PROJECT NPV Basics

(in thousands of $)
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Key Assumptions
Unit Sales 2000 4000 5600 6800 7400 3700 1800
Inflation Rate 2.0% 2.5% 3.0% 3.5% 4.0% 4.0% 4.0%
Real Cost of Capital 11.0% 11.2% 11.4% 11.6% 11.8% 12.0% 12.2%
Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

Discounting
Discount Rate = Cost of Capital 13.2% 14.0% 14.7% 15.5% 16.3% 16.5% 16.7%
Cumulative Discount Factor 0.0% 13.2% 29.0% 48.1% 71.0% 98.9% 131.6% 170.3%

Price or Cost / Unit

Sales Revenue / Unit $9.70 $9.94 $10.24 $10.60 $11.02 $11.46 $11.92
Variable Cost / Unit $7.40 $7.59 $7.81 $8.09 $8.41 $8.75 $9.10
Cash Fixed Costs $5,280 $5,412 $5,574 $5,769 $6,000 $6,240 $6,490

Cash Flow Forecasts

Sales Revenue $19,400 $39,770 $57,348 $72,075 $81,571 $42,417 $21,461
Variable Costs $14,800 $30,340 $43,750 $54,985 $62,230 $32,359 $16,372
Gross Margin $4,600 $9,430 $13,598 $17,090 $19,342 $10,058 $5,089

Cash Fixed Costs $5,280 $5,412 $5,574 $5,769 $6,000 $6,240 $6,490
Depreciation $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421
Total Fixed Costs $6,701 $6,833 $6,996 $7,191 $7,422 $7,662 $7,911

Operating Profit ( EBIT ) ($2,101) $2,597 $6,602 $9,899 $11,920 $2,396 ($2,823)
Taxes ($736) $909 $2,311 $3,465 $4,172 $839 ($988)
Net Profit ($1,366) $1,688 $4,291 $6,434 $7,748 $1,557 ($1,835)

Add Back Depreciation $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421
Operating Cash Flow $55 $3,109 $5,713 $7,856 $9,169 $2,979 ($413)

Investment in Plant & Equip ( NCS ) ($11,350) $1,400

Cash Flows ($11,350) $55 $3,109 $5,713 $7,856 $9,169 $2,979 $987
Present Value of Each Cash Flow ($11,350) $49 $2,409 $3,858 $4,593 $4,611 $1,286 $365
Net Present Value $5,822
PROJECT NPV Sensitivity Analysis
(in thousands of $)
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Key Assumptions
Base Case Unit Sales 2000 4000 5600 6800 7400 3700 1800
Unit Sales Scale Factor 100.0%
Unit Sales 2000 4000 5600 6800 7400 3700 1800
Inflation Rate 2.0% 2.5% 3.0% 3.5% 4.0% 4.0% 4.0%
Real Cost of Capital Increment 0.2% 0.4% 0.6% 0.8% 1.0% 1.2%
Real Cost of Capital 11.0% 11.2% 11.4% 11.6% 11.8% 12.0% 12.2%
Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

Discounting
Discount Rate = Cost of Capital 13.2% 14.0% 14.7% 15.5% 16.3% 16.5% 16.7%
Cumulative Discount Factor 0.0% 13.2% 29.0% 48.1% 71.0% 98.9% 131.6% 170.3%

Price or Cost / Unit

Sales Revenue / Unit $9.70 $9.94 $10.24 $10.60 $11.02 $11.46 $11.92

Variable Costs / Unit:

Direct Labor $3.50 $3.59 $3.70 $3.82 $3.98 $4.14 $4.30
Materials $2.00 $2.05 $2.11 $2.19 $2.27 $2.36 $2.46
Selling Expenses $1.20 $1.23 $1.27 $1.31 $1.36 $1.42 $1.47
Other $0.70 $0.72 $0.74 $0.76 $0.80 $0.83 $0.86
Total Variable Cost / Unit $7.40 $7.59 $7.81 $8.09 $8.41 $8.75 $9.10

