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Management of special projects (compendium of lecture NUPSU)

7.6. Model of valuation of capital assets (MOCA) in valuation of social investment

The model of valuation of capital assets (MOCA) is held by financial investors in order to determine the necessary rate of return on the initial investment portfolio of the investment. When evaluating the investment and investment method, the project is based on the company’s stock and allowance, so that the project is connected to all the assets of the company and the company has all the gallows. Rozrahunok hello for the next offensive rivnyannya:

Kp = Rf + (Km - Rf) p


Kp - the required bid is for the previous project, which should be appreciated;

Km - the profitability of the market portfolio;

Rf - no deposit rate;

p - beta (some rhizics) project.

As a rule, wait a little, because a project, a kind of vivcha, is the same as a typical company project, you can speed it up company yak project.

Butt. It’s permissible that you want to sign up for an NPV project, but don’t know what kind of discount rate you should rate. You know companies are 1.5 times, the security rate is 8%, and the profitability of the portfolio for the PFTS index (first stock trading system) is 12%. You must also be sure that the project will not be worse than the previous version of the latest company projects.

Rozv'yazok: Oskіlki vi perekonanі, scho rizik drafts of the same, you can tell , anyway, the project’s project, close to companies, tobto 1.5.

skorivshis rivnyany Kp = Rf + (Km - Rf) p That with guidance, you can signify the required rate of income (discount):

Kp = 0.08 + 1.5 (0.16 - 0.08) = 0.20, or 20%. Therefore, since the discount rate has been calculated, it is possible to expand the NPV project for the total discount of up to 20% cash flow, then increase the value of the current value of the current cash flow. Most importantly, NPV is more likely to be zero, but if you are more positive, you can also grab the project even more than 20% of the required rate for future visits.

But what, like a non-standard project for an investment company? In other words, how can I consolidate MOCA for a project, can I get it for the best indicators, can I see any average projects, any real company? In such a slip of slid shukati, similarly design your posture with your firm.