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  • Sampa Video Inc

    Загружено:

    arnabpramanik
    233 просмотров4 страницы
    This document presents a discounted cash flow analysis for a project with an initial cost of $1.5 million in December 2001. It forecasts the project's free cash flows from 2002 to 2007 and calculates a terminal value, then discounts these amounts to determine the net present value. The net present value is estimated to be $1.6 million, indicating the project would earn a return above the weighted average cost of capital of 13.904%. Key inputs to the analysis include an asset beta of 1.5, debt beta of 0.25, and tax rate of 40%.

    Исходное описание:

    excel for sampa video case

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    This document presents a discounted cash flow analysis for a project with an initial cost of $1.5 million in December 2001. It forecasts the project's free cash flows from 2002 to 2007 and calculates a terminal value, then discounts these amounts to determine the net present value. The net present value is estimated to be $1.6 million, indicating the project would earn a return above the weighted average cost of capital of 13.904%. Key inputs to the analysis include an asset beta of 1.5, debt beta of 0.25, and tax rate of 40%.

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    © All Rights Reserved
    Скачайте в формате XLS, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    233 просмотров4 страницы

    Sampa Video Inc

    Загружено:

    arnabpramanik
    This document presents a discounted cash flow analysis for a project with an initial cost of $1.5 million in December 2001. It forecasts the project's free cash flows from 2002 to 2007 and calculates a terminal value, then discounts these amounts to determine the net present value. The net present value is estimated to be $1.6 million, indicating the project would earn a return above the weighted average cost of capital of 13.904%. Key inputs to the analysis include an asset beta of 1.5, debt beta of 0.25, and tax rate of 40%.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLS, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 4

    Constant Debt for Perpetuity

    Risk free rate


    Asset Beta
    Market Risk Premium
    Debt Beta
    Unlevered Cost of Capital
    Cost of Debt Capital
    Initial Cost in December 2001

    0.05
    1.5
    0.072
    0.25
    0.158
    0.068
    1500000

    Free Cash Flow Forecast


    Sales
    EBITD (Rev. less exp.)
    Less Depreciation
    EBIT
    Taxes 40%
    EBIAT
    Depreciation (add back)
    Operating Cash Flow
    Less CAP EX
    Less Investment in (changes in) NWC
    Free Cash Flow
    Unlevered Terminal Value

    2002
    1200000
    180000
    200000
    -20000
    8000
    -12000
    200000
    188000
    -300000
    0
    -112,000.00

    2003
    2400000
    360000
    225000
    135000
    -54000
    81000
    225000
    306000
    -300000
    0
    6,000.00

    2004
    3900000
    585000
    250000
    335000
    -134000
    201000
    250000
    451000
    -300000
    0
    151,000.00

    2005
    5600000
    840000
    275000
    565000
    -226000
    339000
    275000
    614000
    -300000
    0
    314,000.00

    PV of Cash Flows
    PV of Terminal Value

    417,336.08
    2,311,149.00

    Unlevered NPV

    1,228,485.09

    Debt Financing
    Tax Shields
    Terminal Value of Tax Shields

    1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00


    27,200.00
    27,200.00
    27,200.00
    27,200.00

    PV of Tax Shields
    PV of Terminal Value of Tax Shields
    Total Present Value of Tax Shields

    112,125.15
    287,874.85
    400,000.00

    Total Net Present Value of Project

    1,628,485.09

    2006
    2007
    7500000
    1125000
    300000
    825000
    -330000
    495000
    300000
    795000
    -300000
    0
    495,000.00 519,750.00
    4,812,500.00

    1,000,000.00
    27,200.00
    400,000.00

    Constant Debt to Firm value


    Planned Debt to Value Ratio
    Debt to Equity Ratio
    Tax Rate
    Asset Beta
    Debt Beta
    Equity Beta
    WACC
    Initial Cost in December 2001

    0.3
    0.428571429
    0.4
    1.5
    0.25
    1.82
    0.13904

    Cost of Debt capital


    Cost of Equity

    1500000

    Free Cash Flow Forecast


    Sales
    EBITD (Rev. less exp.)
    Less Depreciation
    EBIT
    Taxes 40%
    EBIAT
    Depreciation (add back)
    Operating Cash Flow
    Less CAP EX
    Less Investment in (changes in) NWC
    Free Cash Flow
    Terminal Value

    Present Value Free Cash Flows


    Present Value of the Terminal Value
    Total Value
    Net Present Value

    2002
    1200000
    180000
    200000
    -20000
    8000
    -12000
    200000
    188000
    -300000
    0
    -112,000.00

    453,188.26
    3,044,489.42
    3,497,677.67
    1,997,677.67

    2003
    2004
    2400000
    3900000
    360000
    585000
    225000
    250000
    135000
    335000
    -54000
    -134000
    81000
    201000
    225000
    250000
    306000
    451000
    -300000
    -300000
    0
    0
    6,000.00 151,000.00

    2005
    5600000
    840000
    275000
    565000
    -226000
    339000
    275000
    614000
    -300000
    0
    314,000.00

    0.068
    0.181142857

    2006
    2007
    7500000
    1125000
    300000
    825000
    -330000
    495000
    300000
    795000
    -300000
    0
    495,000.00 519,750.00
    5,837,264.15

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