Roteiro Geral de Analise - ElevenCase - Modelo 2 - Excel 365

PAINEL DE CONTROLE
EMPRESA
Empresa XXXXX
Principal
Servios de Informtica
SETOR
DATA ULTIMO BALANO
Setor Correlato 1
Qumica (Diversificada)
2013
PAINEL DE CONTROLE
REALIZAR INPUT DE DADOS
3 TRIM
ANLISE DE INDICADORES
IMPORTANTE
- Realizar input dos dados da empresa para clculo dos indicadores.
SIMULAO FINANCIAMENTO
ANLISE DE CRDITO
PROCESSO DE VENDAS
ANLISE DE
RESUMO
PRINCIPAIS INDICADORES DE RESULTADO
Esta forma representa uma
segmentao de dados de tabela.
Segmentaes de dados de tabela tm
suporte no Excel 2013 ou em verses
posteriores.
Se a forma tiver sido modificada em
uma verso anterior do Excel, ou se a
pasta de trabalho tiver sido salva no
Excel 2007 ou em verses anteriores,
a segmentao de dados no poder
ser usada.
140.0%
34.6%
35.0%
21.5%
19.7%
18.8%
12.2%
15.6%
19.1%
19.8%
4.3%
6.9%
25.0%
7.2%
11.0%
28.0%
7.4%
10.8%
28.0%
1 TRIM 11
2 TRIM 11
3 TRIM 11
120.0%
100.0%
18.7%
80.0%
10.9%
15.7%
60.0%
4.0%
6.2%
40.0%
25.0%
20.0%
0.0%
4 TRIM 10
Lucratividade Bruta (LB/ROL)
Selecione o indicador financeiro que deseja visualizar.

Segure a tecla "Ctrl" para selecionar vrios itens.
Lucratividade
Selecione o indicador financeiro que deseja visualizar.

Quadro de anlise de desempenho dos indicadores da empresa vs. mdia do seto
MTRICAS - COMPARABLES SETORIAIS

Esta forma representa uma
segmentao de dados de tabela.
Segmentaes de dados de tabela tm
suporte no Excel 2013 ou em verses
posteriores.
Se a forma tiver sido modificada em
uma verso anterior do Excel, ou se a
pasta de trabalho tiver sido salva no
Excel 2007 ou em verses anteriores,
a segmentao de dados no poder
ser usada.
Indicadores de Retorno
0.45
39.5%
0.4
0.35
0.3
0.25
22.1%
18.9%
0.2
8.8%
0.1
0.05
0
2
1 .EMPRESA
Selecione o setor que deseja comparar com

a sua empresa.
17.2%
12.5%
0.15
2. Servios de Informtica
fonte: Damoradaran, Stern School os Business - NYC - Emerging Market
7/10/2014
DATA
Modelo de anlise preparado por ElevenCase.
Preencher com
dados da empresa,
setor de atuao e
data da ultima demonstrao
Setor Correlato 2
Farmacutico
www.elevencase.com.br
contato@elevencase.com.br
Rua Haddock Lobo, 684 - 4 andar
financeira trimestral.
3 TRIM
RES
So Paulo - SP
ROI
(RETORNO S/ INVEST)
ANLISE DE EVOLUO DO CAPITAL DE GIRO
ROE
(RETORNO S/ CAPITAL)
lculo dos indicadores.
/ROL)
ANLISE DE RISCOS
35.0%
29.4%
30.5%
24.0%
24.7%
19.7%
20.3%
19.8%
19.2%
19.2%
7.4%
10.8%
28.0%
7.8%
11.5%
28.0%
3 TRIM 11
4 TRIM 11
18.8%
Lucratividade Operacional (LO/ROL)
16.9%
15.8%
23.5%
14.6%
12.8%
19.6%
19.3%
16.7%
11.9%
16.6%
8.2%
12.1%
28.0%
6.9%
10.2%
26.5%
5.7%
8.7%
26.5%
7.1%
10.7%
26.5%
6.5%
9.7%
26.5%
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
1 TRIM 13
Lucratividade Lquida (LL/ROL)
EBITDA/ROL
ROI (retorno s/ investimento)
ROE (retorno s/ patrim
dicadores da empresa vs. mdia do setor de atuao e setores correlatos.
Indicadores de Investimento
Indicadores de Capital de Giro

0.6
0.5
53%
46%
0.4
17.2%
0.3
8.8%
20%
0.2
8%
0.1
0
2
1 .EMPRESA
- NYC - Emerging Market Index
14%
10%
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-0.50
-1.00
-1.50
3.17
2.25
0.1
1 .EMPRESA
2. S
or ElevenCase.
WACC
(Custo do Capital)
AL)
to)
23.5%
12.8%
19.3%
6.5%
9.7%
26.5%
13.7%
-1.5%
-5.2%
5.1%
-0.5%
19.6%
12.4%
-7.8%
3.5%
-2.0%
19.6%
-17.8%
1 TRIM 13
2 TRIM 13
ROE (retorno s/ patrimonio)
3 TRIM 13
s de Investimento
3.17
2.25
0.10
0.30
0.02
3
-1.09
1 .EMPRESA
INPUT DE DADOS FINANCEIROS

PAINEL DE CONTROLE
ANLISE DE EVOLUO DO CAPITAL D
Balano Patrimonial (Ativo Consolidado)
Ativo Total
Ativo Circulante
Disponibilidades+Aplicaes
Contas a Receber - Clientes
Estoques
Impostos a Recuperar
Outros
Ativo No - Circulante
Crditos Diversos
Outros
Ativo Permanente
Investimentos
Imobilizado
Intangvel
Diferido
3 TRIM 10
653,032
379,583
88,177
123,308
122,757
45,341
-
4 TRIM 10
676,985
394,769
84,222
145,213
129,257
36,077
-
1 TRIM 11
675,966
389,717
46,457
156,345
146,990
39,925
-
273,449
359
271,211
1,879
282,216
359
280,405
1,452
286,249
359
284,842
1,048
3 TRIM 10
653,031
140,846
46,600
46,600
4 TRIM 10
676,985
200,543
64,344
64,344
1 TRIM 11
675,966
222,629
72,322
72,322
46,600
1,046
-
64,344
7,511
-
72,322
5,663
-
Passivo No - Circulante
Emprstimos e Financiamentos
Outros envidividamentos onerosos
Parcelamento de Tributos
Impostos, Taxas e Contribuies
Outros
170,692
95,060
60,427
15,205
217,939
145,160
59,025
13,754
197,514
127,062
58,226
12,226
Resultados de Exerccios Futuros

Participaes Minoritrias
Patrimnio Lquido
341,493
258,503
255,823
Passivo Total
Passivo Circulante
Emprstimos e Financiamentos
Outros envidividamentos onerosos
Parcelamento de Tributos
Fornecedores
Impostos, Taxas e Contribuies
Dividendos a Pagar
Provises
Obrigaes Trabalhistas
Outros
Capital Social Realizado

Reservas de Capital / Outros
341,494
1
-1
97,080
161,424
0
91,751
164,073
0
3 TRIM 10
319,651
4 TRIM 10
346,606
1 TRIM 11
386,956
-47,948
-51,991
-58,043
Receita Lquida
271,703
294,615
328,913
(-) CPV
-203,778
-220,961
-246,684
67,926
73,654
82,228
25.0%
25.0%
25.0%
(-) Despesas/Receitas Operacionais

