Ross Chapter 01 - Introduction To Investment Rules, (JRA) 2013-2

1
Chapter One
Introduction to Net Present Value and
Investment Criteria
Based on:
Ross, Westerfield & Jordan, Financial Foundations
Blank & Tarquin, Engineering Economy
11/8/2013 Jorge Ramirez Arroyo 1
Financial Management - Review
There are three basic forms of business organization: Sole
Proprietorship (Empresa Individual), General or Limited Partnership
(Soc. Colectiva, SAC), and Corporation (S.A.A.)
Corporations: The most important form of business organization. Can
occur debts, can sue and be sued, enter into legal contracts. Exists as
a separate legal entity from the owners.
Advantages:
- Separation of ownership and management
- Limited liability of owners (share holders)
- Transfer of ownership is easy (shares of common stock easily transferred)
- Unlimited lifespan
- Easier to raise capital
Disadvantages:
- Separation of ownership and management (Agency Problem)
- Double taxation (corporate income tax + dividends are taxed)
- Slightly complicated to setup (Articles of incorporation (charter), Bylaws)
2
What should be the firms objective? (A for-profit business)
Maximize market value?
Maintain steady earnings growth?
Maximize sales revenue or market share?
Maximize profits?
Minimize costs?
To avoid bankruptcy and financial distress?
To defeat the competitors
To survive
Maximize CEO wealth?
What about these other goals?
Maximize customer satisfaction
Environmental responsibility
Ethical behavior
The goal of the financial management of the firm is to increase the
market value of the shares, it means, the value of the firm.
There are three questions on Finance:
1. How do they manage their Working Capital? (Which and how
much short term resources do they prefer? How do they
manage their cash, receivables, stocks and payables?) - Day-to-
day operations or Liquidity Decisions.
2. From where and which mix are the long term resources to pay
their investments? (Do they ask for more equity or do they borrow
more debt?) Capital Structure or Financing Decisions.
3. What and how much fixed assets are necessary to buy? (Which
long term investments: buildings, machinery or equipment; Which
product lines to have) - Budget Capital or I nvestment Decisions.
4. How should the firm Identify, measure and hedge the risk
exposure? Financial Risk Management
3
Capital Structure (2)
Addresses the question of how a firm should obtain and manage the long term
financing needed to support its long term investments:
it is the specific mixture of long term debt and equity capital
the decision on how much debt vs. Equity impacts the risk level for the firm
and the firms cost of capital
Capital Structure is the specific mix of short-term debt, long-term debt and
equity.
Raising long-term financing can be expensive, so the different possibilities must
considered carefully.
A firms capital structure is the specific mix of debt and equity used to finance the
firms operations.
Decisions need to be made on both the financing mix and how and where to raise
the money.
Key Questions
How should the firm pay for its assets? Debt or equity?
How much should the firm borrow?
What is the least expensive source of funds?
How, when and where to raise the money?
The Capital Structure Decision
How should the firm
raise funds for the
selected investments?
Shareholders
Equity
Current Liabilities
Long-Term Debt
CurrentAssets
Fixed Assets
1 Tangible
2 Intangible
4
Capital Structure
The value of the firm can be thought of as a pie.
The goal of the manager is to
increase the size of the pie.
The Capital Structure decision can be viewed as
how best to slice up a the pie.
If how your slice of the pie
affects the size of the pie,
then the capital structure
decision matters.
50%
Debt
25%
Debt
75%
Equity
70%
Debt
30%
Equity
50%
Debt
50%
Equity
50%
Equity
Financial Risk Management (4)
The process of identifying, quantifying and decisions to manage
certain types of risk:
currency risks
interest rate risks
commodity price risk
Other risks such as strategic, operating and commercial risks need to
be considered by the firm as a whole - ideally looking at risk on
an enterprise wide basis (holistic risk management)
5
Strategic
-technology & information
- knowledge management
-industry value chain transformation
Crisis Management
-environmental disasters
-brand crisis/computer system failure
Operating Risks
-distribution networks
-manufacturing
Commercial Risks
- new competitor(s)
- customer service expectations
- new pricing models
- supply chain management
Financial Risk
-price - interest & fx. rate
-commodity price
Organization wide
Risk
Identification Impact Response
Integrated Risk Management
Investing Decisions
Interesting issues are the way in which the firm decide its Capital
Structure on the long term, or the way it manage its day-by-day
operational activities with its Working Capital, but the fixed assets are
which define the firms business.
The most important part of the Financial Management is the Capital
Budgeting.
Any firm have many possible investment opportunities, some are
valuable, some are not.
The type of investment opportunities are supposed to depend on the
nature of the firms business, and they must have more value than
their of acquisition. It means that they generate more cash inflow
value than their cost.
This chapters goal is to learn how to identify them.
6
The Capital Budgeting Decision
What long-term
investments
should the firm
choose?
CurrentAssets
Fixed Assets
1 Tangible
2 Intangible
Shareholders
Equity
Current
Liabilities
Long-Term Debt
Investing Decisions
Strategic Planning and Capital Budgeting: The most important
decision of the firm have to do with its product lines. What services will
they supply? In which markets will they compete? What new products
will launch? Each question implies the use of its scarce and valuable
capital in certain assets.
Time and Costs: Its useful to think on the future having two parts,
the short term and the long term; but they arent mean periods of
time, they depend on the type of cost we are talking of. If the costs
ere fixed, we are talking of the short term. In the long term every cost
is variable.
We are interested on the volume o size of the amounts, the specific
moment or timing, and in the risk or uncertainty of the future cash
flows.
7
Valuation of Durable Assets
Simple and Compound Interest
One period (time value of the money)
IP 1 + r = IF
IP =
IF
1 + r
Many periods
IP 1 + r
t
= IF
IP =
IF
(1 + r)
t
Due vs. in advance
1uS
1uu
=
1uu 1 + r
1uu

