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1、DiscountedCashFlowValuationChapter4Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsBeabletocomputethefuturevalueand/orpresentvalueofasinglecashfloworseriesofcashflowsBeabletocomputethereturnonaninvestmentBeabletouseafinancialcalculatorand
2、/orspreadsheettosolvetimevalueproblemsUnderstandperpetuitiesandannuitiesChapterOutline4.1Valuation:TheOne-PeriodCase4.2TheMultiperiodCase4.3CompoundingPeriods4.4Simplifications4.5LoanAmortization4.6WhatIsaFirmWorth?4.1TheOne-PeriodCaseIfyouweretoinvest$10,000at5-percentinterestforoneyear,
3、yourinvestmentwouldgrowto$10,500.$500wouldbeinterest($10,000×.05)$10,000istheprincipalrepayment($10,000×1)$10,500isthetotaldue.Itcanbecalculatedas:$10,500=$10,000×(1.05)ThetotalamountdueattheendoftheinvestmentiscalltheFutureValue(FV).FutureValueIntheone-periodcase,theformulaforFVcanbewrit
4、tenas:FV=C0×(1+r)WhereC0iscashflowtoday(timezero),andristheappropriateinterestrate.PresentValueIfyouweretobepromised$10,000dueinoneyearwheninterestratesare5-percent,yourinvestmentwouldbeworth$9,523.81intoday’sdollars.Theamountthataborrowerwouldneedtosetasidetodaytobeabletomeetthepromisedp
5、aymentof$10,000inoneyeariscalledthePresentValue(PV).Notethat$10,000=$9,523.81×(1.05).PresentValueIntheone-periodcase,theformulaforPVcanbewrittenas:WhereC1iscashflowatdate1,andristheappropriateinterestrate.NetPresentValueTheNetPresentValue(NPV)ofaninvestmentisthepresentvalueoftheexpectedca
6、shflows,lessthecostoftheinvestment.Supposeaninvestmentthatpromisestopay$10,000inoneyearisofferedforsalefor$9,500.Yourinterestrateis5%.Shouldyoubuy?NetPresentValueThepresentvalueofthecashinflowisgreaterthanthecost.Inotherwords,theNetPresentValueispositive,sotheinvestmentshouldbepurchased.N
7、etPresentValueIntheone-periodcase,theformulaforNPVcanbewrittenas:NPV=–Cost+PVIfwehadnotundertakenthepositiveNPVprojectconsideredonthelastslide,andinsteadinvestedour$9,500elsewhereat5percent,ourFVwouldbelessthanthe$10,000theinvestmentpromised,andwewouldbeworseoffinFV