(-) Com Vendas
(-) Gerais e Administrativas
(-) Outras Receitas Operacionais
(-) Outras Despesas Operacionais
-45,471
-10,996
-7,305
-27,170
-55,317
-13,430
-12,425
-29,462
-59,391
-15,669
-10,831
-32,891
Resultado Antes do Resultado Financeiro e dos Tributos
22,455
8.3%
-3,003
1,764
18,337
6.2%
-3,003
1,684
22,837
6.9%
-3,403
929
LAIR
21,215
17,019
20,363
(-) IR / CSLL
(+) IR Diferido
-6,577
-5,276
-6,313
Lucro/Prejuzo do Exerccio
14,639
11,743
14,051
3 TRIM 10
4 TRIM 10
1 TRIM 11
27,121
54,242
3,003
28,041
56,081
3,003
15,000
28,484
56,968
3,403
15,000
3 TRIM 10
4 TRIM 10
1 TRIM 11
31%
31%
31%
2.5
3.6%
5.0%
4.7%
2.4%
11.9%
2.5
3.2%
4.6%
5.0%
2.5%
11.9%
Receita Bruta
(-) Dedues da Receita Bruta
Resultado Bruto
(-) Despesas Financeiras

(+) Receitas Financeiras
(+/-) Variao Cambial
(+/-) Resultado No Operacional
DADOS FLUXO DE CAIXA

DEPRECIAO DO PERODO
CAPEX PERODO
JUROS PAGOS NO PERODO
AMORTIZAO DE DVIDAS
sinal
(+)
(+)
(+)
(+)
QUADRO DE PREMISSAS
Alquota de IR / CSLL (efetiva)
Cambio (R$ / USD)
EMBI + Brazil - Mdia 36 meses
Inflao Brasil - expectativa IPCA
Treasury Yield - 10 Years
Inflao Americana Expectativa- (CPI)
Retorno Mdio Anual - S&P 500
Informaes para clculo do Custo Mdio Ponderado de Capital

(WACC)
Informaes para clculo do Custo Mdio Ponderado de Capital

(WACC)
ROI
(RETORNO S/ INVEST)
2 TRIM 11
719,998
422,242
45,663
176,473
162,080
38,026
-
3 TRIM 11
662,861
352,777
4 TRIM 11
743,934
420,793
142,348
173,181
37,248
198,930
183,241
38,622
ROE
1 TRIM 12
876,966
539,789
54,378
227,558
220,105
37,748
-
2 TRIM 12
1,038,980
678,483
68,253
291,554
275,131
43,545
-
WACC
3 TRIM 12
1,097,286
706,341
68,253
243,056
343,914
51,118
-
297,756
359
296,717
680
310,084
359
309,380
345
323,141
359
320,926
1,856
337,177
359
329,418
4,090
3,310
360,497
441
350,532
4,894
4,630
390,945
395
379,330
5,910
5,310
2 TRIM 11
719,998
234,237
75,160
75,160
3 TRIM 11
662,861
189,393
62,093
62,093
4 TRIM 11
776,027
230,229
77,669
77,669
1 TRIM 12
876,966
239,265
98,206
98,206
2 TRIM 12
1,038,980
248,520
101,750
101,750
3 TRIM 12
1,097,286
236,386
101,750
101,750
75,160
8,757
-
62,093
3,114
-
62,093
12,798
-
30,000
12,853
-
30,000
15,020
-
30,000
2,886
-
184,843
118,786
56,249
9,808
213,055
148,045
57,431
7,579
142,190
78,996
56,853
6,341
142,868
78,243
58,426
6,199
183,506
121,171
55,854
6,481
198,319
80,000
111,708
6,611
300,918
260,413
403,608
494,833
606,954
662,581
112,879
188,039
0
174,920
85,494
0
237,535
166,074
32,093
232,417
262,417
0
269,695
337,260
0
311,417
351,165
0
2 TRIM 11
431,269
3 TRIM 11
405,456
4 TRIM 11
487,033
1 TRIM 12
544,347
2 TRIM 12
632,248
3 TRIM 12
561,001
-64,690
-60,818
-73,055
-81,652
-94,837
-84,150
366,579
344,638
413,978
462,695
537,411
476,851
-263,937
-248,139
-298,064
-333,140
-394,997
-350,485
102,642
96,499
115,914
129,555
142,414
126,365
28.0%
28.0%
28.0%
28.0%
26.5%
26.5%
-62,151
-13,815
-11,678
-36,658
-59,370
-12,805
-12,101
-34,464
-68,342
-15,152
-11,792
-41,398
-73,638
-15,259
-12,110
-46,269
-87,585
-19,666
-14,178
-53,741
-85,073
-23,082
-14,306
-47,685
40,491
11.0%
-3,073
913
37,129
10.8%
-3,335
3,030
47,572
11.5%
-2,838
2,029
55,916
12.1%
-1,965
1,088
54,829
10.2%
-2,493
1,365
41,292
8.7%
-3,085
1,365
38,331
36,824
46,763
55,038
53,701
39,573
-11,883
-11,415
-14,497
-17,062
-16,647
-12,268
26,449
25,408
32,267
37,976
37,054
27,305
2 TRIM 11
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
29,672
59,343
3,073
15,000
30,938
61,876
3,335
15,000
32,093
64,185
2,838
15,000
32,942
65,884
1,965
15,000
35,053
70,106
2,493
15,000
37,933
75,866
3,085
15,000
2 TRIM 11
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
31%
31%
31%
31%
31%
31%
2.5
2.9%
4.3%
4.6%
2.5%
11.9%
2.5
2.7%
4.7%
4.0%
2.5%
11.9%
2.5
2.7%
4.7%
3.5%
2.5%
11.9%
2.5
2.6%
4.7%
4.0%
2.5%
11.9%
2.5
2.4%
4.9%
3.9%
2.5%
11.9%
2.5
2.3%
4.6%
2.3%
2.5%
11.9%
Preencher com dados das demonstraes financeiras trimestrais dos ltimos 3

