cashflowestimationandriskanalysis(英文版)-資料下載頁(yè)
2025-02-09 08:52本頁(yè)面
【正文】 es Base 100,000 Worst 75,000 12 33 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. If cash costs are to remain 60% of revenues, and all other factors are constant, we can solve for project NPV under each scenario. Best $ Case Probability NPV Base $ Worst ($) 12 34 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. E(NPV)=.25($)+.5($)+.25($) E(NPV)= $. Use these scenarios, with their given probabilities, to find the project’s expected NPV, ?NPV, and CVNPV. ?NPV = [.25($$)2 + .5($$)2 + .25($$)2]1/2 ?NPV = $. CVNPV = $ /$ = . 12 35 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. The firm’s average projects have coefficients of variation ranging from to . Would this project be of high, average, or low risk? The project’s CV of would suggest that it would be classified as high risk. 12 36 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Is this project likely to be correlated with the firm’s business? How would it contribute to the firm’s overall risk? We would expect a positive correlation with the firm’s aggregate cash flows. As long as this correlation is not perfectly positive (., r ? 1), we would expect it to contribute to the lowering of the firm’s total risk. 12 37 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. The project’s corporate risk would not be directly affected. However, when bined with the project’s high standalone risk, correlation with the economy would suggest that market risk (beta) is high. If the project had a high correlation with the economy, how would corporate and market risk be affected? 12 38 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Reevaluating this project at a 13% cost of capital (due to high standalone risk), the NPV of the project is $ . If the firm uses a +/3% risk adjustment for the cost of capital, should the project be accepted? 12 39 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. A risk analysis technique in which probable future events are simulated on a puter, generating estimated rates of return and risk indexes. What is Monte Carlo simulation? 12 40 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1