FIN1FOF

FUNDAMENTALS OF
FINANCE

Topic 6: Capital Budgeting

 Topic Overview
6.1 Net present value
6.2 Alternative decision rules
• Payback period
• Internal rate of return
6.3 Choosing between projects
• Equivalent Annual Annuity
• Profitability index

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 2

 Prescribed reading
Berk, J., DeMarzo, P., Harford, J.,
Ford, G., Mollica, V. and Finch, N.
Fundamentals of Corporate Finance
(2nd edition)
Pearson Australia, 2014

Chapter 8

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 3

6.1 Net present value
6.1.1 THE NPV DECISION RULE
 In Topic 2 we defined the net present value,
or NPV, of a decision as the difference
between the present value of the benefits and
the present value of the costs of the decision

NPV  PV  Benefits   PV  Costs  (8.1)

 Topic 2 provided the mathematical tools we

need to calculate the present value of a future
cash flow, or a series of future cash flows,
allowing us to calculate the NPV of a project
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 4
6.1 Net present value
6.1.1 THE NPV DECISION RULE
 A decision should be taken if the NPV of the
decision is positive, as this will increase your
wealth by the amount of the NPV
 NPV is used by most firms to choose between
investment projects – a project will increase
the value of the firm if its NPV is positive
 The firm should accept positive NPV projects
and reject negative NPV projects, and when
choosing between projects, it should take the
alternative with the highest NPV
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 5
6.1 Net present value
6.1.2 CALCULATING THE NPV
 A generic formula for the net present value of
a project is as follows:
n
Ct
NPV    C0
 1 r 
t
t 1

where C0 = the initial outlay

Ct = the cash flow in period t
n = the number of periods
r = the cost of capital

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 6

6.1 Net present value
6.1.2 CALCULATING THE NPV
Lecture Example 7.1
What is the NPV of a project with the following
cash flows, if the cost of capital is 10%?
0 1 2 3 4

-$81.60 +$28 +$28 +$28 +$28

28 1 28  128  28
NPV  81.60  28    12 4 3

 $7.16
4
1.100.10
1.10 1.10  1.10
 1.10
 $7.16
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 7
6.1 Net present value
6.1.2 CALCULATING THE NPV
 There are many practical issues associated
with calculating the NPV – these are
discussed in more detail in Topic 5
 As with all present value calculations, the
discount rate used is of critical importance
 In an NPV calculation, the appropriate
discount rate is the cost of capital – the rate
of return required by the providers of the
capital used to finance the project – this is
discussed in more detail in Topic 8
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6.1 Net present value
6.1.3 EVALUATING THE NPV RULE
 We will consider alternative project selection
rules sometimes used in practice, but we can
see that NPV is theoretically sound, in that it:
Focuses on cash Specifically allows for risk (in
that the higher the risk, the
Allows for the time higher the cost of capital
value of money used to calculate the NPV

 When alternative rules conflict, we should

always base our decision on NPV, which is
the most accurate and reliable decision rule
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 9
6.1 Net present value
6.1.4 THE NPV PROFILE
 Whether or not a project is acceptable is
significantly affected by the cost of capital
 This can be seen if we graph the NPV
profile, which shows the NPV for different
values of the cost of capital
 This is easy to construct using a spreadsheet,
allowing the NPV to be automatically
recalculated for a range of values of the cost
of capital, and then the resulting NPVs can be
graphed
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6.1 Net present value
6.1.4 THE NPV PROFILE

NPV
($ millions) This graphs shows
$40 the NPV profile for
the project from
$30
Lecture Example 7.1
$20
NPV at a
10% cost $10
of capital 16 18 20 22 24 Discount
= $7.2 m $0
2 4 6 8 10 12 14 rate (%)
-$10