exerccios.
O preenchimento incompleto ou incorreto das informaes desta base, ir impactar no
clculo de todos os indices e indicadores da planilha.
WACC
4 TRIM 12
955,397
564,663
1 TRIM 13
906,830
529,463
2 TRIM 13
1,220,138
583,137
3 TRIM 13
1,202,461
563,558
182,733
343,914
38,016
182,733
309,523
37,207
219,280
309,523
54,335
263,136
247,618
52,804
390,734
397
379,605
5,783
4,949
377,367
310
368,277
4,826
3,954
637,001
323
589,844
43,386
3,448
638,903
357
610,307
25,094
3,145
4 TRIM 12
955,397
320,106
203,500
50,875
1 TRIM 13
906,830
342,188
250,000
25,438
2 TRIM 13
1,220,138
371,923
250,000
12,719
3 TRIM 13
1,202,461
357,200
250,000
6,359
53,394
12,337
-
59,746
7,004
-
80,000
29,204
80,000
20,841
200,064
80,000
111,708
8,356
200,999
80,000
111,708
9,291
275,327
150,000
111,708
13,619
284,743
150,000
111,708
23,035
435,227
363,643
572,889
560,517
247,296
187,931
0
247,296
116,347
0
437,296
135,593
0
437,296
123,221
0
4 TRIM 12
500,000
1 TRIM 13
450,000
2 TRIM 13
820,000
3 TRIM 13
820,000
-75,000
-67,500
-135,000
-135,000
425,000
382,500
685,000
685,000
-312,375
-281,138
-550,800
-550,800
112,625
101,363
134,200
134,200
26.5%
26.5%
19.6%
19.6%
-67,258
-12,379
-12,379
-42,500
-64,333
-13,459
-12,624
-38,250
-99,468
-10,596
-12,372
-76,500
-110,519
-12,907
-21,112
-76,500
45,367
10.7%
-2,780
1,365
37,030
9.7%
-2,255
1,365
34,732
5.1%
-5,262
1,365
23,681
3.5%
-8,879
1,365
43,952
36,139
30,836
16,167
-13,625
-11,203
-34,359
-29,812
30,327
24,936
-3,523
-13,645
4 TRIM 12
1 TRIM 13
2 TRIM 13
3 TRIM 13
37,961
75,921
2,780
15,000
36,828
110,483
2,255
15,000
58,984
176,953
5,262
15,000
61,031
183,092
8,879
15,000
4 TRIM 12
1 TRIM 13
2 TRIM 13
3 TRIM 13
31%
31%
111%
184%
2.5
2.4%
4.3%
2.7%
2.5%
11.9%
2.5
2.4%
4.3%
3.5%
2.5%
11.9%
2.5
2.5%
4.4%
3.3%
2.5%
11.9%
2.5
2.6%
4.4%
3.9%
2.5%
11.9%
QUADRO DE INDICADORES
PAINEL DE CONTROLE
3 TRIM 10
4 TRIM 10
1 TRIM 11
2 TRIM 11
0.62
0.49
0.19
5.36
15.45
0.39
0.94
1.97
0.62
0.49
0.21
5.52
15.08
0.36
0.93
1.75
0.58
0.45
0.21
3.99
22.83
0.26
1.01
1.80
25.0%
6.2%
4.0%
15.7%
10.9%
18.7%
25.0%
6.9%
4.3%
15.6%
12.2%
21.5%
28.0%
11.0%
7.2%
19.1%
19.7%
34.6%
4 TRIM 10
1 TRIM 11
2 TRIM 11
3%
502,003
16,710
-4%
507,154
(17,868)
(123,920)
-2%
539,298
(8,901)
(64,434)
6%
580,610
33,492
240,716
3 TRIM 10
4 TRIM 10
1 TRIM 11
2 TRIM 11
31%
31%
31%
31%
Estrutura de Capital - R$ Mil

Capital Prprio
Passivos Financeiro
Total
341,493
188,260
529,753
258,503
273,848
532,351
255,823
271,706
527,529
300,918
269,106
570,024
Estrutura de Capital - Part %

Capital Prprio
Passivos Onerosos
64.5%
35.5%
48.6%
51.4%
48.5%
51.5%
52.8%
47.2%
Indicadores de Estrutura Crdito

Endivto Geral = (PC+ELP)/AT
Endivto Financeiro = (DB/AT)
Divida de Curto Prazo = (CP/DB)
DBL / EBITDA
Capacidade Pagto. Juros = (EBITDA/DF)
Servio da Dvida/EBITDA
Liquidez Geral (AC+RLP)/(PC+ELP)
Liquidez Corrente (AC/PC)
Indicadores de Rentabilidade
Lucratividade Bruta (LB/ROL)
Lucratividade Operacional (LO/ROL)
Lucratividade Lquida (LL/ROL)
EBITDA/ROL
ROI (retorno s/ investimento)
ROE (retorno s/ patrimonio)
CALCULO DO EVA = VALOR ECONOMICO

AGREGADO
EVA = SPREAD ECONO X INVESTIMENTO
SPREAD = ROI - WACC
INVESTIMENTO
EVA - ECONOMIC VALUE ADDED
MVA historico - GOOD WILL
Taxa de Imposto de Renda
Despesas Financeiras
Ki antes de Benefcio Fiscal
(capital de terceiros anualizado)
(3,003)
5.3%
(3,403)
5.1%
(3,073)
4.6%
0.0%
0%
0.0%
3.5%
26%
14.4%
3.4%
25%
13.8%
3.1%
24%
13.9%
Dados de Resultado e Estrutura

Receita Lquida
EBITDA
NOPAT
Investimento
271,703
49,576
16,710
502,003
294,615
46,378
13,815
507,154
328,913
51,321
16,399
539,298
366,579
70,163
28,569
580,610
Lucro Lquido
Ativo Total
14,639
653,031
11,743
676,985
14,051
675,966
26,449
719,998
3.3%
10.9%
12.2%
19.7%
6%
2.16
5%
2.32
5%
2.44
8%
2.53
Custo do Capital
Ki (capital de terceiros a.a.)
Ke (capital prprio)
WACC
INDICADORES DE RETORNO
ROI = NOPAT / INVEST.
ROI = MARGEM OP X GIRO
Margem Operacional
Giro Operacional
ROI
(RETORNO S/ INVEST)
E DE EVOLUO DO CAPITAL DE GIRO
ROE
WACC
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
0.61
0.50
0.19
4.84
20.41
0.27
0.88
1.86
0.48
0.38
0.20
3.66
28.07
0.22
1.13
1.83
0.44
0.38
0.22
3.14
45.21
0.19
1.41
2.26
0.42
0.37
0.20
3.47
36.06
0.19
1.57
2.73
0.40
0.36
0.19
4.13
25.68
0.23
1.62
2.99
0.54
0.47
0.27
5.35
29.97
0.21
1.09
1.76
28.0%
10.8%
7.4%
19.8%
18.8%
35.0%
28.0%
11.5%
7.8%
19.2%
19.7%
29.4%
28.0%
12.1%
8.2%
19.2%
20.3%
30.5%
26.5%
10.2%
6.9%
16.7%
16.9%
24.7%
26.5%
8.7%
5.7%
16.6%
11.9%
15.8%
26.5%
10.7%
7.1%
19.6%
14.6%
24.0%
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
5%
590,075
29,601
215,005
4%
694,795
30,475
198,960
5%
773,536
42,141
282,994
2%
919,226
17,422
116,328
-3%
989,536
(34,538)
(224,442)
1%
881,310
7,206
52,152
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
31%
31%
31%
31%
31%
31%
260,413
272,231
532,644
403,608
234,334
637,942
494,833
274,655
769,488
606,954
324,671
931,625
662,581
283,500
946,081
435,227
334,375
769,602
48.9%
51.1%
63.3%
36.7%
64.3%
35.7%
65.2%
34.8%
70.0%
30.0%
56.6%
43.4%
(3,335)
5.0%
(2,838)
4.6%
(1,965)
3.1%
(2,493)
3.4%
(3,085)
4.1%
(2,780)
3.7%
3.3%
25%
13.8%
3.0%
22%
15.3%
2.1%
22%
14.9%
2.2%
22%
15.0%
2.7%
21%
15.4%
2.4%
23%
13.8%
344,638
68,067
27,710
590,075
413,978
79,665
34,225
694,795
462,695
88,858
39,333
773,536
537,411
89,882
38,774
919,226
476,851
79,225
29,434
989,536
425,000
83,328
32,245
881,310
25,408
662,861
32,267
776,027
37,976
876,966
37,054
1,038,980
27,305
1,097,286
30,327
955,397
18.8%
19.7%
20.3%
16.9%
11.9%
14.6%
8%
2.34
8.3%
2.38
8.5%
2.39
7.2%
2.34
6.2%
1.93
8%
1.93
1 TRIM 13
2 TRIM 13
3 TRIM 13
0.60
0.52
0.30
6.32
32.75
0.23
0.97
1.55
0.53
0.43
0.22
5.60
17.81
0.22
0.90
1.57
0.53
0.43
0.21
6.12
9.54
0.28
0.88
1.58
26.5%
9.7%
6.5%
19.3%
12.8%
23.5%
19.6%
5.1%
-0.5%
13.7%
-1.5%
-5.2%
19.6%
3.5%
-2.0%
12.4%
-7.8%
-17.8%
1 TRIM 13
2 TRIM 13
3 TRIM 13
0%
830,789
119
938
-16%
1,097,315
(174,937)
(1,211,582)
-23%
1,078,585
(250,210)
(1,629,129)
1 TRIM 13
2 TRIM 13
3 TRIM 13
31%
111%
184%
363,643
355,438
719,081
572,889
412,719
985,607
560,517
406,359
966,877
50.6%
49.4%
58.1%
41.9%
58.0%
42.0%
(2,255)
2.6%
(5,262)
5.6%
(8,879)
9.0%
1.7%
23%
12.7%
3.7%
22%
14.4%
5.9%
22%
15.4%
382,500
73,857
26,492
830,789
685,000
93,716
(4,125)
1,097,315
685,000
84,712
(21,139)
1,078,585
24,936
906,830
(3,523)
1,220,138
(13,645)
1,202,461
12.8%
-1.5%
-7.8%
7%
1.84
-1%
2.50
-3%
2.54
- 22 VARIAO DO CAPITAL DE GIRO - Operacional

