公司理财第九版课案例Conch Republic Electronics文档格式.docx
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公司理财第九版课案例Conch Republic Electronics文档格式.docx
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2
24.49%
$5,265,350
95000
3
17.49%
$3,760,350
125000
4
12.49%
$2,685,350
105000
5
8.93%
$1,919,950
80000
Theexistingmodel:
Priceperunit
$290
$120
$1800000
Salesvolumeoffallbyperyear
15000
Pricebeloweredofperunit
$255
Salesvolumeforyear1
Salesvolumeforyear2
60000
ThereisnoinitialoutlayforNWC;
andNetWorkingCapitalforthePDAswillbe20%ofsales.
Thevalueoftheequipmentinfiveyearswillbe$4.1million.
IntroducingthenewPDA,itcausestheexitingPDAsalesfalldownandthepricefalldown.
Therefore:
salesforyear1=74000*$360-15000*$290-(80000-15000)*($290-$255)
=$20015000
Variablecostforyear1=74000*$155-15000*$120=$9670000
Salesforyear2=95000*$360-15000*$290-(60000-15000)*($290-$255)
=$28275000
Variablecostforyear2=95000*$155-15000*$120=$12925000
Sales
$20,015,00
$28,275,00
$45,000,000
$37,800,00
$28,800,00
Variable
cost
$9,670,000
$12,925,00
$19,375,000
$16,275,00
$12,400,00
Fixedcost
$4,700,000
Totalcost
$14,370,00
$17,625,00
$24,075,000
$20,975,00
$17,100,00
Depreciati
on
EBIT
$2,572,650
$5,384,650
$17,164,650
$14,139,65
$9,780,050
Tax
$900,427.5
$1,884,627.
50
$6,007,627.5
$4,948,877.
$3,423,017.
Netincome
$1,672,222.
$3,500,022.
$11,157,022.
$9,190,772.
$6,357,032.
Networkingcapital=sales*20%
Projectcashflow=Projectoperatingcashflow-Projectchangesinnetworkingcapital-projectcapitalspending
Operatingcashflow=EBIT+Depreciation-TaxesChangeinNWC=EndingNWC-BeginningNWC
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
$5,655,000
$9,000,000
$7,560,000
$5,760,000
initialNWC
$0
EndingNWC
ChangeinNWC
$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-$3,760,350-$2,685,350-$1,919,950=$4796650
Pretaxsalvagevalueofequipment=$4100000
After-taxcashflowofequipment=$4100000+($4796650-$4100000)*35%=$4343827.5
Cashflow
($21,500,000.00)
$20180810
Part1
1Whatisthepaybackperiodoftheproject?
Remaining
PV
($20,758,427.50)
$662,118.30
($13,645,055.00)
$5,670,737.01
($2,072,682.50)
$8,236,986.17
$11,243,440.00
$8,462,636.58
$11,451,133.5
6
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
+$8,462+$11,451,133.56=$34,483,611.62
PI=$34,483,611.62/$21500000=1.60
3.WhatistheIRRoftheproject?
IRRisthereturnthatmakestheNPV=0.
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%
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
Part2
5.HowsensitiveistheNPVtochangeinthepriceofthenewPDA?
Wesupposethepriceincrease$10,sothepricewillbe$370perunit
$20,755,00
$29,225,00
$46,250,000
$38,850,00
$29,600,00
$3,312,650
$6,334,650
$18,414,650
$15,189,65
$10,580,05
$1,159,427.
$2,217,127.
$6,445,127.5
$5,316,377.
$3,703,017.
$2,153,222.
$4,117,522.
$11,969,522.
$9,873,272.
$6,877,032.
Operatingcash
flow
$5,225,57
2.50
$9,382,87
$15,729,87
$12,558,62
$8,796,982.
networking
capital
$4,151,00
$5,845,00
$9,250,000
$7,770,000
$5,920,000
$5,845,000
Changein
NWC
$1,694,00
$3,405,000
($1,480,000
)
($7,770,000
$1,074,57
$7,688,87
$12,324,87
$14,038,62
$16,566,98
$1,074,572.50
$959,439.73
$7,688,872.50
$6,129,522.08
$12,324,872.50
$8,772,600.80
$14,038,622.50
$8,921,798.39
$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
Thecoefficientofpricesensitive=($15,148,716.18-$12,983,611.62)/($370-$360)
=$216510.46
Fromthecoefficientofthepricesensitive,wecanknowthatifthepriceincrease
$1,theNPVincreaseS216510.46.
6.HowsensitiveistheNPVtochangeinquantitysoldoftheNewPDA?
Wesupposethequantityincrease1000peryear.
$20,375,00
$28,635,00
$45,360,000
$38,160,00
$29,160,00
$9,825,000
$13,080,00
$19,530,000
$16,430,00
$12,555,00
$14,525,00
$17,780,00
$24,230,000
$21,130,00
$17,255,00
$2,777,650
$5,589,650
$17,369,650
$14,344,65
$9,985,050
$972,177.5
$1,956,377.
$6,079,377.5
$5,020,627.
$3,494,767.
$1,805,472.
$3,633,272.
$11,290,272.
$9,324,022.
$6,490,282.
$4,877,82
$8,898,62
$15,050,62
$12,009,37
$8,410,232.
$4,075,00
$5,727,00
$9,072,000
$7,632,000
$5,832,000
$5,727,000
$1,652,00
($1,440,000
($7,632,000
$802,822.
$7,246,62
$11,705,62
$13,449,37
$16,042,23
$802,822.50
$716,805.80
$7,246,622.50
$5,776,963.09
$11,705,622.50
$8,331,830.88
$13,449,372.50
$8,547,319.37
$20,386,060.00
$11,567,597.93
NPV=-$21500000+$716,805.80+$5,776,963.09+$8,331,830.88+$8,547,319.37
+$11,567,597.93=$13,440,517.07
Thecoefficientofpricesensitive=($13,440,517.07-$12,983,611.62)/1000
=$456.91
Fromthecoefficientofthequantitysensitive,wecanknowthatifthequantityincreases1,theNPVincrease$456.91.
Reference
Ross,Stephen.(2010).Fundamentalsofcorporatefinance:
Chapter10andChapter11Minicase.Asia:
McGraw-HillEducation.
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