-$20 Cost of IRR = 14%

capital

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6.1 Net present value
6.1.4 THE NPV PROFILE
 The NPV profile is useful if there is some
doubt as to the true cost of capital
 We can see from the previous slide that the
NPV of the project is positive for all values of
the cost of capital less than 14%
 The point where the NPV profile crosses the
x-axis shows the discount rate that gives an
NPV of zero, and is known as the internal
rate of return, which we will return to shortly

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6.2 Alternative decision rules
6.2.1 WHICH RULES ARE USED IN PRACTICE?
 NPV is the most commonly used project
selection rule – a study of Australian
businesses has shown that:
94% 91% 80%

Use NPV Use Payback Use IRR

 Although NPV is the most practical and

reliable rule, because these other rules are
also commonly used in practice, it is
important for us to be familiar with them
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6.2 Alternative decision rules
6.2.2 THE PAYBACK RULE
 The simplest investment rule is the payback
rule, which states that you should only
accept a project if its cash flows pay back its
initial investment within a pre-specified period
 To apply the payback rule:
1. Calculate the payback period – the length
of time it takes to recover the investment
2. Accept the project if the payback is within
the maximum acceptable payback period
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6.2 Alternative decision rules
6.2.3 CALCULATING THE PAYBACK PERIOD
Lecture Example 7.2
(a) What is the payback period of the project in
Lecture Example 4.1?
0 1 2 3 4

-$81.60 +$28 +$28 +$28 +$28

(b) If the maximum payback period is 2 years,

should it be accepted?

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7.2 Alternative decision rules
7.2.3 CALCULATING THE PAYBACK PERIOD
Lecture Example 7.2
0 1 2 3 4

-$81.60 +$28 +$28 +$28 +$28

(a) The investment is recovered some time

during the third year. If the cash flows occur
evenly throughout the year, and we need to
recover $81.60 – $56 = $25.60 in year 3, the
payback period = 2 + 25.6/28 = 2.91 years.
(b) The project should be rejected.
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6.2 Alternative decision rules
6.2.4 EVALUATING THE PAYBACK RULE
 There are a number of problems with the
payback rule
 It may result in the rejection of a positive NPV
project (see Lecture Example 4.2)
 It ignores the time value of money
 It ignores cash flows after the payback period
 It lacks a decision criterion grounded in
economics (what is the right number of
years?)

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6.2 Alternative decision rules
6.2.5 INTERNAL RATE OF RETURN
 The internal rate of return is the rate of
return generated by a project
 This can then be compared with the cost of
capital to determine whether the project is
earning a sufficient return to meet the cost of
capital
 The IRR of alternative projects can be
compared to determine which is generating
the greatest return on the capital invested

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6.2 Alternative decision rules
6.2.6 CALCULATING THE IRR
 The internal rate of return can be found
mathematically by setting the NPV equal to
zero and solving for the IRR
n
Ct
NPV    C0  0
 1 r 
t
t 1

 This cannot be done with a normal calculator

if there is more than one future cash flow, but
is easily determined with a financial calculator
or a spreadsheet (see the Appendix)
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6.2 Alternative decision rules
6.2.6 CALCULATING THE IRR
Lecture Example 7.3
What is 0 1 2 3 4
the IRR
of a -$110 +$167
project
167
with the 0  110 
 1  IRR 
4
cash flows
shown at 1/ 4
right?  167 
 IRR     1  11%
 110 
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6.2 Alternative decision rules
6.2.7 THE IRR DECISION RULE
 Once the IRR has been calculated, it can be
compared with the cost of capital
 If the IRR exceeds the cost of capital, the NPV
will be greater than
If… then…
0 and the project will IRR > Cost of Capital NPV > 0
add value to the firm IRR < Cost of Capital NPV < 0
 For independent
projects, where all of the project’s negative
cash flows precede it’s positive cash flows, the
IRR rule gives the same decision as NPV
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6.2 Alternative decision rules
6.2.8 MULTIPLE INTERNAL RATES OF RETURN
 If there are negative cash flows after the first
positive cash flows from a project, it is
possible for there to be multiple internal rates
of return
 In fact, the number of IRRs will be equal to the
number of times the direction of the cash flows
changes sign
 If there are multiple IRRs, it becomes difficult
or impossible to implement the IRR decision
rule
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6.2 Alternative decision rules
6.2.8 MULTIPLE INTERNAL RATES OF RETURN
Lecture Example 7.5
What is the IRR of a project with the following
cash flows?
0 1 2

