public void DivideIntervals()
{
Interval i1 = new Interval(2.2m, 5.5m);
Interval i2 = new Interval(2, 10);
var result = i1 / i2;
Assert.NotNull(result);
Assert.AreEqual(1.1f, result.UpperBound);
Assert.AreEqual(.55f, result.LowerBound);
}
private Interval GetAdjustedInterests(IList<Interval> expectedInterests)
{
Interval result = new Interval(0, 0);
for (int i = 0; i < expectedInterests.Count; i++)
{
result = result + (expectedInterests[i] * this.GetISubN(expectedInterests, i));
}
return result;
}
private Interval AdjustInterval(Interval interval, TwoTuple aggregatedLowerTuple, TwoTuple aggregatedUpperTuple)
{
var lowerTupleFactor = this.decimalConverter.ConvertToDecimal(aggregatedLowerTuple);
var upperTupleFactor = this.decimalConverter.ConvertToDecimal(aggregatedUpperTuple);
Interval adjustedInterval = lowerTupleFactor < upperTupleFactor ?
new Interval(lowerTupleFactor, upperTupleFactor) :
new Interval(upperTupleFactor, lowerTupleFactor);
var result = interval.LowerBound + (interval.Width * adjustedInterval);
return result;
}
public void CashflowReturnsProperValueIfEmptyIntervals()
{
ICompanyValuator valuator = new CompanyValuator();
var expectedWaccs = new List<Interval>();
var expectedCashflows = new List<Interval>();
var result = valuator.Cashflow(expectedCashflows, expectedWaccs);
var expectedResult = new Interval(0, 0);
Assert.NotNull(result);
Assert.AreEqual(expectedResult.LowerBound, result.LowerBound);
Assert.AreEqual(expectedResult.UpperBound, result.UpperBound);
}
public static Interval operator *(decimal number, Interval interval)
{
Interval result = null;
if (interval != null)
{
result = new Interval()
{
LowerBound = interval.LowerBound * number,
UpperBound = interval.UpperBound * number,
};
CheckReorderInterval(result);
}
return result;
}
/// <summary>
/// Calcualates a company value using the discounted cashflow method.
/// </summary>
/// <param name="expectedCashflows">The expected cashflows.</param>
/// <param name="expectedWaccs">The expected waccs.</param>
/// <returns>
/// An interval with the possible value of the company.
/// </returns>
/// <exception cref="BizVal.ValuationException">Number of expected cashflow intervals mismatches number of expected WACCs intervals.</exception>
Interval ICompanyValuator.Cashflow(IList<Interval> expectedCashflows, IList<Interval> expectedWaccs)
{
Contract.NotNull(expectedCashflows, "expectedCashflows");
Contract.NotNull(expectedWaccs, "expectedWaccs");
if (expectedCashflows.Count != expectedWaccs.Count)
{
throw new ValuationException("Number of expected cashflow intervals mismatches number of expected WACCs intervals.");
}
Interval result = new Interval();
for (int i = 0; i < expectedWaccs.Count; i++)
{
result = result + (expectedCashflows[i] / this.GetCashflowDivisor(expectedWaccs, i));
}
return result;
}
public void CashflowReturnsProperValue()
{
ICompanyValuator valuator = new CompanyValuator();
var k1 = new Interval(0.040m, 0.050m);
var k2 = new Interval(0.045m, 0.060m);
var k3 = new Interval(0.050m, 0.060m);
var expectedWaccs = new List<Interval> { k1, k2, k3 };
var cfl1 = new Interval(4000, 6000);
var cfl2 = new Interval(3000, 6000);
var cfl3 = new Interval(2000, 5000);
var expectedCashflows = new List<Interval> { cfl1, cfl2, cfl3 };
var result = valuator.Cashflow(expectedCashflows, expectedWaccs);
var expectedResult = new Interval(8359m, 15343m);
Assert.NotNull(result);
Assert.AreEqual(expectedResult.LowerBound, Math.Round(result.LowerBound));
Assert.AreEqual(expectedResult.UpperBound, Math.Round(result.UpperBound));
}
public static Interval operator *(Interval interval1, Interval interval2)
{
Interval result = null;
if (interval1 != null && interval2 != null)
{
result = new Interval()
{
LowerBound = interval1.LowerBound * interval2.LowerBound,
UpperBound = interval1.UpperBound * interval2.UpperBound,
};
CheckReorderInterval(result);
}
return result;
}
private Interval GetISubN(IList<Interval> expectedInterests, int n)
{
var result = new Interval(1, 1);
for (int i = 0; i <= n; i++)
{
result = result * (1 / (1 + expectedInterests[i]));
}
return result;
}
public void DivideNullInterval2()
{
Interval i1 = new Interval();
Interval i2 = null;
Assert.IsNull(i1 / i2);
}
public void SumNullInterval()
{
Interval i1 = null;
Interval i2 = new Interval();
var result = i1 + i2;
Assert.IsNull(result);
}
public void SumTwoIntervals()
{
Interval i1 = new Interval(1, 2.2m);
Interval i2 = new Interval(0, 2.1m);
var result = i1 + i2;
Assert.NotNull(result);
Assert.AreEqual(1f, result.LowerBound);
Assert.AreEqual(4.3f, result.UpperBound);
}
public BindableInterval(Interval interval)
{
Contract.NotNull(interval, "interval");
this.LowerBound = interval.LowerBound;
this.upperBound = interval.UpperBound;
}
public void MixedAnalysisReturnsProperValue()
{
ICompanyValuator valuator = new CompanyValuator();
var substantialValue = 3000m;
var k1 = new Interval(0.04738m, 0.04872m);
var k2 = new Interval(0.05425m, 0.05786m);
var k3 = new Interval(0.05183m, 0.05436m);
var expectedInterests = new List<Interval> { k1, k2, k3 };
var cfl1 = new Interval(4898, 5361);
var cfl2 = new Interval(4166, 5306);
var cfl3 = new Interval(2499, 3680);
var expectedBenefits = new List<Interval> { cfl1, cfl2, cfl3 };
var result = valuator.MixedAnalysis(substantialValue, expectedBenefits, expectedInterests);
var expectedResult = new Interval(11913m, 14046m);
Assert.NotNull(result);
Assert.AreEqual(expectedResult.LowerBound, Math.Round(result.LowerBound));
Assert.AreEqual(expectedResult.UpperBound, Math.Round(result.UpperBound));
}
public static Interval operator ^(Interval interval, decimal number)
{
Interval result = null;
if (interval != null)
{
result = new Interval()
{
LowerBound = (decimal)Math.Pow((double)interval.LowerBound, (double)number),
UpperBound = (decimal)Math.Pow((double)interval.UpperBound, (double)number),
};
CheckReorderInterval(result);
}
return result;
}
private static void CheckReorderInterval(Interval result)
{
if (result.LowerBound > result.UpperBound)
{
var lowerBound = result.LowerBound;
result.LowerBound = result.UpperBound;
result.UpperBound = lowerBound;
}
}
/// <summary>
/// Equalses the specified other.
/// </summary>
/// <param name="other">The other.</param>
/// <returns></returns>
protected bool Equals(Interval other)
{
return this.LowerBound.Equals(other.LowerBound) && this.UpperBound.Equals(other.UpperBound);
}
private Interval GetCashflowDivisor(IList<Interval> expectedWaccs, int i)
{
Interval result = new Interval(1, 1);
for (int j = 0; j <= i; j++)
{
result = result * (1 + expectedWaccs[j]);
}
return result;
}
public Expertise(Interval interval)
{
this.Interval = interval;
this.Opinions = new List<Opinion>();
}