ZEMCH 2015 - International Conference Proceedings | Page 108
Table 5: MUCB Sensitivity Analysis results
L = 20
L = 25
DSCRpre-tax1,25
DSCRpre-tax1,35
DSCRpre-tax 1,45
DSCRpre-tax1,55
D%
D%
D%
D%
80%
70%
65%
Average
1,17
DSCRpost-tax
Average
1,25
DSCRpost-tax
Average
1,34
DSCRpost-tax
Average
1,44
DSCRpost-tax
Revenue
1.767RM
Revenue
1.786RM
Revenue
1.795RM
Revenue
1.794RM
NPV
1.859RM
NPV
1.412RM
NPV
839RM
NPV
155RM
IRR
8,4%
IRR
8,2%
IRR
7,8%
IRR
7,5%
Pay-Back
24 years
Pay-Back
25 years
Pay-Back
26 years
Pay-Back
30 years
D%
87%
D%
83%
D%
78%
D%
74%
Average
1,20
DSCRpost-tax
L = 30
75%
Average
1,27
DSCRpost-tax
Average
1,36
DSCRpost-tax
Average
1,44
DSCRpost-tax
Revenue
1.725RM
Revenue
1.752RM
Revenue
1.776RM
Revenue
1.789RM
NPV
2.567RM
NPV
2.451RM
NPV
2.142RM
NPV
1.778RM
IRR
11,4%
IRR
10,6%
IRR
9,8%
IRR
9,3%
Pay-Back
13 years
Pay-Back
14 years
Pay-Back
17 years
Pay-Back
19 years
D%
93%
D%
88%
D%
84%
D%
80%
Average
1,20
DSCRpost-tax
Average
1,29
DSCRpost-tax
Average
1,37
DSCRpost-tax
Average
1,45
DSCRpost-tax
Revenue
1.673RM
Revenue
1.717RM
Revenue
1.745RM
Revenue
1.767RM
NPV
2.622RM
NPV
2.860RM
NPV
2.829RM
NPV
2.659RM
IRR
20,5%
IRR
15,6%
IRR
13,5%
IRR
12,1%
Pay-Back
6 years
Pay-Back
8 years
Pay-Back
9 years
Pay-Back
11 years
Table 6: MUGB Sensitivity Analysis results
L = 20
DSCRpre-tax 1,25
D%
80%
AverageDSCRpost- 1,19
tax
L = 25
D%
75%
Average
1,28
DSCRpost-tax
DSCRpre-tax 1,45
D%
70%
Average
1,38
DSCRpost-tax
DSCRpre-tax 1,55
D%
65%
Average
1,48
DSCRpost-tax
Revenue
1.895RM
Revenue
1.917RM
Revenue
1.927RM
Revenue
1.926RM
NPV
2.613RM
NPV
2.204RM
NPV
1.626RM
NPV
900RM
IRR
9,2%
IRR
9,0%
IRR
8,7%
IRR
8,3%
Pay-Back
23 years
Pay-Back
23 years
Pay-Back
24 years
Pay-Back
26 years
D%
87%
D%
83%
D%
78%
D%
74%
Average DSCRpost- 1,21
tax
L = 30
DSCRpre-tax 1,35
Average
1,28
DSCRpost-tax
Average
1,38
DSCRpost-tax
Average
1,47
DSCRpost-tax
Revenue
1.847RM
Revenue
1.877RM
Revenue
1.905RM
Revenue
1.920RM
NPV
3.165RM
NPV
3.150RM
NPV
2.919RM
NPV
2.584RM
IRR
12,0%
IRR
11,4%
IRR
10,7%
IRR
10,2%
Pay-Back
11 years
Pay-Back
12 years
Pay-Back
14 years
Pay-Back
16 years
D%
93%
D%
88%
D%
84%
D%
80%
Average DSCRpost- 1,20
tax
Average
1,30
DSCRpost-tax
Average
1,38
DSCRpost-tax
Average
1,47
DSCRpost-tax
Revenue
1.788RM
Revenue
1.838RM
Revenue
1.870RM
Revenue
1.895RM
NPV
3.028RM
NPV
3.421RM
NPV
3.510RM
NPV
3.424RM
IRR
20,6%
IRR
16,1%
IRR
14,3%
IRR
13,0%
Pay-Back
6 years
Pay-Back
8 years
Pay-Back
9 years
Pay-Back
10 years
The first scenario is not considerably bankable for both MUCB and MUGB; both buildings have
an average DSCRpost-tax lower than 1.20 that is the minimum threshold to claim the project fi-
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ZEMCH 2015 | International Conference | Bari - Lecce, Italy