SALDOS
Aplicao
Clientes
Estoques
Outros
SOMA
3 TRIM 10
4 TRIM 10
1 TRIM 11
123,308
122,757
0
45,341
291,406
145,213
129,257
0
36,077
310,547
156,345
146,990
0
39,925
343,260
46,600
1,046
47,646
64,344
7,511
71,855
72,322
5,663
77,985
243,760
238,692
265,275
3 TRIM 10
4 TRIM 10
1 TRIM 11
21,905
6,500
0
(9,264)
19,141
11,132
17,733
0
3,848
32,713
Fontes - Variao
Fornecedores
Impostos a Pagar
Salrios/Encargos Sociais
Provises + Outros
SOMA
17,744
6,465
0
0
24,209
7,978
(1,848)
0
0
6,130
AUMENTO(RED) DO CAPITAL DE GIRO
(5,068)
26,583
Fontes
Fornecedores
Impostos a Pagar
Salrios/Encargos Sociais
Provises + Outros
SOMA
Nec Capital Giro - NCG (AC Op - PC Op)
VARIAO
Aplicao - Variao
Clientes
Estoques
Adiantamentos a Fornecedores
SOMA
237674639.xlsx - 07/10/2014
- 23 3 TRIM 10
4 TRIM 10
1 TRIM 11
88,177
88,177
84,222
84,222
46,457
46,457
Passivos Circulantes Financeiros

Financiamentos Onerosos
Parcelamento Tributos
Dividendos/Juros s/Cap. Prprio
Outros
93,200
93,200
0
0
128,688
128,688
0
0
144,644
144,644
0
0
Saldo Tesouraria
(5,023)
(44,466)
(98,187)
Capital de Giro - CDG (AC - PC)

Nec Capital Giro - NCG (AC Op - PC Op)
238,737
243,760
194,226
238,692
167,088
265,275
RECEITA LQUIDA
271,703
294,615
328,913
(203,778)
(220,961)
(246,684)
VARIAO DO CAPITAL DE GIRO - Tesouraria

Ativos Circulantes Financeiros
Caixa e Bancos
Outros
CPV
DIAS DE GIRO
3 TRIM 10
4 TRIM 10
1 TRIM 11
Disponvel - Dias de Faturamento

Prazo Mdio de Recebimento (mdia de contas a receber)
Prazo Mdio de Rotao de Estoques
27
42
52
18
42
51
Prazo medio pagto fornecedores - CPV

Prazo medio pagto Salrios - CPV
Ciclo Operacional
23
71
25
68
237674639.xlsx - 07/10/2014
- 24 -
2 TRIM 11
176,473
162,080
0
38,026
376,579
75,160
8,757
83,917
292,662
2 TRIM 11
20,128
15,090
0
(1,899)
33,319
2,838
3,094
0
0
5,932
27,387
237674639.xlsx - 07/10/2014
- 25 2 TRIM 11
45,663
45,663
150,320
150,320
0
0
(104,657)
188,005
292,662
366,579
(263,937)
2 TRIM 11
11
41
53
25
69
237674639.xlsx - 07/10/2014
RETORNO SOBRE INVESTIMENTO

PAINEL DE CONTROLE
ROI = Return on Investment

Retorno sobre o capital investido, calculado pela formula NOPAT / Investimento
O ROI pode ser decomposto entre Margem Operacional X Giro

Margem = NOPAT / Receita Lquida
Giro = Receita Lquida / Investimento
25.0%
R$ 2.44
20.0%
R$ 2.32
15.0%
10.9%
10.0%
5.0%
19.7%
R$
2.53
2
R$
19.7%
R$ 2.38
18.8%
R$ 2.34
12.2%
8.3%
8.0%
7.8%
5.0%
4.7%
0.0%
4 TRIM 10
-5.0%
1 TRIM 11
2 TRIM 11
3 TRIM 11
4 TRIM 11
1T
-10.0%
Anlise da variao do ROI por perdo, calculando a contribuio da Margem e Giro sobre cada variao.
0.1
Composi
0.08
0.0024121703
0.0042832786
0.05
0.0684965275
0.0126681372
0.000343639
0.005434146
0.0068903522
0
4 TRIM 10
1 TRIM 11
2 TRIM 11
0.0062340313
-0.0147485502
-0.01
-0.00046714
3 TRIM 11
0.000106894
0.0091965647
0.0037854702
0.0053042005
4 TRIM 11
2.173744158
0.00076
0.00635
0.0055
1 TRI
-0.05
-0.1
-0.15
-0.2
-0.25
delta Margem
delta G
-0.2
-0.25

Receita Lquida
NOPAT
Investimento (saldo Mdio)

ROI
ROI = MARGEM OP X GIRO
Margem Operacional (NOPAT / REC LIQUIDA)
Giro Operacional (REC LIQUIDA/INVESTIMENTO)

Receita Lquida
NOPAT
Investimento (saldo Mdio)
ROI
Margem Operacional
Giro Operacional
variao ROI - composio

