REVENUES IN YEAR 2012 |
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INITIAL INVESTMENT |
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CASHFLOW DETAILS |
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DISCOUNT RATE |
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Initial Investment |
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$50 000 |
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Revenues in year 2012 |
$40 000 |
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Approach |
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2 |
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Opportunity cost |
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$7 484 |
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Var. Expenses as % of Rev |
50% |
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1. Discount rate |
10% |
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Lifetime of the investment |
10 |
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Fixed expenses in year 2012 |
0 |
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2a. Beta |
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0,9 |
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Salvage Value at end of project |
$10 000 |
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Tax rate on net income |
40% |
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b. Riskless rate |
8,00% |
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Deprec. Method (1:St.line;2:DDB) |
2 |
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c. Market risk premium |
5,50% |
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Tax Credit |
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10% |
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d. Debt Ratio |
30,00% |
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Other invest. |
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0 |
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e. Cost of Borrowing |
9,00% |
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Discount rate used |
10,69% |
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WORKING CAPITAL |
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Initial Investment in Work. Cap |
$10 000 |
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Working Capital |
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25% |
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Salvageable fraction at end |
100% |
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GROWTH RATES |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
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Revenues |
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10,00% |
10,00% |
8,00% |
9,00% |
12,00% |
12,50% |
10,20% |
9,50% |
12,50% |
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Fixed Expenses |
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10,00% |
10,00% |
8,00% |
9,00% |
12,00% |
12,50% |
10,20% |
9,50% |
12,50% |
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INITIAL INVESTMENT |
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Investment |
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$50 000 |
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- Tax Credit |
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$5 000 |
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Net Investment |
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$45 000 |
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+ Working Cap |
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$10 000 |
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+ Opp. Cost |
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$7 484 |
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+ Other invest. |
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$0 |
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Initial Investment |
$62 484 |
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YEAR |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
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SALVAGE VALUE |
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Equipment |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$10 000 |
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Working Capital |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$24 364 |
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OPERATING CASHFLOWS |
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Lifetime Index |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
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Revenues |
$40 000 |
$44 000 |
$48 400 |
$52 272 |
$56 976 |
$63 814 |
$71 790 |
$79 113 |
$86 629 |
$97 457 |
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-Var. Expenses |
$20 000 |
$22 000 |
$24 200 |
$26 136 |
$28 488 |
$31 907 |
$35 895 |
$39 556 |
$43 314 |
$48 729 |
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- Fixed Expenses |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
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EBITDA |
$20 000 |
$22 000 |
$24 200 |
$26 136 |
$28 488 |
$31 907 |
$35 895 |
$39 556 |
$43 314 |
$48 729 |
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- Depreciation |
$10 000 |
$8 000 |
$6 400 |
$5 120 |
$4 096 |
$3 277 |
$2 621 |
$486 |
$0 |
$0 |
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EBIT |
$10 000 |
$14 000 |
$17 800 |
$21 016 |
$24 392 |
$28 630 |
$33 274 |
$39 071 |
$43 314 |
$48 729 |
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-Tax |
$4 000 |
$5 600 |
$7 120 |
$8 406 |
$9 757 |
$11 452 |
$13 309 |
$15 628 |
$17 326 |
$19 491 |
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EBIT(1-t) |
$6 000 |
$8 400 |
$10 680 |
$12 610 |
$14 635 |
$17 178 |
$19 964 |
$23 442 |
$25 989 |
$29 237 |
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+ Depreciation |
$10 000 |
$8 000 |
$6 400 |
$5 120 |
$4 096 |
$3 277 |
$2 621 |
$486 |
$0 |
$0 |
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- ∂ Work. Cap |
$0 |
$1 000 |
$1 100 |
$968 |
$1 176 |
$1 709 |
$1 994 |
$1 831 |
$1 879 |
$2 707 |
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NATCF |
$16 000 |
$15 400 |
$15 980 |
$16 762 |
$17 555 |
$18 746 |
$20 592 |
$22 098 |
$24 110 |
$26 530 |
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Discount Factor |
1,10685 |
1,225116923 |
1,356020666 |
1,500911474 |
1,661283865 |
1,838792046 |
2,035266976 |
2,252735252 |
2,493440014 |
2,759864079 |
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Discounted CF |
$14 455 |
$12 570 |
$11 784 |
$11 168 |
$10 567 |
$10 194 |
$10 117 |
$9 809 |
$9 669 |
$22 064 |
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INVESTMENT MEASURES |
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NPV |
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$122 400 |
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IRR |
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#NUM! |
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ROC |
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94,43% |
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BOOK VALUE & DEPRECIATION |
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Book Value (beginning) |
$50 000 |
$40 000 |
$32 000 |
$25 600 |
$20 480 |
$16 384 |
$13 107 |
$10 486 |
$10 000 |
$10 000 |
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Depreciation |
$10 000 |
$8 000 |
$6 400 |
$5 120 |
$4 096 |
$3 277 |
$2 621 |
$486 |
$0 |
$0 |
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BV(ending) |
$40 000 |
$32 000 |
$25 600 |
$20 480 |
$16 384 |
$13 107 |
$10 486 |
$10 000 |
$10 000 |
$10 000 |
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