Investment Appraisal for Shareholder Value

Ian Hirst

The pressure on companies to maximise returns to shareholders places a weight of responsibility on the organisation to ensure that each investment opportunity is subject to the best available investment appraisal process. Finance professionals and senior management need access to best practice and developments in the field to make certain that their investment appraisal is conducted as effectively as possible.This briefing provides detailed practical guidance on how to apply best practice appraisal techniques to identify and evaluate projects that will maximise shareholder returns. It will prove an invaluable aid for finance professionals seeking guidance on benchmarking, insight into new approaches and a chance to get to grips with the techniques involved, or to refresh their existing skills.Contents include:Identifying cash flows Required returns Appraisal techniques Risk analysis Specialised appraisal techniques Implementing a project appraisal system
  • Limba : Engleza
  • Cuprins : Objectives and introduction
    • Projects
    • Shareholder value
    • Finding projects
    • The organisation of this briefing

    The basic logic of present value

    • The time value of money
    • Valuing a stream of cash flows
    • The interpretation of Net Present Value
    • Other appraisal methods
    • Why is NPV unloved?
    • Cost of capital
    • Tax subsidies
    • The financing risk
    Defining relevant cash flows
    • Incrementality
    • Cash flows
    • An illustration of the problems of cash flow definition
    • Risk-adjusted returns
    • Required returns for typical projects
    • Difficulties in calculating risk-adjusted required returns
    • Project-specific returns
    NPV techniques
    • Weighted average cost of capital
    • Adjusted Present Value
    • WACC versus APV
    • Other methods of appraisal

    Risk analysis

    • Sensitivity Analysis
    • Monte Carlo
    • Data Publicarii : 2001
    • Editie : 2
    • Format : Paperback
    • Numar pagini : 128
    • ISBN : 9780273642206
    714.99 Lei
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