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Lp: L24 Thnh vin nhm

Nguyn V Phng Lin 61302044 Nguyn H Hng Phc 61303042

Th Thanh Tho 61303699

MN LP V PHN TCH D N BI TP NHM

Cu 1: Mt thit b c chi ph u t ban u l 10 t ng, trong 50% l vn vay vi li sut n 10%/nm, vn v li c tr u trong 15 nm. Doanh thu v chi ph (cha tnh khu hao) hng nm ln lt l 10 v 5 t ng. Phng php khu hao u c p dng vi tui th 10 nm, gi tr cn li SV = 0. Gi bn d kin sau 10 nm s dng l 2 t ng, thu sut thu thu nhp doanh nghip v cho cc khon di/ ht vn l 25%. MARR = 20%. Gi s thit b vn tip tc to ra doanh thu v chi ph nh c ngay c khi c khu hao hon ton. Hy dng phng php PW xc nh xem phng n u t ny c ng gi khng.

S tin cng ty vay: 10 50% = 5 t Tin vay vn tr hng nm: 5/15 = 0.333 t

S tin li tr hng nm: 5 10% = 0.5 t Khu hao: D = (10-0)/10 = 1 t

D khu hao: 2-0 = 2 t CFBT = Doanh thu Chi ph TI = CFBT Khu hao Tr li Thu = (TI) (TR) CFAT =CFBT Thu Tr li Tr vn

Nm Thu nhp

Chi ph CFBT D Tr li Tr vn TI Thu CFAT

0 5 -5 -5

1 10 10 5 5 1 0.5 0.333 3.5 0.875 3.292

10 2 2 2 0.5 1.5

11 15 10 5 5 0 0.5 0.333 4.5 1.125 3.045

PW = -5 + 3.292*(P/A,10,20%) + 1.5*(P/F,10,20%) +3.045*(P/A,5,20%)*(P/F,10,20%) = -5 + 3.292*4.192 + 1.5*0.162 + 3.045*2.991*0.162 = 10.52 PW > 0 Phng n ng gi u t. Cu 2: Cng ty ang xem xt cc c hi u t:

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D n u t ban u (tr) Li tc rng hng nm (tr) Tui th

A 100 40 5

B 150 50 5

C 200 60 5

Vi MARR = 10%, cng ty s chn tp d n no nu: a.Ngn sch ca cng ty l 300 triu ng b.Ngn sch ca cng ty l 450 triu ng

Th t Tp d n P (Triu ) PW Ghi ch

1 2 3 4 5 6 7

A B C AB AC BC ABC

-100 -150 -200 -250 -300 -350 -450

51.64 39.55 27.46 91.19 79.1 67.01 118.65

- Loi b trc Loi b trc - Loi b trc Loi b trc -

a. Ngn sch ca cng ty l 300 triu ng

Cng ty chn tp d n 4 (A, B) b. Ngn sch ca cng ty l 450 triu ng

Cng ty chn tp d n 7 (A, B, C) Cu 3: Tnh chi ph s dng vn ca cng ty c cu trc vn nh sau: Vn vay: Tri phiu (2 triu $): Mnh gi $1.000, li sut 10%/nm, tr li theo qu,

s mn hn sau 10 nm, c gi bn hin ti trn th trng l $1.100/tri phiu.

Vay ngn hng (2 triu $): Li sut 8%/nm, tr li hng thng. Vn c phn: C phiu u i (1 triu $): Mnh gi $100. C tc hng nm = 12%. Gi th

trng = $90. C phiu thng (5 triu $): Mnh gi $100. Gi s dng vn l 12%/ nm

Thu sut thu thu nhp doanh nghip tC= 25% Chi ph s dng vn vay tri phiu:

Li sut thc phi tr hng k r =

= 10.38%

Po x (1- fc) = r x F(P/A, i%, n) + F(P/F, i%, n)

1.100 = 10.38% x 1.000 x (P/A,i%, 10) + 1.000 x (P/F, i%, 10)

i% = RB trc thu = 8.83%

RB sau thu = 8.83% x (1-25%) =6.62%

Chi ph s dng vn vay ngn hng:

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Li sut thc phi tr hng thng r =

= 8.3%

RL sau thu = 8.3% x (1-25%) = 6,22%

Chi ph s dng vn c phiu u i:

Rp

13.33% Rp sau thu = 13.33%

Chi ph s dng vn c phiu thng:

Rc = 12% x (1-25%) = 9%

Chi ph s dng vn WACC:

WACC =

Cu 4: D n A c gi tr u t ban u l 250 tr, gi tr cn li SV = 0, thu nhp rng hng nm (trong vng 4 nm) l bin c lp tun theo phn phi chun c gi tr k vng l 100 tr v lch chun 50 tr. MARR = 10%. a.Tnh E(PW), (PW) ca phng n. b.Tnh xc sut phng n khng ng gi c.Tnh xc sut PW ca phng n nm trong khong 100-200 tr Tnh xc sut PW > 200 tr

J 0 1 2 3 4

P -250

A 100 100 100 100

SV 0

Aj -250 100 100 100 100

Var(Aj)= 2(Aj) 0 2500 2500 2500 2500

a. E(PW) =

= -250 + 100x(P/A,10%,4)= -250 + 1000x3.170 = 67

(Triu )

=

=

(Triu )

b. P(PW200)= P(Z>

=F(1.67) = 0.4525 =45.25%

P(100

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