Aswath Damodaran 250
An Equity NPV
Year FCFE PV of FCFE
0 ( 185 , 100 BR) ( 185 , 100 BR)
1 34 , 375 BR 30 , 840 BR
2 37 , 201 BR 29 , 943 BR
3 40 , 945 BR 29 , 568 BR
4 45 , 971 BR 29 , 784 BR
5 ( 5 , 411 BR) ( 3 , 145 BR)
6 46 , 842 BR 24 , 427 BR
7 46 , 661 BR 21 , 830 BR
8 46 , 470 BR 19 , 505 BR
9 46 , 270 BR 17 , 424 BR
10 163 , 809 BR 55 , 342 BR
NPV 70 , 418 BR
The caswhflows to equity are real cashflows and are discounted back at the real
cost of equity of 11.46%. This project is a good project and has a net present
value of 70.418 million BR.