1uu
9S
=
1uu
1uu(1 - r)
EPR: 1 + r
i
=
1
(1 - r)
r
i
=
1
(1 - r)
- 1
Simple and Compound Interest
In advance
1uS
1uu
=
1 + r
1
- 1
1uu
9S
=
1
(1 - r)
- 1
r
i
=
1
(1 - r)
- 1 r
i
+ 1 =
1
(1 - r)
8
Present Value of a Perpetuity
Present Value of a Growing Perpetuity
9
PI =
C
(1 + r)
+
C
(1 + r)
2
+
C
(1 +r)
S
+ +
C
(1 +r)
I
.
Then,
PI = C _
1
1 +r
] _1 + _
1
1 + r
]
1
+ _
1
1 + r
]
2
+ +_
1
1 +r
]
I-1
_ =
= C _
1
1 + r
] _
1 -[
1
1 +r
I
1 -
1
1 + r
_ = C _
1
1 + r
] _
1 - [
1
1 + r
I
1 +r - 1
1 +r
_ =
= C _
1
1 +r
] _
1 -[
1
1 + r
I
r
1 + r
_ = _
C
r
] _
1 -[
1
1 +r
I
1 +r
1 +r
_ = _
C
r
] _1 -_
1
1 + r
]
I
_ =
= _
C
r
] _
(1 + r)
I
(1 + r)
I
-
1
(1 + r)
I
_ = _
C
r
] _
(1 +r)
I
- 1
(1 +r)
I
_ = C _
(1 +r)
I
-1
r(1 +r)
I
_ =
PI = C _
1 -(1 +r)
-I
r
_ .
Note:
o
i | n
= _
1 -(1 + r)
-I
r
_
Present Value of an Annuity
Future Value of an Annuity
FI = C(1 +r)
I-1
+ C(1 + r)
I-2
+ + C(1 + r)
2
+ C(1 + r)
1
+ C =
= C|(1 +r)
I-1
+ (1 +r)
I-2
+ +(1 +r)
2
+ (1 +r)
1
+1] =
= C
1 - (1 + r)
I
1 -(1 + r)
= C _
1 - (1 +r)
I
-r
_ =
FI = C _
(1 +r)
I
-1
r
_ .
Note1:
FI = PI (1 +r)
I
= C _
1 -(1 + r)
-I
r
_ (1 + r)
I
= C _
(1 + r)
I
- (1 +r)
-I+I
r
_ =
= C _
(1 +r)
I
- 1
r
_ .
Note2:
s
i | n
= _
(1 +r)
I
- 1
r
_
10
Present Value of a Growing Annuity
Future Value of a Growing Annuity
1. FutureValue
FI = C(1 + r)
I-1
+ C(1 + g)(1 + r)
I-2
+ +C(1 + g)
I-2
(1 + r)
1
+ C(1 +g)
I-1
=
= C
(1 +r)
I-1
(1 +r)
I-1
|(1 + r)
I-1
+ (1 + g)(1 +r)
I-2
+ + (1 + g)
I-2
(1 +r)
1
+ (1 + g)
I-1
] =
= C(1 + r)
I-1
_1 +
(1 + g)
(1 + r)
+ +
(1 + g)
I-2
(1 + r)
I-2
+
(1 + g)
I-1
(1 + r)
I-1
_ =
= C
(1 + r)
I
(1 + r)
l
l
l
l1 -
(1 +g)
I
(1 + r)
I
1 -
(1 + g)
(1 + r)
1
1
1
1
= C
(1 + r)
I
(1 + r)
l
l
l
l 1 -
(1 + g)
I
(1 + r)
I
(1 + r - 1 -g)
(1 + r)
1
1
1
1
=
= C
(1 + r)
I
(1 +r)
l
l
l
l 1 -
(1 + g)
I
(1 + r)
I
(r - g)
(1 +r)
1
1
1
1
= C
(1 +r)
I
(r -g)
l
l
l
l1 -
(1 + g)
I
(1 + r)
I
1
1
1
1
1
=
= C
(1 + r)
I
(r - g)
_1 - _
1 + g
1 + r
]
I
_ .

