Balano

Demonstrao de Resultados
Demonstrao de Fluxos de Caixa
Indicadores de Rendibilidade
Indicadores de Estrutura

Indicadores de Actividade
Indicadores de Liquidez
Indicadores Bolsistas
Kwacc e Estrutura de Capitais
FCFF e FCFE

Contas e Pressupostos
Estimao do g
Estimao FCFF
Projeces
Fontes

Realizado por
Rafael Jos Moreira
Jos Pedro Santos
David Pedro

100402084
100402026
060402054

BALANO

Assets
Non-current assets
Intangible assets
Goodwill
Other intangible assets
Tangible assets
Property, plant and equipment owned
Assets held under finance leases
Other non-current assets
Investments in associates and joint ventures accounted for using the equity method
Other investments
Non-current financial assets
Miscellaneous receivables and other non-current assets
Deferred tax assets
Total Non-current assets
Current assets
Inventories
Trade and miscellaneous receivables and other current assets
Current income tax receivables
Investments
Current financial assets

Current assets sub-total

Discontinued operations/Non-current assets held for sale
of a financial nature
of a non-financial nature
Total Current assets
Total assets
Equity and Liabilities
Equity
Equity attributable to owners of the Parent
Non-controlling interests
Total Equity
Non-current liabilities
Non-current financial liabilities

Employee benefits
Deferred tax liabilities
Provisions
Miscellaneous payables and other non-current liabilities
Total Non-current liabilities
Current liabilities
Current financial liabilities
Trade and miscellaneous payables and other current liabilities
Current income tax payables
Current liabilities sub-total
Liabilities directly associated with Discontinued operations/Non-current assets held for sale
of a financial nature
of a non-financial nature
Total Current Liabilities
Total Liabilities
Total Equity and liabilities

Voltar ao ndice

millions of euros

ets

equipment owned
nance leases

ssets
iates and joint ventures accounted for using the equity method

l assets
ables and other non-current assets

(a)

eous receivables and other current assets

eceivables

ets
Securities other than investments, financial receivables and other current financial assets
Financial receivables and other current financial assets
Cash and cash equivalents

otal
ions/Non-current assets held for sale

ture
(b)
(a+b)

o owners of the Parent

rests

es
l liabilities

( c)

es

les and other non-current liabilities

(d)

ilities
eous payables and other current liabilities
payables
b-total
sociated with Discontinued operations/Non-current assets held for sale

ture
( e)
(f=d+e)
(c+f)

