TAILIEUCHUNG - Fundamentals of Financial Management (2003) Chapter 12-16

Tập đoàn tài chính có thể sử dụng kỹ thuật dự thảo vốn được mô tả ở chương 11 và 12 để đánh giá hệ thống mới có đáng giá hay không và nó nên được phát triển trong nội bộ hay được mua từ bên ngoài | FUNDAMENTALS OF FINANCIAL MANAGEMENT BRIGHAM HOUSTON CHAPTER 12 Cash Flow Estimation and Risk Analysis SOURCE Andre Jenny Unicorn Stock Photos 46 HOME DEPOT KEEPS GROWING HOME DEPOT Home Depot Inc. has grown phenomenally over the past decade and it shows no sign of slowing ----- down. At the beginning of 1990 it had 118 stores and its annual sales were billion. By early 2001 it had more than 1 000 stores and its annual sales were in excess of 45 billion. Despite concerns of a slowing economy the company expects to open another 200 stores in fiscal 2001. Home Depot recently estimated that it costs on average 16 million to purchase land construct a new store and stock it with inventory. The inventory costs about 5 million but about 2 million of this is financed through accounts payable. Each new store thus represents a major capital expenditure so the company must use capital budgeting techniques to determine if a potential store s expected cash flows are sufficient to cover its costs. Home Depot uses information from its existing stores to forecast new stores expected cash flows. Thus far its forecasts have been outstanding but there are always risks that must be considered. First store sales might be less than projected if the economy weakens. Second some of Home Depot s customers might in the future bypass it altogether and buy directly from manufacturers through the Internet. Third new stores could cannibalize that is take sales away from existing stores. This last point was made in the July 16 1999 issue of Value Line The retailer has picked the low-hanging fruit it has already entered the most attractive markets. To avoid cannibalization which occurs when duplicative stores are located too closely together the company is developing complementary formats. For example Home Depot is beginning to roll out its Expo Design Center chain which offers one-stop sales and service for kitchen and bath and other remodeling and renovation work . . . The decision to .

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