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Samenvatting: Investeringsanalyse
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Volledige samenvatting van investeringsanalyse van alle powerpoints + de syllabus 2024/ 2025 Nico Harboort, Sam Stilten
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20242025
Investeringsanalyse
HOGENT
MONA DE SY
,INHOUDSOPGAVE
H1 – Basisformules ......................................................................................................................................... 5
uitgangspunten van de berekening ..................................................................................................................... 5
Rendement ...................................................................................................................................................... 5
Waardeontwikkeling ....................................................................................................................................... 5
Interestberekening .............................................................................................................................................. 6
Het begrip interest .......................................................................................................................................... 6
Enkelvoudige interest ...................................................................................................................................... 6
Samengestelde interesten .............................................................................................................................. 6
Rentefactor u .................................................................................................................................................. 7
Aantal conversieperiodes n ............................................................................................................................. 7
Gelijkwaardige interest, nominale interest en effectieve interest.................................................................. 7
Het begrip kasstroom .......................................................................................................................................... 7
Rekenen met kasstromen ............................................................................................................................... 8
Verdiscontering en de tijdswaarde van geld ....................................................................................................... 9
Uitgangspunt: de tijdswaarde van geld ........................................................................................................... 9
De toekomstige waarde (FV) van een bedrag dat vandaag ontvangen wordt ................................................ 9
De actuele waarde (PV) van een bedrag dat op een later tijdstip ontvangen wordt ...................................... 9
De netto actuele waarde (NPV)....................................................................................................................... 9
toepassing op onroerend goed ............................................................................................................................ 9
Voorbeeld ...................................................................................................................................................... 10
De tijdswaarde van geld .................................................................................................................................... 12
Boodschappen om niet te vergeten................................................................................................................... 12
H2 – Annuïteiten ........................................................................................................................................... 13
Begripsbepaling ................................................................................................................................................. 13
Definities ....................................................................................................................................................... 13
Soorten annuïteiten ...................................................................................................................................... 13
Enkelvoudige, gelijkblijvende annuïteit ............................................................................................................. 14
Eindwaarde van een gelijkblijvende annuïteit .............................................................................................. 14
De aanvangswaarde van een gelijklblijvende annuïteit ................................................................................ 15
De restwaarde van een gelijkblijvende annuïteit op een willekeurig tijdstip ............................................... 15
Uitgestelde annuïteiten ..................................................................................................................................... 15
Het begrip uitgestelde annuïteit ................................................................................................................... 15
De eindwaarde van een uitgestelde annuïteit .............................................................................................. 15
De aanvangswaarde van een uitgestelde annuïteit ...................................................................................... 15
De gefractioneerde annuïteit ............................................................................................................................ 16
Het begrip gefractioneerde annuïteit ........................................................................................................... 16
De eindwaarde Kn(k) van een gefractioneerde postnumerando annuïteit..................................................... 16
De aanvangswaarde K0(k) van een gefractioneerde postnumerando annuïteit ............................................. 16
veranderde annuïteiten ..................................................................................................................................... 16
Het begrip veranderede annuïteit................................................................................................................. 16
De termijnen vormen een meetkundige rij ................................................................................................... 17
, Boodschappen om niet te vergeten................................................................................................................... 17
H3 – Rendementsbegrippen .......................................................................................................................... 17
probleemstelling................................................................................................................................................ 18
Totaal rendement en gemiddeld jaarlijks rendement................................................................................... 18
Direct rendement en indirect rendement ..................................................................................................... 19
Rendementsverwachting .............................................................................................................................. 19
De invloed van inflatie: reëel vs nominaal rekenen ...................................................................................... 20
Aanvangsrendementen ..................................................................................................................................... 21
Return on cash en terugverdientijd .............................................................................................................. 21
Bruto aanvangsrendement (BAR).................................................................................................................. 21
Netto aanvangsrendement (NAR) ................................................................................................................. 22
Totale rendementen .......................................................................................................................................... 22
Total rate of return (TRR) .............................................................................................................................. 22
Internal rate of return (IRR)........................................................................................................................... 23
Verband tussen BAR, NAR en IRR .................................................................................................................. 23
Boodschappen om niet te vergeten................................................................................................................... 24
H4 – Projectfinanciering ................................................................................................................................ 25
De inbreng van vreemd vermogen .................................................................................................................... 25
Vermogenscomponenten.............................................................................................................................. 25
Gemiddelde gewogen kapitaalskost (WACC) ................................................................................................ 27
Leverage ........................................................................................................................................................ 27
Kenmerken van kredieten.................................................................................................................................. 28