2009

2010
Variao

43,615
6,284
49,899

0.681%
25.764%
3.840%

13,717
1,296
15,013

12.073%

435
53
1,119
893
1,199
3,699
68,611

-80.460%

408
7,447
79
39

-5.147%

1,843
1,103
5,504
8,450
16,423
81
1,152
1,233
17,656
86,267

-9.182%
10.238%

-18.868%
66.488%
4.591%
55.379%
29.440%
6.620%

4.606%
67.089%

-28.595%
-60.290%
0.400%
-13.846%
-5.078%

-66.233%
-68.451%
-9.504%
3.320%

25,952
1,168
27,120

224.572%

36,797

2011
Variao

43,912
7,903
51,815
15,373
1,177
16,550

-26.193%
0.304%
-22.152%

-5.906%
-13.849%
-6.471%

85
43
1,863
934
1,863
4,788
73,153

-23.529%

387
7,790
132

12.661%

1,316
438
5,526
7,280
15,589

389
389
15,978
89,131

-9.302%
33.977%
60.171%
-23.135%
15.455%
-16.143%

Variao

32,410
7,927
40,337

0.000%
-15.504%
-3.047%

14,465
1,014
15,479

-11.621%

65
39
2,496
1,496
1,432
5,528
61,344

0.000%

-0.789%
-10.912%

0.000%
-0.441%
-1.203%
0.000%
-0.525%
-4.804%

-22.477%

-41.667%

436
7,006
77

-4.559%

34.564%

-10.064%

19.396%
3.990%

1.458%
-12.988%

32,410
6,698
39,108

-7.646%

12,784
1,006
13,790

-3.794%

65
39
2,485
1,478
1,432
5,499
58,397

0.000%

-6.241%
-7.405%

-8.549%
-4.141%

7.692%
-49.457%
8.728%
-27.444%
-27.096%
-8.488%

-18.013%

0.000%

1,256

-6.847%

1,170

39.402%

7,436
8,692
16,211

-6.576%

6,947
8,117
15,105

-17.317%

586
3,508
4,094
19,199
77,596

12.116%

-6.180%

-6.615%
-6.823%

16,211
77,555

18.432%

0.000%

-32.760%

20.243%

-29.433%

19,378
3,634
23,012

-6.655%

34,348

-0.748%

34,091

-4.141%

Variao

338
6,573
77

28,819
3,791
32,610

11.047%

2012

0.053%

7.988%

59.740%

-9.141%
-12.267%

-18.158%
-13.825%
-12.600%
-9.506%

-11.957%

0.000%

19,378
3,634
23,012

-0.047%

34,075

-8.778%

0.000%

-14.007%
-12.281%

1,075
198
782
1,084
39,936
6,941
11,020
283
18,244
659
308
967
19,211
59,147
86,267

5.023%
418.687%
9.974%
0.185%
-3.721%

-0.850%
-0.599%
-16.961%
-0.948%

-5.934%
-4.440%
3.320%

1,129
1,027
860
1,086
38,450

-22.764%

6,882
10,954
235
18,071

-10.636%

18,071
56,521
89,131

-17.429%
0.349%
-3.039%
-1.880%

-3.761%
-47.234%
-6.945%

-6.945%
-3.500%
-12.988%

872
848
863
1,053
37,727
6,150
10,542
124
16,816

16,816
54,543
77,555

0.000%
-57.429%
-16.107%
-4.938%
-1.840%

-0.114%
-8.110%
-57.258%
-5.548%

4.371%
0.075%
0.053%

872
361
724
1,001
37,033
6,143
9,687
53
15,883
23
1,645
1,668
17,551
54,584
77,596

1.950%
-35.180%
-3.453%
-22.178%
-9.041%

-0.391%
-10.715%
-62.264%
-6.894%

17.391%
-6.748%
-6.415%
-6.849%
-8.336%
-9.506%

2013

29,932
6,280
36,212
12,299
920
13,219
65
42
1,256
1,607
1,039
4,009
53,440
365
5,389
123

1,631
5,744
7,375
13,252
657
2,871
3,528
16,780
70,220

17,061
3,125
20,186
31,084

889
234
699
779
33,685
6,119
8,649
20
14,788
27
1,534
1,561
16,349
50,034
70,220

Voltar ao ndice

DEMONTRAO DE RESULTADOS
millions of euros
Revenues
Other income
Total operating revenues and other income
Acquisition of goods and services
Employee benefits expenses
Other operating expenses
Change in inventories
Internally generated assets
Operating profit before depreciation and amortization,
capital gains (losses) and impairment reversals (losses) on
non-current assets (EBITDA)
Depreciation and amortization
Gains (losses) on disposals of non-current assets
Impairment reversals (losses) on non-current assets
Operating profit (loss) (EBIT)
Share of profits (losses) of associates and joint ventures
accounted for using the equity method
Other income (expenses) from investments
Finance income
Finance expenses
Profit (loss) before tax from continuing operations
Income tax expense
Profit (loss) from continuing operations
Profit (loss) from Discontinued operations/Non-current assets
held for sale
Profit (loss) for the year
Attributable to:
Owners of the Parent
Non-controlling interests

2009

2010
Variao

26,894
280
27,174
-11,480
-3,734
-1,345
-15
515

11,115
-5,551
-59
-12
5,493

2.517%
-8.929%
2.399%
-0.845%
7.686%
5.725%
800.000%
6.214%

2.672%
-0.072%
-118.644%
425.000%
5.826%

67
-51
2,561
-4,731
3,339
-1,121
2,218

47.761%

-622
1,596

-98.875%

1,581
15

-666.667%
20.305%
8.962%
23.600%
-51.115%
61.362%

123.810%

97.407%
2906.667%

27,571
255
27,826
-11,383
-4,021
-1,422
-135
547

11,412
-5,547
11
-63
5,813
99
289
3,081
-5,155
4,127
-548
3,579
-7
3,572
3,121
451

