财务报表分析与 估值优质课件 (12).pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * The Valuation Model: Bonds rD is (one plus) the required return on the debt Valuation issue: What is the Discount rate rD ? 3-* The Valuation Model: A Project rP is (one plus) the required return (hurdle rate) for the project Valuation Issues: How are cash flows forecasted? What is the discount rate? 3-* Value Creation: V0 I0 The Bond (no value created): V0 = 1,079.85 I0 = 1,079.85 NPV = 0.00 The Project (value created): V0 = 1,529.50 I0 = 1,200.00 NPV = 329.50 3-* Valuation Models: Going Concerns CF 1 C