Equity Analysis of a Project  
        INPUT SHEET: USER ENTERS ALL BOLD NUMBERS        
INITIAL INVESTMENT     CASHFLOW DETAILS     DISCOUNT RATE      
Initial Investment=   Revenues in year 1=   Approach(1:Direct;2:CAPM)=  
Opportunity cost (if any)=   Var. Expenses as % of Rev=   1. Discount rate =  
Lifetime of the investment   Fixed expenses in year 1=   2a. Beta    
Salvage Value at end of project=   Tax rate on net income=   b. Riskless rate=  
Deprec. method(1:St.line;2:DDB)=   If you do not have the breakdown of fixed and variable c. Market risk premium =  
Tax Credit (if any )=   expenses, input the entire expense as a % of revenues.      
Other invest.(non-depreciable)=           Discount rate used=  
        LOAN DETAILS              
WORKING CAPITAL       Borrowing (if any) =          
Initial Investment in Work. Cap=   Interest rate on loan=          
Working Capital as % of Rev=   Time period for loan =          
Salvageable fraction at end=   Type(1:Term;2:balloon)=          
                       
GROWTH RATES                      
    1 2 3 4 5 6 7 8 9 10
Revenues   Do not enter
Fixed Expenses   Do not enter
Default: The fixed expense growth rate is set equal to the growth rate in revenues by default.        
          YEAR            
  0
INITIAL INVESTMENT                    
Investment                    
- Tax Credit                    
Net Investment                    
+ Working Cap                    
+ Opp. Cost                    
+ Other invest.                    
Initial Investment                    
- Borrowing                    
Net Initial Inv                    
                       
SALVAGE VALUE                      
Equipment  
Working Capital  
                       
OPERATING CASHFLOWS                    
Lifetime Index  
Revenues  
-Var. Expenses  
- Fixed Expenses
BTCF  
- Depreciation  
- Interest  
Taxable Income  
-Tax  
Net Income  
+ Depreciation  
ATCF  
- ? Work. Cap  
- Princ. Rep.  
NATCF
Discount Factor
Discounted CF
                       
  Investment Measures                  
  NPV =                  
  IRR =                  
  ROE =                  
                       
        LOAN DETAILS              
Loan life index  
Total Payment  
Interest payment  
Princ. repaid  
Rem. Balance
                       
        BOOK VALUE & DEPRECIATION          
Book Value (beginning)
Depreciation  
BV(ending)
- Debt Outstanding
BV: Equity
                       
                       
                       
                       
ANALYTICAL STATISTICS                    
PV: Net Contribution
                       
WHAT IF?                      
Revenues NPV   SOME SUGGESTIONS FOR OTHER SENSITIVITY ANALYSES          
  1. Change the Variable cost as a % of Revenues          
  2. Change Fixed costs in $ amounts            
  3. Change the lifetime of the project          
  4. Change the depreciation method            
  5. Change the working capital as % of revenues          
  6. Change working capital salvage %            
  7. Change borrowing amount            
  8. Change the discount rate            
                   

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