Gangming	  Liang                                                                                                          ...
Excel Demo
Excel Demo
Excel Demo
Excel Demo
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Excel Demo

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Excel Demo

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Excel Demo

  1. 1. Gangming  Liang The Relationship between NPV & Discount Rate Black-­‐Scholes  Price  versus  Intrinsic  Value   16.00     1200 Call  Price  and  Intrinsic  Value  ($)   14.00     900 12.00     NPV  ($MM)   10.00     600 8.00     300 6.00     4.00     0 2.00     -300 0.00     5   7.5   10   12.5   15   17.5   20   22.5   25   27.5   30   Stock  Price  S  ($)   Discount  Rate   Call  Price   Intrinsic  Value   Years   1   2   3   4   5   6   7   8   9   10   The  Rela9onship  Between  FV  &  Years   -­‐$500   2400   0   0.05   -­‐$2,000   2000   0.1   Payment   -­‐$3,500   I  PMT   0.15   FV   L  PMT   1600   0.2   -­‐$5,000   -­‐$6,500   1200   -­‐$8,000   800   Rela9onships  between  I  PMT,  L  PMT,&  Years     0   1   2   Years   3   4   5   y  =  1.5807x  +  0.0075   Rela9onship  Between  Stock  A  Return  and  S  &  P  500  R  eturn   R2  =  0.5911   Rela9onships  betwwen  Return  &  Beta  of  Stock  A,  Stock  B,  &   0.2   0.15   Stock  A  Beta  =  1.5817   SML     0.12   Stock  A  Return   0.12   Return  (%)   SML   A   0.09   0.04   B   Market  Index   0.06   -­‐0.04   0.03   -­‐0.12   0   -­‐0.06   -­‐0.03   0   0.03   0.06   0   0.2   0.4   0.6   0.8   1   1.2   1.4   S  &  P  500  Return   Beta   QUARTERLY  SALES   (Data  values  are  shown  as  solid  circles,  forecasts  as  a  heavy  jagged  line,   Average Forecast 42000   and  the  projected  CMA  as  a  dashed  line.)   0.1 40000   0.08 38000   0.06 QUARTERLY  SALES,  $  MILLION 36000   34000   0.04 32000   0.02 30000   % 28000   0 2011 2012 2013 2014 2015 2016 2017 26000   -0.02 24000   -0.04 GNP 22000   Inflation 20000   -0.06 T- Bills 17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36   QUARTER  NUMBER  (Quarter  17  is  the  first  quarter  of  1995.) -0.08 Years 30- Year T- BondsSale  Year 2E+09   2004 AQR  Distribu9on   400   2004  Sales  Ac9vi9es   DataSale  Month Sum  of  Sales  ($) Number  of  Deals Sale  Month Sum  of  Sales  ($) Number  of  Deals 18000000   80   1 4,827,000 30 January 350                      4,827,000       30 1.6E+09   2 3 8,797,000 15,824,036 40 67 February March       8,797,000             15,824,036 40 67 16000000   70   4 8,672,692 42 April 300                  8,672,692 42 14000000   60   #  of  Deals   5 5,575,000 27 May                5,575,000 27 12000000   Amount  Grand  Total 1.2E+09   6 8,042,000 51,737,728 42 248 June 250                  8,042,000 42 50   10000000   #  Deals   Dollars   200   40   8000000   800000000   Statement of Cash Flow, For the Year Ended Dec. 31, 2004 ($ 000s) 150   6000000   30  Cash Flows from Operations 4000000   20  Net Income 44.22 100  Depreciation ExpenseChange in Accounts Receivable 400000000   20.00 -50.80 2000000   10  Change in Inventories -120.80 50   0   0  Change in Accounts Payable 29.60 0   0   January   February   March   April     June   1   2   3   4   5   6   7   8   9   Month   May   AQR   Histogram  for  Tobacco  Industry   Stove Sales by State 0.3   Freqyency   0.2   Maine 0.1   Circle 0   Vermont Box Star 19   21   West 23   25   Massachusett 27   29   s 31   0 50000 100000 150000 200000 250000 300000 350000 400000 450000 Ages  Cash Flow Projections - Utilities NOT Included General Information (Flexible) Sq.Ft. & Lease Rates Cost Breakdown Lease Rate Total Leasable without Lease RateTotal Sq. Ft. Constructed: 22,757 Floor Purpose Space Utilities with Utilities Hard Costs $5,120,325Per SF Const. Cost: $225.00 1 Retail (Sq. Ft.) 3,000 $2.50 $2.65 5% Contingency HC $256,016Construction Costs: $7,376,341 2 to 5 Residential (Sq. Ft.) 13,344 $4.00 $4.15 Land $2,000,000Rent Inflation Estimate: 3.00% 1 Parking (Spaces) 12 $200.00 $200.00 Soft Costs $0Fully-stabilized Income Cap Rate 4.50% 5% Contingency SC $0Not fully stabilized Income Cap Rate 5.00% Subtotal $7,376,341 Building Completion Schedule Cost Breakdown Ramp-Up Cost Year 1 $0 Month Floors CompletedAvail. To Rent Hard Costs $5,120,325 Grand Total $7,376,341 12 1,2,3 1,2,3 5% Contingency HC $256,016

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