Professional Documents
Culture Documents
XLS
Decises de Investimento no Excel
Parmetros iniciais
Matemtica Financeira
1
Custo do capital de terceiros - Emprstimos
N
30%
I
25.00%
I
17.50%
IR%
Taxa bruta
Taxa lq
FV
1
Custo do capital prprio - Modelo de Gordon e Shapiro
Ks
D1
P0
8.00
40.00
4.00%
0.00%
24.00%
1
Custo do capital prprio - CAPM
Ks
Rf
Rm
2.00%
6.00%
7.60%
Beta
1.40
Beta =
1.5624
Diagrama de disperso : Mercado x Ao
15%
10%
5%
0%
-10%
-5%
0%
5%
-5%
-10%
y = 1.5624x - 0.0026
10%
-10%
0.0%
4.0%
3.0%
-7.0%
4.0%
0.0%
6.0%
4.5%
-11.0%
6.0%
Fonte
Patrim Liq
Emprest LP
Volume ($)
500,000.00
400,000.00
Custo (%)
12.00%
14.00%
Soma
900,000.00
12.89%
-15%
60000
56000
0
0
0
y = 1.5624x - 0.0026
R = 0.9973
NO EXCEL
DECISES DE INVESTIMENTO NO EX
Construo do Fluxo de Caixa Livre
Descrio
(+) Receitas
(-) Custos e despesas variveis
(-) Custos e despesas fixos (exceto depreciao)
(-) Depreciao
= Lucro Operacional Tributvel
(-) IR
= Lucro Lquido Operacional
(+) Depreciao
= FCO (Fluxo de Caixa Operacional)
(+/-) Investimento ou desinvestimentos lquidos em equipamentos
(+/-) Investimentos ou desinvestimentos em capital de giro
= FCL (Fluxo de Caixa Livre)
Perodo 0
Valor
5,000.00
5,000.00
30%
(1,500.00)
3,500.00
3,500.00
STIMENTO NO EXCEL
Perodo 2
Perodo 3
Perodo 4
Perodo 5
Perodo 6
Perodo 7
Perodo 8
Perodo 9
Perodo 10
Perodo 11
Perodo 12
Perodo 13
Perodo 14
Perodo 15
Perodo 16
Perodo 17
Perodo 18
Perodo 19
Perodo 20
2.00%
PV
PMT
600.00
(107.12)
Juros Compostos
Resposta
Operaes na HP12C
[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155
Operaes no Excel
=PGTO(0.02;6;600;;0)
Regime
Juros Compostos
?
Nper A
36.0%
Taxa B
Nper B
12
2.60%
4
N
PV
PMT
JS
1 ###### ######
#VALUE!
No existe
2 ###### ######
#VALUE!
No existe
JC
3 ###### ######
#VALUE!
3c
4 fmula ==>
Opo :
juros compostos
1 - Juros Simples
2 - Desconto Bancrio
3 - Juros Compostos
(50.00)
#DIV/0!
#NUM!
-16.67%
#DIV/0!
-100.00%
5
-
No tem
No tem
(107.12)
6 [n]
#VALUE!
#VALUE!
PV
#VALUE!
PMT
FV
2 [i]
PV
600 [PV]
[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155
#VALUE!
PMT
Regimes
1 - Juros simples
2 - Desconto comercial
3 - Juros compostos
TAXA(nper;pgto;vp;vf;tipo;estimativ
VF(taxa;nper;pgto;vp;tipo)
VP(taxa;nper;pgto;vf;tipo)
Tipos
0 - postecipado
1 - antecipado
Legenda
cod
desc
simb
conc
O nmero perodos
de perodos
=NPER(0.02;;600;;0)
A taxa de juros
% a.p.
=TAXA(6;;600;;0;)
O valor presente
=VP(0.02;6;;;0)
A prestao
=PGTO(0.02;6;600;;0)
O valor futuro
=VF(0.02;6;;600;0)
Taxa
1 % a.d.
dias
2 % a.m. meses
30
3 % a.b.
bimestres
60
4 % a.t.
trimestres
90
5 % a.q.
quadrimestres
120
6 % a.s.
semestres
180
7 % a.a.
ano comercial
360
8 % a.a. (exato)
ano civil
365
TO NO EXCEL
mpo
FV
e de juros compostos
TO NO EXCEL
e de taxas
Compostos
Tipo
0
Sem entrada
FV
Tipo
#VALUE!
