Equity Analysis of a Project        
                       
INITIAL INVESTMENT   CASHFLOW DETAILS   DISCOUNT RATE  
  Initial Investment=       Revenues in  year 1=     Approach(1:Direct;2:CAPM)=  
  Opportunity cost (if any)=     Var. Expenses as % of Rev=     1. Discount rate =  
  Lifetime of the investment     Fixed expenses in year 1=     2a. Beta    
  Salvage Value at end of project=     Tax rate on net income=      b. Riskless rate=  
  Deprec. method(1:St.line;2:DDB)=   If you do not have the breakdown of fixed and variable expenses, input the entire expense as a % of revenues.      c. Market risk premium =  
  Tax Credit (if any )=          d. Debt Ratio =  
  Other invest.(non-depreciable)=        e. Cost of Borrowing =  
                Discount rate used=  
WORKING CAPITAL                  
  Initial Investment in Work. Cap=                  
  Working Capital as % of Rev=                  
  Salvageable fraction at end=                  
                       
  GROWTH RATES (YEAR)
    1 2 3 4 5 6 7 8 9 10
  Revenues    
  Fixed Expenses    
  Default: The fixed expense growth rate is set equal to the growth rate in revenues by default.              
                       
INITIAL INVESTMENT  
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  Investment  
   - Tax Credit  
  Net Investment  
   + Working Cap  
   + Opp. Cost  
   + Other invest.  
  Initial Investment  
    YEAR
    1 2 3 4 5 6 7 8 9 10
  SALVAGE VALUE
  Equipment  
  Working Capital  
                       
  OPERATING CASHFLOWS
Lifetime Index  
Revenues  
 -Var. Expenses  
 - Fixed Expenses  
EBITDA  
 - Depreciation  
EBIT  
 -Tax  
EBIT(1-t)  
 + Depreciation  
 - ∂ Work. Cap  
NATCF
Discount Factor
Discounted CF
                       
Investment Measures      
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  NPV =        
  IRR =        
  ROC =        
           
                       
BOOK VALUE & DEPRECIATION
  Book Value (beginning)  
  Depreciation  
  BV(ending)