Project valuation

Question 1

NPV

Answer 1

Formula is easy
Something to remember: Cash flow is also chi phí tiết kiệm được
Cash flow is forcasted => Forcasting must be done carefully or valuation will be inaccurate
The “catch” here is r which can be derived from Comm bank rate or the rate of the project

Question 2

“r” rate of the project

Answer 2

How to calculate “r”
r can be WACC: Weighted Average Cost of Captital
So how WACC is calcutated ?
cost of capital is: Cost of debt, Cost of equity, Cost of prefered equity
Weight is their weight in the company cost of capital
Cost of debt remember to mul by (1-T)

Question 3

Cost of equity

Answer 3

How to calculate ? Use CAPM 
Ke= Rf+Beta*(E(Rm)-Rf) 
Beta tìm regression
Rm VNIndex
Trả lời câu hỏi: Ke nên lớn hay nhỏ
Nên manipulate cho Ke lớn nếu làm quỹ, nhỏ nếu làm doanh nghiệp

Question 4

IRR

Answer 4

Internal Rate of Return
Dùng để làm gì: Dùng tính cái lãi làm cho cash flow hoàn vốn.
Muốn hoàn vốn nhanh hay chậm: Nhanh
Do đó IRR càng nhỏ càng tốt

Question 5

PP

DPP

Answer 5

dễ quá, phần này coi sơ qua lại thui