trả là em mới sang UK học finance, được cái bài case study về NPV và ENPV. ( em không có quyền gửi file đính kèm nên post thằng lên vậy)
NazGrat plc, which operates a chain of restaurants, owns a 10 year lease on a Victorian
building in Tower Hamlets. A local organisation has recently offered to buy the lease for
a single immediate payment of £50,000. However, the company is considering a plan to
open the building as a restaurant.
A firm of architects has recently submitted preliminary development proposals for the
restaurant, for which they are to be paid a fee of £10,000. They put the total cost of the
building work needed to convert the site for restaurant use at £65,000. The management
of NazGrat plc face too many other demands on their time to be able to undertake and
manage these buildings works themselves. However, the architects would be prepared to
do so, for a further fee of £22,000.
NazGrat could equip the new restaurant with a stock of furniture and fittings recently
acquired at a cost of £24,000 from another proposed development, which has been
abandoned. The company estimates that the current resale value of this stock is £12,000.
If the restaurant is opened, its turnover and operating costs will depend on how large a
local customer base it manages to build up. The company’s estimates of the probabilities
of the restaurant providing to be (i) ‘popular’, (ii) ‘moderately popular’ and (iii)
‘unpopular’ are shown in the following table, together with associated annual gross cash
flows and operating costs:
-popular ( probability =0.35), gross cash flow = 89000, operating cost =55000
-moderately popular (probability=0.25), gross cash flow = 70000, operating cost= 39000
-unpopular (probability= 0.4), gross cash flow = 44000, operating cost =31000
The cost of capital of the company is 13 per cent.
Required (1 of 2):
(a) Calculate the E(NPV) [expected net present value] of the restaurant project and,
considering E(NPV) only, advise the Company as to whether the project should
go ahead. [20 marks]
(b) Justify your reasons for the inclusion or exclusion of any of the above financial
information into your E(NPV) calculation.. [20 marks]
em tính toán ra cái ENPV của dự án trên vào khoảng 14k, nhưng thấp hơn cái offer 50k thì có nên từ bỏ dự án mà bán thẳng cho thằng cty kia với giá 50k không ?.
trong phần tính capital outlay, phần furniture cost em hơi phân vân giữa giá trị đầu là 24k, hay là dùng giá trị hiện tại 12k để đưa vào tính toán.
mong các anh em chỉ giáo
NazGrat plc, which operates a chain of restaurants, owns a 10 year lease on a Victorian
building in Tower Hamlets. A local organisation has recently offered to buy the lease for
a single immediate payment of £50,000. However, the company is considering a plan to
open the building as a restaurant.
A firm of architects has recently submitted preliminary development proposals for the
restaurant, for which they are to be paid a fee of £10,000. They put the total cost of the
building work needed to convert the site for restaurant use at £65,000. The management
of NazGrat plc face too many other demands on their time to be able to undertake and
manage these buildings works themselves. However, the architects would be prepared to
do so, for a further fee of £22,000.
NazGrat could equip the new restaurant with a stock of furniture and fittings recently
acquired at a cost of £24,000 from another proposed development, which has been
abandoned. The company estimates that the current resale value of this stock is £12,000.
If the restaurant is opened, its turnover and operating costs will depend on how large a
local customer base it manages to build up. The company’s estimates of the probabilities
of the restaurant providing to be (i) ‘popular’, (ii) ‘moderately popular’ and (iii)
‘unpopular’ are shown in the following table, together with associated annual gross cash
flows and operating costs:
-popular ( probability =0.35), gross cash flow = 89000, operating cost =55000
-moderately popular (probability=0.25), gross cash flow = 70000, operating cost= 39000
-unpopular (probability= 0.4), gross cash flow = 44000, operating cost =31000
The cost of capital of the company is 13 per cent.
Required (1 of 2):
(a) Calculate the E(NPV) [expected net present value] of the restaurant project and,
considering E(NPV) only, advise the Company as to whether the project should
go ahead. [20 marks]
(b) Justify your reasons for the inclusion or exclusion of any of the above financial
information into your E(NPV) calculation.. [20 marks]
em tính toán ra cái ENPV của dự án trên vào khoảng 14k, nhưng thấp hơn cái offer 50k thì có nên từ bỏ dự án mà bán thẳng cho thằng cty kia với giá 50k không ?.
trong phần tính capital outlay, phần furniture cost em hơi phân vân giữa giá trị đầu là 24k, hay là dùng giá trị hiện tại 12k để đưa vào tính toán.
mong các anh em chỉ giáo
