CFA一级重要知识点讲解.docx

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与业?领先?憎值 专蚣有/。以的授X CFA—级重要知识点讲解 Corporate Finance PAGE PAGE #-26 1金程教育云景 1金程教育 云景 GOLDEN FUTURE PAGE #-26 Financial Reporting and Analysis Important Topics NPV V.S. IRR WACC CAPM Leverage Breakeven Analysis Project Evaluation Methods ■ NPV The Net Present Value (NPV) MS禺+击…与 Definition: PV of the future after-tax cash flows minus the investment outlay Net Present Value (NPV) = Total PV of future CFs + Initial Investment NPV-2000+1000(1 + 10%)11000 NPV -2000+ 1000 (1 + 10%)1 1000 + (l + 10%)2 1000 (1 + 10%)4 EXAMPLE: Assume that the firm s cost of capital is 10% (Use your calculator) Year (t) 0 1 2 3 4 Net cashflow ?2,000 1,000 800 600 200 Discounted NCF -2,000 909 661 451 137 =(-2000) + 909 + 661 +451 + 137 = 158 Project Evaluation Methods ■ NPV Selection . For independent projects: / If NPV0, increase wealth, Accept! /If NPV0, decrease wealth, Reject! For mutually exclusive projects: Choose the one with highest NPV Advantage Shows the amount of gains as currency amount Positive NPV of project adds value to the firm (or to shareholders) rather than creditors. (Creditors only gain the interest whatever project bring benefits or losses) Realistic discount rate 一 Included opportunity cost of funds (the expected return of stockholders) Disadvantage Size of projects ignored 慾金程教育 慾金程教育 罗 GOLDEN FUTURE PAGE #-26 慾金程教育 慾金程教育 罗 GOLDEN FUTURE PAGE #-26 Project Evaluation Methods ■ IRR Internal Rate of return (IRR) NPV = OCF W L 顷=。 NPV = O (1 + IRR) (1 + IRR)2 (1 + IRR)H A Definition: discount rate that makes the PV of the future after-tax cash flows equal that investment outlay (NPV=0) A Decision making: ? Minimum Acceptance Criteria: Invest if IRR the required rate of return Reject if IRR the required rate of return Ranking Criteria: Choose the highest IRR A Advantage: Reflect the profitability (not reflect absolute amount of profit gain) A Disadvantage Assume the reinvestment rate is IRR ? No IRR multiple IRR ? Conflicting ranking results of mutuall

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