公司理财第九版课后案例Conch Republic Electronics.pptx

$12,324,872.50
$8,772,600.80
4
$14,038,622.50
$8,921,798.39
5
$20,910,810.00
$11,865,355.17
NPV=-$21500000+$959,439.73+$6,129,522.08+$8,772,600.80+$8,921,798.39+$11, 865,355.17=$15,148,716.18 Therefore: Thecoefficientofpricesensitive=($15,148,716.18-$12,983,611.62)/($370-$360) =$216510.46 Fromthecoefficientofthepricesensitive,wecanknowthatifthepriceincrease$1,theNP VincreaseS216510.46.
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ConchRepublicElectronicsAnalysis
1
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AnalysisofConchRepublicElectronics
Developaprototype Marketstudy
ThenewPDA:
Variablecostperunit Fixedcostperyear Priceofperunit Necessaryequipment Depreciation Salvagevalue Taxrate Requiredreturn
Variablecostforyear1=74000*$155-15000*$120=$9670000
Salesforyear2=95000*$360-15000*$290-(60000-15000)*($290-$255) =$28275000
Variablecostforyear2=95000*$155-15000*$120=$12925000
0
$2,685,350 $15,189,65
0 $5,316,377.
50 $9,873,272.
50
5 $29,600,00
0 $12,400,00
0 $4,700,000 $17,100,00
0
$1,919,950 $10,580,05
0 $3,703,017.
50 $6,877,032.
50
Year Operatingcash flow networkingca pital initialNWC EndingNWC ChangeinNW C
2.50
$9,250,000 $5,845,000 $9,250,000
$3,405,000 $12,324,87
2.50
4 $12,558,62
2.50
$7,770,000 $9,250,000 $7,770,000 ($1,480,000
) $14,038,62
2.50
5 $8,796,982.
ChangeinNWC=EndingNWC-BeginningNWC
Year
1
2
3
4
5
Operatingcashflow
$4,744,572.50 $8,765,372.50 $14,917,372.50 $11,876,122.50 $8,276,982.50
networkingcapital
$4,003,000
$4,003,000
$1,652,000
$3,345,000
($1,440,000)
($7,560,000)
NETCashflow
$741,572.50 $7,113,372.50 $11,572,372.50 $13,316,122.50 15836982.5
Thebookvalueofequipmentafterthedepreciation=$21500000-$3,072,350-$5,265,350-$
+$8,462+$11,451,133.56=$34,483,611.62 PI=$34,483,611.62/$21500000=1.60
3. WhatistheIRRoftheproject? IRRisthereturnthatmakestheNPV=0. Therefore:NPV=0=-$21500000+($741,572.50/(1+IRR)^1)+($7,113,372.50/(1+IRR)^ 2)+($11,572,372.50/(1+IRR)^3)+($13,316,122.50/(1+IRR)^4) ($20180810/(1+IRR)^5) UsetheEXCELwecangettheIRR=27.62%
0
$9,670,000 $4,700,000 $14,370,00
0
$3,072,350
$3,312,650 $1,159,427.
50 $2,153,222.
50
2 $29,225,00
0 $12,925,00
0 $4,700,000 $17,625,00
0
$5,265,350
$6,334,650 $2,217,127.
$5,655,000
$9,000,000
$7,560,000
$5,760,000
initialNWC
$0
$4,003,000
$5,655,000
$9,000,000
$7,560,000
EndingNWC
$4,003,000
$5,655,000
$9,000,000
$7,560,000
$0
ChangeinNWC
Year
1
2
3
4
5
$20,015,00 $28,275,00
$37,800,00 $28,800,00
Sales
0
0
$45,000,000
0
0
Variableco
$12,925,00
$16,275,00 $12,400,00
st
$9,670,000
0
$19,375,000
0
0
FixLeabharlann Baidudcost $4,700,000 $4,700,000 $4,700,000 $4,700,000 $4,700,000
Theexistingmodel:
Priceperunit Variablecostperunit Fixedcostperyear Salesvolumeoffallbyperyear Pricebeloweredofperunit Salesvolumeforyear1 Salesvolumeforyear2
50
$5,920,000 $7,770,000
$0 ($7,770,000
) $16,566,98
2.50
Year 0 1 2
Cashflow ($21,500,000.00)
$1,074,572.50 $7,688,872.50
PV
$959,439.73 $6,129,522.08
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3
4. WhatistheNPVoftheproject? NPV=-$21500000+$662,118.30+$5,670,737.01+$8,236,986.17+$8,462,636.58 +$11,451,133.56=$12,983,611.62
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Part2
5.HowsensitiveistheNPVtochangeinthepriceofthenewPDA?
