公司理財?shù)诰虐嬲n后案例Conch-Republic-Electronics

ConchRepublicElectronicsAnalysisAnalysisofConchRepublicElectronicsDevelopaprototypeMarketstudy$750000$200000SunkcostThenewPDA:VariablecostperunitFixedcostperyearPriceofperunit$155$4700000$360Necessaryequipment$21500000DepreciationSalvagevalueTaxrateSeven-yearMACRS$410000035%Requiredreturn12%YearMACRSPercentage14.29%24.49%17.49%12.49%Depreciation$3,072,350$5,265,350$3,760,350$2,685,350$1,919,950Salesvolume123457400095000125000105000800008.93%Theexistingmodel:Priceperunit$290VariablecostperunitFixedcostperyearSalesvolumeoffallbyperyearPricebeloweredofperunitSalesvolumeforyear1$120$180000015000$2558000060000Salesvolumeforyear2ThereisnoinitialoutlayforNWC;andNetWorkingCapitalforthePDAswillbe20%ofsales.Thevalueoftheequipmentinfiveyearswillbe$4.1million.IntroducingthenewPDA,itcausestheexitingPDAsalesfalldownandthepricefalldown.Therefore:salesforyear1=74000*$360-15000*$290-(80000-15000)*($290-$255)=$20015000Variablecostforyear1=74000*$155-15000*$120=$9670000Salesforyear2=95000*$360-15000*$290-(60000-15000)*($290-$255)=$28275000Variablecostforyear2=95000*$155-15000*$120=$12925000Year12345Sales$20,015,000$9,670,000$4,700,000$14,370,000$3,072,350$2,572,650$900,427.50$1,672,222.50$28,275,000$12,925,000$4,700,000$17,625,000$5,265,350$5,384,650$1,884,627.50$3,500,022.50$45,000,000$19,375,000$4,700,000$24,075,000$3,760,350$17,164,650$6,007,627.50$11,157,022.50$37,800,000$16,275,000$4,700,000$20,975,000$2,685,350$14,139,650$4,948,877.50$9,190,772.50$28,800,000$12,400,000$4,700,000$17,100,000$1,919,950$9,780,050$3,423,017.50$6,357,032.50VariablecostFixedcostTotalcostDepreciationEBITTaxNetincomeNetworkingcapital=sales*20%Projectcashflow=Projectoperatingcashflow-Projectchangesinnetworkingcapital-projectcapitalspendingOperatingcashflow=EBIT+Depreciation-TaxesChangeinNWC=EndingNWC-BeginningNWCYear12345OperatingcashflownetworkingcapitalinitialNWCEndingNWCChangeinNWCNETCashflow$4,744,572.50$4,003,000$0$4,003,000$4,003,000$741,572.50$8,765,372.50$5,655,000$4,003,000$5,655,000$1,652,000$7,113,372.50$14,917,372.50$9,000,000$5,655,000$9,000,000$3,345,000$11,572,372.50$11,876,122.50$7,560,000$9,000,000$7,560,000($1,440,000)$13,316,122.50$8,276,982.50$5,760,000$7,560,000$0($7,560,000)15836982.5Thebookvalueofequipmentafterthedepreciation=$21500000-$3,072,350-$5,265,350-$3,760,350-$2,685,350-$1,919,950=$4796650Pretaxsalvagevalueofequipment=$4100000After-taxcashflowofequipment=$4100000+($4796650-$4100000)*35%=$4343827.5YearCashflow($21,500,000.00)$741,572.50$7,113,372.50$11,572,372.50$13,316,122.50$20180810012345Part11Whatisthepaybackperiodoftheproject?YearCashflow($21,500,000.00)$741,572.50$7,113,372.50$11,572,372.50$13,316,122.50RemainingPV01234($20,758,427.50)($13,645,055.00)($2,072,682.50)$11,243,440.00$662,118.30$5,670,737.01$8,236,986.17$8,462,636.585$20180810$11,451,133.56Paybackperiod=3+($13,316,122.50-$11,243,440.00)/$13,316,122.50=3.16years2.Whatistheprofitabilityindexoftheproject?PI=(thepresentvalueofthefuturecashflow)/(initialinvestment)PVofthefuturecashflow=$662,118.30+$5,670,737.01+$8,236,986.17+$8,462+$11,451,133.56=$34,483,611.62PI=$34,483,611.62/$21500000=1.603.