(NPV) .
(Pay-Back Period, PB). . , , . , , , . (FCFi, 0 ≤ i ≤ n) , 0 ( , , 1, Inv0 ). k, SFCF1, 2,..., k = Inv0, PB . k , FCFi i = j 1 , i = j , PB j, , j 1.
FCF | FCFi | |
-60 | ||
-45 | ||
-28 | ||
-11 | ||
PB = 3 + 11/17 = 3,647 ( , .. PV ).
PB: , ; FCF; , . , . , ( ). ( ) ( ), . ( , ) .
- (, ROCE).
: (Accounting Rate of Return ARR Average Accounting Return AAR).
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ARR . , : OCF . ( ). ARR (Inv0) () . NWC n 0, , .
(Profitability Index, PI). (SPV(FCFi)), 1 ≤ i ≤ n) (Inv0).
, (NPV). , NPV. , 1 . . , 5 . .
PI NPV. , , NPV . NPV , . NPV PI, .
NPV (IRR).
IRR = ∑ FCFI / (1 + IRR)I inv0
, ( ) , IRR, NPV. , , ( , WACC). NPV , WACC. , . , IRR, . , , NPV ( WACC). , , IRR NPV.
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IRR . , . - , . . WACC. , , (WACC).
WACC, IRR, , , WACC. , . , IRR , . , , .
(MIRR) , :
(17)
FV (Future Value), MIRR, :
(18)
, (WACC), IRR , . , , (, ) MIRR NPV. IRR, .
NPV , . . IRR, () . WACC, . IRR .