nutidsvärde

Nutidsvärde, often translated as present value, is the current worth of a stream of future cash flows discounted at a given rate. It reflects the time value of money: a unit of currency today is worth more than the same unit received in the future because it can be invested to earn a return. The present value is found by discounting each future cash flow back to the present.

For discrete cash flows, the present value is calculated as PV = CF1/(1+r)^1 + CF2/(1+r)^2 + ... + CFn/(1+r)^n, where r is the periodic discount rate and CFt is the cash flow at time t. For a single future payment FV received after t periods, PV = FV/(1+r)^t. If cash flows occur as an ordinary annuity, PV = Pmt * [1 - (1+r)^-n]/r. For a perpetuity, PV = Pmt/r.

The discount rate r represents the opportunity cost of capital, expected inflation, and the risk associated with the cash flows. Nutidsvärde is a foundational concept in capital budgeting and financial decision‑making because it enables comparison of different investments by translating all expected cash flows into a common present value.

In practice, the present value is used to assess net present value (NPV) of projects, where NPV = sum of present values of all cash inflows and outflows. A positive NPV suggests value creation at the chosen discount rate. Limitations include sensitivity to estimated cash flows and the chosen discount rate, as well as potential oversimplification of risk and liquidity considerations.