Презентация Present Value and The Opportunity Cost of Capital онлайн
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Слайды и текст к этой презентации:
№1 слайд
Содержание слайда: Slides by
Matthew Will
№2 слайд
Содержание слайда: Topics Covered
Present Value
Net Present Value
NPV Rule
ROR Rule
Opportunity Cost of Capital
Managers and the Interests of Shareholders
№3 слайд
Содержание слайда: Present Value
№4 слайд
Содержание слайда: Present Value
№5 слайд
Содержание слайда: Present Value
№6 слайд
Содержание слайда: Valuing an Office Building
Step 1: Forecast cash flows
Cost of building = C0 = 350
Sale price in Year 1 = C1 = 400
Step 2: Estimate opportunity cost of capital
If equally risky investments in the capital market
offer a return of 7%, then
Cost of capital = r = 7%
№7 слайд
Содержание слайда: Valuing an Office Building
Step 3: Discount future cash flows
Step 4: Go ahead if PV of payoff exceeds investment
№8 слайд
Содержание слайда: Net Present Value
№9 слайд
Содержание слайда: Risk and Present Value
Higher risk projects require a higher rate of return
Higher required rates of return cause lower PVs
№10 слайд
Содержание слайда: Risk and Present Value
№11 слайд
Содержание слайда: Rate of Return Rule
Accept investments that offer rates of return in excess of their opportunity cost of capital
№12 слайд
Содержание слайда: Rate of Return Rule
Accept investments that offer rates of return in excess of their opportunity cost of capital
№13 слайд
Содержание слайда: Net Present Value Rule
Accept investments that have positive net present value
№14 слайд
Содержание слайда: Net Present Value Rule
Accept investments that have positive net present value
№15 слайд
Содержание слайда: Opportunity Cost of Capital
Example
You may invest $100,000 today. Depending on the state of the economy, you may get one of three possible cash payoffs:
№16 слайд
Содержание слайда: Opportunity Cost of Capital
Example - continued
The stock is trading for $95.65. Next year’s price, given a normal economy, is forecast at $110
№17 слайд
Содержание слайда: Opportunity Cost of Capital
Example - continued
The stocks expected payoff leads to an expected return.
№18 слайд
Содержание слайда: Opportunity Cost of Capital
Example - continued
Discounting the expected payoff at the expected return leads to the PV of the project
№19 слайд
Содержание слайда: Investment vs. Consumption
Some people prefer to consume now. Some prefer to invest now and consume later. Borrowing and lending allows us to reconcile these opposing desires which may exist within the firm’s shareholders.
№20 слайд
Содержание слайда: Investment vs. Consumption
№21 слайд
Содержание слайда: Investment vs. Consumption
The grasshopper (G) wants to consume now. The ant (A) wants to wait. But each is happy to invest. A prefers to invest 14%, moving up the red arrow, rather than at the 7% interest rate. G invests and then borrows at 7%, thereby transforming $100 into $106.54 of immediate consumption. Because of the investment, G has $114 next year to pay off the loan. The investment’s NPV is $106.54-100 = +6.54
№22 слайд
Содержание слайда: Investment vs. Consumption
The grasshopper (G) wants to consume now. The ant (A) wants to wait. But each is happy to invest. A prefers to invest 14%, moving up the red arrow, rather than at the 7% interest rate. G invests and then borrows at 7%, thereby transforming $100 into $106.54 of immediate consumption. Because of the investment, G has $114 next year to pay off the loan. The investment’s NPV is $106.54-100 = +6.54
№23 слайд
Содержание слайда: Managers and Shareholder Interests
Tools to Ensure Management Pays Attention to the Value of the Firm
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