Cash Fixed Costs:

Lease Payment $2,800 $2,870 $2,956 $3,060 $3,182 $3,309 $3,442
Property Taxes $580 $595 $612 $634 $659 $685 $713
Administration $450 $461 $475 $492 $511 $532 $553
Advertising $930 $953 $982 $1,016 $1,057 $1,099 $1,143
Other $520 $533 $549 $568 $591 $615 $639
Total Cash Fixed Costs $5,280 $5,412 $5,574 $5,769 $6,000 $6,240 $6,490
Working Capital
Work Cap / Next Yr Unit Sales $0.87 $0.89 $0.91 $0.94 $0.97 $1.01 $1.05 $1.09
Working Capital $1,740 $3,550 $5,094 $6,371 $7,176 $3,731 $1,888 $0

Cash Flow Forecasts

Sales Revenue $19,400 $39,770 $57,348 $72,075 $81,571 $42,417 $21,461
Variable Costs $14,800 $30,340 $43,750 $54,985 $62,230 $32,359 $16,372
Gross Margin $4,600 $9,430 $13,598 $17,090 $19,342 $10,058 $5,089

Cash Fixed Costs $5,280 $5,412 $5,574 $5,769 $6,000 $6,240 $6,490
Depreciation $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421
Total Fixed Costs $6,701 $6,833 $6,996 $7,191 $7,422 $7,662 $7,911

Operating Profit ($2,101) $2,597 $6,602 $9,899 $11,920 $2,396 ($2,823)

Taxes ($736) $909 $2,311 $3,465 $4,172 $839 ($988)
Net Profit ($1,366) $1,688 $4,291 $6,434 $7,748 $1,557 ($1,835)

Add Back Depreciation $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421
Operating Cash Flow $55 $3,109 $5,713 $7,856 $9,169 $2,979 ($413)

Investment in Working Capital ($1,740) ($1,810) ($1,544) ($1,277) ($805) $3,444 $1,843 $1,888
Investment in Plant & Equip ($11,350) $1,400
Investment Cash Flow ($13,090) ($1,810) ($1,544) ($1,277) ($805) $3,444 $1,843 $3,288

Cash Flows ($13,090) ($1,754) $1,565 $4,436 $7,051 $12,614 $4,822 $2,875
Present Value of Each Cash Flow ($13,090) ($1,549) $1,213 $2,996 $4,123 $6,343 $2,082 $1,063
Net Present Value $3,180

Data Table: Sensitivity of the Net Present Value to Unit Sales and Date 0 Real Cost of Capital
Input Values for Unit Sales Scale Factor
Out Formula: Net Present Value $3,180 50% 60% 70% 80% 90%
 9.0%
Input Values for 10.0%
Date 0 Real Cost of Capital 14.0%
15.0%
13.0%

Sensitivity of Project NPV to Unit Sales and Cost of Capital

$15,000
Project NPV
$10,000
$5,000
$0
9.0% 10.0% 14.0%

9.0%
10.0%
($5,000)

14.0%
90%

15.0%
15.0% 13.0%
80%

13.0%
70%

60%

50%

Unit Sales Scale Factor

Real Cost of Capital
Suppose a firm is considering the following project, where all of the dollar figures are in thousands of dollars. In year 0, the proj
using the straight-line method over seven years, and there is a salvage value of $5,600 in year 7. The project is forecast to gen
to 8,200 units in year 7, and dropping to zero in year 8. The inflation rate is forecast to be 1.0% in year 1, rising to 2.8% in year
year 1, rising to 10.6% in year 7. The tax rate is forecast to be a constant 42.0%. Sales revenue per unit is forecast to be $16.0
be $10.20 in year 1 and then grow with inflation. Cash fixed costs are forecast to be $9,020 in year 1 and then grow with inflatio

Year 0 Year 1 Year 2 Year 3 Year 4

Key Assumptions
Unit Sales 6700 13400 19700 24400
Inflation Rate 1.0% 1.5% 2.0% 2.5%
Real Cost of Capital 8.9% 9.1% 9.4% 9.7%
Tax Rate 42.0% 42.0% 42.0% 42.0%

