Capital Budgeting

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Capital Budgeting

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Capital Budgeting

This chapter examines various tools used to evaluate potential

projects or investments. Accountants advocate the use of the

Simple Rate of Return, which is based upon the accounting

concept of Net Income for this purpose. This return is also

referred to as the Accounting Rate of Return. Financiers do not

like to use Net Income as a basis for evaluating investments

because of the discretion that accountants have in determining

Net Income (e.g., estimates of various allowances, useful lives,

and the choice of depreciation methods). Financiers prefer to use

After-Tax Cash Flow as the basis for their analysis. Financiers

advocate the use of the Payback Period, Net Present Value, and

Internal Rate of Return for purposes of evaluating investments.

Simple Rate of Return and Payback period are referred to as non-discounting models

because they do not utilize the time value of money. Net Present Value and Internal

Rate of Return are referred to as discounting models because the time value of money

is part of their analysis.

All of these tools are used to evaluate the merits of a particular project or investment.

The way that the project or investment will be financed is not included in the evaluation

(e.g., do not include interest costs). It is assumed that the project or investment is

funded with available capital, and the source of that capital is not in issue.

Present Value

"I'll gladly pay you Tuesday for a hamburger today." Instinctively, you

know that a dollar that Wimpy is willing to pay sometime in the future is

not as valuable as a dollar in your hand today. This inequality arises

because you can put the dollar that you currently have in the bank,

earn interest on that deposit, and have more than one dollar (the dollar

deposit plus the interest) in the future.

The Present Value tells you what you have to put in the bank today in order to have a

dollar in the future. While you can use your calculator, Excel or a Present Value table,

you should be able to figure out the Present Value of one dollar to be receive at the end

of a given period by using the following formula:

PVIF =

__1___

(1+ d)

n

where d is the discount rate (the interest rate) and n is the number of periods until

you receive the one dollar. PVIF is the Present Value Interest Factor (PVIF) or discount

factor that is reported on a Present Value table. If you treat n as the number of years

Capitol Investment?

Chapter 14 Notes Page 2

Please send comments and corrections to me at mconstas@csulb.edu

and d as the annual interest rate, then your Present Value is based on simple interest.

If you change the n to reflect the number of six-month periods, and the d to reflect

the amount of interest that is paid in each six-month period, then you have Present

Values that reflect semi-annual compounding of interest. By adjusting the d and n to

reflect various time periods and interest rates, you can vary the extent of the

compounding of interest.

For example, if one dollar is to be received at the end of one year, and you can receive

interest from your bank at the rate of 10% compounded annually, then you need to

deposit the following to have one dollar at the end of the year:

PVIF = (1/(1.10)

1

)

PVIF = 90.909

You can test this:

One Year's Interest Is .1 x 90.909 = 9.0909

Original Principal = 90.9090

99.9999

We are a little off because of rounding.

As another example, assume that one dollar is to be received at the end of a two-year

period, and you can receive interest from your bank at the rate of 10% compounded

annually, then you need to deposit the following to have one dollar at the end of two

years:

PVIF = (1/(1.10)

2

)

PVIF = 82.6446

You can test this:

One Year's Interest Is .1 x 82.6446 = 8.26446

Original Principal = 82.64460

Amount on Deposit After 1 year: 90.90906

Notice how this is similar to the Present Value of a dollar at the end of one year. The

only difference is due to rounding.

The Second Year's Interest Is .1 x 90.90906 = 9.090906

Balance At Start of Year = 90.909060

Amount on Deposit After 2 years: 99.999966

If you are to receive a dollar at the end of each year for a given period of time, this is

called an annuity. You could figure out the Present Value of that annuity by calculating

the Present Value of each dollar you are going to receive using the above formula. This

Chapter 14 Notes Page 3

Please send comments and corrections to me at mconstas@csulb.edu

could get cumbersome if the annuity period is long. Alternatively, you could use the

formula for calculating the Present Value of an Annuity.

