OPDRACHT BEC5
Een adviesrapport over het investerings- en
financieringsvraagstuk van SILACC
SILACC
Investerings- en financieringsvraagstuk
, Inhoudsopgave
1. Investeringsselectie ................................................................................................................. 2
1.1 Cashflow-analyse ................................................................................................................... 2
1.2 Investeringsselectiemethoden ............................................................................................... 2
1.3 WACC .................................................................................................................................... 3
1.4 Gekozen investering .............................................................................................................. 3
1.5 NCW en WACC/IR ............................................................................................................... 4
1.6 Risico’s ................................................................................................................................... 4
1.7 Verandering vermogenskostenvoet ...................................................................................... 5
2. Financieringsvraagstuk ........................................................................................................... 6
2.1 Financieren met uitsluitend EV ............................................................................................. 6
2.2.1 Gevolgen voor aandeelhouder ............................................................................................... 6
2.2 Aantrekken van vermogen .................................................................................................... 7
2.2.1 Eigen vermogen........................................................................................................................ 7
2.2.2 Langlopende lening.................................................................................................................. 7
2.2.3 Converteerbare obligatielening .............................................................................................. 8
2.2.4 Combinatie financieringsmogelijkheden .............................................................................. 8
2.3 Voorkeur financieringsconstructie ........................................................................................ 9
2.4 Balans & resultatenrekening .................................................................................................. 9
2.5 Kengetallen .......................................................................................................................... 10
2.6 Dupont Chart & hefboomwerking ....................................................................................... 10
Bronnenlijst ................................................................................................................................. 11
Bijlagen ......................................................................................................................................... 13
Bijlage 1: Cashflow..................................................................................................................... 13
Bijlage 2: Investeringsselectiemethoden ................................................................................... 15
Bijlage 3: WACC ........................................................................................................................ 17
Bijlage 4: Grafisch verband WACC/IR & NCW ........................................................................ 19
Bijlage 5: Emitteren van aandelen ............................................................................................. 20
Bijlage 7: Converteerbare obligaties.......................................................................................... 22
Bijlage 8: Combinatie financieringsmogelijkheden ................................................................... 23
Bijlage 9: Kengetallen ................................................................................................................ 24
Bijlage 10: Dupont Chart ........................................................................................................... 25
Bijlage 11: Hefboomwerking ..................................................................................................... 27
Bijlage 12: Balans jaar 3/4 ......................................................................................................... 28
Bijlage 13: Resultatenrekening jaar 3/4 .................................................................................... 29
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Een adviesrapport over het investerings- en
financieringsvraagstuk van SILACC
SILACC
Investerings- en financieringsvraagstuk
, Inhoudsopgave
1. Investeringsselectie ................................................................................................................. 2
1.1 Cashflow-analyse ................................................................................................................... 2
1.2 Investeringsselectiemethoden ............................................................................................... 2
1.3 WACC .................................................................................................................................... 3
1.4 Gekozen investering .............................................................................................................. 3
1.5 NCW en WACC/IR ............................................................................................................... 4
1.6 Risico’s ................................................................................................................................... 4
1.7 Verandering vermogenskostenvoet ...................................................................................... 5
2. Financieringsvraagstuk ........................................................................................................... 6
2.1 Financieren met uitsluitend EV ............................................................................................. 6
2.2.1 Gevolgen voor aandeelhouder ............................................................................................... 6
2.2 Aantrekken van vermogen .................................................................................................... 7
2.2.1 Eigen vermogen........................................................................................................................ 7
2.2.2 Langlopende lening.................................................................................................................. 7
2.2.3 Converteerbare obligatielening .............................................................................................. 8
2.2.4 Combinatie financieringsmogelijkheden .............................................................................. 8
2.3 Voorkeur financieringsconstructie ........................................................................................ 9
2.4 Balans & resultatenrekening .................................................................................................. 9
2.5 Kengetallen .......................................................................................................................... 10
2.6 Dupont Chart & hefboomwerking ....................................................................................... 10
Bronnenlijst ................................................................................................................................. 11
Bijlagen ......................................................................................................................................... 13
Bijlage 1: Cashflow..................................................................................................................... 13
Bijlage 2: Investeringsselectiemethoden ................................................................................... 15
Bijlage 3: WACC ........................................................................................................................ 17
Bijlage 4: Grafisch verband WACC/IR & NCW ........................................................................ 19
Bijlage 5: Emitteren van aandelen ............................................................................................. 20
Bijlage 7: Converteerbare obligaties.......................................................................................... 22
Bijlage 8: Combinatie financieringsmogelijkheden ................................................................... 23
Bijlage 9: Kengetallen ................................................................................................................ 24
Bijlage 10: Dupont Chart ........................................................................................................... 25
Bijlage 11: Hefboomwerking ..................................................................................................... 27
Bijlage 12: Balans jaar 3/4 ......................................................................................................... 28
Bijlage 13: Resultatenrekening jaar 3/4 .................................................................................... 29
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