Kapitalwert (NPV)

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Traditionelle Bewertungsmethode. Erklärung des Kapitalwert.

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Kapitalwert (NPV)Was ist Kapitalwert? Definition

Der Kapitalwert (NPV) einer Investition (Projekt) ist der Unterschied zwischen der Summe der diskontierten Cash Flows, die von der Investition erwartet werden und dem Betrag, der anfänglich investiert wird. Es ist eine traditionelle Bewertungsmethode (häufig für ein Projekt), die in der DCF-Verfahren Bewertungsmethodik verwendet wird, bei der die folgenden Schritte durchgeführt werden:


Schritte in der Berechnung des Kapitalwert

  1. Berechnung der erwarteten Free Cashs Flows (häufig pro Jahr), die aus der Investition resultieren
  2. Subtrahieren/abziehen der Kapitalkosten (ein Zinssatz, um für Zeit und Gefahr anzupassen)

Das Zwischenresultat wird genannt: Present Value (Barwert).

  1. Subtrahieren Sie die Ausgangsinvestitionen

Das Endresultat wird genannt: Kapitalwert.


Folglich ist NPV ein Betrag, der ausdrückt, in wieviel Wert eine Investition resultiert. Dieses wird getan, indem man alle Cash Flows über die Zeit in Richtung zum gegenwärtigen Zeitpunkt in der Gegenwart mißt.


Wenn die NPV Methode in einem positiven Betrag resultiert, sollte das Projekt durchgeführt werden.


Einschränkungen des Kapitalwert

  • Obgleich NPV Bewertung für das Treffen von Investitionsentscheidungen am häufigsten benutzt wird, ist ein Nachteil von NPV, dass es Flexibilität/Ungewissheit nach der Projektentscheidung nicht berücksichtigt. Siehe Realoptionen für mehr Informationen.
  • NPV ist auch nicht imstande, immateriellen Nutzen zu berücksichtigen. Dieses verringert seinen Nutzen für strategische Themen und Projekte. Siehe IC Rating für mehr Informationen.

Buch: S. David Young, Stephen F.O'Byrne - EVA and Value-Based Management: A Practical Guide. -

Buch: Aswath Damodaran - Investment Valuation: Tools and Techniques for Determining the. -

Buch: James R. Hitchner - Financial Valuation: Applications and Models -


Kapitalwert (NPV)-Forum
  NPV with Only Costs & IRR
Hi, I have been posed with the problem of trying to calculate an NPV, with only costs provided and an IRR. Additionally, costs are not incurred upfront, but by borrowing over each period at a given rate. Would it be incorrect to go ahead and use the ...
     
 
  Calculating NPV for a Project
John owns a nursery school. He estimates that, with an extension, he would be able to sell the business as a going concern for $600,000 in six years time. Without the extension, he would expect to sell it for $500,000 in six years’ time. A local buil...
     
 
  NPV Cost Avoidance and Savings
I evaluating a capital expenditure project where 'stand alone' (location 1) the savings from the investment are low. Due to this, the NPV is low. And thus the project is not feasible.
However this project also leads to cost avoidance at another ...
     
 
  Calculating Cost per Unit if Zero NPV without any Operating Costs Information
How does one calculate the cost per unit from the following info?
Initial investment of R120M, R8M maintenance costs per year, R5M additional costs for each 1M units produced and 1.2M units produced yearly. 11% interest rate on the investment an...
     
 
  NPV for Leased Equipment versus Purchased Equipment
Do any of you use NPV for a lease situation? I lease equipment and am often asked about purchase versus lease
I do not have the customers cash inflows, but when I'd do this comparison of NPVs, the least negative of the two would be the one to go...
     
 
  WHEN to Invest? Investing at the Right Moment...
I have done a NPV calculation for an investment option. The problem I'm thinking about is not IF I should invest, it is WHEN to invest.
Its weird to make a calculation on a 10 years basis for option 1 (invest now) and compare it with option 2 (i...
     
 
  Missed Interest in NPV
(How) Can I include interest income forgone in an NPV calculation?...
     
 
  NPV with a Missing Cash Flow Figure
Is is possible to calculate NPV with a missing cash flow figure? E.g. the expected cash flows for a 5 year project at 2% with initial investment of £5000 pounds are £1000, £2500, £2300, £1700 and unknown. Can't this be done?...
     
 
  Calculating NPV with Missing Data
How will I calculate the NPV if I only have the different annual income for 6 years business proposal?...
     
 
  Operating Cash Flows
What is the NPV of a project that has cost of 52,125 and net cash flows of 12,000 per year for 8 years with a cost of capital of 12 percent?...
     
 
  NPV of $1 Million for a Project Means What
If a NPV of one project is $1 million, what does it mean to an investor?...
     
 
  Example of Net Present Calculation
Consider the following two investments:
Investment 1 requires a cash investment of $ 10,000 today and $14,000 two years from now. One year from now this investment will yield $24,000.
Investment 2 requires a cash investment of $ 6,000 today...
     
 
  Does the Net Present Value (NPV) calculation uses cash inflows or profits?
Does the NPV calculation uses cash inflows or profits? Should I use the revenue generated by the project or the profit?...
     
 
  More Complex NPV Comparison: Interrelated Projects
How would I compare 3 projects - two have an NPV = $500,000 (over 9 years mixed stream of inflows and 20 years annuity, respectively) and one which is a lump of $490,000 cash right now?
...
     
 
  Choosing between Investments Using a Comparison of NPVs
If I have 2 investments and I compare the NPV of both. Which one I prefer? With the biggest NPV?...
     
 
  How do you Calculate NPV when Initial Investments are Unknown?
In calculating NPV when initial investment is not mentioned what should i do? Only cost and benefit from year 1 is given. What would be the power of (1+discount rate) 1 or 0?...
     
 
  NPV of Partial Payments
Suppose a business sells an average of $ 1000 per month to a group of 200 customers on Net 30 terms. What would be the financial benefit to the seller if those customers each paid 1/30th of the invoice each day for 30 days.
The situation is one...
     
 
  NPV assumes Certainty of Cash Flows
When using the Net Present Value method be careful: this calculation assumes certainly in the forecasted future cash flows. For strategic longer term projects this assumptions is often not valid in today's volatile markets and uncertain business envi...
     
 

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Best Practices - Kapitalwert (NPV) Premium
  Re-evaluating an investment decision
Question: I am re-evaluating an investment decision from 2004 - - where the initial investment was made. If I wanted to look at the investment today would I need to take the future value of the past CFs and investment into todays dollars and then re ...
     
 

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