Discounting
Discount Rate = Cost of Capital = Nominal rate 10.0% 10.7% 11.6% 12.4%
Cumulative Discount Factor 0.0% 10.0% 21.8% 35.9% 52.8%

Price or Cost / Unit

Sales Revenue / Unit $16.00 $16.24 $16.56 $16.98
Variable Cost / Unit $10.20 $10.35 $10.56 $10.82
Cash Fixed Costs $9,020 $9,155 $9,338 $9,572

Cash Flow Forecasts

Sales Revenue $107,200 $217,616 $326,327 $414,286
Variable Costs $68,340 $138,730 $208,033 $264,107
Gross Margin $38,860 $78,886 $118,293 $150,179

Cash Fixed Costs $9,020 $9,155 $9,338 $9,572

Depreciation $4,557 $4,557 $4,557 $4,557
Total Fixed Costs $13,577 $13,712 $13,896 $14,129

Operating Profit ( EBIT ) $25,283 $65,173 $104,398 $136,050

Taxes $10,619 $27,373 $43,847 $57,141
Net Profit $14,664 $37,801 $60,551 $78,909

Add Back Depreciation $4,557 $4,557 $4,557 $4,557

Operating Cash Flow $19,221 $42,358 $65,108 $83,466

Investment in Plant & Equip ( NCS ) ($37,500)

Cash Flows ($37,500) $19,221 $42,358 $65,108 $83,466
Present Value of Each Cash Flow ($37,500) $17,476 $34,777 $47,904 $54,616
Net Present Value $205,155
 nds of dollars. In year 0, the project requires $37,500 investment in plant and equipment, is depreciated
7. The project is forecast to generate sales of 6,700 units in year 1, rising to 25,000 units in year 5, declining
% in year 1, rising to 2.8% in year 5, and then leveling off. The real cost of capital is forecast to be 8.9% in
e per unit is forecast to be $16.00 in year 1 and then grow with inflation. Variable cost per unit is forecast to
year 1 and then grow with inflation. What is the project’s NPV?

Year 5 Year 6 Year 7

25000 12500 8200

2.8% 2.8% 2.8%
10.0% 10.3% 10.6%
42.0% 42.0% 42.0%

13.1% 13.4% 13.7%

72.8% 95.9% 122.8%

$17.45 $17.94 $18.45

$11.13 $11.44 $11.76
$9,840 $10,115 $10,399

$436,358 $224,288 $151,253

$278,178 $142,984 $96,424
$158,180 $81,304 $54,829

$9,840 $10,115 $10,399

$4,557 $4,557 $4,557
$14,397 $14,673 $14,956

$143,783 $66,632 $39,873

$60,389 $27,985 $16,747
$83,394 $38,647 $23,127

$4,557 $4,557 $4,557

$87,951 $43,204 $27,684

$5,600
$87,951 $43,204 $33,284
$50,894 $22,048 $14,940
Consider the same project as problem 1, but modify it as follows. Suppose that Direct Labor, Materials, Selling Expenses, and O
$4.20, $1.10, and $2.20, respectively, in year 1 and then grow with inflation. Lease Payment, Property Taxes, Administration, A
to be $3,900, $690, $710, $1,120, and $810, respectively, in year 1 and then grow with inflation. What are the Total Variable Co

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Key Assumptions
Base Case Unit Sales 6700 13400 19700 24400 25000 12500
Unit Sales Scale Factor 100.0%
Unit Sales 6700 13400 19700 24400 25000 12500
Inflation Rate 1.0% 1.5% 2.0% 2.5% 2.8% 2.8%
Real Cost of Capital Increment 0.5% 1.0% 1.5% 2.0% 2.5%
Real Cost of Capital 8.9% 9.40% 9.90% 10.40% 10.90% 11.40%
Tax Rate 42.0% 42.0% 42.0% 42.0% 42.0% 42.0%

