Valore Attuale Netto (NPV)

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Che cosa è il Valore Attuale Netto? Definizione

Il Valore Attuale Netto (VAN o NPV) di un investimento (progetto) è la differenza fra la somma dei flussi di cassa scontati che si attendono dall'investimento e l'importo inizialmente investito. È un metodo tradizionale di valutazione (spesso per un progetto) usato nella metodologia di misurazione dei Flussi di Cassa Scontati, per cui si intraprendono le seguenti fasi:

Fasi nel calcolo del Valore Attuale Netto

1. Calcolo dei free cash flows attesi (spesso per anno) che risultano dall'investimento
2. Sottrarre/scontare per il costo del capitale (un tasso di interesse che tiene conto del tempo e del rischio)

Il risultato intermedio è denominato: Valore Attuale.

3. Sottrarre gli investimenti iniziali

Il risultato finale è denominato: Valore Attuale Netto.

Di conseguenza il NPV è un importo che esprime quanto valore genererà un investimento. Ciò avviene misurando tutti i flussi di cassa generati nel tempo riportati al punto attuale nel presente.

Se dal metodo NPV esce fuori un importo positivo, il progetto dovrebbe essere intrapreso.

Limitazioni del Valore Attuale Netto

• Anche se la misurazione del NPV è ampiamente usata per prendere le decisioni di investimento, uno svantaggio del NPV è che nontiene conto della flessibilità/incertezza dopo la decisione di progetto. Vedi Opzioni Reali per le maggiori informazioni.
• Inoltre il NPV non può trattare i benefici immateriali. Questa incapacità fa diminuire la sua utilità per le questioni ed i progetti strategici. Vedi IC Rating per maggiori informazioni.

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

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

Referenza Bibliografica: James R. Hitchner - Financial Valuation: Applications and Models

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Migliori Pratiche Gli argomenti migliori e più votati su Valore Attuale Netto. Qui troverai le idee più preziose e suggerimenti pratici. 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 C... 43   6 commenti 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?... 33   5 commenti 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?... 20   1 commenti 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?... 19   2 commenti 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? ... 16   1 commenti

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