-$1000 +$2500 -$1540

There are two values that satisfy the IRR formula

– 10% and 40%. We can see this by graphing
the NPV profile of this project.
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6.2 Alternative decision rules
6.2.8 MULTIPLE INTERNAL RATES OF RETURN
NPV Lecture Example 7.5
($ millions)
$20

NPV at a $10
15% cost 50 60 Discount
of capital $0
10 20 30 40 rate (%)
= $9.45 m
-$10
Cost of
-$20 capital
$-30 IRR IRR
-$40

-$50

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6.2 Alternative decision rules
6.2.8 MULTIPLE INTERNAL RATES OF RETURN
 The NPV profile for the project in Lecture
Example 7.5 crosses the x-axis in two places,
providing two internal rates of return
 If the cost of capital is 15%, one of the IRRs
is less than the cost of capital and one is
greater, making the decision rule difficult ;
the NPV rule, however, is unambiguous:
2500 1540
NPV  1000   2
 $9.45
1.15 1.15
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6.3 Choosing between projects
6.3.1 TYPES OF PROJECTS
 So far we have only considered stand-alone
projects, but there are two types of projects
Stand-alone, or independent projects
 Undertaking such projects does not affect the
firm’s ability to undertake other projects
Mutually exclusive projects
 The firm must decide between two or more
alternative projects, only one of which can be
undertaken
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 26
6.3 Choosing between projects
6.3.2 EXPANDING THE NPV DECISION RULE
 We can therefore specify two different
versions of the NPV decision rule:
Stand-alone, or independent projects
 The firm should undertake all stand-alone, or
independent, projects with positive NPVs
Mutually exclusive projects
 In choosing between alternative, or mutually
exclusive, projects, the firm should undertake
the project with the highest NPV
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6.3 Choosing between projects
6.3.3 DIFFERENCES IN SCALE
 If we need to choose between alternative
projects, we need to rank them, to determine
which one is the best
 If projects are of a different scale, the IRR rule
may give an incorrect ranking and result in
selection of a project with a lower NPV
 This is because the IRR is a rate of return (i.e.
unaffected by scale) but the NPV values a
project in dollar terms – it tells you how many
dollars the firm is better off from a project
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6.3 Choosing between projects
6.3.3 DIFFERENCES IN SCALE
Lecture Example 7.6 A
Calculate the NPV and the IRR of the following
projects.
0 1 2 3
Project A
-$1000 +$600 +$600 +$600

0 1 2 3
Project B
-$1000 +$500 +$500 +$500

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6.3 Choosing between projects
6.3.3 DIFFERENCES IN SCALE
Lecture Example 7.6 A

1  1 
NPVA  1000  600   1 3 
 $441
0.12  1.12 

1  1 
NPVB  1000  500   1 3 
 $201
0.12  1.12 

NPVA > NPVB

IRRA  36.3% IRRB  23.4%
IRRA > IRRB

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6.3 Choosing between projects
6.3.3 DIFFERENCES IN SCALE
Lecture Example 7.6 B
But what if Project B is 5 times as large?
Calculate the NPV and IRR of the projects now.
0 1 2 3
Project A
-$1000 +$600 +$600 +$600

0 1 2 3
Project B
-$5000 +$2500 +$2500 +$2500

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6.3 Choosing between projects
6.3.3 DIFFERENCES IN SCALE
Lecture Example 7.6 B