11
Due vs. In advance Annuities
PI
= C
1- 1+
-T
(1+i)
Immediately and Deferred
In advance (PV & FV)
Perpetuity
Constant (PV)
G. Growing (PV)
Annuities
Constant (PV & FV)
G. Growing (PV & FV)
Due (PV & FV)
Perpetuity
Constant (PV)
G. Growing (PV)
Annuities
Constant (PV & FV)
G. Growing (PV & FV)
Consol - Perpetuity
Characteristics
debt instrument
Term - infinite
Fixed interest payment
Price adjusts to accommodate risk
P
Int
r
m
0
00967
12 = = =
$15
.
$155.
Anual TEA Sem. TEA
IntC= 15 7.5 Cuntos15hayen 1,000.00
rm= 9.67% 4.84% 66.67
r= 1.50% 1.500% 0.75% 1.506%
PV=Po= 155.12 155.12 Cuntos7.5hayen 1,000.00
1,000.00 1,000.00 133.33
12
Pure Discount Bonds
Information needed for valuing pure discount bonds:
Time to maturity (T) = Maturity date - todays date
Face value (F)
Discount rate (r)
T
r
F
PV
) 1 ( +
=
Present value of a pure discount bond at time 0:
0
0 $
1
0 $
2
0 $
1 T
F $
T
A bond that will make only one payment of principal and interest. Also
called a zero-coupon bond or a single-payment bond.
Level-Coupon Bonds
Information needed to value level-coupon bonds:
Coupon payment dates and time to maturity (T)
Coupon payment (C) per period and Face value (F)
Discount rate
T T
r
F
r r
C
PV
) 1 ( ) 1 (
1
1
+
+
(
+
=
Value of a Level-coupon bond
= PV of coupon payment annuity + PV of face value
0
C $
1
C $
2
C $
1 T
F C $ $ +
T
13
Zero Growth Dividends Shares
Assume that dividends will remain at the same level forever
r
P
r r r
P
Div
) 1 (
Div
) 1 (
Div
) 1 (
Div
0
3
3
2
2
1
1
0
=
+
+
+
+
+
+
=
= = =
3 2 1
Div Div Div
- Since future cash flows are constant, the value of a zero growth stock
is the present value of a perpetuity:
Constant Growth Dividends Shares
) 1 ( Div Div
0 1
g + =
Since future cash flows grow at a constant rate forever, the value of a
constant growth stock is the present value of a growing perpetuity:
g r
P
=
1
0
Div
Assume that dividends will grow at a constant rate, g, forever. i.e.
2
0 1 2
) 1 ( Div ) 1 ( Div Div g g + = + =
3
0 2 3
) 1 ( Div ) 1 ( Div Div g g + = + =
.
.
.
14
Delayed Differential Growth Dividends
Share
Year 0 1 2 3
Cash flow
$1.50 $1.65 $1.82 dividend + P
3
PV of cash flow 22 . 38 $
05 . 10 .
05 . 1 82 . 1
3
=
= P
81 . 32 $
) 10 . 1 (
22 . 38 $ 82 . 1 $
) 10 . 1 (
65 . 1 $
) 10 . 1 (
50 . 1 $
3 2
0
=
+
+ + = P
= $1.82 + $38.22
Loans
n Princip Interest Amortiz. Payment
0 1000.00
1 750.00 100.00 250.00 350.00
2 500.00 75.00 250.00 325.00
3 250.00 50.00 250.00 300.00
4 0.00 25.00 250.00 275.00
Total 250.00 1000.00 1250.00
0 1000.00
1 1000.00 100.00 0.00 100.00
2 1000.00 100.00 0.00 100.00
3 1000.00 100.00 0.00 100.00
4 0.00 100.00 1000.00 1100.00
Total 400.00 1000.00 1400.00
0 1000.00
1 784.53 100.00 215.47 315.47
2 547.51 78.45 237.02 315.47
3 286.79 54.75 260.72 315.47
4 0.00 28.68 286.79 315.47
Total 261.88 1000.00 1261.88
There are three types:
Discount Loans
Pure Interest Loans
Amortization Loans
Principol = 1,uuu.uu
i = 1u%
I = 4
Intcrcst = i (Princ. -Amort. )
Poymcnt = PI
r
1 - (1 + r)
-1
15
Arithmetic Growing Annuity (1)
PI =
C
(1 +r)
+
C +0
(1 +r)
2
+
C + 20
(1 +r)
S
+
C + S0
(1 +r)
4
+ +
C +(I -1)0
(1 +r)
I