2011
Variao
8.654%
17.255%
8.733%
12.967%
-0.721%
30.731%
-141.481%
4.022%

6.651%
-0.919%
-72.727%
11579.365%
-111.698%

-139.394%
-94.464%
-20.026%
-12.629%
-166.465%
193.796%
-221.626%

85.714%
-222.228%

-254.149%
-1.330%

2012
Variao

29,957
299
30,256
-12,859
-3,992
-1,859
56
569

12,171
-5,496
3
-7,358
-680

-14.013%
-4.682%
-13.921%
-12.209%
-16.508%
-20.710%
-107.143%
2.109%

-13.524%
-14.683%
1633.333%
-43.205%
-351.324%

-39
16
2,464
-4,504
-2,743
-1,610
-4,353

-84.615%

-13
-4,366

-884.615%

-4,811
445

-87.500%
-19.521%
-11.612%
-89.318%
-32.547%
-68.321%

-70.751%

-66.182%
-21.348%

2013
Variao

25,759
285
26,044
-11,289
-3,333
-1,474
-4
581

10,525
-4,689
52
-4,179
1,709

-9.131%
13.684%
-8.881%
-8.079%
-7.381%
-10.583%
-1300.000%
-6.540%

-9.359%
-2.900%
-257.692%
-47.667%
59.040%

-6
2
1,983
-3,981
-293
-1,086
-1,379

-100.000%

102
-1,277

234.314%

-1,627
350

-250.000%
1.009%
5.149%
-281.570%
2.302%
-58.013%

-81.363%

-58.574%
24.571%

23,407
324
23,731
-10,377
-3,087
-1,318
48
543

9,540
-4,553
-82
-2,187
2,718

-3
2,003
-4,186
532
-1,111
-579
341
-238
-674
436

DEMONSTRAO DE FLUXOS DE CAIXA

Cash flows from operating activities:

Profit (loss) from continuing operations
Adjustments for:
Depreciation and amortization
Impairment losses (reversals) on non-current assets (including investments)
Net change in deferred tax assets and liabilities
Losses (gains) realized on disposals of non-current assets (including investments)
Share of losses (profits) of associates and joint ventures accounted for using the equity method
Change in provisions for employee benefits
Change in inventories
Change in trade receivables and net amounts due from customers on construction contracts
Change in trade payables
Net change in current income tax receivables/payables
Net change in miscellaneous receivables/payables and other assets/liabilities
Cash flows from (used in) operating activities
Cash flows from investing activities:

Total purchase of intangible and tangible assets on an accrual basis

Total purchase of intangible and tangible assets on a cash basis

Acquisition of control of subsidiaries or other businesses, net of cash acquired
Net cash and cash equivalents arrising from the acquisition of the control of the Sofora Group - Argentina
Acquisitions/disposals of other investments
Change in financial receivables and other financial assets
Proceeds from sale that result in a loss of control of subsidiaries or other businesses, net of cash disposed of
Proceeds from sale/repayments of intangible, tangible and other noncurrent assets
Cash flows from (used in) investing activities
Cash flows from financing activities:
Change in current financial liabilities and other
Proceeds from non-current financial liabilities (including current portion)
Repayments of non-current financial liabilities (including current portion)
Share capital proceeds/reimbursements (including subsidiaries)
Dividends paid
Changes in ownership interests in consolidated subsidiaries
Cash flows from (used in) financing activities
Cash flows from (used in) discontinued operations/non-current assets held for sale
Aggregate cash flows
Net cash and cash equivalents at beginning of the year
Net foreign exchange differences on net cash and cash equivalents
Net cash and cash equivalents at end of the year

Voltar ao ndice

2009
millions of euros

t assets (including investments)

ties
urrent assets (including investments)
nt ventures accounted for using the equity method

s due from customers on construction contracts

s/payables
yables and other assets/liabilities
(a)

Purchase of intangible assets on an accrual basis

Purchase of tangible assets on an accrual basis
sets on an accrual basis
Change in amounts due to fixed asset suppliers
sets on a cash basis
r businesses, net of cash acquired
the acquisition of the control of the Sofora Group - Argentina

Variao

(b)

her
es (including current portion)
es (including current portion)
cluding subsidiaries)

61.36%

3,579

-221.63%

5,551
27
-48
55
-67
-173
-30
336
-995
-1,170
-229
5,475

-0.07%

5,547
-116
-750
-41
-99
73
96
13
-278
-170
-981
6,873

-0.92%

-6
-692
-13
66
-4,569
-1,123
5,563
-4,260
-11

ted subsidiaries
(c)
(d)
(e=a+b+c+d)
(f)
(g)
(h=e+f+g)

