Ano

2013
(=) Receitas Liquidas
(-) CPV
(-) Despesas Vendas e Adm.
(-) DEPRECIAO
(-) R. Margem Contribuio
(-) Juros (Desp. Financeiras)FCDE no inclui
(=) LUCRO BRUTO OPERACIONAL
(-) IMPOSTO DE RENDA (25%)
(=) Lucro Depois I. Renda (LDIR)
(+) Depreciao
(-) NCG
(-) VARIAO NCG
(700,000.00)
(-) INVESTIMENTO
(10,000,000.00)
(-) Amortizaes FCDE no inclu
(=) Fluxo de Caixa Disponivel
(10,700,000.00)
VPL
TIR

VALOR PATRIMONIAL
TOTAL EXIGIVEL
VALOR DA EMPRESA
NMERO DE AES
VALOR CONTBIL (PL)
VALOR DE MERCADO
VALOR INTRINSECO (JUSTO)
AJUSTES
Variao Vendas
NCG
VARIAO NCG
Saldo Devedor do Emprestimo
Amortizaes
Juros do Endividamento (16% a.a)

2014
15,000,000.00
(8,250,000.00)

2015
15,900,000.00
(8,745,000.00)

2016
16,854,000.00
(9,269,700.00)

2017
17,865,240.00
(9,825,882.00)

2018
18,937,154.40
(10,415,434.92)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

4,750,000.00
(1,187,500.00)
3,562,500.00
2,000,000.00

5,155,000.00
(1,288,750.00)
3,866,250.00
2,000,000.00

5,584,300.00
(1,396,075.00)
4,188,225.00
2,000,000.00

6,039,358.00
(1,509,839.50)
4,529,518.50
2,000,000.00

6,521,719.48
(1,630,429.87)
4,891,289.61
2,000,000.00

(120,750.00)
(940,000.00)

(138,862.50)
(940,000.00)

(159,691.88)
(940,000.00)

(183,645.66)
(940,000.00)

(211,192.50)
(940,000.00)

4,501,750.00

4,787,387.50

5,088,533.13

5,405,872.84

5,740,097.11

R$ 5,502,817.92
36.18%

19,000,000.00
16,000,000.00
35,000,000.00
100,000

POR AO
245.80

(700,000.00)

(805,000.00)
(120,750.00)

(925,750.00)
(138,862.50)

(1,064,612.50)
(159,691.88)

(1,224,304.38)
(183,645.66)

(1,407,950.03)
(211,192.50)

(16,000,000.00) (14,400,000.00)
(1,600,000.00)
(2,560,000.00)

(12,608,000.00)
(1,792,000.00)
(2,304,000.00)

(10,600,960.00)
(2,007,040.00)
(2,017,280.00)

(8,353,075.20)
(2,247,884.80)
(1,696,153.60)

(5,835,444.22)
(2,517,630.98)
(1,336,492.03)

BETA
IMPOSTO DE RENDA
RETORNO DE MERCADO (IBOVESPA)
TAXA LIVRE DE RISCO (ao ms)
CUSTO DO ENDIVIDAMENTO (Kd)

1.20
25.00%
18.00%
0.50%
16.00%

TMA ACIONISTA
TMA EMPRESA

20.37%
16.54%
Taxa livre de risco estimada (rf)
Beta da empresa ()
Expectativa de retorno da carteira de mercado (r m)

Clculo do Custo
do Capital Prprio
(Ke) pelo CAPM

ke = rf + b (rm - rf )

6.17%
1.20
18%

20.37%

Custo da Dvida (Kd)

Imposto / Taxa (t)
Dvida
Preo Contbil das Aes (Patrimnio Lquido-PL)

Cculo do Custo Mdio Ponderado deCMPC=Kd*(1-t)

Capital (CMPC)Div
Div+PL

16%
25%
16,000,000.00
19,000,000.00

+ Ke* PL
Div+PL

D
SIM, apesar da TMA ACIONISTA exigir 20,37% e a empresa oferecer somente TMA EMPRESA 16,54%. O projeto oferece 36,18%
Pois o Projeto oferece taxa superior ao TMA ACIONISTA, ou seja, 36,18% > 20,37%

16.54%

5.49%
11.06%

(1,619,142.54)

Ano
(=) Receitas Liquidas
(-) CPV
(-) Despesas Vendas e Adm.
(-) DEPRECIAO
(-) R. Margem Contribuio
(-) Juros (Desp. Financeiras)
(=) LUCRO BRUTO OPERACIONAL
(-) IMPOSTO DE RENDA (25%)
(=) Lucro Depois I. Renda (LDIR)
(+) Depreciao
(-) VARIAO NCG
(-) INVESTIMENTO
(-) Amortizaes
(+)Valor Residual
(-)IRPJ sobre o Valor Residual
(=) Fluxo de Caixa Disponivel

