公司理财第九版课案例Conch Republic Electronics.docx
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ConchRepublicElectronicsAnalysis
AnalysisofConchRepublicElectronics
Developaprototype
$750000
Sunkcost
Marketstudy
$200000
ThenewPDA:
Variablecostperunit
$155
Fixedcostperyear
$4700000
Priceofperunit
$360
Necessaryequipment
$21500000
Depreciation
Seven-yearMACRS
Salvagevalue
$4100000
Taxrate
35%
Requiredreturn
12%
Year
MACRSPercentage
Depreciation
Salesvolume
1
14.29%
$3,072,350
74000
2
24.49%
$5,265,350
95000
3
17.49%
$3,760,350
125000
4
12.49%
$2,685,350
105000
5
8.93%
$1,919,950
80000
Theexistingmodel:
Priceperunit
$290
Variablecostperunit
$120
Fixedcostperyear
$1800000
Salesvolumeoffallbyperyear
15000
Pricebeloweredofperunit
$255
Salesvolumeforyear1
80000
Salesvolumeforyear2
60000
ThereisnoinitialoutlayforNWC;andNetWorkingCapitalforthePDAswillbe20%ofsales.
Thevalueoftheequipmentinfiveyearswillbe$4.1million.
IntroducingthenewPDA,itcausestheexitingPDAsalesfalldownandthepricefalldown.
Therefore:
salesforyear1=74000*$360-15000*$290-（80000-15000）*（$290-$255）
=$20015000
Variablecostforyear1=74000*$155-15000*$120=$9670000
Salesforyear2=95000*$360-15000*$290-（60000-15000）*（$290-$255）
=$28275000
Variablecostforyear2=95000*$155-15000*$120=$12925000
Year
1
2
3
4
5
Sales
$20,015,00
0
$28,275,00
0
$45,000,000
$37,800,00
0
$28,800,00
0
Variable
cost
$9,670,000
$12,925,00
0
$19,375,000
$16,275,00
0
$12,400,00
0
Fixedcost
$4,700,000
$4,700,000
$4,700,000
$4,700,000
$4,700,000
Totalcost
$14,370,00
0
$17,625,00
0
$24,075,000
$20,975,00
0
$17,100,00
0
Depreciati
on
$3,072,350
$5,265,350
$3,760,350
$2,685,350
$1,919,950
EBIT
$2,572,650
$5,384,650
$17,164,650
$14,139,65
0
$9,780,050
Tax
$900,427.5
0
$1,884,627.
50
$6,007,627.5
0
$4,948,877.
50
$3,423,017.
50
Netincome
$1,672,222.
50
$3,500,022.
50
$11,157,022.
50
$9,190,772.
50
$6,357,032.
50
Networkingcapital=sales*20%
Projectcashflow=Projectoperatingcashflow-Projectchangesinnetworkingcapital-projectcapitalspending
Operatingcashflow=EBIT+Depreciation-TaxesChangeinNWC=EndingNWC-BeginningNWC
Year
1
2
3
4
5
Operatingcashflow
$4,744,572.50
$8,765,372.50
$14,917,372.50
$11,876,122.50
$8,276,982.50
networkingcapital
$4,003,000
$5,655,000
$9,000,000
$7,560,000
$5,760,000
initialNWC
$0
$4,003,000
$5,655,000
$9,000,000
$7,560,000
EndingNWC
$4,003,000
$5,655,000
$9,000,000
$7,560,000
$0
ChangeinNWC
$4,003,000
$1,652,000
$3,345,000
（$1,440,000）
（$7,560,000）
NETCashflow
$741,572.50
$7,113,372.50
$11,572,372.50
$13,316,122.50
15836982.5
Thebookvalueofequipmentafterthedepreciation=$21500000-$3,072,350-
$5,265,350-$3,760,350-$2,685,350-$1,919,950=$4796650
Pretaxsalvagevalueofequipment=$4100000
After-taxcashflowofequipment=$4100000+（$4796650-$4100000）*35%=$4343827.5
Year
Cashflow
0
（$21,500,000.00）
1
$741,572.50
2
$7,113,372.50
3
$11,572,372.50
4
$13,316,122.50
5
$20180810
Part1
1Whatisthepaybackperiodoftheproject?
Year
Cashflow
Remaining
PV
0
（$21,500,000.00）
1
$741,572.50
（$20,758,427.50）
$662,118.30
2
$7,113,372.50
（$13,645,055.00）
$5,670,737.01
3
$11,572,372.50
（$2,072,682.50）
$8,236,986.17
4
$13,316,122.50
$11,243,440.00
$8,462,636.58
5
$20180810
$11,451,133.5
6
Paybackperiod=3+（$13,316,122.50-$11,243,440.00）/$13,316,122.50
=3.16years
2.Whatistheprofitabilityindexoftheproject?
PI=（thepresentvalueofthefuturecashflow）/（initialinvestment）
PVofthefuturecashflow=$662,118.30+$5,670,737.01+$8,236,986.17
+$8,462+$11,451,133.56=$34,483,611.62
PI=$34,483,611.62/$21500000=1.60
3.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=$12,983,611.62
Part2
5.HowsensitiveistheNPVtochangeinthepriceofthenewPDA?
Wesupposethepriceincrease$10,sothepricewillbe$370perunit
Therefore:
Year
1
2
3
4
5
Sales
$20,755,00
0
$29,225,00
0
$46,250,000
$38,850,00
0
$29,600,00
0
Variable
cost
$9,670,000
$12,925,00
0
$19,375,000
$16,275,00
0
$12,400,00
0
Fixedcost
$4,700,000
$4,700,000
$4,700,000
$4,700,000
$4,700,000
Totalcost
$14,370,00
0
$17,625,00
0
$24,075,000
$20,975,00
0
$17,100,00
0
Depreciati
on
$3,072,350
$5,265,350
$3,760,350
$2,685,350
$1,919,950
EBIT
$3,312,650
$6,334,650
$18,414,65
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