ROI
Margem Operacional
Giro Operacional
delta Margem
delta Giro
delta combinado
Variao ROI
delta Margem
delta G
4 TRIM 10
294,615
1 TRIM 11
328,913
2 TRIM 11
366,579
13,815
16,399
28,569
507,154
539,298
580,610
10.9%
12.2%
19.7%
5%
2.32
5%
2.44
8%
2.53
4 TRIM 10
294,615
1 TRIM 11
328,913
2 TRIM 11
366,579
13,815
16,399
28,569
507,154
539,298
580,610
10.9%
12.2%
19.7%
4.7%
2.32
5.0%
2.44
7.8%
2.53
4 TRIM 10
10.9%
1 TRIM 11
12.2%
2 TRIM 11
19.7%
5%
2.32
5%
2.44
8%
2.53
0.7%
0.5%
0.0%
1.3%
6.8%
0.4%
0.2%
7.5%
ROI
(RETORNO S/ INVEST)
ROE
WACC
Evoluo ROI
20.3%
R$ 2.39
%
38
R$ 2
R$
2.34
16.9%
14.6%
R$ 1.93
R$
1.93
11.9%
8.3%
8.5%
7.2%
12.8%
R$ 1.84
7.6%
6.2%
6.9%
-1.5
11
1 TRIM 12
3 TRIM 12
4 TRIM 12
1 TRIM 13
2 TRI
Composio da Variao do ROI
6894
65647
54702
42005
M 11
2 TRIM 12
2.17374415877603E-005
0.0007698721
0.0063549425
0.005563333
1 TRIM 12
0.0006954681
-0.030764985
2 TRIM 12
-0.0045978176
-0.03
0.0042839256
-0.0243772177
3 TRIM 12
-0.0296505784
-0.05
0.03
1.94241622100272E-005
0.000084757
0.0272671216
4 TRIM 12
0.0453921172
0.0005772133
-0.0127505276
-0.0066252678
1 TRIM 13
-0.02
2 TRIM 13
-0.1386415062
-0.0493384484
-0.14
delta Giro
delta combinado
Variao ROI
delta Giro
delta combinado
Variao ROI
3 TRIM 11
344,638
4 TRIM 11
413,978
1 TRIM 12
462,695
2 TRIM 12
537,411
3 TRIM 12
476,851
4 TRIM 12
425,000
27,710
34,225
39,333
38,774
29,434
32,245
590,075
694,795
773,536
919,226
989,536
881,310
18.8%
19.7%
20.3%
16.9%
11.9%
14.6%
8%
2.34
8.3%
2.38
8.5%
2.39
7.2%
2.34
6.2%
1.93
7.6%
1.93
3 TRIM 11
344,638
4 TRIM 11
413,978
1 TRIM 12
462,695
2 TRIM 12
537,411
3 TRIM 12
476,851
4 TRIM 12
425,000
27,710
34,225
39,333
38,774
29,434
32,245
590,075
694,795
773,536
919,226
989,536
881,310
18.8%
19.7%
20.3%
16.9%
11.9%
14.6%
8.0%
2.34
8.3%
2.38
8.5%
2.39
7.2%
2.34
6.2%
1.93
7.6%
1.93
3 TRIM 11
18.8%
4 TRIM 11
19.7%
1 TRIM 12
20.3%
2 TRIM 12
16.9%
3 TRIM 12
11.9%
4 TRIM 12
14.6%
8%
2.34
8%
2.38
9%
2.39
7%
2.34
6%
1.93
8%
1.93
0.6%
-1.5%
0.0%
-0.9%
0.5%
0.4%
0.0%
0.9%
0.6%
0.1%
0.0%
0.6%
-3.1%
-0.5%
0.1%
-3.5%
-2.4%
-3.0%
0.4%
-5.0%
2.7%
0.0%
0.0%
2.7%
R$ 2.50
R$ 3.00
R$ 2.54
R$ 2.50
12.8%
R$ 1.84
R$ 2.00
R$ 1.50
6.9%
-1.5%
-0.6%
2 TRIM 13
1 TRIM 13
36
8
R$ 1.00
3 TRIM-3.1%
13
-7.8%R$ 0.50
R$ -
0.1
0.05
0.0453921172
2 TRIM 13
3 TRIM 13
-0.0620210287
-0.1386415062
-0.0002611063
-0.001077052
-0.063359187
0
-0.05
-0.1
-0.0493384484
-0.14
-0.15
-0.2
-0.15
-0.2
1 TRIM 13
382,500
2 TRIM 13
685,000
3 TRIM 13
685,000
26,492
(4,125)
(21,139)
830,789
1,097,315
1,078,585
12.8%
-1.5%
-7.8%
6.9%
1.84
-0.6%
2.50
-3.1%
2.54
1 TRIM 13
382,500
2 TRIM 13
685,000
3 TRIM 13
685,000
26,492
(4,125)
(21,139)
830,789
1,097,315
1,078,585
12.8%
-1.5%
-7.8%
6.9%
1.84
-0.6%
2.50
-3.1%
2.54
1 TRIM 13
12.8%
2 TRIM 13
-1.5%
3 TRIM 13
-7.8%
7%
1.84
-1%
2.50
-3%
2.54
-1.3%
-0.7%
0.1%
-1.9%
-13.9%
4.5%
-4.9%
-14.3%
-6.2%
0.0%
-0.1%
-6.3%
RETORNO SOBRE CAPITAL PRPRIO

PAINEL DE CONTROLE
ROE (return on equity) = Lucro Lquido / Pat. Liquido
Decomposio do ROE pela anlise Dupont: Giro x Alavancagem X Margem
ROE - anli
0.2
0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
1
Dupont Analise: ROE = Margem Liquida x

Giro do Ativo x Alavancagem
ROE
Margem Liquida = LL / VENDAS
Giro = VENDAS / ATIVO
Alavancagem = ATIVO / PL
4 TRIM 10
18.2%
4.0%
1.74
2.62
1 TRIM 11
22.0%
4.3%
1.95
2.64
2 TRIM 11
35.2%
7.2%
2.04
2.39
ROI
(RETORNO S/ INVEST)
ROE
WACC
ROE - anlise Dupont simplificada
4.00
18.2%
3.50
3.00
2.50
Giro =
Alava
2.00
1.50
1.00
4.0%
0.50
3
3 TRIM 11
39.0%
7.4%
2.08
2.55
4 TRIM 11
32.0%
7.8%
2.13
1.92
1 TRIM 12
30.7%
8.2%
2.11
1.77
2 TRIM 12
24.4%
6.9%
2.07
1.71
Marge
3 TRIM 12
16.5%
5.7%
1.74
1.66
4 TRIM 12
27.9%
7.1%
1.78
2.20
ROE
Giro = VENDAS / ATIVO

Alavancagem = ATIVO / PL
Margem Liquida = LL / VENDAS
ROE
1 TRIM 13
27.4%
6.5%
1.69
2.49
2 TRIM 13
-2.5%
-0.5%
2.25
2.13
3 TRIM 13
-9.7%
-2.0%
2.28
2.15
CUSTO DO CAPITAL (WACC - WEIGHTED AVERAGE COST OF C

PAINEL DE CONTROLE
SIM
INCLUIR PRMIO DE AJUSTE POR TAMANHO DO PATRIMONIO LQUIDO?
Prmio de ajuste conforme Duff & Phelps Risk Premium Report
35%
30%
Wi
We
Custo de Capital de
Terceiros (Ki)
24%
25%
22%
Custo do Capital
20%
CAPM
(Ke)
Estrutura do Capita (% Wi e %We)
WACC
25%
25%
15%
14%
14%
14%
3%
3%
3%
4 TRIM 10
1 TRIM 11
2 TRIM 11
15%
10%
5%
3%
0%
ESTRUTURA DE CAPITAL
Total Passivo Oneroso - R$ Mil
Patrimonio Lquido - R$ Mil
Wi
We
Total Passivo Oneroso - R$ Mil

Despesas Financeiras
Ki antes de Benefcio Fiscal
4 TRIM 10
273,848
258,503
Participao W
51%
49%
4 TRIM 10
273,848
(3,003)
5.30%
1 TRIM 11
271,706
255,823
52%
48%
1 TRIM 11
271,706
(3,403)
5.08%
2 TRIM 11
269,106
300,918
47%
53%
2 TRIM 11
269,106
(3,073)
4.62%
3 TRIM
Expectativa IPCA
Custo Financeiro Empresa - Deflacionado
Custo de Capital de Terceiros (Ki)
CAPM (Ke)
Wi
We
5.3%
34%
5.1%
34%
4.6%
34%
3.5%
26.0%
Participao (W)
51%
49%
3.4%
24.9%
3.1%
23.6%
52%
48%
47%
53%
14.4%
13.8%
13.9%
WACC
Custo do Capital Prprio Mtodo CAPM
4 TRIM 10
1 TRIM 11
2 TRIM 11
Taxa Livre de Risco