Conceptually, the Present Value of an Annuity is that amount that must be invested

today at a given interest rate in order to produce sufficient funds to enable annual

withdrawals of the annuity amount over the annuity period.

PVIF

annuity

= 1 1/d[

__1___

]

(1+d)

n

For example, if one dollar is to be received at the end of each year for a two-year

period, and you can receive interest from your bank at the rate of 10% compounded

annually, then you need to deposit the following to be able to withdraw one dollar at the

end of each year for two years:

The Present Value of one dollar received a year from now is: 90.9090

The Present Value of one dollar received two years from now is: 82.6446

$1.735536

Using the Present Value of an Annuity formula:

PVIF

annuity

= [1-(1/(1.10)

2

]/.1 PVIF

annuity

= $ 1.73553719

Again, the difference is due to rounding. If you deposit $1.73553719 with a bank at

10% interest, you can withdraw one dollar at the end of each year for two years:

Initial Deposit: $1.735537190

One Years Interest: 17.355372

Amount On Deposit After One Year: $1.909091

Withdrawal of Annuity: -$1.000000

Amount On Deposit After Withdrawal of Annuity: 90.9091

Second Years Interest: 9.0909

Amount On Deposit After Two Years: $1.000000

Withdrawal of Annuity: -$1.000000

Amount On Deposit After Withdrawal of Annuity: 0

Net Present Value

The problem when evaluating a project or investment is that you invest money today,

and you get your payoff at some time in the future. As discussed above, we know that

comparing a dollar today with a dollar to be received some time in the future is like

comparing apples and oranges. Because the investment and the payoff occur at

different times you merely cannot say, "I've invested $1,000 and received a payoff of

more than $1,000 on that investment". It could be that when you factor in the time value

of money (Present Values), you have received a payoff that is less than your original

investment.

Chapter 14 Notes Page 4

Please send comments and corrections to me at mconstas@csulb.edu

With Net Present Value, you are attempting to compare apples and apples. You

convert all of the future dollars of the payoff into present dollars and then compare them

to the investment, which is already in present dollars. With Net Present Value you have

to take the Present Value of all of the cash to be received from an investment, and

subtract out the initial investment. If you have a positive number, then you know that

you have received your initial investment along with your minimum required return.

The discount (interest rate) is the minimum return that your firm requires on

investments. Traditionally, the discount rate is the weighted average cost of capital of

your firm. The thought is that you should not invest in a project or investment that will

not provide a return at least equal to the cost of the funds that you are investing in that

project or investment. A firm, however, is free to set any minimum return that it wishes.

The weights used in this calculation are the percentages of the total capital of the firm

coming from a particular source of capital (e.g., 20% of our capital comes from equity

and 80% of our capital comes from debt). The cost of that capital (debt or equity) is the

after-tax cost of that capital (e.g., interest is deductible while dividends are not).

Remember that you are considering only After-Tax Cash Flows (not Net Income). Net

Present Value is a Finance concept. Typically, the difference between Net Income and

After-Tax Cash Flow is the deduction for depreciation and other non-cash expenses

from Net Income. Think back to when you learned about the indirect method of

preparing a Cash Flow Statement. Under that method, you would start with a firms Net

Income and then add back the depreciation expense (because depreciation expense

does not require a current cash outlay in order to get the Cash Flow From Operations.

The traditional assumption is that the infusion of funds into an investment or project is

made on the first day of the investment or project, and that the payoffs (returns) are

received at the end of each year (e.g., the first payoff is received on the last day of the

first year). We will be making this assumption in the following discussion. This

assumption is not always the case. For example, cash inflows into an investment or

project may be made over a number of years, and payoffs can be received during a

year or in the year following the year in which it was earned.

Depreciation

Depreciation is not a cash expense, and therefore is not directly included in the

calculation of After-Tax Cash Flow. Depreciation is, however, an income tax deduction.