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%4.WhatistheNPVoftheproject?NPV=-$21500000+$662,118.30+$5,670,737.01+$8,236,986.17+$8,462,636.58+$11,451,133.56=$12,983,611.62Part25.HowsensitiveistheNPVtochangeinthepriceofthenewPDA?Wesupposethepriceincrease$10,sothepricewillbe$370perunitTherefore:Year12345Sales$20,755,000$9,670,000$4,700,000$14,370,000$3,072,350$3,312,650$1,159,427.50$29,225,000$12,925,000$4,700,000$17,625,000$5,265,350$6,334,650$2,217,127.50$46,250,000$19,375,000$4,700,000$24,075,000$3,760,350$38,850,000$16,275,000$4,700,000$20,975,000$2,685,350$29,600,000$12,400,000$4,700,000$17,100,000$1,919,950VariablecostFixedcostTotalcostDepreciationEBIT$18,414,650$6,445,127.50$15,189,650$5,316,377.50$10,580,050$3,703,017.50TaxYear12345Operatingcashflow$5,225,572.50$9,382,872.50$15,729,872.50$12,558,622.50$8,796,982.50networkingcapitalinitialNWCEndingNWCChangeinNWC$4,151,000$0$4,151,000$5,845,000$4,151,000$5,845,000$9,250,000$5,845,000$9,250,000$7,770,000$9,250,000$7,770,000$5,920,000$7,770,000$0$4,151,000$1,694,000$3,405,000($1,480,000)($7,770,000)NETCashflow$1,074,572.50$7,688,872.50$12,324,872.50$14,038,622.50$16,566,982.50YearCashflowPV012345($21,500,000.00)$1,074,572.50$7,688,872.50$12,324,872.50$14,038,622.50$959,439.73$6,129,522.08$8,772,600.80$8,921,798.39$11,865,355.17$20,910,810.00NPV=-$21500000+$959,439.73+$6,129,522.08+$8,772,600.80+$8,921,798.39+$11,865,355.17=$15,148,716.18Therefore:Thecoefficientofpricesensitive=($15,148,716.18-$12,983,611.62)/($370-$360)=$216510.46Fromthecoefficientofthepricesensitive,wecanknowthatifthepriceincrease$1,theNPVincreaseS216510.46.6.HowsensitiveistheNPVtochangeinquantitysoldoftheNewPDA?Wesupposethequantityincrease1000peryear.Therefore:Year12345Sales$20,375,000$9,825,000$4,700,000$14,525,000$28,635,000$13,080,000$4,700,000$17,780,000$45,360,000$19,530,000$4,700,000$24,230,000$38,160,000$16,430,000$4,700,000$21,130,000$29,160,000$12,555,000$4,700,000$17,255,000VariablecostFixedcostTotalcostDepreciationEBITTax$3,072,350$2,777,650$972,177.50$1,805,472.50$5,265,350$5,589,650$1,956,377.50$3,633,272.50$3,760,350$17,369,650$6,079,377.50$11,290,272.50$2,685,350$14,344,650$5,020,627.50$9,324,022.50$1,919,950$9,985,050$3,494,767.50$6,490,282.50NetincomeYear12345OperatingcashflownetworkingcapitalinitialNWCEndingNWCChangeinNWCNETCashflow$4,877,822.50$4,075,000$0$4,075,000$4,075,000$802,822.50$8,898,622.50$5,727,000$4,075,000$5,727,000$1,652,000$7,246,622.50$15,050,622.50$12,009,372.50$8,410,232.50$9,072,000$5,727,000$9,072,000$3,345,000$7,632,000$9,072,000$7,632,000($1,440