公司戰(zhàn)略和凈現(xiàn)值分析-文庫吧資料
2025-03-03 00:29本頁面
【正文】 5,628$ 2)(900,7$529,6$ ?McGrawHill/Irwin Copyright 169。 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。 () $ Tax (34%) Net Profit = 504 depreciation $ Cash Flow $ 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. 812 Scenario Analysis ? A variation on sensitivity analysis is scenario analysis. ? For example, the following three scenarios could apply to Stewart Pharmaceuticals: 1. The next years each have heavy cold seasons, and sales exceed expectations, but labor costs skyrocket. 2. The next years are normal and sales meet expectations. 3. The next years each have lighter than normal cold seasons, so sales fail to meet expectations. ? Other scenarios could apply to FDA approval for their drug. ? For each scenario, calculate the NPV. McGrawHill/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 $1,600 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 89 Sensitivity Analysis, Scenario Analysis, and BreakEven Analysis ? Allows us to look the behind the NPV number to see firm our estimates are. ? When working with spreadsheets, try to build your model so that you can just adjust variables in one cell and have the NPV calculations key to that. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 87 Decision Tree for Stewart Pharmaceutical Do not test Test Failure Success Do not invest Invest Invest 611,3$??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. 85 Stewart Pharmaceuticals ? The Stewart Pharmaceuticals Corporation is considering investing in developing a drug that cures the mon cold. ? A corporate planning group, including representatives from production, marketing, and engineering, has remended that the firm go ahead with the test and
法律信息相關(guān)推薦
鄂ICP備17016276號-1