Thus, depreciation is still included in the calculation of the firms tax expense. The way

that depreciation is calculated for financial statement purposes is different than the way

that it is calculated for income tax purposes. While firms have many alternatives from

which to choose when calculating its depreciation expense, they must follow the rules of

the Modified Accelerated Cost Recovery System (MACRS) when preparing their income

tax returns. For purposes of this class, we will assume depreciation for both income tax

and financial reporting is the straight-line depreciation method, unless otherwise

provided.

Chapter 14 Notes Page 5

Please send comments and corrections to me at mconstas@csulb.edu

When calculating After-Tax Cash Flow, most books first subtract cash expenses

(without considering depreciation) from revenues to get the Before-Tax Cash Flow.

They then multiply the Before-Tax Cash Flow by the tax rate to get a preliminary tax

expense, which is subtracted from the Before-Tax Cash Flow in order to get a

preliminary After-Tax Cash Flow. Because depreciation reduces a firms tax bill, they

then add back the reduction in taxes that the depreciation tax deduction produces (the

"Depreciation Tax Shield"). The Depreciation Tax Shield is the tax rate multiplied by the

amount of the depreciation tax deduction:

A Revenue: $100,000

B Less: Cash Expenses: -40,000

C Before-Tax Cash Flow (A-B): $60,000 $60,000

D Multiplied by Tax Rate: X .4

E Preliminary Taxes (CxD): -$24,000

F Preliminary After-Tax Cash Flow (B-E): $36,000

G Depreciation Deduction: $10,000

H Multiplied by Tax Rate: X ,4

I Depreciation Tax Shield (GxH): +$4,000

J After-Tax Cash Flow (F+I): $40,000

An alternate approach to calculating After-Tax Cash Flow, is to use Before-Tax Cash

Flow, and then subtract the amount of taxes due (which includes the depreciation

deduction in its calculation).

A Revenue: $100,000

B Less: Cash Expenses: -40,000

C Before-Tax Cash Flow (A-B): $60,000 $60,000

D Depreciation Deduction: -10,000

E Taxable Income (C-D): $50,000

F Multiplied by Tax Rate: X .4

G Taxes (ExF): -$20,000

H After-Tax Cash Flow (C-G): $40,000

While most books use the Depreciation Tax Shield approach, the calculation of the

income tax approach is easier to understand conceptually (and thus involves less

memorization).

Constant After-Tax Cash Flows

When you are dealing with the same savings in each year, remember that you can use

the Present Value of an Annuity formula.

Chapter 14 Notes Page 6

Please send comments and corrections to me at mconstas@csulb.edu

Salvage Value

Remember that if you have a salvage value, then you have to treat it as a cash flow in

the last year of the investment or project. If you have an income tax book value (e.g.,

basis) that is different than the salvage value, then you will have to take into account

the taxes due on the gain from the salvage sale of the asset in your analysis.

NPV Example

Troy, Inc. operates a theme park centered

around the classical ancient world. Troy is

considering opening a new attraction

simulating a ride in the Trojan Horse. The

new attraction would require an investment of

$420,000, and would produce the following

Before-Tax Cash Flow. Assume no salvage

value, and assume that Troy pays taxes at a

tax rate of 40%. Also assume that Troy

requires a minimum return of 10% from its

investments. Assume that depreciation is

calculated using the straight-line method with

no salvage value:

Cash Flow

Year 1 $ 100,000

Year 2 200,000

Year 3 250,000

Year 4 150,000

Year 5 100,000

Year 6 100,000

$ 900,000

Most books would calculate the After-Tax Cash Flow using the Depreciation Tax Shield

We will assume that the depreciation deduction is $70,000 a year ($420,000/6):

Cash Flow -Taxes (CF x .4) +Tax Shield

[.4(Tx])