#VALUE!
#VALUE!
[f] [REG] 6 [n] 2 [i] 600 [PV] [g] [END] [PMT] Visor => -107.1155
Mexa !!!)
6
(672.00)
(681.82)
(675.70)
FV
TIPO
[g] [END]
per;pgto;vp;vf;tipo;estimativa)
;nper;pgto;vp;tipo)
;nper;pgto;vf;tipo)
Fluxo de caixa
(600.00)
400.00
800.00
Saldo Simples
(600.00)
(200.00)
600.00
PBS
PayBack
Simples
1.25
1.25
Fluxos Nominais
(90.00)
10.00
20.00
30.00
40.00
30.00
30.00
80.00
90.00
Fluxos
Descontados
(90.00)
8.70
15.12
19.73
22.87
14.92
12.97
30.07
29.42
Simples
Saldo
PBS
(90.00)
(80.00)
(60.00)
(30.00)
10.00
3.75
40.00
70.00
150.00
240.00
-
Clculos
PBS
3.75
NTO NO EXCEL
mples
Resposta
PBS = 001 perodos
NTO NO EXCEL
contado
Resposta
PBS = 004 perodos
k=
15%
Descontado
Saldo
PBD
(90.00)
(81.30)
(66.18)
(46.46)
(23.59)
(8.67)
4.30
5.67
34.37
63.80
-
300.00
250.00
200.00
150.00
100.00
50.00
(50.00) 0
(100.00)
(150.00)
Perodo
PBD
5.67
80.00
60.00
40.00
20.00
(20.00) 0
(40.00)
(60.00)
(80.00)
(100.00)
Perodo
10
10
Fluxos de Caixa
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
VPL
(800.00)
300.00
400.00
300.00
500.00
14%
Resposta
VPL = $269.4800
VFL = $455.1400
VUL = $92.48562
IL = 1.33685
269.48
VPL
269.48
700.00
519.03
370.21
246.46
142.52
54.40
-20.93
-85.83
-142.15
-191.34
-234.57
-272.77
-306.71
800.00
Valor Presente Lquido
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
600.00
400.00
200.00
0.00
0%
20%
40%
-200.00
-400.00
Custo de Capital (k)
60%
Parmetros
Mnimo
Step
0%
5%
60%
80%
Fluxos de Caixa
(3,000.00)
7,650.00
(4,830.00)
k
TIR estimada
Resultados
TIR
VPL
10%
70%
40%
(37.19)
0%
30%
60%
90%
120%
150%
180%
210%
240%
270%
300%
330%
360%
VPL
(37.19)
(180.00)
26.63
(105.47)
(311.63)
(520.66)
(712.80)
(883.93)
(1,034.86)
(1,167.82)
(1,285.24)
(1,389.38)
(1,482.15)
(1,565.22)
VPL versus k
500.00
k (custo de capital)
(500.00)
0%
100%
(1,000.00)
(1,500.00)
(2,000.00)
Fluxos de Caixa
0
1
2
3
4
-500.00
400.00
-600.00
1,500.00
Clculo da TER
k financ
k reinvest
Respostas
TER (MTIR)
TIR
18%
14%
29.46%
42.92%
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
VPL
321.02
Perodo
0
1
2
3
4
5
Soma
TER
Parmetros
Fluxo de Caixa
(500.00)
400.00
(600.00)
1,500.00
Capitais Equivalentes
Pos (t = n)
Neg (t = 0)
500.00
519.84
430.91
1,500.00
2,019.84
930.91
29.460%
K1 (aplicao) =
K2 (captao) =
14%
18%
29.46021%
Perodo
0
1
2
3
4
5
Fluxo de Caixa
(700.00)
800.00
(400.00)
2,000.00
Saldo do Projeto
(700.00)
(424.73)
(1,143.11)
(0.00)
Parmetros
k
TIJ
6
7
8
9
Saldo
(0.00)
NO EXCEL
Parmetros
Mnimo
0%
Step
30%
VPL versus k
200%
VPL
NO EXCEL
01)
300%
400%
NO EXCEL
02)
NO EXCEL
5.0000%
74.9612%
Perodo
A
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
(50.00)
20.00
25.00
30.00
35.00
B
(100.00)
60.00
40.00
30.00
20.00
Projetos
C
(200.00)
80.00
70.00
50.00
60.00
D
(300.00)
100.00
110.00
120.00
130.00
Clculos de PayBack
No abastea nada aqui !!!!!!