PI =
C
(1 + r)
_1 +
1
(1 + r)
1
+
1
(1 + r)
2
+
1
(1 + r)
S
+ +
1
(1 + r)
I-1
_ +
+ _
0
(1 +r)
2
+
20
(1 +r)
S
+
S0
(1 +r)
4
+ +
(I - S)0
(1 + r)
I-2
+
(I -2)0
(1 +r)
I-1
+
(I -1)0
(1 +r)
I
_ = A +B .
1st.Step:
A =
C
(1 +r)
_
1 - [
1
1 + r
I
1 -[
1
1 + r
_ =
C
(1 +r)
_
1 - (1 +r)
-I
1 + r -1
(1 + r)
_ = C _
1 - (1 + r)
-I
r
_ .
2nd.Step:
B = _
0
(1 +r)
2
+
20
(1 +r)
S
+
S0
(1 +r)
4
+ +
(I -S)0
(1 +r)
I-2
+
(I - 2)0
(1 + r)
I-1
+
(I -1)0
(1 +r)
I
_

Multiplyingbothsidesby(1 + r),
B(1 + r) = _
0
(1 + r)
+
20
(1 + r)
2
+
S0
(1 + r)
S
+ +
(I - S)0
(1 + r)
I-S
+
(I -2)0
(1 + r)
I-2
+
(I - 1)0
(1 + r)
I-1
_
SoB(1 + r) - B =
=
0
(1 + r)
+
20
(1 + r)
2
-
0
(1 + r)
2
+
S0
(1 +r)
S
-
20
(1 + r)
S
+ +
(I - 2)0
(1 + r)
I-2
-
(I -S)0
(1 +r)
I-2
+
+
(I - 1)0
(1 +r)
I-1
-
(I - 2)0
(1 + r)
I-1
-
(I -1)0
(1 +r)
I
=
=
0
(1 +r)
+
0
(1 + r)
2
+
0
(1 + r)
S
+ +
0
(1 + r)
I-2
+
0
(1 +r)
I-1
-
(I -1)0
(1 +r)
I
=
= _
0
(1 +r)
+
0
(1 +r)
2
+
0
(1 + r)
S
+ +
0
(1 + r)
I-1
_ +
0
(1 +r)
I
-
(I)0
(1 + r)
I
=
= 0 _
1
(1 + r)
+
1
(1 + r)
2
+
1
(1 + r)
S
+ +
1
(1 +r)
I-1
+
1
(1 + r)
I
_ -
0(I)
(1 + r)
I
=
=
0
(1 + r)
_1 +
1
(1 + r)
+
1
(1 + r)
2
+
1
(1 + r)
S
+ +
1
(1 + r)
I-1
_ -
0(I)
(1 + r)
I
=
16
Then,
B + Br - B =
0
(1 + r)
_
1 -[
1
1 + r
I
1 - [
1
1 + r
_ -
0(I)
(1 +r)
I
=
0
(1 + r)
_
1 - [
1
1 +r
I
1 + r - 1
(1 + r)
_ -
0(I)
(1 + r)
I
=
= 0 _
1 -(1 +r)
-I
r
-
I
(1 + r)
I
_
Br = 0 _
1 -(1 + r)
-I
r
-
I
(1 + r)
I
_ B =
0
r
_
1 - (1 +r)
-I
r
-
I
(1 +r)
I
_ =
=
0
r
_
(1 + r)
I
- 1
r(1 +r)
I
-
I
(1 +r)
I
_
Then,
PI = A + B = C _
1 -(1 +r)
-I
r
_ +
0
r
_
1 - (1 + r)
-I
r
-
I
(1 + r)
I
_