After-Tax Cash Flow

Year 1 $ 100,000 - $40,000 + $28,000 88,000

Year 2 200,000 - $80,000 + 28,000 148,000

Year 3 250,000 - 100,000 + 28,000 178,000

Year 4 150,000 - 60,000 + 28,000 118,000

Year 5 100,000 - 40,000 + 28,000 88,000

Year 6 100,000 - 40,000 + 28,000 88,000

$ 900,000 $708,000

Chapter 14 Notes Page 7

Please send comments and corrections to me at mconstas@csulb.edu

The alternative approach would be to calculate the income tax bill, because taxes are a

cash expense. Income for tax purposes include the cash received reduced by the cash

expenses, but there is also a deduction for the depreciation.

(A) (B) (C=A-B) (D=.4C)

Bef-Tx Cash Depreciation Taxable Inc Tax Rate Taxes

Year 1 $ 100,000 - $70,000 = $30,000 x.4= 12,000

Year 2 200,000 - $70,000 = 130,000 x.4= 52,000

Year 3 250,000 - $70,000 = 180,000 x.4= 72,000

Year 4 150,000 - $70,000 = 80,000 x.4= 32,000

Year 5 100,000 - $70,000 = 30,000 x.4= 12,000

Year 6 100,000 - $70,000 = 30,000 x.4= 12,000

$ 900,000 $420,000 $480,000 $192,000

Next, subtract the tax bill from the Before-Tax Cash Flow in order to get the After-Tax

Cash Flow:

(A) (D) (A-D)

Before-Tax Cash Flow Less Taxes After-Tax Cash

Year 1 $ 100,000 12,000 88,000

Year 2 200,000 52,000 148,000

Year 3 250,000 72,000 178,000

Year 4 150,000 32,000 118,000

Year 5 100,000 12,000 88,000

Year 6 100,000 12,000 88,000

$ 900,000 $708,000

As you can see, you get the same After-Tax Cash Flow with either approach.

Now, you need to calculate the Present Value of the After-Tax Cash Flow:

Artists Rendering of Project

After Tx Cash x PVIF PV of Cash Flow

Year 1 88,000 x .90909 $ 80,000

Year 2 148,000 x .82645 122,315

Year 3 178,000 x .75131 133,733

Year 4 118,000 x .68301 80,595

Year 5 88,000 x .62092 54,641

Year 6 88,000 x .56447 49,673

$708,000 $520,957

Less Original Investment: -420,000

NPV: $100,957

If the NPV is greater than zero, then you know that you are getting at least your

minimum required return. Unfortunately, you do not know the actual return that you are

Chapter 14 Notes Page 8

Please send comments and corrections to me at mconstas@csulb.edu

getting. It turns out that you are receiving an 18.1% return, but you have no way of

knowing that from the NPV calculation.

Internal Rate of Return

Along with the Net Present Value, financiers also examine whether to make an

investment by examining the Cash Payback Period and Internal Rate of Return. Internal

Rate of Return represents a modification of the calculation of the Net Present Value that

we have discussed above. With these modifications you assume that the Net Present

Value is zero, and you solve for the discount (interest) rate. In other words, you are

trying to find out the return that the investment produces. You need a computer or

calculator to calculate the Internal Rate of Return efficiently.

The Internal Rate of Return is very popular in the business world. Among academics,

however, its use is discouraged because it has theoretical problems. One complaint is

that IRR assumes that cash payoffs that are received are reinvested at the same rate as

the IRR, which may not be reasonable for high IRRs. Another objection comes with

cash flows from the investment that alternate from positive to negative. In your Finance

classes you will be taught to use a modified IRR to counter these objections.

On the other hand, NPV is not really used much in the business world. The problem

with NPV is that it does not tell you the amount of the return that you are receiving. The

NPV approach is, If you tell me what return you want to make, I will tell you if you made

it.