$750000 $200000
Sunkcost
$155 $4700000 $360 $21500000 Seven-yearMACRS $4100000 35% 12%
Year MACRSPercentage
1
14.29%
2
24.49%
3
17.49%
4
12.49%
5
8.93%
Depreciation $3,072,350 $5,265,350 $3,760,350 $2,685,350 $1,919,950
0
$9,780,050
$900,427.5 $1,884,627. $6,007,627.5 $4,948,877. $3,423,017.
Tax
0
50
0
50
50
$1,672,222. $3,500,022. $11,157,022. $9,190,772. $6,357,032.
Netincome
Salesvolume 74000 95000 125000 105000 80000
$290 $120 $1800000 15000 $255 80000 60000
ThereisnoinitialoutlayforNWC;andNetWorkingCapitalforthePDAswi llbe20%ofsales. Thevalueoftheequipmentinfiveyearswillbe$4.1million.
50
50
50
50
50
Networkingcapital=sales*20% Projectcashflow=Projectoperatingcashflow-Projectchangesinnetworkingcapital-proj
ectcapitalspending
Operatingcashflow=EBIT+Depreciation-Taxes
4 $13,316,122.50 $11,243,440.00 $8,462,636.58
5
$20180810
$11,451,133.56
Paybackperiod=3+($13,316,122.50-$11,243,440.00)/$13,316,122.50 =3.16years
2.Whatistheprofitabilityindexoftheproject? PI=(thepresentvalueofthefuturecashflow)/(initialinvestment) PVofthefuturecashflow=$662,118.30+$5,670,737.01+$8,236,986.17
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IntroducingthenewPDA,itcausestheexitingPDAsalesfalldownandthepricefalldown. Therefore:salesforyear1=74000*$360-15000*$290-(80000-15000)*($290-$255) =$20015000
Wesupposethepriceincrease$10,sothepricewillbe$370perunit
Therefore: Year
Sales Variableco st Fixedcost
Totalcost Depreciati on
EBIT
Tax
Netincome
1 $20,755,00
Remaining
PV
0 ($21,500,000.00)
1
$741,572.50 ($20,758,427.50) $662,118.30
2 $7,113,372.50 ($13,645,055.00) $5,670,737.01
3 $11,572,372.50 ($2,072,682.50) $8,236,986.17
50 $4,117,522.
50
3
$46,250,000
$19,375,000 $4,700,000
$24,075,000
$3,760,350
$18,414,650 $6,445,127.5
0 $11,969,522.
50
4 $38,850,00
0 $16,275,00
0 $4,700,000 $20,975,00
$14,370,00 $17,625,00
$20,975,00 $17,100,00
Totalcost
0
0
$24,075,000
0
0
Depreciati
on
$3,072,350 $5,265,350 $3,760,350 $2,685,350 $1,919,950
$14,139,65
EBIT
$2,572,650 $5,384,650 $17,164,650
Year
Cashflow
0
($21,500,000.00)
1
$741,572.50
3
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2
$7,113,372.50
3
$11,572,372.50
4
$13,316,122.50
5
$20180810
Part1
1Whatisthepaybackperiodoftheproject?
Year Cashflow
3,760,350-$2,685,350-$1,919,950=$4796650
Pretaxsalvagevalueofequipment=$4100000
After-taxcashflowofequipment=$4100000+($4796650-$4100000)*35%=$4343827.5
NETCashflow
1
2
$5,225,572 $9,382,872
.50
.50
$4,151,000 $5,845,000
$0
$4,151,000
$4,151,000 $5,845,000
$4,151,000 $1,694,000
$1,074,572 $7,688,872
.50
.50
3 $15,729,87