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Insurance and Investment Management - V. Fedorenko

11.2. PORVNIAL ANALYSIS OF ALTERATIVE INVESTMENT PROJECTS

Basically in investment dyalnost - the idea of ​​turning over to the investor of deposits through cash flows, which is the general contributor. For financing of viral projects, groshy flows - as a result, you have to get to the investor a sale of the period for the operation of the project in the form of net sales of realizable products, depreciation of vidrakhuvan.

Method for the determination of purely present-day vartosti. The net present project (NPV) is almost the same as the size of the small streams, which should be kept by the project in operation, discounted at the agreed rate of return (g), and the total investment (IB):

de t - performance period for the project; ST ,, - a groshiy potіk in, -mu period.

The rate of income may be lost due to the stable sale of the investment period, and may be retained in the skin period.

To date, NPV has been awarded in order to improve the investment of investments, and the project will be shortened. For the significant significance of the NPV project, the following is the evidence of integrity. Since NPV = 0, then the project is neither more nor less, and as a whole, I need to take it on the basis of the most important criteria: the idea of ​​the best practice, the achievement of the social and social benefits. Yakshcho pіdprimstvo is a small project, then follow the fact that a certain name is the most important value of the present.

Butt 1

The company needs to analyze the contribution of capital to the project project 750 thousand. UAH, for what you plan to gain groshiv flows of sales of three rock, and itself: 1st rick - 350 thousand. UAH 2nd rik - 400 yew. UAH 3rd rik - 420 yew UAH Assessment of the project:

1) for the mid-market rate of income of 25%;

2) for the mind that the average market rate is better for the sale of the project to the project and becomes quick:

25%, 30%, 23% відповідно. Rosrahunok:

You can take your project, the fragments of the pure are now clear that the meaning is significant.

For the umpteenth time, the project has been verified, and even the flow of money cannot be secured by turning the investment cost. I should reiterate the results of such a lot without relying on the technology of discounting the day and night so that you can keep up the total amount of grocery flows and become 156% of the total amount of 400 investment (more than 350 + 350); (%)].

The method of purely novіshnyo vartostі bіlshіst fakhіvtsіv rozglyada к as the most favorable criterion for evaluating the capital investment. Before moving on to the method, introduce those that are clean now. I want to show ymovirnu value of the increase in capital of the investment in the implementation of the investment project. And oskilki is the main method of managing the company б zbіlshennya vlasnogo capital (power Aktsіonerіv), then such a criterion іnlіkom vіdpovіdaє needs that zavdannyam, scho to stand before the management personnel. According to the sutter overriding method, the additiveness is that you can give the value of purely present wartosty for different projects and analyze the increase in capital gains. Significantly, the indicator of purely present-day vartosti is to learn more about the most advanced methods of assessing investment.

The water hour method does not allow to evaluate the effectiveness of the project with the position “results - vitrates”, for which it is possible to vibrate not the most profitable project, but this one, which I want to generate, is in absolute value the sum of incomes, but I need more significant values. The method of purely present-day vartosti is the most efficient, as long as the amount of invested resources is practically not disjointed, and the economic situation makes it possible to more accurately predict the profit rate for the triple period. This is the situation that is needed to stay in the most distant lands, financial resources are oversized by financial resources, banks grant loans and financial loans (6-7%), and most of them are invested.

Analysis of the profitability of the project. The analysis of investment and investment can be carried out for an additional amount of the profitability of the project (IIA), of which there is no need to introduce pure and current business to the following investments:

Behind an economical profitability is profitability приб the size of a profit gained on a leather penny unit of investment from the project cost. Profitability є a one-time indicator, and that one can be locked for one of several investment projects, as well as having the same value of pure vartosti.

Butt 2

Pіdprimstvo maє vibrati project of the new workshop of the new workshop for the selection of variants. The amount of investment for the leather project and the total amount of discounted grocery flows, which should be invested in by the investor for the sale of the period (not the same period) are indicated in the tables (11). 3.

Table 11.3

Analysis of profitability of investment projects, yew. UAH

Project Number

is

sf

npv

IR (%)

1

830

953

123

14.8

2

1250

1395

145

11.6

3

1600

1810

210

13.1

Yak bachimo from these tables 11.3, for the criterion of the maximum profitability of the company, you can choose the first option, a safe way to find a profit from the razrahunka for one hryvnia invested money (14.8%). In the meantime, for the criterion of purely present-day vartosti vibrata, a third project is required, a kind of a generic money for the benefit in absolute terms, and as a result, I want to maximize the power of the project investor (for the benefit of the investor).

Zauvazhimo, shcho residual vibration criteria for the identification of future investments and to lay down on the front of the policy and the policies of the company itself, as well as the other international situation in the investment climate.

Analysis of internal norms for a profit. The internal norm for the project (the standard of profitability) is to increase the value of the discount factor, because of the cleanliness of the present, the project is worthless to zero. The internal norm will show the minimum cost to the project for a little while, for the kind of income that we don’t give, the income, the loss, or the low cost, the norm for the point of the project without bezbovost. The internal norm is a margin for finding the value of the average value:

For the sake of formula, there’s only one way, d, because I’m using mathematical methods, but for the tables there are billing cards and fixed rental payments, but I’m able to simplify the payment.