Using Excel to Calculate IRR and NPV

There is a major problem using Excel in calculating NPV. Excel makes the following

assumption about the investments and payoffs, which is described in the Excel Help

notes:

The initial cost [investment] occurs at the end of the first period.

Excel also assumes that the first payoff is received at the end of the second year of the

investment. These are not traditional assumptions. Excel explains that if you want to

assume that the investment occurred on the first day of the investment, you have to add

it separately. As the Excel Help notes state:

If your first cash flow occurs at the beginning of the first period, the first

value must be added to the NPV result, not included in the values

arguments.

Chapter 14 Notes Page 9

Please send comments and corrections to me at mconstas@csulb.edu

NPV

Using Excels assumptions regarding the date of the investments and payoffs, you

would calculate the NPV using Excel by setting up the Investment (a negative number)

and the After-Tax Cash Flows as shown below:

The Formula is =NPV(Required Rate of Return, Cells Containing Investment and After-

Tax Cash Flow. A 10% Required Rate of Return would be written as .1:

If you cannot remember the NPV notation, then select Insert from the Menu Bar, and

then select Function. NPV is the name of the function, and it is classified as a

Financial function.

Chapter 14 Notes Page 10

Please send comments and corrections to me at mconstas@csulb.edu

As noted above, Excel assumes that the investment is made on the last day of the first

year, and the first payoff is received on the last day of the second year. Because of this,

the answer that Excel returns is not the same as the one that we just calculated. We

assumed that the investment was made on the first day of the investment and the first

payoff occurs at the end of the first year.

Excel will tell you that the NPV is $91,780. It has moved the investment and the each

cash flow payoff back one year. If you wish to assume that the investment is made on

the first day of the investment, and that the first payoff is received on the last day of the

first year, then you should use NPV function to value the payoff (not including the initial

investment) and then subtract the initial investment. This is the approach suggested by

Excel Help Notes:

Rather than using this approach, you could counter the assumption that Excel is

making. Excel is pushing everything back one year. If you add one years interest to

each number, then when Excel pushes it back one year, the end result will be the

proper value. For example, Excel assumes that the investment is made one year from

now, which gives it a present value of $381,818 ($420,000 x .90909). If you increase

the $420,000 by one years interest of 10%, you give increase the investment to

$462,000 ($420,000 x 1.1). Now, when Excel pushes the investment back one year, it

Chapter 14 Notes Page 11

Please send comments and corrections to me at mconstas@csulb.edu

will give the investment a Present Value of $420,000 ($462,000 x .90909), which is the

correct value. Using this approach, gives you the correct NPV:

IRR

You can calculate the IRR using Excel by setting up the problem the same as with NPV.

This time you use the IRR function: =IRR(cells containing investment and cash flow,

guess of the IRR). A guess of 10% would be written as .1. If an error appears, it

means that your guess was not close, and you should try again.

Chapter 14 Notes Page 12

Please send comments and corrections to me at mconstas@csulb.edu

If you cannot remember the formula for IRR, you can select Insert on the Menu Bar.

Then select Function. IRR is the name of the function, and it is classified as a

financial function:

Excels assumption about the timing of the investment and payoffs does not affect the

calculation of the IRR. Whether the investment and payoffs begin now or at end of this

year, the return that the payoffs provide on the investment is the same. In other words

the return on the investment over the life of the investment (IRR) is the same, whether

you make the investment this year or anytime in the future:

As you can see, failure to correct for Excels assumption will provide you with the wrong

NPV ($91,780.41), but still provides the correct IRR (18.1075%). The investment and

payoffs that are increased by the discount factor (10%) provide you with the correct

NPV ($100,958) and IRR (18.1075%)

Payback Period

A simple tool used to evaluate potential investments is the Payback Period. This

method is also referred to as the Cash Payback Period. The Payback Period does not

incorporate present value concepts. The Payback Period merely reflects the feeling that

if you get your investment back quickly then there is little risk. For example, if you can

Chapter 14 Notes Page 13

Please send comments and corrections to me at mconstas@csulb.edu

refinance a loan at a lower interest rate by paying a loan fee of $1,000, and if your

interest savings are $100 a month, then you will get your money back in 10 months.

