公司戰(zhàn)略和凈現(xiàn)值分析(完整版)
【正文】 en Analysis ? Another way to examine variability in our forecasts is breakeven analysis. ? In the Stewart Pharmaceuticals example, we could be concerned with breakeven revenue, breakeven sales volume or breakeven price. ? The breakeven IATCF is given by: $1698 600,1$$)($600,1$041?????? ??IATC FIATC FNPVttMcGrawHill/Irwin Copyright 169。 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。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。 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. 820 The Option to Abandon: Example ? Suppose that we are drilling an oil well. The drilling rig costs $300 today and in one year the well is either a success or a failure. ? The outes are equally likely. The discount rate is 10%. ? The PV of the successful payoff at time one is $575. ? The PV of the unsuccessful payoff at time one is $0. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 826 靜夜四無鄰，荒居舊業(yè)貧。 2023年 3月 17日星期五 10時(shí) 39分 51秒 22:39:5117 March 2023 1做前，能夠環(huán)視四周；做時(shí)，你只能或者最好沿著以腳為起點(diǎn)的射線向前。 2023年 3月 下午 10時(shí) 39分 :39March 17, 2023 1少年十五二十時(shí)，步行奪得胡馬騎。 :39:5122:39:51March 17, 2023 1意志堅(jiān)強(qiáng)的人能把世界放在手中像泥塊一樣任意揉捏。 2023年 3月 下午 10時(shí) 39分 :39March 17, 2023 1業(yè)余生活要有意義，不要越軌。 下午 10時(shí) 39分 51秒 下午 10時(shí) 39分 22:39: 楊柳散和風(fēng)，青山澹吾慮。 , March 17, 2023 很多事情努力了未必有結(jié)果，但是不努力卻什么改變也沒有。 22:39:5122:39:5122:393/17/2023 10:39:51 PM 1以我獨(dú)沈久，愧君相見頻。 2023 by The McGrawHill Companies, Inc. All rights reserved. 822 The Option to Abandon: Example The firm has two decisions to make: drill or not, abandon or stay. Do not drill Drill 0$?N PV500$?Failure Success: PV = $500 Sell the rig。 () $ Tax (34%) Net P
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