Treasury Yield - 10 Years
Taxa Livre de Risco Deflacionada
4.7%
2.4%
2.2%
5.0%
2.5%
2.5%
4.6%
2.5%
2.1%
Retorno de Mercado
Retorno Mdio Anual
Retorno Deflacionado pelo CPI
11.9%
2.4%
9.3%
11.9%
2.5%
9.3%
11.9%
2.5%
9.3%
Beta
Beta Alavancado
1.32
1.32
1.24
Prmio de Risco Brasil

Risco Brasil
EMBI + Brazil - Mdia 36 meses
3.6%
3.2%
2.9%
15.2%
14.6%
13.9%
Prmio sobre CAPM

Premium Over CAPM
CAPM Deflacionado
Inflao Brasil - expectativa longo prazo IPCA
5.0%
4.6%
4.3%
Prmio de Ajuste
5.0%
5.0%
4.9%
CAPM Nominal
26.0%
24.9%
23.6%
MEMRIA DE CLCULO DO BETA

Item
Beta Alavancado - Setor da Industria
Correlata
Mdia D/E Setor
Beta Desalavancado
Servios de Informtica
4 TRIM 10
1 TRIM 11
2 TRIM 11
0.92
0.92
0.92
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
Taxa de Imposto de Renda - Brasil

Relao D / E - posio atual
34%
1.06
34%
1.06
34%
0.89
Beta Alavancado pela estrutura atual
1.32
1.32
1.24
258,503.00
2.50
103.40
255,823.00
2.50
102.33
300,918.00
2.50
120.37
8.77%
-1.87%
2.01
5.00%
8.77%
-1.87%
2.01
5.01%
8.77%
-1.87%
2.08
4.88%
4 TRIM 10
1 TRIM 11
25%
14%
3%
52%
48%
2 TRIM 11
24%
14%
3%
47%
53%
CALCULO PRMIO DE TAMANHO

PL - R$ Mil
Cambio (R$ / USD)
PL Ajustado em USD milhes
Constante - verificar Tabela
Constante - verificar Tabela
Log PL Dolar
Prmio de Ajuste
Tabela B 2 do relatorio (Duff & Phelps Risk Premium Report - 2008)
CAPM (Ke)
WACC
Custo de Capital de Terceiros (Ki)
Wi
We
W
26%
14%
3%
51%
49%
COST OF CAPITAL)
ROI
(RETORNO S/ INVEST)
ROE
WACC
Calculo do Custo Mdio Ponderado de Capital (WACC)
Trata-se de uma estimativa preliminar em funo dos dados informados sobre o setor de atuao e dad
Os parmetros de beta e alavancagem tem como fonte a base de dados fornecidos por Damodaran, par
M 11
22%
22%
22%
15%
15%
15%
3%
3 TRIM 11
3 TRIM 11
272,231
260,413
51%
49%
3 TRIM 11
272,231
(3,335)
5.02%
23%
15%
14%
3%
2%
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
37%
63%
4 TRIM 11
234,334
(2,838)
4.56%
36%
64%
1 TRIM 12
274,655
(1,965)
3.13%
2 TRIM 12
324,671
606,954
35%
65%
2 TRIM 12
324,671
(2,493)
3.37%
13%
14%
4%
2%
1 TRIM 12
274,655
494,833
22%
21%
2%
4 TRIM 11
234,334
403,608
23%
2%
3 TRIM 12
283,500
662,581
30%
70%
3 TRIM 12
283,500
(3,085)
4.12%
4 TRIM 12
4 TRIM 12
334,375
435,227
43%
57%
4 TRIM 12
334,375
(2,780)
3.67%
1 TRIM 13
5.0%
34%
4.6%
34%
3.1%
34%
3.4%
34%
4.1%
34%
3.7%
34%
3.3%
24.7%
3.0%
22.5%
2.1%
22.0%
2.2%
21.8%
2.7%
20.8%
2.4%
22.6%
51%
49%
37%
63%
36%
64%
35%
65%
30%
70%
43%
57%
13.8%
15.3%
14.9%
15.0%
15.4%
13.8%
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
4.0%
2.5%
1.5%
3.5%
2.5%
0.9%
4.0%
2.5%
1.5%
3.9%
2.5%
1.3%
2.3%
2.5%
-0.2%
2.7%
2.5%
0.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
1.31
1.08
1.06
1.05
1.00
1.17
2.7%
2.7%
2.6%
2.4%
2.3%
2.4%
14.3%
12.5%
12.3%
12.0%
11.4%
13.1%
4.7%
4.7%
4.7%
4.9%
4.6%
4.3%
5.0%
4.6%
4.5%
4.3%
4.2%
4.6%
24.7%
22.5%
22.0%
21.8%
20.8%
22.6%
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
4 TRIM 12
0.92
0.92
0.92
0.92
0.92
0.92
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
34%
1.05
34%
0.58
34%
0.56
34%
0.53
34%
0.43
34%
0.77
1.31
1.08
1.06
1.05
1.00
1.17
260,413.00
2.50
104.17
403,608.00
2.50
161.44
494,833.00
2.50
197.93
606,954.25
2.50
242.78
662,581.06
2.50
265.03
435,227.06
2.50
174.09
8.77%
-1.87%
2.02
4.99%
8.77%
-1.87%
2.21
4.64%
8.77%
-1.87%
2.30
4.47%
8.77%
-1.87%
2.39
4.31%
8.77%
-1.87%
2.42
4.23%
8.77%
-1.87%
2.24
4.58%
3 TRIM 11
25%
14%
3%
51%
49%
4 TRIM 11
22%
15%
3%
37%
63%
1 TRIM 12
22%
15%
2%
36%
64%
2 TRIM 12
22%
15%
2%
35%
65%
3 TRIM 12
21%
15%
3%
30%
70%
4 TRIM 12
23%
14%
2%
43%
57%
tal (WACC)
uno dos dados informados sobre o setor de atuao e dados econmicos.
como fonte a base de dados fornecidos por Damodaran, para US Market.
12
80%
70%
60%
22%
22%
50%
40%
15%
14%
30%
20%
6%
4%
10%
0%
1 TRIM 13
1 TRIM 13
355,438
363,643
49%
51%
1 TRIM 13
355,438
(2,255)
2.64%
2 TRIM 13
2 TRIM 13
412,719
572,889
42%
58%
2 TRIM 13
412,719
(5,262)
5.59%
3 TRIM 13
406,359
560,517
42%
58%
3 TRIM 13
406,359
(8,879)
8.96%
2.6%
34%
5.6%
34%
9.0%
34%
1.7%
23.5%
3.7%
22.2%
5.9%
22.2%
49%
51%
42%
58%
42%
58%
12.7%
14.4%
15.4%
1 TRIM 13
2 TRIM 13
3 TRIM 13
3.5%
2.5%
1.0%
3.3%
2.5%
0.8%
3.9%
2.5%
1.3%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
11.9%
2.5%
9.2%
1.28
1.15
1.15
2.4%
2.5%
2.6%
13.9%
13.0%
13.0%
4.3%
4.3%
4.3%
4.7%
4.4%
4.4%
23.5%
22.2%
22.2%
1 TRIM 13
2 TRIM 13
3 TRIM 13
0.92
0.92
0.92
20%
10%
0.78
20%
10%
0.78
20%
10%
0.78
34%
0.98
34%
0.72
34%
0.72
1.28
1.15
1.15
363,643.16
2.50
145.46
572,888.51
2.50
229.16
560,517.27
2.50
224.21
8.77%
-1.87%
2.16
4.72%
8.77%
-1.87%
2.36
4.35%
8.77%
-1.87%
2.35
4.37%
1 TRIM 13
23%
13%
2%
49%
51%
2 TRIM 13
22%
14%
4%
42%
58%
3 TRIM 13
22%
15%
6%
42%
58%
SIM
NO
Empresa:
Empresa XXXXX
VALOR DO FINANCIAMENTO.......................:
TAXA DE JUROS (TJLP)..................................:
COMISSO BNDES.............................................:
TAXA RISCO AG. FINANCEIRO.......:
CARNCIA......................................................:
AMORTIZAO..............................................:
DATA DE CONTRATAO
*considerado 3 liberaes
R$ Mil
5.00 % a.a.
4.00 % a.a.
2.00 % a.a.
12 Meses
84 Meses
15/09/14
22,000.00
Informar premissas da operao de financimento para