Variao

2,218

-2,017
-2,526
-4,543
619
-3,924

ancial assets
ntrol of subsidiaries or other businesses, net of cash disposed of
e, tangible and other noncurrent assets

2010

-1,050
-881
61
86
5,226
172
5,484

-529.63%
1462.50%
-174.55%
47.76%
-142.20%
-420.00%
-96.13%
-72.06%
-85.47%
328.38%
25.53%

-11.70%
10.93%
0.88%
-83.36%
14.17%

-683.33%
-172.54%
-1484.62%
-15.15%
-27.36%

-185.22%
-63.92%
37.14%

-1,781
-2,802
-4,583
103
-4,480
-4
392
35
502
180
56
-3,319
957
2,007
-5,842

-6449.14%
-120.80%
-56.10%
-139.39%
-339.73%
-137.50%
-76.92%
-41.01%
-152.94%
-111.11%
23.85%

72.15%
8.10%
32.99%
440.78%
23.62%
16600.00%
-100.00%
-102.86%
-215.54%
-71.67%
676.79%
89.85%

41.17%
125.36%
-9.45%

-100.00%

4.10%
343.13%

67
-1,093
-3,904

-2079.10%

-350
5,484
148
5,282

-528.00%

-80.70%
-81.74%

-100.00%
-506.98%
4.94%
-13.95%
-3.68%

-3.68%
-174.32%
26.28%

2011

2012
Variao

2013
Variao

-4,353

-68.32%

-1,379

-58.01%

-579

5,496
7,365
156
-18
39
-175
-36
3
-164
90
109
8,512

-14.68%

4,689
4,181
279
-53
6
-229
12
825
-83
-434
-113
7,701

-2.90%

4,553
2,197
347
82

-3,066
-3,029
-6,095
557
-5,538
-668
-1
-580
51
435
-6,301

-43.23%
78.85%
194.44%
-84.62%
30.86%
-133.33%
27400.00%
-49.39%
-582.22%
-203.67%
-9.53%

-39.63%
-7.96%
-23.89%
-111.31%
-15.10%
-98.95%

200.00%
-206.21%
-21.57%
-82.99%
-36.80%

1,351
4,523
-5,290
240
-1,326
-211
-713

-158.25%

1,498
5,282
-110
6,670

-34.98%

2.06%
5.46%
-100.83%
-27.30%

-1,851
-2,788
-4,639
-63
-4,702
-7

-47.45%
24.37%
-254.72%
-100.00%
-78.60%
-291.67%
30.18%
489.16%
-76.04%
137.17%
-12.47%

2.38%
-10.15%
-5.15%
-114.29%
-6.61%
14.29%

-3
616
40
74
-3,982

-100.00%

-787
4,616
-5,579
-2
-964

126.81%

-1.95%
-360.00%
18.92%
-4.29%

-10.03%
-0.50%
-550.00%
-44.29%

-100.00%
280.93%

26.28%
124.55%
10.90%

-2,716
-29
974
6,670
-247
7,397

33.73%
-537.93%
-159.03%
10.90%
112.96%
-14.88%

-49
-23
1,074
-489
-104
-268
6,741
-1,895
-2,505
-4,400
9
-4,391
-8

604
-104
88
-3,811
-1,785
4,153
-5,551
9
-537
79
-3,632
127
-575
7,397
-526
6,296

INDICADORES DE RENDIBILIDADE

2009

2010
Variao

2011
Variao

Rendibilidade das Vendas

5.873%

118.565%

12.837%

-212.412%

-14.430%

Rendibilidade dos Activos (ROA)

1.850%

116.618%

4.008%

-240.472%

-5.630%

Rendibilidade Financeira (ROE)

