USHTRIMI 2

METODA E VLERESIMIT KONSISTON NE KRAHASIMIN E KTHIMIT TE PROJEKTITI TE KORRIGJUAR ME

RISKUN DUKE PERDORUR MODELIN CAPM.
Supozoni qe norma e kthimit e lire nga rrisku eshte 6 % dhe norma e kthimit te tregut eshte 12 %. Cilin projekte do te zgjidhni?

PROJEKTI BETA PESHA Wj*ßj kthimi I pritur= Rf+ß*(Rm-Rf) kthimi i mundeshem

A -0.5 0.25 -0.125 6%+(12-6)*-0.5 3%
B 0.8 0.25 0.2 6%+(12-6)*0.8 10.80%
C 1.2 0.25 0.3 6%+(12-6)*1.2 13.20%
D 2 0.25 0.5 6%+(12-6)*2 18%

KTHIMET E MUNDESHME % kthimi mesatar qe marrim sot

PROB 0.4 0.5 0.1
A 4 2 5 4*0.4+2*0.5+5*0.1 3.1
B 2 6 12 2*0.4+6*0.5+5*0.1 5.00
C 10 15 20 10*0.4+15*0.5+20*0.1 13.50
D -8 25 50 (-8)*0.4+25*0.5+0.1*50 14.30

a kthimi mesatra eshte me i madh se kthimi i kerkuar i camp ZGJEDHIM

b kthimi mesatar eshte me i vogel se sa kthimi i kerkuar i camp NUK E ZGJEDHIM
c kthimi mesatra eshte me i madh se kthimi i kerkuar i camp E ZGJEDHIM
d kthimi mesatar eshte me i vogel se sa kthimi i kerkuar i camp NUK E ZGJEDHIM

ushtrimi 4

Norma e skontimit e Rregulluar A firm is considering an investment project with an expected life of
3 years. It requires an initial investment of $35,000. The firm estimates the following data in each of
the next 3 years:
 Norma e skontimit e Rregulluar A firm is considering an investment project with an expected life of
3 years. It requires an initial investment of $35,000. The firm estimates the following data in each of
the next 3 years:

After Tax C Probability

Inflow 1 2 3 =1*2
($5,000) 0.2 -$1,000.00
$10,000 0.3 $3,000.00
$30,000 0.3 $9,000.00
$50,000 0.2 $10,000.00
$21,000.00

a)    Assuming a risk-adjusted required rate of return (after taxes) of 20 percent is appropriate for the
investment projects of this level of risk, compute the risk-adjusted NPV.

PV= - $5,000(0.2) + $10,000(0.3) + $30,000(0.3) + $50,000(0.2)=$21,000

The expected NPV = $21,000*Pvifa (20%,3) - $35,000 = 21,000 (2,1065) - $35,000 = $44,236.5 - $35,000 = $9236.65

ushtrimi 5

1.       NPV e korrigjuar me riskun: Kompania parashikon nje investim capital, makineri, qe do te zgjas
10 vite dhe qe kerkon nje investim fillestar prej $225,000. Kompania parashikon te dhenat e
1 meposhtme:
C
F
2
vj
Prob
et
or abilit
e eti 3PV= 1*2
$0
($ 0.1 $0
$50,000
) 0.2 $10,000
$65,000 0.4 $26,000
 $70,000 0.2 $14,000
$90,000 0.1 $9,000
TOTAL $59,000
(a) duke supozuar qe norma e kthimit e kerkuar e korrigjuar me
riskun prej 25 % eshte e pershtatshme per te tilla projekte dhe
me kete nivel risku, perllogarisni NPV e korigjuar me riskun te
projektin. b) duhet ta pranojme projektin

PV= $0(0.1) + $50,000(0.2) + $65,000(0.4) + $70,000(0.2)+$90,000*0.1=$59,000

The expected NPV = $59,000*Pvifa (25%,10) - $225,000 = 59,000 (3.5705) - $225,000 = $210,659.5 -
$225,000 = $-14.340.5

ushtrimi 6

1.      Koeficenti i Sigurise: X,company, with a 14 percent cost

of capital after taxes is considering a project with an expected
life of 4 years. The project requires an initial certain cash outlay
of $50,000. The expected cash inflows and certainty equivalent
coefficients are as follows:
YearAfter-Tax Cash Certainty
Flow ($) Equivalent Coefficient
Under this approach, first determine a certainty
1 10,000 0.95 equivalent adjustment factor, α, as:
2 15,000 0.8
3 20,000 0.7
4 25,000 0.6 α= Certain sum
The risk-free rate of return is 5 percent; compute the NPV and IRR. Equivalent riskt sum

Certainty Equivalent
After-Tax Cash PV= CF*PVIF
Year Equivalent Certain Cash PVIF 5%
Flow ($) %
Coefficient infloW
1 $10,000.0 0.95 $9,500.0 0.9524 $9,047.8
2 $15,000.0 0.8 $12,000.0 0.9070 $10,884.0
3 $20,000.0 0.7 $14,000.0 0.8638 $12,093.2
 4 $25,000.0 0.6 $15,000.0 0.8227 $12,340.5
$44,365.5

NPV= PV-I 44.365.5 $- 50.000$= $ (5,634.50)

I=PV
$50,000 = $50,500*PVIFA (X,4)
PVIFA (X,4)= 0.9901
Irr=1%

projekti duhet të refuzohet,

pasi që (1) NPV = -5,634,5 $, që është negativ dhe (2) IRR = 4
përqind është më pak NORRMA PA RISK E CILA ESHTE 5 %

USHTRIMI 8

Buxhetimi kapitalit-pema e vendimit: kompania ka si objektiv te fuse te treg 2 produkte.

Probabiliteti dhe vlera aktuale e CF te parashikuar jepen si me poshte:

Produkti Investimi Fillestar PV e CF ($) PROBABILITETI

A $ 225,000
$450,000 0.4
$200,000 0.5
-$100,000 0.1
Produkti Investimi FillestarPV e CF ($) PROBABILITETI
B $ 80,000
$320,000 0.2
$100,000 0.6
-$150,000 0.2

a) ndertoni pemen e vendimeve per te analizuar dy produktet. b) cilin produkt do te fusni ne treg,
dhe komentoni vendimin qe keni marre.

PEMA E VENDIMIT
 Investimi Fillestar ($)PROBABILITETI PV e CF ($) PV, e pritshme NPV, pritshme
0 1 2 3=1*2
0.4 $450,000 $180,000
Produkti A $ 225,000 0.5 $200,000 $100,000
0.1 -$100,000 -$10,000
270.000-225.000= 45.000$
ZGJEDHJA $270,000
A OSE B
0.2 $320,000 $64,000.00
Produkti B $ 80,000 0.6 $100,000 $60,000.00
0.2 -$150,000 -$30,000.00
94.000-80.000= 14.000$
$94,000.00
ZGJEDHIM
NPVa>NPVb