NPVA  $441 IRRA  36.3% IRRB  23.4%

1  1 
NPVB  5000  2500   1   $1005
0.12  1.123 

IRRA is still greater than IRRB (because IRR is

unaffected by scale), but NPVB is now greater
than NPVA. IRR results in the wrong decision.
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 32
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
 Sometimes it is necessary to choose
between projects with different lives
 If they are one-off projects that will not be
repeated, NPV still tells you which will be of
most benefit in present value terms
 However, many types of projects will be
replaced by similar projects, and if the
benefits and/or costs are spread over
different periods of time, a simple NPV
analysis may not result in the correct decision
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 33
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
Lecture Example 7.7 A
 What is the NPV of the following projects?

0 1 2 3
Project C
-$10 $1 -$1 -$1

0 1 2
Project D
-$7 -$2 -$2

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6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
Lecture Example 7.7 A

1  1 
NPVC  10  1  1 3   $12.49
0.10  1.10 

1  1 
NPVD  7  2  1 2 
 $10.47
0.10  1.10 
All cash flows are negative, so presumably this is
a necessary cost that we want to minimise. We
still want the highest NPV, so D is preferable.
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 35
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
 In this situation we can express the value of a
project as an equivalent annual annuity
 This is the annual cash flow (over the life of
the project) that has the same NPV as the
project based on lumpy cash flows
 We can then compare the equivalent annual
cash flow arising from what we assume to be
an endlessly repeated series of identical
projects with the equivalent annual cash flow
arising from an alternative series of projects
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 36
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
 Since we have the NPV of Projects C and D,
we can express them as annuities with those
NPV, as follows:
0 1 2 3
Project C
-$12.49 EAAC EAAC EAAC
0 1 2
Project D
-$10.47 EAAD EAAD

and solve for the EAA in each case

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 37
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
Lecture Example 4.7 B
What is the EAA of the following projects?

0 1 2 3
Project C
-$12.49 EAAC EAAC EAAC
0 1 2
Project D
-$10.47 EAAD EAAD

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6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
Lecture Example 7.7 B

NPVC This solution uses

EAAC  Formula 4.9
1 1  (solving for the
1 
r   1 r  
n
annuity cash flow)
 
12.49
  $5.02
1  1 
1 
0.10   1.10  
3
 
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 39
6.3 Choosing between projects
6.3.4 EQUIVALENT ANNUAL ANNUITY
Lecture Example 7.7 B

10.47
EAAD   $6.03
1  1 
1 
0.10   1.10  
2
 

This illustrates that if Project C is continually

repeated, it will cost $5.02 per year, whereas
Project D, continually repeated, will cost $6.03
per year. Hence, Project C is the cheaper option.
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 40
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
 Although maximisation of NPV is always the
goal in project selection, there are some
situations where choosing projects based on
NPV does not maximise NPV
 If there is sufficient capital available, the firm
should undertake all projects with positive
NPV
 However, if there is a limited amount of
capital available, total NPV will be maximised
if selection is based on profitability index
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 41
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
Consider the following projects.
Project NPV Investment
A 70 80
B 100 200
C 75 120

Based on selecting projects with the highest

NPV, which would you select first?

A Project A B Project B C Project C

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 42
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
 Based on our earlier discussion of NPV, you
would select Project B first, generating NPV
of $100
 You would then have used your entire
budget of $200, so Project B is the only
project undertaken
 But we can see that if we spend our $200 on
projects A and C, instead, the total NPV
generated will be $145

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6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
 If capital is limited, NPV will be maximised if
projects are selected on the basis of their
profitability index, the formula for which is:

NPV
PI  (8.4)
Investment

Note: The textbook describes how PI can be

calculated based on a range of different
limiting resources, but in this subject we will
focus on capital as the limiting resource
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 44
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
Lecture Example 7.8
Calculate the PI of the following projects, and
then rank them from highest PI to lowest PI
Project NPV Investment PI
A
A 70
70 80
80 0.875
0.875
B
C 100
75 200
120 0.625
0.500
C 75 120
B 100 200 0.500
0.625