5.885%

86.130%

10.954%

-273.208%

-18.973%

5.873%

118.565%

12.837%

-212.412%

-14.430%

31.500%

-0.891%

31.219%

24.963%

39.012%

318.094%

-14.074%

273.324%

23.304%

337.020%

5.885%

86.130%

10.954%

-273.208%

-18.973%

Anlise Dupont Sintctica

Rendibilidade das Vendas
Rotao do Activo
Alavancagem
ROE

Voltar ao ndice

2012
Variao

2013
Variao

-66.021%

-4.903%

-79.546%

-1.003%

-70.767%

-1.646%

-79.405%

-0.339%

-70.751%

-5.549%

-78.753%

-1.179%

-66.021%

-4.903%

-79.546%

-1.003%

-13.967%

33.564%

0.690%

33.795%

0.053%

337.198%

3.163%

347.865%

-70.751%

-5.549%

-78.753%

-1.179%

INDICADORES DE ESTRUTURA

2009

2010
Variao

Autonomia Financeira

2011
Variao

31.437%

16.380%

36.587%

-18.900%

29.672%

Debt-to-Equity

218.094%

-20.528%

173.324%

36.749%

237.020%

Regra de Equilbrio Financeiro Mnimo

0.977336

-0.609%

0.971389

1.930%

0.990138

Voltar ao ndice

2012
Variao

2013
Variao

-0.053%

29.656%

-3.066%

28.747%

0.075%

237.198%

4.497%

247.865%

3.846%

1.028221

-1.960%

1.008065

INDICADORES DE ACTIVIDADE

2009

2010
Variao

Fundo de Maneio
Variao de Fundo de Maneio

-1,555

34.60%

2011
Variao

-2,093
-538

-71.09%

-605
1,488

Voltar ao ndice

2012
Variao
-372.40%

2013
Variao

1,648
2,253

-73.85%

431
-1,217

INDICADORES DE LIQUIDEZ

2009

2010
Variao

2011
Variao

Liquidez Geral

0.919057

-3.79%

0.884179

9.03%

0.964022

Liquidez Reduzida

0.897819

-3.90%

0.862764

8.73%

0.938095

Voltar ao ndice

2012
Variao

2013
Variao

13.47%

1.093898

-6.17%

1.026362

14.56%

1.07464

-6.57%

1.004037

INDICADORES BOLSISTAS

2008

2009
Variao

Data

dia.ms

Cotao

13.11
0.96

Variao

29.12
14.063%

1.095

-9.589%
-9.463%

Equity

millions of euros

21,250.695

Total Shares Issued

millions of euros

19,407.028

Dividendos Pagos

millions of euros

Price Earnings Ratio

Price Book Value
Dividends per Share
Earnings per Share
Payout Ratio
Dividend Yield
Rendibilidade da Aco

13.441

-54.137%

0.784

-24.705%

0
0.081

97.132%

0
0%
12.329%

-188.852%

2010

2011
Variao

29.12

2012
Variao

30.12

2013
Variao

28.12

27.12

0.990

-16.061%

0.831

-17.810%

0.683

4.978%

0.717

19,239.743

-16.022%

16,157.100

-17.810%

13,279.542

4.979%

13,940.749

19,434.084

19,442.960

19,442.960

19,443.164

-67

-2079.104%

1,326

-27.300%

964

-44.295%

537

6.165

-154.478%

-3.358

143.034%

-8.162

153.414%

-20.684

0.590

19.004%

0.702

-17.810%

0.577

19.676%

0.691

-0.003

-2078.201%

0.068

-27.300%

0.050

-44.295%

0.028

0.161

-254.079%

-0.247

-66.182%

-0.084

-58.574%

-0.035

-0.021

1183.888%

-0.276

114.972%

-0.593

34.470%

-0.797

-0.348%

-2456.702%

8.207%

-11.547%

7.259%

-46.937%

3.852%

-10.954%

-0.252%

-10.927%

31.878%

-14.410%

-159.640%

8.594%

Voltar ao ndice

KWACC

N aces

(27-12-2012)

Cotao

(27-12-2012)

19,443.164

(millions of euros)

0.717

Valor de Mercado do Equity

(millions of euros)

(e)

13,940.749

Valor de mercado da Divida **

(millions of euros)

(d)

37,230

Total

(millions of euros)

(e+d)

51,170.749

D/E

2.671

Cash

(2013)

Taxa de imposto efectiva

(2013)

40%

Taxa de imposto marginal

(2013)

27.5%

(millions of euros)

6,296

Equity Risk Premium ***

7.85%

Taxa isenta de risco ***

4.4%

High Growth Period

Stable Growth Period

High Growth Period

Stable Growth Period

Bottom up Beta da TI (BL)*

2.219

BU

0.853

Beta unlevered setor telecom*

0.568

Rating 2013 *****

BB

Spread

4.00%

Kd

8.40%

Kd efectivo

5.04%

Kd (com taxa marginal)