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7
FCs do
Projeto
(50.00)
20.00
25.00
30.00
35.00
FCs
Descont
(50.00)
17.39
18.90
19.73
20.01
Saldo
Simples
(50.00)
(30.00)
(5.00)
25.00
60.00
PBS
2.17
-
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos
PBS
2.17
NO EXCEL
Valores do custo de capital
k financ
k aplic
E
(500.00)
150.00
160.00
170.00
200.00
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
15.00%
Projeto A
Saldo
Descont
(50.00)
(32.61)
(13.71)
6.02
26.03
PBD
2.69
-
PBD
2.69
E
15.00%
15.00%
E
3.10
(22.45)
(39.27)
(7.86)
0.96
12.86%
13.69%
Simulaes diversas
No abastea nada aqui !!!!!!
VPL
26.03
48.93
45.78
42.79
39.93
37.21
34.62
32.14
29.78
27.52
25.36
23.29
21.32
19.42
17.61
15.87
14.20
12.59
11.06
9.58
8.15
6.79
5.47
4.20
2.98
1.81
0.67
(0.42)
(1.48)
(2.50)
(3.48)
(4.43)
(5.35)
(6.24)
(7.10)
(7.93)
(8.73)
(9.51)
(10.27)
(11.00)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(11.71)
(12.39)
(13.06)
(13.71)
(14.33)
(14.94)
(15.54)
(16.11)
(16.67)
(17.21)
(17.74)
(18.25)
(18.75)
(19.24)
(19.71)
(20.17)
(20.62)
(21.06)
(21.48)
(21.90)
(22.30)
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7
FCs do
FCs
Projeto Descont
(100.00) (100.00)
60.00
52.17
40.00
30.25
30.00
19.73
20.00
11.44
Projeto B
Saldo
Simples
(100.00)
(40.00)
30.00
50.00
Saldo
PBS
2.00
2.00
-
Descont
(100.00)
(47.83)
(17.58)
2.15
13.58
PBD
2.89
-
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos
PBS
2.00
PBD
2.89
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos
aes diversas
VPL
13.58
38.44
35.10
31.90
28.84
25.90
23.07
20.36
17.75
15.24
12.83
10.50
8.27
6.11
4.03
2.02
0.08
(1.79)
(3.60)
(5.35)
(7.04)
(8.68)
(10.26)
(11.80)
(13.29)
(14.73)
(16.12)
(17.48)
(18.79)
(20.07)
(21.31)
(22.51)
(23.68)
(24.82)
(25.93)
(27.00)
(28.05)
(29.07)
(30.06)
(31.02)
Projeto C
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%
VPL
(10.32)
37.38
30.90
24.71
18.79
13.14
7.72
2.54
(2.42)
(7.18)
(11.74)
(16.13)
(20.33)
(24.38)
(28.27)
(32.01)
(35.61)
(39.07)
(42.42)
(45.64)
(48.74)
(51.74)
(54.63)
(57.43)
(60.13)
(62.74)
(65.26)
(67.71)
(70.07)
(72.36)
(74.58)
(76.73)
(78.81)
(80.83)
(82.79)
(84.69)
(86.54)
(88.33)
(90.08)
(91.77)
Projeto D
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%
VPL
23.36
115.66
103.01
90.96
79.48
68.52
58.06
48.07
38.52
29.39
20.64
12.27
4.25
(3.44)
(10.82)
(17.91)
(24.71)
(31.24)
(37.53)
(43.57)
(49.39)
(54.99)
(60.38)
(65.58)
(70.59)
(75.43)
(80.09)
(84.60)
(88.95)
(93.15)
(97.21)
(101.14)
(104.94)
(108.62)
(112.18)
(115.63)
(118.97)
(122.21)
(125.35)
(128.39)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(31.97)
(32.88)