NPV 100
70
75
PICBA    0.875
0.500
0.625
Investment 80
200
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 45
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
Lecture Example 7.8
Project NPV Investment PI
A 70 80 0.875
C 75 120 0.625
B 100 200 0.500

If we beginning selecting projects on the basis

of PI, we will choose Projects A and C before
the available capital is exhausted.
PI maximises total NPV because it identifies the
projects giving the most “bang for the buck”.
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 46
6.3 Choosing between projects
6.3.5 PROFITABILITY INDEX
 When using PI, care must be taken to
ensure that the use of capital is maximised
on available positive-NPV projects; e.g.:
Project NPV Investment PI
A 65 75 0.867
B 75 120 0.625
C 100 200 0.500
D 2 5 0.400

 Even though D has a lower PI than C, we

can still select it and increase total NPV
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 47
 Topic 6 Appendices
Appendix 6.1 Detailed reading guide
Appendix 6.2 Further study and
Assessment
Appendix 6.3 Financial calculator
guide

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 48

 Appendix 6.1
DETAILED READING GUIDE
Chapter Sections Pages
8 All 221 – 251
Not examinable: “Modified internal rate of return” (pp. 235 to
237), “Timing of the cash flows” (pp. 243 & 244), “Important
considerations when using the equivalent annual annuity” (pp.
246 & 247) and any discussion of profitability index (pp. 248 –
250) relating to limited resources other than capital. The
profitability index relating to limited capital is examinable.

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 49

 Appendix 6.2
FURTHER STUDY & ASSESSMENT
FIN1FOF Workbook
Questions 124 – 151 (pages 39 to 47 inclusive)
Textbook Questions/Problems (Berk 2nd edition)
Chapter 8 – Review Questions 1-6, 8-10
– Problems 1-7, 9, 11-12, 20-21, 23, 28-
29, 31
MyFinanceLab

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 Appendix 6.2
FURTHER STUDY & ASSESSMENT
Tutorial 5
Tutorial Quiz 5 (Tutorial 6)
Mid-semester Test
Final Examination

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 51

 Appendix 6.3
FINANCIAL CALCULATOR GUIDE
Lecture Example 4.4
What is the internal rate of return of a project
with the following cash flows?

0 1 2 3 4

-$110 +$60 +$40 +$40 +$20

The BAII Plus, as well as many other calculators,

has a spreadsheet capability allowing this type of
problem to be solved, as shown on the next slide
La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 52
 Appendix 6.3
FINANCIAL CALCULATOR GUIDE
Lecture Example 4.4
CF 2ND CE/C Access the spreadsheet (CF) and clear existing values.

1 1 0 +/– ENTER Enter the initial outlay.

↓ 6 0 ENTER Enter the first cash inflow.

↓ Leave the frequency of the first cash flow at 1 (which is the default).

↓ 4 0 ENTER Enter the second cash inflow.

↓ 2 ENTER Set the frequency of the second cash flow to 2.

↓ 2 0 ENTER Enter the fourth cash inflow.

IRR CPT Compute the IRR. (Answer = 20.32%.)

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 53

 Appendix 6.3
FINANCIAL CALCULATOR GUIDE
Lecture Example 7.7 B
What is the equivalent annual annuity of a
three-year project with NPV = $12.49 and a
discount rate of 10%?
2ND FV
Recall that, with a financial calculator, the present
3 N value and the payments must be opposite signs, so
the answer to the steps shown here will be -5.02. In
1 0 I/Y this case you need to be aware that the NPV of the
project is actually
-$12.49, and this is
1 2 . 4 9 PV
equivalent to annual cash flows of -$5.02.
CPT PMT

La Trobe Business School FIN1FOF Fundamentals of Finance – Topic 4 – Project Evaluation 54

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