1, adjusted NPV = ∑ [expected cash flow /( 1+ risk-adjusted discount rate) t];

2. The rate of return required by investors = risk-free rate of return +B * (average market rate of return-risk-free rate of return);

3. The required rate of return of the project = risk-free rate of return+B * of the project (average market rate of return-risk-free rate of return).

Discount rate, also known as expected return on investment, is an important parameter to determine the evaluation value of income method. Evaluation By calculating the weighted average capital cost of xxx company, the expected return on investment of trademark users is estimated, and the discount rate of intangible assets is calculated on this basis.

1. First, select a comparison company among listed companies, and then estimate the expected return on investment of the comparison company;

2. According to the expected rate of return of the comparison company, estimate the expected rate of return on investment of trademark users;

3. Calculate the discount rate of trademark intangible assets according to the unique risks of intangible assets. The formula is: R=WACC+α.