6.09%

Voltar ao ndice

ESTRUTURAS DE CAPITAIS

We

27.24%

Wd

72.76%

Estimao do ke (HGP)

ke

11.09%

Estimao do ke (SGP)

ke

8.85%

Estimao do kd (HGP)

kd

6.09%

Estimao do kd (SGP)

kd

6.09%

Estimao do kwacc (HGP)

kwacc

7.45%

Estimao do kwacc (SGP)

kwacc

6.46%

FCFF e FCFE
Dados

Passivo Financeiro

T: taxa efectiva de imposto

CAPEX

2009

44,397

33.57%

4,543

-7.133%

2010

41,230

13.28%

4,583

-2.399%

2011

40,241

-58.69%

6,095

0%

2012

40,241

-7.482%

-370.65%

4,639

2013

37,230

208.83%

A usar

40.00%

Anos

EBIT

EBIT(1-T)

2009

5,493

3,648.839

2010

5,813

5,041.126

2011

-680

-1,079.125

2012

1,709

8,043.382

2013

2,718

-2,958.124

Anos

EBIT

CAPEX - Amortizaes

4,400

2009

5,493

-1,008

2010

5,813

-964

2011

-680

599

2012

1,709

-50

2013

2,718

-153

ou

Anos

EBIT(1-T)

FM

CAPEX - Amortizaes

Tx Reinvestimento EBIT

2009

3,648.839

-1,008

1.85%

2010

5,041.126

-538

-964

-29.79%

4.01%

-1.19%

3.32%

2011

-1,079.125

1,488

599

-193.40%

-5.63%

10.89%

-12.99%

2012

8,043.382

2,253

-50

27.39%

-1.65%

-0.45%

0.05%

ROA

2013

-2,958.124

-1,217

-153

46.31%

-0.34%

-0.16%

-9.51%

Voltar ao ndice

CAPEX - Amortizaes

FM

FCFF

-1,008

-964

-538

6,543.126

599

1488

-3,166.125

-50

2253

5,840.382

-153

-1217

-1,588.124

Mediana

2,126.129

CAPEX - Amortizaes

FM

FCFE

-1,008

-964

-538

-3,167

4,148

599

1,488

-989

-3,756

-50

2,253

-494

-153

-1,217

-3,011

1,077

Mediana

291.500

CONTAS E PRESUPOSTOS

2009

2010

2011

2012

2013

Receitas (Vendas/Prest. Servios)

26,894

27,571

29,957

25,759

23,407

Resultado Operacional / EBIT

5,493

5,813

-680

1,709

2,718

20.42%

21.08%

-2.27%

6.63%

11.61%

Resultado antes impostos

3,339

4,127

-2,743

-293

532

Taxa de imposto marginal

27.50%

27.50%

27.50%

27.50%

27.50%

Taxa de imposto efectiva

33.57%

13.28%

-58.69%

-370.65%

208.83%

-538

1,488

2,253

-1,217

Activos Fixos

15,013

16,550

15,479

13,790

13,219

Amortizaes

5,551

5,547

5,496

4,689

4,553

Capex

4,543

4,583

6,095

4,639

4,400

Investimento Liquido:

-1,008

-964

599

-50

-153

Total Capital Prprio

27,120

32,610

23,012

23,012

20,186

Dvida

44,397

41,230

40,241

40,241

37,230

Caixa e Equivalentes

5,484

5,282

6,670

7,397

6,296

Margem EBIT

Despesas com impostos

Variao Fundo de Maneio

Voltar ao ndice

Mdia

Mdia

A usar

2009

26,717.60

-2.61%

FM

3,010.60

-18.43%

CAPEX Liq.

EBIT(1-T)
11.50%

-15.33%

11.50%

-1,008
3,648.839

Tx Reinvestimento

-27.63%

Taxa de reinvestimento do EBIT

-34.73%

-100.92%

40%
2009

397.20

-61.28%

14,810.20

-2.42%

5,167.20

-3.86%

4,852.00

-0.59%

-315.20

-54.25%

25,188.00

-5.51%

Net Income

1,596

Invested Capital

86,267

ROA

1.85%

Taxa de Crescimento Global da Empresa

40,667.80

-3.52%

2009
Tx Reinvestimento

6,225.80

2.61%

-27.63%

ROA

1.85%

EBIT on Assets

6.37%

2010

2011

2012

2013

1,488

2,253

-964

599

-50

-153

61

5,041.126

-1,079.125

8,043.382

-2,958.124

Mdia

2,539.22

-19.12%

-193.40%

27.39%

5.17%

Mdia Geo

15.75%

46.51%

-22.22%

8.50%

30.78%
243.23%
-81.12%
Taxa de reinvestimento do EBIT = *(FM + CAPEX liquido)/EBIT(1-T)]
(T efectiva)