simular fluxo de amortizao e de pagamento de juros
Modelo de anlise preparado por ElevenCase.

Dvidas:
contato@elevencase.com.br
www.elevencase.com.br
7,000.00
6,000.00 2014
5,000.00 2015
4,000.00
3,000.00
2,000.00
1,000.00
-
2016
2017
2018
2019
2020
2021
2022 196.03
2023 196.03
2024 2014
2025
Juros
R$
R$
R$
3,779.00
R$
R$
1,309.52
R$
R$
R$
2,469.47
R$
R$
2015 R$
R$
6,350.55
3,142.86
3,207.70
2016
196
2,469
3,208
2,677
2,145
1,614
1,083
552
77
-
Amortizao
5,819.43
R$
R$
R$
R$3,142.86
R$
R$
R$
R$2,676.58
R$
R$
R$ 2017
R$
1,310
3,143
3,143
3,143
3,143
3,143
3,143
1,833
-
R$5,288.31
R$
R$
R$
3,142.86
R$
R$
R$
R$
R$2,145.46
R$
R$ 2018
R$
196
3,779
6,351
5,819
5,288
4,757
4,226
3,695
1,910
Juros
VENCIMENTO
1
2
9/15/2014
10/15/2014
SALDO
DEVEDOR INICIAL
LIBERAES
7,333
0
R$
RESUMO
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
PAGTOS EM
R$
196
3,779
6,351
5,819
5,288
4,757
4,226
3,695
1,910
0
0
0
R$
4,757.19
R$
R$
R$
3,142.86
R$
R$
R$
R$
1,614.33
R$
R$
2019
R$
4,226.07 -
3,694.95
1,083.21
2020 -
3,142.86
3,142.86 -
Amortizao
1,909.96
1,833.33
552.09
2021
76.63
2022
2023
2024
2025
Column F
ENCARGOS
BNDES
AMORTIZAO
7,333
7,333
0
0
JUROS
AG. FINANC.
0
0
VALOR
PARCELA
0
0
0
0
11/15/2014
7,333
12/15/2014
7,333
14,667
160
36
196
1/15/2015
14,667
2/15/2015
14,667
3/15/2015
7,333
22,000
317
70
388
4/15/2015
22,000
5/15/2015
22,000
10
6/15/2015
22,000
487
108
595
11
7/15/2015
22,000
12
8/15/2015
22,000
262
262
13
9/15/2015
21,738
262
487
108
857
14
10/15/2015
21,476
262
249
55
566
15
11/15/2015
21,214
262
238
53
553
16
12/15/2015
20,952
262
243
54
559
17
1/15/2016
20,690
262
240
53
555
18
2/15/2016
20,429
262
214
48
523
19
3/14/2016
20,167
262
234
52
548
20
4/14/2016
19,905
262
223
50
535
21
5/14/2016
19,643
262
228
51
540
22
6/14/2016
19,381
262
217
48
527
23
7/14/2016
19,119
262
221
49
533
24
8/14/2016
18,857
262
218
49
529
25
9/14/2016
18,595
262
208
46
517
26
10/14/2016
18,333
262
212
47
521
27
11/14/2016
18,071
262
202
45
509
28
12/14/2016
17,810
262
206
46
514
29
1/14/2017
17,548
262
203
45
510
30
2/14/2017
17,286
262
180
40
482
31
3/14/2017
17,024
262
197
44
503
32
4/14/2017
16,762
262
187
42
491
33
5/14/2017
16,500
262
191
42
495
34
6/14/2017
16,238
262
182
40
484
35
7/14/2017
15,976
262
185
41
487
36
8/14/2017
15,714
262
181
40
484
37
9/14/2017
15,452
262
173
38
473
38
10/14/2017
15,190
262
175
39
476
39
11/14/2017
14,929
262
167
37
466
40
12/14/2017
14,667
262
169
38
469
41
1/14/2018
14,405
262
166
37
465
42
2/14/2018
14,143
262
147
33
442
43
3/14/2018
13,881
262
160
36
457
44
4/14/2018
13,619
262
152
34
447
45
5/14/2018
13,357
262
154
34
450
46
6/14/2018
13,095
262
146
32
440
47
7/14/2018
12,833
262
148
33
442
48
8/14/2018
12,571
262
145
32
439
49
9/14/2018
12,310
262
137
30
429
50
10/14/2018
12,048
262
138
31
431
51
11/14/2018
11,786
262
131
29
422
52
12/14/2018
11,524
262
132
29
424
53
1/14/2019
11,262
262
129
29
420
54
2/14/2019
11,000
262
114
25
401
55
3/14/2019
10,738
262
123
27
412
56
4/14/2019
10,476
262
116
26
404
57
5/14/2019
10,214
262
117
26
405
58
6/14/2019
9,952
262
110
24
396
59
7/14/2019
9,690
262
111
25
397
60
8/14/2019
9,429
262
108
24
393
61
9/14/2019
9,167
262
101
22
386
62
10/14/2019
8,905
262
102
23
386
63
11/14/2019
8,643
262
95
21
378
64
12/14/2019
8,381
262
95
21
378
65
1/14/2020
8,119
262
92
21
375
66
2/14/2020
7,857
262
81
18
360
67
3/13/2020
7,595
262
86
19
367
68
4/13/2020
7,333
262
80
18
360
69
5/13/2020
7,071
262
80
18
360
70
6/13/2020
6,810
262
74
17
353
71
7/13/2020
6,548
262
74
16
352
72
8/13/2020
6,286
262
71
16
348
73
9/13/2020
6,024
262
65
15
342
74
10/13/2020
5,762
262
65
14
341
75
11/13/2020
5,500
262
60
13
335
76
12/13/2020
5,238
262
58
13
333
77
1/13/2021
4,976
262
55
12
330
78
2/13/2021
4,714
262
47
10
320
79
3/13/2021
4,452
262
49
11
322
80
4/13/2021
4,190
262
45
10
316
81
5/13/2021
3,929
262
43
10
315
82
6/13/2021
3,667
262
39
309
83
7/13/2021
3,405
262
37
307
84
8/13/2021
3,143
262
34
303
85
9/13/2021
2,881
262
30
298
86
10/13/2021
2,619
262
28
296
87
11/13/2021
2,357
262
24
291
88
12/13/2021
2,095
262
22
288
89
1/13/2022
1,833
262
18
284
90
2/13/2022
1,571
262
14
279
91
3/13/2022
1,310
262
12
277
92
4/13/2022
1,048
262
273
93
5/13/2022
786
262
269
94
6/13/2022
524
262
266
95
7/13/2022
262
262
262
96
8/13/2022
97
9/13/2022
98
10/13/2022
99
11/13/2022
100
12/13/2022
101
1/13/2023
102
2/13/2023
103
3/13/2023
104
4/13/2023
105
5/13/2023
106
6/13/2023
107
7/13/2023
108
8/13/2023
109
9/13/2023
110
10/13/2023
111
11/13/2023
112
12/13/2023
113
1/13/2024
114
2/13/2024
115
3/12/2024
116
4/12/2024
117
5/12/2024
118
6/12/2024
119
7/12/2024
120
8/12/2024
121
9/12/2024
13,095
9,779
2,173
33,237
TOTAL
22,000
DADOS FINANCEIROS
PAINEL DE CONTROLE
ANLISE DE CRDITO
PROCESSO DE VENDA
Situao solvencia - indices
3.64
3.24
3.01
0.95
1.17
0.15
4 TRIM 10
0.85
0.20
1 TRIM 11
Modelo Kanitz
Boa situao
Boa situao
Modelo Sanvicente e Minardi
Boa situao
Boa situao
Modelo de Elizabetsky
Insolvente
Insolvente
Modelo Kanitz
3 TRIM 10
Indice
Situao solvencia
4 TRIM 10
0.29
2 TRIM 11
1 TRIM 11
3.6
3.0
Boa situao Boa situao
* indice mais preciso

