Professional Documents
Culture Documents
13.02%
Cost of Debt
11%
Cost of equity
Div
Marfket value
g
14%
1.8
45
10%
Land
R&D exp
Building cost
Equipment cost
Worling capital
Total capital
1986
4000000
-6000000
1987
1988
1989
1990
1991
1992
17851312.5
24632550
28325925
32562000
37386000
35525
59504375
-35702625
-10000000
49020
82108500
-49265100
-10400000
-900000
-3300000
-1200000
17043400
-7839964
9203436
5400000
14603436
-6781237.5
56370
94419750
-56651850
-10816000
-900000
-3150000
-1200000
21701900
-9982874
11719026
5250000
16969026
-3693375
64800
74400
108540000
124620000
-65124000
-74772000
-11248640 -11698585.6
-800000
-700000
-3150000
-3150000
-1200000
-1200000
27017360
33099414.4
-12427985.6 -15225730.62
14589374.4 17873683.776
5150000
5050000
19739374.4 22923683.776
-4236075
-4824000
7822198.5
13275651
15503299.4 18099683.776
-10000000
-15000000
Sales
Rev
VC
FC
Dep building
Depreciation Eq
Amortization
Operating income
Tax
Net income
Add back Dep
Operating CF
Capital CF
-25000000
-2250000
-1200000
10351750
-4761805
5589945
3450000
9039945
-17851312.5
Total CF
-25000000
-8811367.5
Discount rate
NPV
Wacc+0.5
$39,029,752.17
13.52200%
1993
1994
1995
1996
1997
1998
3400000
Price
37687500
37687500
37687500
37687500
37687500
37687500
75000
75000
75000
125625000
125625000
125625000
-75375000
-75375000
-75375000
-12166529.024 -12653190.185 -13159317.792
-700000
-600000
-500000
75000
75000
75000
125625000
125625000
125625000
-75375000
-75375000
-75375000
-13685690.5 -14233118.124 -14802442.849
-500000
-500000
-500000
1675
CF small
CF Computel
CF build large
DR small
DR computel
DR large
NPV small
NPV computel
NPV large
1986
0
-27600000
-6760000
13.52%
13.02%
13.12%
($1,295,326.54)
($16,816,938.08)
$13,717,996.64
1987
1988
1989
1990
1991
1992
0
0
0
0
0
-25400000
-35395615
1168943.43 6514757.74 6959202.45 7515530.21
8141811.53
-33900000 -18928103.67 9548545.06 11104167.14 11954108.55 12967158.18
1993
1994
1995
1996
1997
1998
-2320123.14 -816426.21
283962.27 5965722.02 9235789.59 34770039.86
10636785.42 9723157.57 8638353.91 7598140.31 6599021.43 31493925.72
14175673.4 12936263.99 14295381.34 15877615.89 17589579.36 71760955.16