After that you will save $100 a month for a number of years. What is the downside to

making the investment when you recoup your investment so quickly? So, with Payback

Period, you merely state how long it takes to recoup your investment.

Besides a rough approximation of risk, the Payback Period is also important to many

managers because they are not interested in making investments that provides a long-

term return. Such an investment will not help them get their bonus this year and it may

be received after they have moved to their next job.

If the After-Tax Cash Flow is the same every year, the calculation of the Payback Period

is a simple matter:

Payback Period =

____Original Investment____

Annual After-Tax Cash Flow

For example, If the investment is $420,000 and it generates an After-Tax Cash Flow of

$100,000 a year, then the Payback Period is 4.2 years:

Payback Period = $420,000/$100,000 = 4.2 years

If the After-Tax Cash Flow is uneven, then you have to figure it out by examining the

cumulative cash received over the life of the investment.

Payback Period Example

New Attraction

We will calculate the Payback Period for the Trojan Horse

attraction. You can see that after three years, Troy has

not yet recouped its investment, but after the fourth year,

Troy has received more than its initial investment. At the

beginning of the fourth year, Troy still needs $6,000 to

recoup its investment in the Trojan Horse attraction:

After-Tax

Cash

Flow

Cumulative

After-Tax

Cash Flow

Cash Flow

Needed to

Recoup Inv.

Year 1 88,000 $ 88,000 $332,000

Year 2 148,000 236,000 184,000

Year 3 178,000 414,000 6,000

Year 4 118,000 532,000

Year 5 88,000

Year 6 88,000

$708,000

Chapter 14 Notes Page 14

Please send comments and corrections to me at mconstas@csulb.edu

Troy will receive $118,000 over the entire fourth year, but it only needs part of that

years cash flow in order to recoup its investment, which is calculated:

Portion of Year Needed To

Recoup Troys Investment

=

___Cash Needed___

=

_$6,000_

= .0508474

Total 4

th

Year Cash $118,000

Troy needs approximately .05 of the fourth year to recoup its investment. The Payback

Period is 3.05 years.

Simple Rate of Return

The Simple Rate of Return is an accounting concept, so it uses Net Income (not After-

Tax Cash Flow). This return is also known as the Accounting Rate of Return. There is

a different Simple Rate of Return for each year of the investment, but this formula

averages them all together, which is why it is also known as the Average Accounting

Rate of Return. The definition is:

Simple Rate of Return =

Average Annual Net Income

Original Investment

Simple Rate of Return Example

We will now calculate the Simple Rate of Return of the investment in the Trojan Horse

attraction. We must first calculate the Average Net Income:

Yr.

(A)

Cash Flow

(B)

Deprec.

(C=A-B)

BeforeTax

Income

(D=.4C)

Taxes

(40%)

(E=C-D)

Net

Income

1 $ 100,000 - $70,000 = $30,000 - 12,000 = 18,000

2 200,000 - $70,000 = 130,000 - 52,000 = 78,000

3 250,000 - $70,000 = 180,000 - 72,000 = 108,000

4 150,000 - $70,000 = 80,000 - 32,000 = 48,000

5 100,000 - $70,000 = 30,000 - 12,000 = 18,000

6 100,000 - $70,000 = 30,000 - 12,000 = 18,000

$ 900,000 $420,000 $480,000 $192,000 $288,000

Average Annual Net Income = $288,000 / 6

Average Annual Net Income = $48,000

Accounting Rate of Return = Average Net Income / Original Investment

Accounting Rate of Return = $48,000/$420,000

Accounting Rate of Return = 11.4%

Chapter 14 Notes Page 15

Please send comments and corrections to me at mconstas@csulb.edu

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