2013

(700,000.00)
(10,000,000.00)

(10,700,000.00)
ACIONISTA
(7,746,495.31)

VPL
TIR
TIRM
IR
VPLA
PAYBACK
Fluxo de Caixa Atualizado
Fluxo de Caixa Acumulado

(0.0474)
(10.0664)
(2,611,186.0678)
(7,746,495.31)

VALOR PATRIMONIAL
TOTAL EXIGIVEL
VALOR DA EMPRESA

2014
15,000,000.00
(8,250,000.00)

2015
15,900,000.00
(8,745,000.00)

2016
16,854,000.00
(9,269,700.00)

2017
17,865,240.00
(9,825,882.00)

2018
18,937,154.40
(10,415,434.92)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

(2,000,000.00)

(2,560,000.00)
2,190,000.00
(547,500.00)
1,642,500.00
2,000,000.00
(120,750.00)
(940,000.00)
(1,600,000.00)

(2,304,000.00)
2,851,000.00
(712,750.00)
2,138,250.00
2,000,000.00
(138,862.50)
(940,000.00)
(1,792,000.00)

(2,017,280.00)
3,567,020.00
(891,755.00)
2,675,265.00
2,000,000.00
(159,691.88)
(940,000.00)
(2,007,040.00)

(1,696,153.60)
4,343,204.40
(1,085,801.10)
3,257,403.30
2,000,000.00
(183,645.66)
(940,000.00)
(2,247,884.80)

981,750.00
EMPRESA
5,502,817.92
0.3618
0.2732
8.8612
1,701,901.12

1,267,387.50

1,568,533.13

1,885,872.84

(1,336,492.03)
5,185,227.45
(1,296,306.86)
3,888,920.59
2,000,000.00
1,302,950.03
(940,000.00)
(8,353,075.20)
1,000,000.00
(250,000.00)
(1,351,204.58)

815,609.20
(6,930,886.11)

874,726.74
(6,056,159.37)

899,370.07
(5,156,789.30)

898,336.16
(4,258,453.15)

(534,725.16)
(4,793,178.31)

C-1
C-3
C-4
C-5
C-2

19,000,000.00
16,000,000.00
35,000,000.00

NMERO DE AES
VALOR CONTBIL
VALOR DE MERCADO
VALOR INTRINSECO (JUSTO)

100,000
35,000,000.00
24,580,000.00
(R$ 7,746,495.31)

Variao Vendas
NCG
VARIAO NCG
Saldo Devedor do Emprestimo
Amortizaes
Juros (16% a.a)

POR AO
R$ 350.00
R$ 245.80 Dif.Vr.Merc-Vr.Justo
(R$ 77.46)
168.34

(700,000.00)

(805,000.00)
(120,750.00)

(925,750.00)
(138,862.50)

(1,064,612.50)
(159,691.88)

(1,224,304.38)
(183,645.66)

(1,407,950.03)
1,407,950.03

(16,000,000.00)

(14,400,000.00)
(1,600,000.00)
(2,560,000.00)

(12,608,000.00)
(1,792,000.00)
(2,304,000.00)

(10,600,960.00)
(2,007,040.00)
(2,017,280.00)

(8,353,075.20)
(2,247,884.80)
(1,696,153.60)

(5,835,444.22)
(2,517,630.98)
(1,336,492.03)

BETA
IMPOSTO DE RENDA
RETORNO DE MERCADO (IBOVESPA)
TAXA LIVRE DE RISCO (ao ms)
CUSTO DO ENDIVIDAMENTO (Kd)

1.20
25.00%
18.00%
0.50%
16.00%

TMA ACIONISTA
TMA EMPRESA

20.37%
16.54%
Taxa livre de risco estimada (rf)
Beta da empresa ()
Expectativa de retorno da carteira de mercado (rm)

Clculo do Custo
do Capital Prprio
(Ke) pelo CAPM
ke = rf + b (rm - rf )

6.17%
1.20
18%

20.37%

Custo da Dvida (Kd)

Dvida
Preo Contbil das Aes (Patrimnio Lquido-PL)

Cculo do Custo Mdio Ponderado de CMPC=Kd*(1-t)

Capital (CMPC) Div

16%
16,000,000
19,000,000

+Ke* PL
Div+PL
Div+PL

D
NO. Pois o TMA ACIONISTA 20,37% superior ao TMA EMPRESA de 16,54%; Projeto invivel VPL negativo (-R$7.746,495,31)

16.54%

5.49%
11.06%