Consument vs. onderneming ........................................................................................................................ 28
Lening vs kredietopening .............................................................................................................................. 29
Projectfinanciering vs. balansfinanciering..................................................................................................... 30
Financieringslasten............................................................................................................................................ 31
Kapitaalaflossingen ....................................................................................................................................... 31
Rente (interest) ............................................................................................................................................. 32
Provisies ........................................................................................................................................................ 33
Overige kosten .............................................................................................................................................. 34
Jaarlijks kostenpercentage JKP ...................................................................................................................... 35
Waarborgen ...................................................................................................................................................... 35
financiËLE RATIO’S......................................................................................................................................... 35
Aflossingssystemen ........................................................................................................................................... 37
Annuïteitenlening .......................................................................................................................................... 37
Constante kapitaalaflossingen ...................................................................................................................... 37
Bulletkrediet .................................................................................................................................................. 38
Aflossingstabel .............................................................................................................................................. 39
H5 - Soorten financiering .............................................................................................................................. 39
Kredietverlening aan particulieren .................................................................................................................... 39
Consumentenkrediet..................................................................................................................................... 39
Hypothecair krediet....................................................................................................................................... 39
Beoordelingscriteria van de kredietaanvraag ............................................................................................... 41
, Bedrijfskredieten op korte termijn..................................................................................................................... 43
Kaskrediet en overbeschikking ...................................................................................................................... 43
Straight loan .................................................................................................................................................. 43
Bedrijfskredieten op (middel-)lange termijn ..................................................................................................... 44
Investeringskrediet........................................................................................................................................ 44
Roll-over kredieten (wentelkredieten) .......................................................................................................... 45
Verbintenissenkredieten .................................................................................................................................... 46
Principe ......................................................................................................................................................... 46
Borgstellingkrediet ........................................................................................................................................ 46
Bankgarantie ................................................................................................................................................. 47
Financiële kosten in de investeringsanalyse ...................................................................................................... 47
Interest op vreemd vermogen ...................................................................................................................... 47
Financiële waarborg ...................................................................................................................................... 48
H6 – Uitgangspunten .................................................................................................................................... 48
Het vastgoedrekenproces .................................................................................................................................. 48
Het vastgoedontwikkelingsproces ................................................................................................................ 48
Vastgoedrekenproces.................................................................................................................................... 50
Het principe van residueel rekenen .............................................................................................................. 51
Werken met rekenmodellen ......................................................................................................................... 52
Rekenen met risico ............................................................................................................................................ 52
Definities ....................................................................................................................................................... 52
Verzekerde risico’s ........................................................................................................................................ 53
Onzekere input bij aannames van de berekeningen ..................................................................................... 53
Niet-diversieerbare risico’s ........................................................................................................................... 54
H7 - Initiatiefase ........................................................................................................................................... 54
Residuele waardebepaling ................................................................................................................................ 54
Uitgangspunt ................................................................................................................................................. 54
Berekening van het totale projectrendement............................................................................................... 56
Werkwijze...................................................................................................................................................... 56
Uitwerking en interpretatie........................................................................................................................... 60
H8 - Exploitatiefase ....................................................................................................................................... 60
Een gebouw in cijfers......................................................................................................................................... 60
Investeringswaarde (INV0)............................................................................................................................. 60
Net selling price (NSPn).................................................................................................................................. 61
Potential Gross Rental Income (PGRI) ........................................................................................................... 62
Berekening van het Effective Gross Rental Income (EGRI)............................................................................ 63
Berekening van het Net Operational Income (NOI) ...................................................................................... 63
Gestabiliseerde netto operationele uitgaven ............................................................................................... 64
Kapitalisatie van huurinkomsten ....................................................................................................................... 65
Kapitalisatie aan het BAR .............................................................................................................................. 65
Gecorrigeerd aanvangsrendement ............................................................................................................... 66
Term & reversion .......................................................................................................................................... 67
Het begrip exit yield ...................................................................................................................................... 68
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