Discounting
Discount Rate = Cost of Capital 10.0% 11.0% 12.1% 13.2% 14.0% 14.5%
Cumulative Discount Factor 0.0% 10.0% 22.1% 36.9% 54.9% 76.6% 102.3%

Price or Cost / Unit

Sales Revenue / Unit $16.00 $16.24 $16.56 $16.98 $17.45 $17.94

Variable Costs / Unit:

Direct Labor $4.10 $4.16 $4.24 $4.35 $4.47 $4.60
Materials $4.20 $4.26 $4.35 $4.46 $4.58 $4.71
Selling Expenses $1.10 $1.12 $1.14 $1.17 $1.20 $1.23
Other $2.20 $2.23 $2.28 $2.33 $2.40 $2.47
Total Variable Cost / Unit $11.60 $11.77 $12.01 $12.31 $12.65 $13.01

Cash Fixed Costs:

Lease Payment $3,900 $3,959 $4,038 $4,139 $4,254 $4,374
Property Taxes $690 $700 $714 $732 $753 $774
Administration $710 $721 $735 $753 $775 $796
Advertising $1,200 $1,218 $1,242 $1,273 $1,309 $1,346
Other $810 $822 $839 $860 $884 $908
Total Cash Fixed Costs $7,310 $7,420 $7,568 $7,757 $7,974 $8,198
s, Selling Expenses, and Other Variable Costs are forecast to be $4.10,
y Taxes, Administration, Advertising, and Other cash fixed costs are forecast
t are the Total Variable Cost / Unit and the Total Cash Fixed Costs?

Year 7

8200

8200
2.8%
3.0%
11.90%
42.0%

15.0%
132.7%

$18.45

$4.73
$4.84
$1.27
$2.54
$13.37

$4,496
$795
$819
$1,383
$934
$8,427
Consider the same project as problem 2, but modify it as follows: suppose that the project will require working capital in the amo
next year's forecasted sales and that this amount will grow with inflation going forward. What is the project’s NPV?

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6

Key Assumptions
Base Case Unit Sales 6700 13400 19700 24400 25000 12500
Unit Sales Scale Factor 100.0%
Unit Sales 6700 13400 19700 24400 25000 12500
Inflation Rate 1.0% 1.5% 2.0% 2.5% 2.8% 2.8%
Real Cost of Capital Increment 0.5% 1.0% 1.5% 2.0% 2.5%
Real Cost of Capital 8.9% 9.40% 9.90% 10.40% 10.90% 11.40%
Tax Rate 42.0% 42.0% 42.0% 42.0% 42.0% 42.0%

Discounting
Discount Rate = Cost of Capital 10.0% 11.0% 12.1% 13.2% 14.0% 14.5%
Cumulative Discount Factor 0.0% 10.0% 22.1% 36.9% 54.9% 76.6% 102.3%

Price or Cost / Unit

Sales Revenue / Unit $16.00 $16.24 $16.56 $16.98 $17.45 $17.94

Variable Costs / Unit:

Direct Labor $4.10 $4.16 $4.24 $4.35 $4.47 $4.60
Materials $4.20 $4.26 $4.35 $4.46 $4.58 $4.71
Selling Expenses $1.10 $1.12 $1.14 $1.17 $1.20 $1.23
Other $2.20 $2.23 $2.28 $2.33 $2.40 $2.47
Total Variable Cost / Unit $11.60 $11.77 $12.01 $12.31 $12.65 $13.01

Cash Fixed Costs:

Lease Payment $3,900 $3,959 $4,038 $4,139 $4,254 $4,374
Property Taxes $690 $700 $714 $732 $753 $774
Administration $710 $721 $735 $753 $775 $796
Advertising $1,200 $1,218 $1,242 $1,273 $1,309 $1,346
Other $810 $822 $839 $860 $884 $908
Total Cash Fixed Costs $7,310 $7,420 $7,568 $7,757 $7,974 $8,198

