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New Product Introduction Analysis using NPV A. Gillette had developed a new razor. The company was evaluating introducing the new product and had developed the following projections. The project involves a investment that is depreciated on a straight-line basis for 4 years. No additional capital investments are required after the initial $20,000,000. The Tax Rate is 35%. Calculate total cashflows and the NPV using an opportunity cost of capital of 15%. Year Revenue COGS Op. Expenses EBITDA Depreciation B/4 Tax Profit Taxes Net Income 1 $10,000,000 $5,000,000 $2.000.000 $3,000,000 $5.000.000 ($2,000,000) $700,000 2 $15,000,000 $7,500,000 $2.500.ooo $5,000,000 $5.000.ooo $0 $0 $0 3 $3.000.000 $7,000,000 $5.000.000 $2,000,000 ($700,000) 4 $21 $10,500,000 $3.150.ooo $7,350,000 $5.000.ooo $2,350,000 ($822,500) $1 ,527 ,500 5 6+ by 5% by 5% $3.307.500 Inc. by 5% $7,717,500 $7,717,500 ($2,701,125) $5,016,375 B. Gillette executives asked the project leaders to include the impact of the new product on their existing market leading product (cannibalization). Projected expected reductions in cashflows on the existing product from the introduction of the new product are summarized in the table below: Calculate the Present Value of the reduction in cashflows and subtract it from the original NPV calculated above. Again assume a 15% opportunity cost of capital. What would you recommend to the Gillette executives. Year 2 Net Cashflows $0 ($1 ($2,000,000) 3 ($3,000,000) 4 ($3,150,000) 5 ($3,307,500) Inc. by 5%