Hi,

The calculated (unlevered) IRR is ridiculously high for this appraisal. Can anyone help me please to justify why? There is an 18 million revenue being made at the beginning of the project, which might partially explain why, but cannot think of more.

XIRR(Appraisal!AM46:AM205,Appraisal!C46:C205)

Thanks.

PROJ1.xlsx