Nettobarwert

Nettobarwert, in English commonly referred to as net present value (NPV), is a financial metric used to assess the profitability of an investment or project. It represents the difference between the present value of cash inflows and the present value of cash outflows over time, adjusted for a chosen discount rate. The concept relies on the idea that money today is worth more than the same amount in the future due to factors such as opportunity cost and risk.

Calculation of nettobarwert typically follows the formula: NPV = sum from t = 0 to n of CF_t / (1 + r)^t, where CF_t denotes the cash flow at time t and r is the discount rate. The cash flow at time zero, CF_0, usually corresponds to the initial investment (typically a negative value). Equivalently, NPV can be expressed as the present value of all future cash inflows minus the initial investment.

Interpretation of the result is straightforward: a positive nettobarwert indicates that the project is expected to generate a return greater than the discount rate and thus adds value; a negative NPV suggests the opposite; and an NPV of zero implies a break-even scenario with respect to the chosen rate.

Nettobarwert is widely used in capital budgeting and project evaluation to compare alternatives. When comparing projects of different sizes, the profitability index (PI) or direct NPV comparison can guide the decision. Reliability depends on accurate cash flow forecasts and an appropriate discount rate, often based on the weighted average cost of capital (WACC) or a project's required return. Limitations include sensitivity to assumptions and the assumption of reinvestment at the discount rate.