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Sách Valuation Maximizing Corporate Value phần 9

chi phí hiệu quả nhất hoặc thấp nhất của một sản phẩm nhất định. Nếu bạn là thành công, bạn sẽ có thể để đối phó với tất cả các nguồn lực hiện có và tiềm năng cạnh tranh. Đối với các đối thủ cạnh tranh trực tiếp, chi phí thấp vị trí của bạn sẽ cho kết quả lợi nhuận cao hơn và ổn định hơn | Calculate Revised Case Value 149 EXHIBIT 6.8 ABC Company Revised Case Discounted Cash Flows Year 1 Year 2 Year 3 Year 4 Year 5 Cash Flow from Operations 41.9 56.4 67.5 81.0 92.6 Discount Factor 0.8772 0.7695 0.6750 0.5921 0.5194 Present Worth of Cash Flow 36.8 43.4 45.6 48.0 48.1 Cumulative Present Worth of Cash Flows 36.8 80.2 125.8 173.8 221.9 Step 5 Ending Value The next step is to calculate the value of the organization at the end of five years after the twelve strategies have been executed. The number resulting from this calculation is called the ending value. The rationale and detail behind this calculation are contained in Chapter 2 s Master Discounted Cash Flow. The specific line items needed to calculate this value and the amounts for the Revised Case are as follows Item Amount Year 5 net operating profit 176.0 Year 5 taxes 70.4 Discount rate 14 Year 5 discount factor .5194 150 EVALUATE ALTERNATIVE APPROACHES To calculate the Revised Case ending value subtract the Year 5 taxes from the Year 5 net operating profit 176 -70.4 105.6 . Then divide the result by the discount rate 105.6 .14 754.3 . Finally multiply the result by the Year 5 discount factor 754.3 X .5194 391.8 . Therefore the ending value at the end of five years for the Revised Case is 391.8. Step 6 Revised Case Value In order to obtain the total Revised Case value reflecting the execution of the twelve strategies discussed above simply combine the cumulative present worth of the five-year cash flows from Step 4 and the ending value from Step 5. Therefore the Revised Case value is 221.9 391.8 or 613.7. MEASURE VALUE ENHANCEMENT Having completed the analysis of the Revised Case it is now time to compare it to the original Base Case. For the time being assume these are the only two alternatives available to ABC Company. That is they can continue to operate the organization as they have historically the Base Case or they can go about executing the dozen strategies selected in the strategic framework