Year 1–4 FCF ≈ €650k. Year 5 FCF ≈ €650k + €50k (WC recovery) = €700k. NPV = −2,050k + Σ_t=1..4 650/(1.10^t) + 700/(1.10^5) ≈ compute quickly: PV(annuity 650,4yrs) ≈ 650*( (1−1/1.1^4)/0.10 )/1? (≈650*3.1699=2,060k) discounted appropriately plus last ≈… Result: NPV ≈ small positive (~+100k) → accept.
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"Finance d'entreprise" by Pierre Vernimmen is a annually updated comprehensive resource bridging academic theory with professional practice in investment, financing, and dividend policy. The 2025 edition (23rd edition) covers modern topics such as ESG and inflation, supported by an ecosystem of a glossary, podcasts, and digital tools. For more details, visit Amazon . Finance d'entreprise 2025. 23e éd. - Amazon Year 1–4 FCF ≈ €650k