Yellow highlighted cells are cells for inputs. Team should verify all other calculations & formats
C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
	Inputs
ATSV old @ t=0	305000		ATSV formula =	SV - (SV-BV)*T
Equipment	2,000,000
Tax Credit	100,000
Depreciaton per year	300,000
Sales period 1	1,000,000	growth:	g yrs 2-3 =	15%	g yrs 4-6 =	5%
CoGS %of sales	45%
SG&A exp. %of sales	10%
ATSV new @ t=6	10%
Operating Life CFs
Time	0	1	2	3	4	5	6
Sales		$1,000,000	$1,150,000	$1,322,500	$1,388,625	###########	$1,530,959
- COGS		450,000	517,500	595,125	624,881	656,125	688,932
- SG&A expenses		100,000	115,000	132,250	138,863	145,806	153,096
- Depreciation		300,000	300,000	300,000	300,000	300,000	300,000
= EBIT		150,000	217,500	295,125	324,881	356,125	388,932
-Taxes (40%)		60,000	87,000	118,050	129,953	142,450	155,573
= Net Income		90,000	130,500	177,075	194,929	213,675	233,359			NPV Scenario / Risk Analysis:
+ Depreciation		300,000	300,000	300,000	300,000	300,000	300,000				Complete the grids below to report 5x5 Grids of NPV vs input variable changes noted
= Operating CF		390,000	430,500	477,075	494,929	513,675	533,359
Time 0 Investments										NPV Analysis Grid: NPV vs Discount Rate & Salvage Value Ranges
Equipment											SV ->	SV-20%	SV-10%	SV Base	SV+10%	SV+20%
ATSV old														300
Tax credit											ATSV ->	ATSV-20%	ATSV-10%	ATSV Base	ATSV+10%	ATSV+20%
NWC	200,000									$NPV in Cells:
											Cost of Capital 4%
Terminal Non-OCF:											6%
ATSV new @ t=6							80,000				8%
NWC											10%
= Net Cash Flow	$200,000	$390,000	$430,500	$477,075	$494,929	$513,675	$613,359				12%
= Cummulative CF	$200,000	$590,000	$1,020,500	$1,497,575	$1,992,504	$2,506,179	$3,119,538
Cost of Capital	8%
NPV
IRR =										NPV Analysis Grid: NPV vs Discount Rate & Year 1 Sales Ranges
PBP =
PI =											Sales Yr.1 ->	Sales Yr.1 -20%	Sales Yr.1 -10%	Sales Yr.1 Base	Sales Yr.1 +10%	Sales Yr.1 +20%
										$NPV in Cells:
NPV Data Table											Cost of Capital 4%
Rates	NPV										6%
											8%
											10%
											12%
								2D. Based on your NPV Scenario / Risk Analysis Grids, is NPV more sensitive to changing cost of capital or changing salvage values? How do you determine this? 2E. Based on your NPV Scenario / Risk Analysis Grids, is NPV more sensitive to changing cost of capital or changing year one sales level assumptions? How do you determine this?