🗊Презентация Present Value and The Opportunity Cost of Capital

Категория: Экономика и Финансы
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Present Value and The Opportunity Cost of Capital, слайд №1Present Value and The Opportunity Cost of Capital, слайд №2Present Value and The Opportunity Cost of Capital, слайд №3Present Value and The Opportunity Cost of Capital, слайд №4Present Value and The Opportunity Cost of Capital, слайд №5Present Value and The Opportunity Cost of Capital, слайд №6Present Value and The Opportunity Cost of Capital, слайд №7Present Value and The Opportunity Cost of Capital, слайд №8Present Value and The Opportunity Cost of Capital, слайд №9Present Value and The Opportunity Cost of Capital, слайд №10Present Value and The Opportunity Cost of Capital, слайд №11Present Value and The Opportunity Cost of Capital, слайд №12Present Value and The Opportunity Cost of Capital, слайд №13Present Value and The Opportunity Cost of Capital, слайд №14Present Value and The Opportunity Cost of Capital, слайд №15Present Value and The Opportunity Cost of Capital, слайд №16Present Value and The Opportunity Cost of Capital, слайд №17Present Value and The Opportunity Cost of Capital, слайд №18Present Value and The Opportunity Cost of Capital, слайд №19Present Value and The Opportunity Cost of Capital, слайд №20Present Value and The Opportunity Cost of Capital, слайд №21Present Value and The Opportunity Cost of Capital, слайд №22Present Value and The Opportunity Cost of Capital, слайд №23
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Slides by Matthew Will
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Slides by Matthew Will

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Topics Covered Present Value Net Present Value NPV Rule ROR Rule Opportunity Cost of Capital Managers and the Interests of Shareholders
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Topics Covered Present Value Net Present Value NPV Rule ROR Rule Opportunity Cost of Capital Managers and the Interests of Shareholders

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Present Value
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Present Value

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Present Value
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Present Value

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Present Value
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Present Value

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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%
Описание 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%

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Valuing an Office Building Step 3: Discount future cash flows Step 4: Go ahead if PV of payoff exceeds investment
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Valuing an Office Building Step 3: Discount future cash flows Step 4: Go ahead if PV of payoff exceeds investment

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Net Present Value
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Net Present Value

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Risk and Present Value Higher risk projects require a higher rate of return Higher required rates of return cause lower PVs
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Risk and Present Value Higher risk projects require a higher rate of return Higher required rates of return cause lower PVs

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Risk and Present Value
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Risk and Present Value

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Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity cost of capital
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Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity cost of capital

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Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity cost of capital
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Rate of Return Rule Accept investments that offer rates of return in excess of their opportunity cost of capital

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Net Present Value Rule Accept investments that have positive net present value
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Net Present Value Rule Accept investments that have positive net present value

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Net Present Value Rule Accept investments that have positive net present value
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Net Present Value Rule Accept investments that have positive net present value

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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:
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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:

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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
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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

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Opportunity Cost of Capital Example - continued The stocks expected payoff leads to an expected return.
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Opportunity Cost of Capital Example - continued The stocks expected payoff leads to an expected return.

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Opportunity Cost of Capital Example - continued Discounting the expected payoff at the expected return leads to the PV of the project
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Opportunity Cost of Capital Example - continued Discounting the expected payoff at the expected return leads to the PV of the project

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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.
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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.

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Investment vs. Consumption
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Investment vs. Consumption

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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
Описание 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

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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
Описание 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

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Managers and Shareholder Interests Tools to Ensure Management Pays Attention to the Value of the Firm
Описание слайда:
Managers and Shareholder Interests Tools to Ensure Management Pays Attention to the Value of the Firm

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