPVInvestment Year 1 Years 25 Revenues $6,000 Variable Costs (3,000) Fixed Costs (1,800) Depreciation (400) Pretax profit Tax (34%) Net Profit Cash Flow $1,600 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 814 BreakEven Analysis ? We can start with the breakeven incremental aftertax cash flow and work backwards through the ine statement to back out breakeven revenue: Investment calculation Cash Flow Revenues Variable Costs Fixed Costs Depreciation Pretax profit Tax (34%) Net Profit Cash Flow $ = 504 depreciation $ = 247。 2023 by The McGrawHill Companies, Inc. All rights reserved. 816 Options ? One of the fundamental insights of modern finance theory is that options have value. ? The phrase ―We are out of options‖ is surely a sign of trouble. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved
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