Arithmetic Growing Annuity (Ex.)
Calculate the cash flow of an arithmetic progression starting in
S/.1,000 with an increase of S/.300 until the period 10. Then calculate
its PV and FV at a 10% of minimum rate of return .
1,uuu; 1,Suu; 1,6uu; 1,9uu; 2,2uu; 2,Suu; 2,8uu; S,1uu; S,4uu; S,7uu
PI = 1,uuu
1 - (1.1u)
-10
.1u
+
Suu
.1u
1 - (1.1u)
-10
.1u
-
1u
1.1u
10
= 1S,u11.97
FI = PI (1.1u)
10
= SS,749.7u
FAS(10%,10)= 6.144567 10/1.10^10= 3.85543
r= 10.0%
T= 10.00 PV= 13,011.97
C= 1,000.00 FV= 33,749.70
G= 300.00
17
Arithmetic Growing Annuity (Ex.)
Calculate the cash flow of an geometric progression starting in S/.1,000
with an increase of 3.00% until the period 10. Then calculate its PV and
FV at a 10% of minimum rate of return .
1,uuu; 1,Suu; 1,69u; 2,197; 2,8S6; S,71S; 4,827; 6,27S; 8,1S7; 1u,6u4
PI =
1,uuu
.1u - u.uS
1 -
1.uS
1.1u
10
= 6,88S.74
FI = PI (1.1u)
10
= 17,8S4.66
1 2 3 4 5 6 7 8 9 10
1,000 1,300 1,690 2,197 2,856 3,713 4,827 6,275 8,157 10,604
r= 10.0%
T= 10.00 PV= 6,883.74
C= 1,000 FV= 17,854.66
g= 3.0%
Different Economic Life
Machinery
G
Machinery
H
Initial Cost, P US$.62,500 US$.77,000
Operating Anual Cost 15,000 21,000
Rescue Value, VS 8,000 10,000
Economic life, aos 4 6
Consider two machines for a continuous production process, that have
the following costs. Use an interest rate of 15%, and decide which
machine might be kept on the firm.
0 4 8 12
0 6 12
PI E = -77,uuu - 21,uuu
1 - 1.1S
-12
u.1S
+
1u,uuu
1.1S
6
-
77,uuu
1.1S
6
+
1u,uuu
1.1S
12
= -217,929.82
PI 0 = -62,Suu - 1S,uuu
1 - 1.1S
-12
u.1S
+
8,uuu
1.1S
4
-
62,Suu
1.1S
4
+
8,uuu
1.1S
8
-
62,Suu
1.1S
8
+
8,uuu
1.1S
12
= -191,29u.7S
18
It is the owning and operating cost per year of an asset over its entire
lifespan.
It is useful when the NPV or IRR is not possible. It is often used when
comparing investment projects of unequal lifespans. We must chose the
lower cost EAC or CAUE.
EAC is calculated by dividing the NPV of a project by the present value of
an annuity factor. Equivalently, the NPV of the project may be multiplied
by the loan repayment factor.
We do not need mcm for appraise two project with different economic
life.
Formulae
PI = C
1 - (1 + r)
-1
r
C = PI
r
1 - (1 + r)
-1
CAuE = PI
r
1 - (1 + r)
-1
- RI
r
(1 + r)
1
-1