2010

2011

2012

2013

3,572

-4,366

-1,277

-238

89,131

77,555

77,596

70,220

4.01%

-5.63%

-1.65%

-0.34%

ROA= Net income/Invested Capital

al da Empresa
2010

2011

2012

2013

Mediana

Mdia

-19.12%

-193.40%

27.39%

5.17%

-19.12%

-41.52%

4.01%

-5.63%

-1.65%

-0.34%

-0.34%

-0.35%

6.52%

-0.88%

2.20%

3.87%

3.87%

3.62%

-1.25%

1.70%

0.60%

0.20%

0.40%

0.31%

EBIT On Assets = EBIT/Assets

Tx a usar
16.28%

3.62%
0.20%

64.30%

ESTIMAO DO g

HGP
Ano

2014

2015

2016

2017

2018

2019

2020

EBIT On Assets

4.45%

5.47%

6.73%

8.28%

10.18%

12.52%

15.40%

Tx Reinvestimento

15.75%

20.81%

27.50%

23.08%

18.13%

12.30%

4.39%

g (HGP)

0.70%

1.14%

1.85%

1.91%

1.85%

1.54%

0.68%

SGP
EBIT On Assets
Tx Reinvestimento
g (SGP)

6.46%
34.92%
2.26%

kwacc HGP

7.45%

kwacc SGP

6.46%

Voltar ao ndice

ESTIMAO DOS FFCF's

Ano
EBIT (1-T)
FM
Investimento Lquido
FCFF

2013

2014

2015

2016

2017

2,539.220

2,557.010

2,586.129

2,633.996

2,684.321

-153
2,692.220

60.750

61.442

62.579

61.383

2,496.260

2,524.687

2,571.417

2,622.937

Voltar ao ndice

2018

2019

2020

2021

2,709.100

2,729.971

2,739.206

2,739.206

60.250

59.322

58.920

58.920

2,648.850

2,670.649

2,680.286

2,680.286

PROJECES

Estimao dos FCFF's

Ano

2013

g
FCFF

2,692.220

Valor Actualizado dos FCFF's Futuros

Ano

2014

FCFF

2,496.260

Kwacc

7.45%

Valor Actualizado

2,323.108

Valor Residual

Estimativa Enterprise Value

Estimativa Firm Value

Estimativa Equity Value

Estimativa do Valor por Aco

FCFF 2021
2,680.286

FCFF 2014/2020 Actualizado

16,951.601

Enterprise Value
58,359.136

Firm Value
59,990.136

Equity Value
22,760.136

Potencial Valorizao/Desvalorizao

HPG
2014

2015

2016

2017

0.70%

1.14%

1.85%

1.91%

2,496.260

2,524.687

2,571.417

2,622.937

2015

2016

2017

2018

2,524.687

2,571.417

2,622.937

2,648.850

7.45%

7.45%

7.45%

7.45%

2,349.563

2,393.051

2,440.998

2,465.113

Kwacc(SPG)

Kwacc(HPG)

VR

2.26%

6.46%

7.45%

63,738.613

VR Actualizado

Enterprise Value

41,407.535

58,359.136

VMAEE

Firm Value

1,631

59,990.136

Dvida

Equity Value

37,230.000

22,760.136

N Aces

Valor Aco

Valor por Aco Atual

19,443.164

1.171

0.717

63.26%

Voltar ao ndice

SPG
2018

2019

2020

2021

1.85%

1.54%

0.68%

2.26%

2,648.850

2,670.649

2,680.286

2,680.286

2019

2020

2,670.649

2,680.286

7.45%

7.45%

2,485.400

2,494.368

VR Actualizado
41,407.535

Valor por Aco Atual

0.717

TOTAL

16,951.601

FONTES

www.telecomitalia.com
www.bloomberg.com
www.nyse.com
www.damodaran.com
www.netcoag.com

www.sigarra.fep.up.pt (slides da disciplina Fina

www.investopedia.com

Voltar ao ndice

www.telecomitalia.com
www.bloomberg.com
www.nyse.com
www.damodaran.com
www.netcoag.com

.fep.up.pt (slides da disciplina Finanas Empresariais)

www.investopedia.com