公司理财第九版课后案例Conch-Republic-Electronics.docx

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1、ConchRepub1.icE1.ectronicsAna1.ysisAna1.ysisofConchRepub1.icE1.ectronicsDeve1.opaprototypeS75(XX)()SunkcostMarketstudyS200(XX)ThenewPDA:Variab1.ecostperunit$155FixedcostperyearS47(XXMX)Priceofperunit$360Necessaryequipment$21500000DepreciationSeven-yearMACRSSa1.vageva1.ue$4IO(XXX)Taxrate35%Requiredre

2、turn12%YearMACRSPercentageDepreciationSa1.esvo1.umeI14.29%S3,072,350740(X)224.49%S5.265.35095(XX)317.49%$3,760,3501250412.49%S2,685,35OIO5(KK)58.93%S1,919,9508(XXX)Theexistingmode1.:PriceperunitS290Variab1.ecostperunitS120Fixedcostperyear$1800()00Sa1.esvo1.umeoffa1.1.byperyear15000Pricebe1.oweredofp

3、erunitS255Sa1.esvo1.umeforyear1SO(XX)Sa1.esvo1.umeforyear2600Thereisnoinitia1.out1.ayforNWC;andNetWorkingCapita1.forthePDAswi1.1.be20%ofsa1.es.Theva1.ueoftheequipmentinfiveyearswi1.1.be$4.1mi1.1.ion.IniroducingthenewPDA,itcausestheexitingPDAsa1.esfa1.1.downandthepricefa1.1.down.Therefore:sa1.esforye

4、ar1=74(KX)*S36()-15(XX)*S2908(XMX)-15(X)0)*($290-$255)=S200I5000Variab1.ecostforyearI=74000*$155-15000*S120=S9670(KX)Sa1.esforyear2=95(MX)*S36()-15(XX)*$29()-(MXXX)-15(XM)*(S29O-S255)=$28275000Variab1.ecostoryear2=95000*$155-15000*$120=$12925000Year12345Sa1.es$20.015.000S28.275.0$45.000,000337,800.0

5、00$28,800,000Variab1.ecost$9,670,000S2,925X)0$19.375,000S16,275X)0$12,400,000Fixedcost$4.700,000$4.700,00054,700,000$4.700,000$4.700.000Tota1.cost$14,370,000S7,625,(X)0$24.075,000S20,975,(X)0S17,1(X),(X)0Depreciation$3.072,350S5,265.35O$3,760.350S2.685.35O$1.919,950EB1.T$2.572.650S5.384.650$17.164.6

6、50$14,139,650$9.780.050Tax$900,427.50$1,884,627.50$6,007,627.50$4,948,877.50S3,423,OI7.50Netincome$1.672,222.50$3,500,022.50$11,157,022.50$9,190,772.50$6.357,032.50NetworkingCaPiIaI=Sa1.eS*20%Projectcashf1.ow=Projcctoperatingcashf1.ow-Projcctchangesinnetworkingcapita1.-projectcapita1.spendingOperati

7、ngcashow=EBIT+Depreciation-TaxejChangeinNWC=EndingNWC-BcginningNWCYear12345Operatingcashf1.owS4.744.572.50$8.765.372.50S14.917,372.50SI1.876.122.50$8,276,982.50networkingcapita1.$4.003.000$5.655.00()$9.000.000$7.560.000$5.760.000initia1.NWC$0$4.003.00()S5.655.0$9.000.000$7,560,00()EndingNWC$4,003,00

8、0$5,655,000S9,(XM),(XM)$7,560,000$0ChangeinNWC$4,003,000$1,652,000S3,345.(XX)($1,440,000)($7.560.000)NETCashf1.ow$741,572.50$7,113.372.50SI1.572,372.5OS13.316.122.5015836982.5Thebookva1.ueofequipmentafterthedepreciation=S215(XXXX)-$3.O72.35O-$5,265,35()-$3,76(),35O-$2,685,35(-SI,919,95O=$479665OPret

9、axsa1.vageva1.ueofCq1.1.iPmCnt=$4100OOOAfkIMaXCa$ht1.cwOfeqUiPmCnt=M1.(XX)00+(S479665(4100(XK)尸35%,343827.5YearCashf1.ow0(S2I.5OO.O,OO)1$741,572.502S7J13,372.503$11,572,372.504$13,316,122.505$20180810Part1.1Whatisthepaybackperiodoftheproject?YearCashowRemainingPV0($21,500.0(X).00)1$741,572.50(S2O,75

10、8.427.5O)$662,118.302$7,113,372.50($13,645,055.00)$5,670,737.013$11,572,372.50($2,072,682.50)$8,236,986.174$13,316,122.50SI1.243.440.(X)$8,462,636.585$20180810$11,451,133.56Paybackperiod=3+($13,316,122.53$11,243,440.(X)/S13,316,122.50=3.16years2. Whatistheprofitabi1.ityindexoftheproject?PI=(theprese

11、ntva1.ueofthefuturecasht1.ow)(initia1.investment)PVofthcfuturecashow=S662,118.3O+S5.67O,737.OI+$8,236,986.17+$8,462+$】1.451.133.56=534,483,611.62P1.=$34,483,611.62/$215(XMXX)=1.603. WhatistheIRRoftheproject?IRRisthereturnthatmakestheNPV=O.Therefore:NpV=O=-$215(XXKX)+($741.572.50/(1+1RR)1)+($7.113,37

12、2.50/(1+IRR)2+($11,572,372.50/(I+IRR)3)+(S13,316.122.50(I+IRR)4)(S2OI8O8IO(I+1RR)5)UsetheEXCE1.wecangetthe1RR=27.62%4. WhatistheNPVoftheproject?NPV=-S215000+S662.1.1.8.30+$5,670,737.01+$8,236,986.17+$8,462,636.58+$11.451.133.56=$12,983,611.62Part25. HowsensitiveistheNPVtochangeinthepriceofthenewPDA?

13、Wesupposethepriceincrease$10.sothepricewi1.1.be$37OperunitTherefore:Year12345Sa1.es$20,755.000S29,225.0S46.250.0S38,850.0$29,6()0,000Variab1.ecost$9,670,000SI2,925.0$19,375,000SI6,275.0$12,400,00OFixedcost$4,700,000S4.7.0S4.7.0S4.7.0$4,700,000Tota1.cost$14,370.000SI7.625.0$24,075,000S20,975.0$17,100

14、,0()0Depreciation$3,072,350S5.265,35O$3,760,350S2.685.35O$1,919,950EB1.T$3312.650S6.334.650$18,414,650S15.189.650$10,580.05OTaX$1,159,427.50$2,217,127.50$6,445,127.5O$5,316,377.50$3,703,017.5()Netincome$2,153,222.50$4,117,522.50$11,969,522.50$9,873,272.50$6,877,032.5()Year12345Operatingcashf1.ow$5,225,572.50$9,382,872.50$15,729,872.50$12558,622.50$8,796,982.50networkingcapita1.$4,151,000$5,84