Working Capital
Work Cap / Next Yr Unit Sales $1.58 $1.60 $1.62 $1.65 $1.69 $1.74 $1.79
Working Capital $10,586 $21,384 $31,909 $40,312 $42,336 $21,761 $14,675

Cash Flow Forecasts

Sales Revenue $107,200 $217,616 $326,327 $414,286 $436,358 $224,288
Variable Costs $77,720 $157,772 $236,587 $300,357 $316,360 $162,609
Gross Margin $29,480 $59,844 $89,740 $113,929 $119,999 $61,679

Cash Fixed Costs $7,310 $7,420 $7,568 $7,757 $7,974 $8,198

Depreciation $4,557 $4,557 $4,557 $4,557 $4,557 $4,557
Total Fixed Costs $11,867 $11,977 $12,125 $12,314 $12,532 $12,755
Operating Profit $17,613 $47,868 $77,615 $101,614 $107,467 $48,924
Taxes $7,397 $20,104 $32,598 $42,678 $45,136 $20,548
Net Profit $10,215 $27,763 $45,016 $58,936 $62,331 $28,376

Add Back Depreciation $4,557 $4,557 $4,557 $4,557 $4,557 $4,557

Operating Cash Flow $14,773 $32,320 $49,574 $63,493 $66,888 $32,933

Investment in Working Capital ($10,586) ($10,798) ($10,525) ($8,403) ($2,024) $20,575 $7,086
Investment in Plant & Equip ($37,500)
Investment Cash Flow ($48,086) ($10,798) ($10,525) ($8,403) ($2,024) $20,575 $7,086

Cash Flows ($48,086) $3,975 $21,795 $41,170 $61,469 $87,463 $40,019

Present Value of Each Cash Flow ($48,086) $3,614 $17,846 $30,071 $39,677 $49,520 $19,785
Net Present Value $130,231
working capital in the amount of $1.58 in year 0 for every unit of
oject’s NPV?

Year 7

8200

8200
2.8%
3.0%
11.90%
42.0%

15.0%
132.7%

$18.45

$4.73
$4.84
$1.27
$2.54
$13.37

$4,496
$795
$819
$1,383
$934
$8,427

$1.84
$0

$151,253
$109,658
$41,595

$8,427
$4,557
$12,984
$28,610
$12,016
$16,594

$4,557
$21,151

$14,675
$5,600
$20,275

$41,426
$17,804
Consider the same project as problem 3. Assume that the product life-cycle of seven years is viewed as a safe bet, but that the
highly uncertain. Analyze the sensitivity of the project’s NPV to the unit sales scale factor and to the cost of capital.

Year 0 Year 1 Year 2 Year 3 Year 4

Key Assumptions
Base Case Unit Sales 6700 13400 19700 24400
Unit Sales Scale Factor 100.0%
Unit Sales 6700 13400 19700 24400
Inflation Rate 1.0% 1.5% 2.0% 2.5%
Real Cost of Capital Increment 0.5% 1.0% 1.5%
Real Cost of Capital 8.9% 9.40% 9.90% 10.40%
Tax Rate 42.0% 42.0% 42.0% 42.0%

Discounting
Discount Rate = Cost of Capital 10.0% 11.0% 12.1% 13.2%
Cumulative Discount Factor 0.0% 10.0% 22.1% 36.9% 54.9%

Price or Cost / Unit

Sales Revenue / Unit $16.00 $16.24 $16.56 $16.98

Variable Costs / Unit:

Direct Labor $4.10 $4.16 $4.24 $4.35
Materials $4.20 $4.26 $4.35 $4.46
Selling Expenses $1.10 $1.12 $1.14 $1.17
Other $2.20 $2.23 $2.28 $2.33
Total Variable Cost / Unit $11.60 $11.77 $12.01 $12.31

Cash Fixed Costs:

Lease Payment $3,900 $3,959 $4,038 $4,139
Property Taxes $690 $700 $714 $732
Administration $710 $721 $735 $753
Advertising $1,200 $1,218 $1,242 $1,273
Other $810 $822 $839 $860
Total Cash Fixed Costs $7,310 $7,420 $7,568 $7,757