CAuE = PI AP, r, t - RI AF, r, t
Annual Equivalent Cost
If the life cycle project runs one or more times, the Equivalent
Annual Cost (CAUE) doesnt change.
Example: An asset has a cost of US$20,000, an annual operating
cost of US$8,000 and a useful life of 3 years. Find the CAUE of
one lifecycle. Use a discount rate of 22%.
CAuE = 2u,uuu
u.22
1 - (1.22)
-3
+ 8,uuu = 9,79S.16 + 8,uuu = 17,79S.16
Find the CAUE for two lifecycles.
CAuE = 2u,uuu
u.22
1 - (1.22)
-6
+ 2u,uuu
u.22
1 - (1.22)
-6
1
1.22
3
+ 8,uuu
= 17,79S.16
19
Example: An asset has a cost of US$20,000, an annual operating cost of
US$8,000 and a useful life of 3 years. Find the CAUE of one lifecycle. Use
a discount rate of 22%.
Annual Equivalent Cost - Excel
0 1 2 3
Cost 20,000
AnualOp. 8,000 8,000 8,000
Total 20,000 8,000 8,000 8,000
VNA@22% 36,338 CAUE@22% 17,793.16
CAUE= 17,793.16 FAS(22%,3) 2.042241421
FAS(22%,3)^1 0.489658074
+INA 22%, C4: E4 + B4
+PA00 22%, S, -BS
Calculate the AEC from one machine with an initial cost of US$8,000
and a salvage value of US$500 after 8 years. The annual operating
costs (AOC) for the machine are estimated at a US$900 and the
interest rate is 20%.
CAuE = 8,uuu AP, 2u%, 8 - Suu AF, 2u%, 8 + 9uu =
= 8,uuu
.2
1 - (1.2)
-8
- Suu
.2
1.2
8
- 1
+ 9uu =
= 2,u84.88 - Su.Su + 9uu = 2,9S4.S7
0 1 2 3 4 5 6 7 8
Cost 8,000
Sal vageVal ue 500
Anual Op. 900 900 900 900 900 900 900 900
Total 8,000 900 900 900 900 900 900 900 400
VNA@20% 11,337.2 CAUE@20% 2,954.57
20
When the project has an indefinite operating life (perpetuity) , we use
capitalized cost.
CopitolizcJ Cost =
CAuE
r
Steps:
1. Draw the Cash Flow Diagram
2. PV of all the non periodic expenses
3. Find the EAC from periodic expenses and annual costs series of
one life cycle
4. Divide the EAC by the interest rate.
The Capitalized Cost
Calculate the capitalized cost of a project that has an initial investment of
US$150,000 and an additional investment of US$50,000 after 10 years. Annual
operating costs are US$5,000 for the first 4 years and US$8,000 thereafter. In
addition is expected to be a recurrent cost of over hold for US$15,000 every 13
years. Assume that r = 1S%
0wing Cost C1 = 1Su,uuu +
Su,uuu
1.1S
10
= 162,SS9.2S PI In:. Cost - P1
0pcroting Costs CS = S,uuu
1 - 1.1S
-4
.1S
1.1S +
8,uuu
.1S
1
1.1S
5
1.1S = 14,274.89 + Su,49S.S1
= 44,768.4u
PcrioJic Flows C2 =
S,uuu
.1S

1
1.1S
4
= 11,4SS.u6 - P2
Nantainance Cost CS CAuE = 1S,uuu
.1S
1.1S
13
- 1
= 4S6.66 0:cr bolJ -FFA
CopitolizcJ Cost =
CAuE
r
=
4S6.66 + S,uuu
.1S
= 2,911.11 + SS,SSS.SS = S6,244.44 - PS
P1 +P2 +PS = 21u,uS8.74 o P1 +44,768.4u + 2,911.11 = 21u,uS8.74
The Capitalized Cost

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11/8/2013 Jorge Ramirez Arroyo 20

11/8/2013 Jorge Ramirez Arroyo 29

Arithmetic Growing Annuity (3)

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