Modelo Sanvicente e Minardi
Indice
Situao solvencia
3 TRIM 10
4 TRIM 10
1 TRIM 11
0.9
0.9
Boa situao Boa situao
* indice mais rigoroso - tendencia para classificar como insolvente

Modelo de Elizabetsky (1976)
Indice
Situao solvencia
0.2
Insolvente
0.2
Insolvente
3T
PROCESSO DE VENDAS
ANLISE DE RISCOS
cia - indices
5.23
4.74
4.43
3.29
3.24
2.33
1.96
1.93
1.69
1.98
1.30
0.43
1.17
1.20
1.40
0.29
0.39
0.42
0.41
0.46
0.47
2 TRIM 11
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3 TRIM 12
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Insolvente
Insolvente
Insolvente
Insolvente
Insolvente
2 TRIM 11
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
3.2
2.3
3.3
4.4
5.2
Boa situao Boa situao Boa situao Boa situao Boa situao
2 TRIM 11
3 TRIM 11
4 TRIM 11
1 TRIM 12
2 TRIM 12
1.2
1.2
1.4
2.0
1.9
0.3
Insolvente
0.4
Insolvente
0.4
Insolvente
0.4
Insolvente
0.5
Insolvente
4 TRIM 1
4.74
1.69
1.98
1.30
1.76
1.17
0.47
0.43
0.36
3 TRIM 12
4 TRIM 12
Boa situao
2.54
2.06
1 TRIM 13
0.78
0.17
2 TRIM 13
0.62
0.12
3 TRIM 13
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Boa situao
Insolvente
Insolvente
Insolvente
Insolvente
Insolvente
3 TRIM 12
4 TRIM 12
1 TRIM 13
2 TRIM 13
3 TRIM 13
4.7
2.0
1.8
2.1
2.5
3 TRIM 12
4 TRIM 12
1 TRIM 13
2 TRIM 13
3 TRIM 13
1.7
1.3
1.2
0.8
0.6
0.5
Insolvente
0.4
Insolvente
0.4
Insolvente
0.2
Insolvente
0.1
Insolvente
Se < 0 : problema de insolvencia
DADOS FINANCEIROS
PAINEL DE CONTROLE
MDULO INDISPNVEL
INDISPNVEL
ANLISE DE CRDITO
PROCESSO DE VENDAS
ANLISE DE RISCOS
ANLISE DE RISCOS
DADOS FINANCEIROS
PAINEL DE CONTROLE
MDULO INDISPNVEL
INDISPNVEL
ANLISE DE CRDITO
PROCESSO DE VENDAS
ANLISE DE RISCOS
ANLISE DE RISCOS

Roteiro Geral de Analise - ElevenCase - Modelo 2 - Excel 365

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Roteiro Geral de Analise - ElevenCase - Modelo 2 - Excel 365

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PAINEL DE CONTROLE

REALIZAR INPUT DE DADOS

Lucratividade Bruta (LB/ROL)

Selecione o indicador financeiro que deseja visualizar.

Selecione o indicador financeiro que deseja visualizar.

Quadro de anlise de desempenho dos indicadores da empresa vs. mdia do seto

MTRICAS - COMPARABLES SETORIAIS

Selecione o setor que deseja comparar com

fonte: Damoradaran, Stern School os Business - NYC - Emerging Market

Modelo de anlise preparado por ElevenCase.

ANLISE DE EVOLUO DO CAPITAL DE GIRO

lculo dos indicadores.

Lucratividade Operacional (LO/ROL)

Lucratividade Lquida (LL/ROL)

ROI (retorno s/ investimento)

ROE (retorno s/ patrim

dicadores da empresa vs. mdia do setor de atuao e setores correlatos.

Indicadores de Capital de Giro

- NYC - Emerging Market Index

ROE (retorno s/ patrimonio)

INPUT DE DADOS FINANCEIROS

REALIZAR INPUT DE DADOS

ANLISE DE EVOLUO DO CAPITAL D

Balano Patrimonial (Ativo Consolidado)

Resultados de Exerccios Futuros

Capital Social Realizado

(-) Despesas/Receitas Operacionais

Resultado Antes do Resultado Financeiro e dos Tributos

(-) Despesas Financeiras

DADOS FLUXO DE CAIXA

Informaes para clculo do Custo Mdio Ponderado de Capital

Informaes para clculo do Custo Mdio Ponderado de Capital

ANLISE DE EVOLUO DO CAPITAL DE GIRO

Preencher com dados das demonstraes financeiras trimestrais dos ltimos 3

REALIZAR INPUT DE DADOS

ANLISE DE EVOLUO DO CAPITAL DE GIRO

Estrutura de Capital - R$ Mil

Estrutura de Capital - Part %

Indicadores de Estrutura Crdito

CALCULO DO EVA = VALOR ECONOMICO

Taxa de Imposto de Renda

Dados de Resultado e Estrutura

E DE EVOLUO DO CAPITAL DE GIRO

- 22 VARIAO DO CAPITAL DE GIRO - Operacional

AUMENTO(RED) DO CAPITAL DE GIRO

Passivos Circulantes Financeiros

Capital de Giro - CDG (AC - PC)

VARIAO DO CAPITAL DE GIRO - Tesouraria

Disponvel - Dias de Faturamento

Prazo medio pagto fornecedores - CPV

RETORNO SOBRE INVESTIMENTO

REALIZAR INPUT DE DADOS

ANLISE DE EVOLUO DO CAPITAL DE GIRO

ROI = Return on Investment

O ROI pode ser decomposto entre Margem Operacional X Giro

Dados de Resultado e Estrutura

Investimento (saldo Mdio)

Dados de Resultado e Estrutura

variao ROI - composio

E DE EVOLUO DO CAPITAL DE GIRO

Composio da Variao do ROI

RETORNO SOBRE CAPITAL PRPRIO

REALIZAR INPUT DE DADOS