Working Capital
Work Cap / Next Yr Unit Sales $1.58 $1.60 $1.62 $1.65 $1.69
Working Capital $10,586 $21,384 $31,909 $40,312 $42,336

Cash Flow Forecasts

Sales Revenue $107,200 $217,616 $326,327 $414,286
Variable Costs $77,720 $157,772 $236,587 $300,357
Gross Margin $29,480 $59,844 $89,740 $113,929

Cash Fixed Costs $7,310 $7,420 $7,568 $7,757

Depreciation $4,557 $4,557 $4,557 $4,557
Total Fixed Costs $11,867 $11,977 $12,125 $12,314
Operating Profit $17,613 $47,868 $77,615 $101,614
Taxes $7,397 $20,104 $32,598 $42,678
Net Profit $10,215 $27,763 $45,016 $58,936

Add Back Depreciation $4,557 $4,557 $4,557 $4,557

Operating Cash Flow $14,773 $32,320 $49,574 $63,493

Investment in Working Capital ($10,586) ($10,798) ($10,525) ($8,403) ($2,024)

Investment in Plant & Equip ($37,500)
Investment Cash Flow ($48,086) ($10,798) ($10,525) ($8,403) ($2,024)

Cash Flows ($48,086) $3,975 $21,795 $41,170 $61,469

Present Value of Each Cash Flow ($48,086) $3,614 $17,846 $30,071 $39,677
Net Present Value $130,231
 as a safe bet, but that the scale of demand for the product is
cost of capital.

Year 5 Year 6 Year 7 SENSITIVE TABLE

$130,231 7% 8% 10%
25000 12500 8200 50%
60%
25000 12500 8200 70%
2.8% 2.8% 2.8% 80%
2.0% 2.5% 3.0% 110%
10.90% 11.40% 11.90%
42.0% 42.0% 42.0%

14.0% 14.5% 15.0%

76.6% 102.3% 132.7%

$17.45 $17.94 $18.45

$4.47 $4.60 $4.73

$4.58 $4.71 $4.84
$1.20 $1.23 $1.27
$2.40 $2.47 $2.54
$12.65 $13.01 $13.37

$4,254 $4,374 $4,496

$753 $774 $795
$775 $796 $819
$1,309 $1,346 $1,383
$884 $908 $934
$7,974 $8,198 $8,427

$1.74 $1.79 $1.84

$21,761 $14,675 $0

$436,358 $224,288 $151,253

$316,360 $162,609 $109,658
$119,999 $61,679 $41,595

$7,974 $8,198 $8,427

$4,557 $4,557 $4,557
$12,532 $12,755 $12,984
$107,467 $48,924 $28,610
$45,136 $20,548 $12,016
$62,331 $28,376 $16,594

$4,557 $4,557 $4,557

$66,888 $32,933 $21,151

$20,575 $7,086 $14,675

$5,600
$20,575 $7,086 $20,275

$87,463 $40,019 $41,426

$49,520 $19,785 $17,804
E TABLE
11% 12%
Công ty United Pigpen đang xem xét một đề nghị sản xuất thức ăn giàu đạm cho heo. 
Doanh số năm 1 của thức ăn cho heo được dự kiến sẽ là 4,2 triệu đô la, và sau đó dự báo sẽ tăng 5%/năm, hơi nhanh hơn tỷ
Dự án đòi hỏi một chi tiêu vốn là 1,6 triệu đô la vào nhà xưởng và máy móc thiết bị. Số tiền đầu tư này có thể được khấu hao c
Chi phí sử dụng vốn của dự án là 12%.
·         Hiện giá thuần của dự án là bao nhiêu? Công ty có nên đầu tư vào dự án này không? 
·         Lập Data Table cho biết NPV với doanh thu năm 1 từ 3,7 triệu đô la đến 4,7 triệu đô la và lãi suất chiết khấu từ 8% đến
·         Phân tích độ nhạy cảm NPV với các yếu tố: doanh thu năm 1, lãi suất chiết khấu.
R 12%
g 5%
Tax rate 25%