(33.78)
(34.65)
(35.50)
(36.33)
(37.14)
(37.93)
(38.70)
(39.45)
(40.19)
(40.90)
(41.61)
(42.29)
(42.96)
(43.62)
(44.26)
(44.89)
(45.50)
(46.11)
(46.70)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(93.41)
(95.02)
(96.57)
(98.09)
(99.56)
(101.00)
(102.39)
(103.76)
(105.08)
(106.38)
(107.64)
(108.87)
(110.07)
(111.24)
(112.38)
(113.49)
(114.58)
(115.65)
(116.69)
(117.70)
(118.69)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(131.34)
(134.21)
(136.99)
(139.70)
(142.32)
(144.87)
(147.35)
(149.76)
(152.10)
(154.38)
(156.60)
(158.76)
(160.86)
(162.91)
(164.91)
(166.85)
(168.74)
(170.59)
(172.39)
(174.15)
(175.86)
Clculo do PayBack
FCs do
FCs
Projeto Descont
(200.00) (200.00)
80.00
69.57
70.00
52.93
50.00
32.88
60.00
34.31
Projeto C
Saldo
Simples
(200.00)
(120.00)
(50.00)
60.00
Saldo
PBS
3.00
3.00
Descont
(200.00)
(130.43)
(77.50)
(44.63)
(10.32)
PBD
-
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7
FCs do
Projeto
(300.00)
100.00
110.00
120.00
130.00
PBS
3.00
PBD
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos
Anlise de Sensibilidade
VPLs versus K
Projeto E
K
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%
VPL
(22.45)
114.25
95.50
77.65
60.63
44.40
28.91
14.12
(0.02)
(13.54)
(26.48)
(38.87)
(50.74)
(62.11)
(73.03)
(83.50)
(93.56)
(103.22)
(112.51)
(121.44)
(130.03)
(138.31)
(146.27)
(153.95)
(161.36)
(168.49)
(175.38)
(182.03)
(188.46)
(194.66)
(200.66)
(206.45)
(212.06)
(217.49)
(222.74)
(227.83)
(232.76)
(237.53)
(242.16)
(246.65)
k
4.00%
5.27%
6.53%
7.80%
9.07%
10.33%
11.60%
12.87%
14.13%
15.40%
16.67%
17.93%
19.20%
20.47%
21.73%
23.00%
24.27%
25.53%
26.80%
28.07%
29.33%
30.60%
31.87%
33.13%
34.40%
35.67%
36.93%
38.20%
39.47%
40.73%
42.00%
43.27%
44.53%
45.80%
47.07%
48.33%
49.60%
50.87%
52.13%
48.93
45.78
42.79
39.93
37.21
34.62
32.14
29.78
27.52
25.36
23.29
21.32
19.42
17.61
15.87
14.20
12.59
11.06
9.58
8.15
6.79
5.47
4.20
2.98
1.81
0.67
(0.42)
(1.48)
(2.50)
(3.48)
(4.43)
(5.35)
(6.24)
(7.10)
(7.93)
(8.73)
(9.51)
(10.27)
(11.00)
38.44
35.10
31.90
28.84
25.90
23.07
20.36
17.75
15.24
12.83
10.50
8.27
6.11
4.03
2.02
0.08
(1.79)
(3.60)
(5.35)
(7.04)
(8.68)
(10.26)
(11.80)
(13.29)
(14.73)
(16.12)
(17.48)
(18.79)
(20.07)
(21.31)
(22.51)
(23.68)
(24.82)
(25.93)
(27.00)
(28.05)
(29.07)
(30.06)
(31.02)
37.38
30.90
24.71
18.79
13.14
7.72
2.54
(2.42)
(7.18)
(11.74)
(16.13)
(20.33)
(24.38)
(28.27)
(32.01)
(35.61)
(39.07)
(42.42)
(45.64)
(48.74)
(51.74)
(54.63)
(57.43)
(60.13)
(62.74)
(65.26)
(67.71)
(70.07)
(72.36)
(74.58)
(76.73)
(78.81)
(80.83)
(82.79)
(84.69)
(86.54)
(88.33)
(90.08)
(91.77)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(251.01)
