International investment appraisal

International appraisal distinguishes cash generated by a foreign project from cash ultimately available to its investor. Forecast exchange rates, local and parent taxes, withholding, tax relief, transfer charges, blocked funds and transaction costs as relevant to the question. Avoid double-counting internal transfers in a group perspective while recognising genuine tax or timing consequences. Either currency approach must use cash flows and discount rates consistently. Exchange-rate forecasts and tax assumptions are uncertain and should be tested, rather than treating a single conversion path as guaranteed.