For this method, the norms of profitability of projects are calculated, and in them the power of ownership is possible. A parallel analysis of internal standards and a margin of alternative projects for alternative business (for example, at the official house), as well as average market standards, as well as more reliable information.

The indicator of internal norms is slightly more important in the process of acquisitions of the financial investment project. More investment opportunities, more money for paying money for bank cards, more dividends and more money for living in the city, and more money for living So, as a matter of fact, the internal norm is in favor of the project for the advance of capital advancement, then the project is economically higher, and the price is showing the increase in profitability, which may be an investor. As a matter of fact, the internal norm is a little bit more expensive than the advance payment of capital, then the project does not bring any income, no interest, no more interest, you need to familiarize yourself with the most important criteria, for example, looking at the social effect. If there is an internal norm, a little less for the advance of the advanced capital, a project with a clear look is economically unimportant.

Butt 3

Computably the internal norm for the benefit of the investment project of the project is 750 thousand. UAH., for some plan to gain penniless streams for sale of three rockies, and to itself: 1st rick - 350 thousand. UAH 2nd rik - 400 yew. UAH 3rd rik - 420 yew UAH, for the mid-market rate of income 25%.

Calculation is carried out for the secondary reception of the last operations and the registration of discount multipliers, known for the tables that have been adjusted. There are two significant values ​​that are discounted so that the value of the pure present value changed the sign for the protrusion, but for one of the more important ones, and for the other, it is unimportant.

Nehai y1 = 20% i y2 = 30%. Rozrahumo vіdpovіdnі value of purely present tecіnі vartostі:

Dalі zastosuєmo formula

de NPV (d1), NPV (d2) - the value of the purely present wartosti is for d1 and d2, to

From now on, it’s possible to show rosers, the internal rate for the whole project should become y = 25.4%, and if the price is higher for the average market rate (25%), then it is possible to take into account straightforward investing. As a matter of fact, if you have a small project, then you need to reduce the internal norm for a cutaneous skin and vibration project with the most important values.

Zauvazhimo, scho accuracy accrue for the discerned method to lay down the form of the initial interval (y1, y2). If the interval is smaller, then the accuracy will be more important, but the most accurate is the difference between the minimum interval, that is, the number of points 1 and 2 is the closest table, which is for the most significant sign. Utim, rozrahunki significantly say goodbye to the rigging of a special financial calculator.

Analysis of the period of investment. Period of investment - an hour, the sale of a penny, the interest of an investor in the process of operating a project, and the investment in investment (to learn more about the rock). The method of calculating the payback period is one of the most practical practices for achieving simple tasks with the need for additional investment operations. In the classical variant there is no method of transferring the order of pennies to the watch aspect, so that the discount technique is not stalled. Of the projects we’ve become more familiar with being the one who has the shortest payback period.

The algorithm for the development of the payroll period is laid down in the form of the flow of the groshy streams. As a rule, it’s stable to sell for the period of the operating project, then the period of pay-off is to pay the total investment for a penny flow (other round to the nearest).

For example, it’s possible to invest 670 thousand. UAH, and shchorіchnі groshі streams - 175 thousand. UAH, then the term for the project will become more than 4 rocky (670: 175 = 3.83). As soon as the project is distributed irregularly for the rocks, then the payback period should be calculated by direct costing of the rockets, the sale of any amount of the investment will be repaid as necessary.

Such simplifications pidd_d to viznachneniya dotsіlnostі іinvestuvannya adopted for the mind of insignificant rates інфляції (2-5%) і відповідно unknown low average rates of income. For the most accurate results, as well as for the quiet market, you need to finish the charts, and then 24 hours a minute to add a penny, while the process is important, you should pay attention to the investment. For such a time, it’s not for nominee purchases that are discounted, but discounted streams, so that you can pay for the project.

So, the period of payback to the project brought to the application 1, the redemption of the first option (without the unscheduled technology of discounting), to become 2 rock, the fragments of the investment amount 750 thousand. UAH will be turned over to the investor for a handful of groshy streams, which will allow you to sell two rockets (350 + 400 = 750). For rozrahunki iz urakhuvannyam discounted groshovy streams in the period of payback to the project zbilshitsya up to 3 rock_v (280 + 256 + 215.25 = 751.25).

Visiting of investment for the method of return on investment, shortage of those who receive the remaining periods at the check-outs is not to be spent, and now, I will not be able to repeat the effectiveness of the project. For example, one of two investment projects with the same payback periods, one can generate more money and more than one payroll, and the next payload is closed. Zrozumіlo, I’m going to overlook the first step of investing, but for criterion of profitability, the project will be in the future.

In addition, the method doesn’t allow you to have more than one project, you can have the same amount of money, you need to be more careful, but you need to have more time to go, .

The water hour is the situation, if the method of consecutive business is completed. Say, for lenders (bankers) the period of payback of the investment project є the guarantee for the settlement of the balance of the loan, and the possibility of lower operating costs for them is not significant. In galleys, which are characterized by a high degree of achievement, to achieve quick technological benefits and accelerated moral znosnost possession, for example, in the galaxy computer technology, analysis of the period of occupancy, criterion. For the minds of a higher degree of commitment, we can take it as a rule to take into account the project, I can’t override the payback period before the established standard. This is the time for the method of visualization of the payback period for the future project selection.