(255.24)
(259.34)
(263.32)
(267.19)
(270.95)
(274.60)
(278.16)
(281.61)
(284.97)
(288.24)
(291.42)
(294.52)
(297.54)
(300.48)
(303.34)
(306.13)
(308.85)
(311.51)
(314.10)
(316.62)
53.40%
54.67%
55.93%
57.20%
58.47%
59.73%
61.00%
62.27%
63.53%
64.80%
66.07%
67.33%
68.60%
69.87%
71.13%
72.40%
73.67%
74.93%
76.20%
77.47%
78.73%
(11.71)
(12.39)
(13.06)
(13.71)
(14.33)
(14.94)
(15.54)
(16.11)
(16.67)
(17.21)
(17.74)
(18.25)
(18.75)
(19.24)
(19.71)
(20.17)
(20.62)
(21.06)
(21.48)
(21.90)
(22.30)
(31.97)
(32.88)
(33.78)
(34.65)
(35.50)
(36.33)
(37.14)
(37.93)
(38.70)
(39.45)
(40.19)
(40.90)
(41.61)
(42.29)
(42.96)
(43.62)
(44.26)
(44.89)
(45.50)
(46.11)
(46.70)
(93.41)
(95.02)
(96.57)
(98.09)
(99.56)
(101.00)
(102.39)
(103.76)
(105.08)
(106.38)
(107.64)
(108.87)
(110.07)
(111.24)
(112.38)
(113.49)
(114.58)
(115.65)
(116.69)
(117.70)
(118.69)
o do PayBack
FCs
Descont
(300.00)
86.96
83.18
78.90
74.33
Projeto D
Saldo
Simples
(300.00)
(200.00)
(90.00)
30.00
160.00
Saldo
PBS
2.75
-
Descont
(300.00)
(213.04)
(129.87)
(50.97)
23.36
PBD
3.69
Clculo do PayBack
Ano
0
1
2
3
4
5
6
7
FCs do
Projeto
(500.00)
150.00
160.00
170.00
200.00
PBS
2.75
PBD
3.69
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Clculos
ensibilidade
Grficos
ersus K
VPLs versus K
D
115.66
103.01
90.96
79.48
68.52
58.06
48.07
38.52
29.39
20.64
12.27
4.25
(3.44)
(10.82)
(17.91)
(24.71)
(31.24)
(37.53)
(43.57)
(49.39)
(54.99)
(60.38)
(65.58)
(70.59)
(75.43)
(80.09)
(84.60)
(88.95)
(93.15)
(97.21)
(101.14)
(104.94)
(108.62)
(112.18)
(115.63)
(118.97)
(122.21)
(125.35)
(128.39)
Parmetros do grfico
K min
4%
K max
80%
Step
1.27%
E
114.25
95.50
77.65
60.63
44.40
28.91
14.12
(0.02)
(13.54)
(26.48)
(38.87)
(50.74)
(62.11)
(73.03)
(83.50)
(93.56)
(103.22)
(112.51)
(121.44)
(130.03)
(138.31)
(146.27)
(153.95)
(161.36)
(168.49)
(175.38)
(182.03)
(188.46)
(194.66)
(200.66)
(206.45)
(212.06)
(217.49)
(222.74)
(227.83)
(232.76)
(237.53)
(242.16)
(246.65)
100.00
50.00
4%
9%
14%
19%
24%
(50.00)
(100.00)
(150.00)
(200.00)
A
29%
(131.34)
(134.21)
(136.99)
(139.70)
(142.32)
(144.87)
(147.35)
(149.76)
(152.10)
(154.38)
(156.60)
(158.76)
(160.86)
(162.91)
(164.91)
(166.85)
(168.74)
(170.59)
(172.39)
(174.15)
(175.86)
(251.01)
(255.24)
(259.34)
(263.32)
(267.19)
(270.95)
(274.60)
(278.16)
(281.61)
(284.97)
(288.24)
(291.42)
(294.52)
(297.54)
(300.48)
(303.34)
(306.13)
(308.85)
(311.51)
(314.10)
(316.62)
Projeto E
FCs
Descont
(500.00)
130.43
120.98
111.78
114.35
Saldo
Simples
(500.00)
(350.00)
(190.00)
(20.00)
180.00
Saldo
PBS
3.10
Descont
(500.00)
(369.57)
(248.58)
(136.80)
(22.45)
PBD
-
PBS
3.10
PBD