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1) elaide recuperation: Payback period, mesure


deters necessaire
not que
become des flux de project critegala Vie

1. actualise - Cas part:


interpolat
X AN: We actualise des flux fine
generes parlegt lette delafepense die

VAN forregaette:VAN =
g Nyo-F1+Uty((p-kll
van valuesidueleuique: VAN =
glento-felllea vtnl(ph
van a
dedinuuique: NNN =-to - Sesenfilipal utella
vanofluxanvel constants: VAN = (8 1
hit a totally th

Indice de Profitabilite: Mesure relative decreation be valeur Rapporte (a & actualized befor
at he din initial

[EtNec.May(t
* =1VANII

Mesure creation deval por


=> euro investi
>it a for a rapporteplus quit recate - done links to
Pernet be classes les dies be rental
=
pits par
order

N.B. Recheck
chap & real
quick a call
feel de Rentability: Pie a
partir dequel pit decient rentable
=VAN = 0
As of VAN entire
your compares pits:
Cas de rationenent do cap: maximisa de richesse erect
par euro investic to privilegie
was de rationnement Your dent diff VAN
ducap: despite =
privilegize
VAN Positive: Creation de Val absolve
↑o Positif: Creation de Val relative

↑ aux Interne depentadilite:Cost decapital qui amule to creation be val

&(N(y vyy + -

Fy)(( +14)) 0 +

rentabilite annuelle
=>
tadique to
magene our
operate de linu
=>faux qui egalise les depenses(cordinal et has recettes lenseul antenant comple de

ractualisticate sundiouitlptiki-o Follytiki

Conflicts entre VAN-TIP


tiny four doct
p deep
=van be a
Byt rentable =

van to or tips faux dact fit passentable is


to

be few pit(tall/durces diff Contitentie van at ti


=>
comparaison
* VAN
suppose
reinvest des fN or to fact - concevadedve): *
Mojtbe *Py derisque comparable
litres of
Remuneraldes for or le
risque achat
*

agout a pit
o

bit risque comparable


a

↳Tip repose car reinvest des fit or at has necessairement renderisque dupit) - as only be marche
ndic plot of cal not denotique
=>on cas de conflit, VAN a
privilegier
tauy bindifference: lequel to fact or
is evolucious pits sent egates
van ded

van -vANs =
-

F(+6(n5)((( ++() =
-
7=2(Ndi/(p+ +64
-drey-fieil((1++11 +15 1) - = 0

VAN of TIP Gledduy


permettent
=>
de considerer les opportunities les plus raised ladies de reinvestissement des floo
intermedidites

=>
a VAN suppose reinvest des flue inter own to -t dact ('aval acquise as entite act for so during
l TIP reinvest to tip lii
pris act
des flux or
suppose

van 2(N8+(((+())
=
-

26/Nt+1/+17)/(1+)- I.
=

+9:5eNfi/(++(4)) -

+6 =26+NT+(+1)/(+ +14) -

F = 0

↓raNdlodble: Capitalisat by flux inter as to be reinvest who effectif de viempeides


fonds). It was acquire nest actualised or cost decapital 1. Tis des died to retranches

VANa-f2iNtiripay (((ih-to = Un.(iyk.

w
* 12: flux inter
cap osop acequite content enterme de cost decapital
&VANGod LVAN
*3 =
k: VAN Glob = VAN

3/12 : VANGlod /VAN

↓tinaeda. UaNav=/ETNeruity III tar-to-p


=>
tan-esfNftyiewity(ts -l-Un't-1
- w =1: VANG-VAN mais TIk + TIP
↑I suppose
be reemploi desfonds to tour tile

↑ Yo suppose
be reemple desfonds or fave deraine cod to fact dans cecds

tare
*
derivastisement (1 = +(4 =
1 +14an(1 =
t1y

les criters degree


=>

global cent plus flexibles mais four done utilisal of tributaire do

de precision des
previsions des to be reinvestissement

Project a maturites differentes


=> Come our
periode identique port
he
was desarontager les
pits a buries
plus courtes
pourant genera
desflue sure complement decheance par report and
pits the longs
Methode du plus petit multiple commun
&Suppresent
=>

Methode of flux brrvel equivalent que lespts pervent the dupliques does

be temps parent the renoucles a lidentique


finen on filise a VAN

Methode do toMC: detectance commune due


pit on fit du some has buries to vie

&recondaire fictivement
despite or torme de leardure devie jusqua latention decieance commone

Jansey fluefiefffeeventeffecupliqueandanunits
officers
is

↳bldys 5
some. iffiequrdes
horizon edisonable
provision (once deff: 56
be
=some sent conduired on remore
andiphosage area

Methode do flux annual equivalent: more or in classement


depits POMC. Consiste a calcules unsuite
que
barites constates sur la dures declaque pit deserteque: Valactuelle debossite =
VAN dup
van =erNelyeato =faty-ltkl(h = fat=VAN.R
↑ (p ()
-
+
+

deproject quipresente le fAS


=>

pegle deficision: referin


leplus were
=> VAN et fAS permettentbe mesurer creation be richesse. Or perventconduire aresultats
contradictoires: I hadtextladb ghidasknerfwash quite senda screen liedAttit

↓ VAN mesure creation


gloddle derichesse en
composant les recettes actualises dip
at actualizes

4 Atnesure creation annuelle de richesse a disorgementmats our one dose divelle

Orgets depenses a find diff. NAN complete


/n complemen+
↓ Is defense du

NANo Completin 5)") (75


5N88.7 (7.5 72)) (5 55(0)
+

=
-

- +

11 k)7
+

placementbe complement
Tn.Fhif.py
No
acquire actualise

=> Comparisonentre pits bebe initiales differentes


#
* efes =>Ti) to complementplaceiunegdsk or
a w

usk
=>
f7w
=
3 k =
=

17y( 1
=
v(k
fjyj
=

VANocSUANG VANc VAN=

VANse SUANc

VAN Ajustic
=> Concerne pits dineficiant due findcostavantagescompareacelui on Marche

Set deval intrinsique val


sup
+

&

VANAjstie VANS. +VANfin


=
VANS-eUANGs +VANEin
&

&creat deval intrinsique -

sus base be temps of largent de marche

i to in previsions one in finsure marche - creation deval identique pots lesso

&creaf deualsupp-dre or fin


dvantageny. Contplusfaidle Parrapp or marche

↳By fin or C. demarche - tasdegain fin to UANti-O

VANm -1-EdiY1+( -
2))
l
-air +in(p 37) -

=
8(5-6)/(1 iu)
+ -

37)

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