Calculate the unlevered present value

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Reference no: EM132613532

A small video chain is deciding whether to engage in a new line of delivery business, which implies setting up a page where customers could choose movies based on available in-store inventory and pick a time for delivery. The purpose of this analysis is to obtain an estimate of the net present value of this project, which requires an upfront investment of $800,000. Part of this amount will come from debt of $750,000 (held in perpetuity). Currently, Sampa Video, Inc. is unlevered. Assume that the cost of debt is 6.8%, the corporate tax is 40% and the return required by equity investors in the all-equity rm is 15.8%. Sampa Video, Inc. is planning to run the new line of delivery only for the next 5 years. The following nancial information is available regarding the expected cash ows of the new line of delivery (in $ thousands):

 

Projected
(t=1)

Projected
(t=2)

Projected
(t=3)

Projected
(t=4)

Projected
(t=5)

ANWC

0

0

300

225

360

0

0

0

Capital Expenditures

300

300

300

300

Depreciation

200

250

275

300

Revenue - Costs

180

585

840

1,125

Questions:

Question 1. Calculate the unlevered present value

Question 2. Calculate the present value of the expected interest tax shields

Question 3. Calculate the APV.

Question 4. Why is APV a preferable method to WACC in this situation? How do their assumptions differ?

Reference no: EM132613532

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