Year 0 1 2 3 4
Revenue 4,200,000.00 4,410,000.00 4,630,500.00 4,862,025.00
Cost 3,780,000.00 3,969,000.00 4,167,450.00 4,375,822.50
Depreciation 187,500.00 187,500.00 187,500.00 187,500.00
EBIT 232,500.00 253,500.00 275,550.00 298,702.50
Taxes 58,125.00 63,375.00 68,887.50 74,675.63
Depreciation 187,500.00 187,500.00 187,500.00 187,500.00
OCF 361,875.00 377,625.00 394,162.50 411,526.88
NCS (1,600,000.00)
CF (1,600,000.00) 361,875.00 377,625.00 394,162.50 411,526.88
PV OF EACH CF (1,600,000.00) 323,102.68 301,040.34 280,557.08 261,532.77
NPV 488,008.80

DATA TA

NPV 488,008.80 3,700,000.00 3,800,000.00 3,900,000.00

0.08
0.09
0.10
0.11
R 0.12
0.13
0.14
0.15
0.16
áo sẽ tăng 5%/năm, hơi nhanh hơn tỷ lệ lạm phát. Các chi phí sản xuất (chưa tính khấu hao) được dự kiến sẽ bằng 90% doanh số, và lợi n
ền đầu tư này có thể được khấu hao cho mục đích thuế theo phương pháp khấu hao đường thẳng trong 8 năm. Pigpen dự kiến kết thúc d

đô la và lãi suất chiết khấu từ 8% đến 16%.

5 6 7 8
5,105,126.25 5,360,382.56 5,628,401.69 5,909,821.78
4,594,613.63 4,824,344.31 5,065,561.52 5,318,839.60
187,500.00 187,500.00 187,500.00 187,500.00
323,012.63 348,538.26 375,340.17 403,482.18
80,753.16 87,134.56 93,835.04 100,870.54
187,500.00 187,500.00 187,500.00 187,500.00
429,759.47 448,903.69 469,005.13 490,111.63
100,000.00
429,759.47 448,903.69 469,005.13 590,111.63
243,857.06 227,428.58 212,154.10 238,336.19

DATA TABLE
REVENUE
4,000,000.00 4,100,000.00 4,200,000.00 4,300,000.00 4,400,000.00 4,500,000.00 4,600,000.00
ng 90% doanh số, và lợi nhuận chịu thuế với thuế suất 25%.  
Pigpen dự kiến kết thúc dự án vào cuối năm thứ 8 và bán lại nhà xưởng và máy móc thiết bị vào cuối năm thứ 8 với giá 100.000$.  

4,700,000.00
ới giá 100.000$.  
Có Cty sx có chi phí biến phí trên 1 tấn sphẩm là 2.700.000đ, gía bán bq trên thị trường là 3.400.000đ, định phí htháng của cty là 650 trđồng
mức lợi nhuận của cty tương ứng với từng mức gía bán vá Slượng sx.

Variable cost/unit 2,700,000.00

P 3,400,000.00
Units 1,500.00
Total variable cost 4,050,000,000.00
Revenue 5,100,000,000.00
Total fix cost 650,000,000.00

EBIT 400,000,000.00
Không có thuế nên EBIT=NET PROFIT 400,000,000.00

NET PROFIT 400,000,000.00 1,100.00

3,000,000.00
3,100,000.00
3,200,000.00
3,300,000.00
3,400,000.00
P 3,500,000.00
3,600,000.00
3,700,000.00
3,800,000.00
3,900,000.00
4,000,000.00
đ, định phí htháng của cty là 650 trđồng. Phân tích độ nhạy của lợi nhuận ròng khi mức sx của cty trong tháng có thể dao động từ 1100 tấn đến 2000 tấn, g

SENSITIVE DATA TABLE

UNITS
1,200.00 1,300.00 1,400.00 1,500.00 1,600.00
hể dao động từ 1100 tấn đến 2000 tấn, giá bán có thể dao động trong khoảng từ 3 triệu đến 4 triệu. Tính

1,700.00 1,800.00 1,900.00 2,000.00

Bạn đang có ý định mua một căn hộ và được sự chấp thuận khoản vay từ ngân hàng. Giá bán 1 căn hộ  650 triệu đồng
tính số tiền trả đều hàng quý. Phân tích độ nhạy của dòng tiền khi tỉ lệ cho vay dao động từ 20% -80% và thời hạn va

P 650,000,000.00
Tỷ lệ 30%
PV 195,000,000.00
R 3%
NPER 5 20

Year Beginning Balance Total Payment Interest Payment Principle Payment

1 195,000,000.00 $13,107,062.98 5,850,000.00 $7,257,062.98
2 187,742,937.02 $13,107,062.98 5,632,288.11 $7,474,774.87
3 180,268,162.15 $13,107,062.98 5,408,044.86 $7,699,018.12
4 172,569,144.03 $13,107,062.98 5,177,074.32 $7,929,988.66
5 164,639,155.37 $13,107,062.98 4,939,174.66 $8,167,888.32
6 156,471,267.05 $13,107,062.98 4,694,138.01 $8,412,924.97
7 148,058,342.08 $13,107,062.98 4,441,750.26 $8,665,312.72
8 139,393,029.36 $13,107,062.98 4,181,790.88 $8,925,272.10
9 130,467,757.26 $13,107,062.98 3,914,032.72 $9,193,030.26
10 121,274,727.00 $13,107,062.98 3,638,241.81 $9,468,821.17
11 111,805,905.83 $13,107,062.98 3,354,177.17 $9,752,885.81
12 102,053,020.02 $13,107,062.98 3,061,590.60 $10,045,472.38
13 92,007,547.64 $13,107,062.98 2,760,226.43 $10,346,836.55
14 81,660,711.09 $13,107,062.98 2,449,821.33 $10,657,241.65
15 71,003,469.44 $13,107,062.98 2,130,104.08 $10,976,958.90
16 60,026,510.54 $13,107,062.98 1,800,795.32 $11,306,267.67
17 48,720,242.87 $13,107,062.98 1,461,607.29 $11,645,455.70
18 37,074,787.18 $13,107,062.98 1,112,243.62 $11,994,819.37
19 25,079,967.81 $13,107,062.98 752,399.03 $12,354,663.95
20 12,725,303.87 $13,107,062.98 381,759.12 $12,725,303.87
án 1 căn hộ  650 triệu đồng. Tỉ lệ cho vay 30%. Lãi suất quý 3% trong vòng 5 năm. Hãy
20% -80% và thời hạn vay từ 3 năm đến 8

SENSITIVE DATA TABLE

Tỷ lệ
Principle Payment $7,257,062.98 20% 30% 40% 50% 60%
3
4
5
NPER
6
7
8
70% 80%
Dòng tiền như sau với lãi suất 10%. Tính NPV và phân tích độ nhay của NPV khi lãi suất biến thiên từ 7% đến 17% v
Dòng Kế
Năm
tiền hoạch  R 10%
0 -1000
1 150 100%
2 250 100%
3 350 100%
4 450 100%
5 300 100%
6 200 100%

Year 0 1 2 3
CF -1000 150 250 350
KẾ HOẠCH 100% 100% 100% 100%
CF -1000 150 250 350
PV OF EACH CF -1000.00 136.36 206.61 262.96
NPV 212.46

SENSITIVE TABLE
INPU
OUTPUT NPV 212.46 7% 8% 9%
50%
60%
70%
80%
90%
INPUT KÊ HOẠCH 110%
110%
120%
130%
140%
150%
suất biến thiên từ 7% đến 17% và kế hoạch thực hiện từ 50% đến 150%. 

4 5 6
450 300 200
100% 100% 100%
450 300 200
307.36 186.28 112.89

SENSITIVE TABLE
INPUT R
11% 12% 13% 14% 15% 16% 17%