Medidas de Criação de Valor

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Exercício 1
	Ativo	Passivo	R$80	(milhões)			Wd=	0.4		Kd=	18.75%			IR =	34%
		Patrimônio Líquido	R$120	 (milhões)			wp=	0.6		Kp =	12%
		Investimento =	R$200	 (milhões)						Ki = Kd x (1-IR)
										Ki = 18,75% x ( 1- 0,34)
		WACC = (wd x ki) + ( wp x kp)								Ki =	12.38%
		WACC = ( 0,4 x 12,38%) + ( 0,6 x 12%)
		WACC =	12.15%
Exercício 2
		Lucro Operacional Liquido = NOPAT		ROI = Lucro operacional (1 -IR)
		LOL = LAJIR (1-IR)		 Investimentos
		LOL = R$ 2.500
		Spread sobre o Investimento						0,17 =	2,500
		ROI - WACC =	3%						Investimento
		ROI -14% = 	3%
		WACC =	14%					0,17 investimento = 2500
								Investimento = 2500 / 0,17
		ROI=	17%
								Investimento =		R$14,705.88
		EVA = LOL - (WACC x Investimentos)
				EVA = 2.500 - (0,14 x 14.705,88)
				EVA = 	R$441.18
		MVA = EVA / WACC
				MVA = 441,18/0,14
				MVA =	R$3,151.26
		Valor de Mercado = Investimentos + MVA
		Valor de Mercado = R$ 14.705,88 + R$ 3.151,26
		Valor de Mercado =	R$17,857.14
Exercício 3
		EVA com base no Patrimônio Lìquido								3,240,000
		EVA = LL - ( kp x PL)
								EVA = LL - ( kp x PL)
		LL =	R$2,000,000					EVA = 2.000.000 - ( 0,18 x 18.000.000)
		PL =	R$18,000,000					EVA = 	-R$1,240,000	 ---->	Prejuizo econômico
		Kp =	18%
							Goodwill = MVA
						MVA = EVA/ WACC
						MVA = - 1.240.000 /0,18
						MVA =	-R$6,888,889	 -----> Destruição de Valor
Exercício 4
			BETA	Estrutura de Capital
		Ativo	Passivo oneroso	R$90,000,000			wd=	0.4091
			Patrimônio Líquido	R$130,000,000			wp=	0.5909
		Ativo =	Investimento =	R$220,000,000
			EVA = LAJIR (1-IR) - (WACC x Investimento)
							Kp =	15%	Kd=	19%		IR =	34%
		LAJIR = 	R$48,200,000
							Ki = Kd x (1-IR)		Ki =	12.54%
								WACC = ( wd x Ki ) + ( Wp x Kp)
		EVA = 48.200.000 ( 1-0,34) - ( 0,1399 x 220.000.000)
								WACC = ( 0,4091 x 12,54%) + (0,5909 x 15%)
		EVA =	R$1,026,000.00
								WACC =	13.99%
		MVA = EVA / WACC
		MVA =	1.026.000/0,1399
		MVA=	R$7,331,904.11
		Valor de Mercado = Investimento + MVA
		Valor de Mercado = 220.000.000 + 7.331.904,11
		Valor de Mercado =	R$227,331,904.11
Exercício 5
			Passivo Oneroso	R$7,200,000	60%		Ki =	14%
			PL	R$4,800,000	40%		Kp =	17%
			Investimento =	R$12,000,000
					Wacc = ( wd x ki) + ( wp x kp)
					Wacc = ( 0,6 x 14% ) + ( 0,4 x 17%)
					Wacc=	15.20%
			EVA = LOL - (WACC x Investimento)				LOL (NOPAT) = 		42,480,000
			EVA = 42.480.000 - ( 0,1520 x 12.000.000)
			EVA=	R$40,656,000.00
			MVA = EVA / WACC
			MVA = 40.656.000 / 0,1520
			MVA = 	R$267,473,684.21
Exercício 6
										Kp = 	18%
			LOL=	1,800,000
							P=	5,322,580.65		Kd = 	23.50%		Ki = 23,5% x (1-0,34)
							PL=	9,677,419.35
		P/PL = 0,55		0.55			Investimento =	15,000,000		Ki = Kd x (1-IR)			Ki=	15.51%
			P =	55	 wd=	0.3548387097		WACC = (wd x Ki ) + ( wp x kp)
			PL=	100	wp=	0.6451612903		Wacc = (0,35484 x 15,51 ) +( 0,64516 x 18%)
				155				Wacc= 	17.12%
							EVA = LOL - (WACC x Investimento)
							EVA = 1.800.000 - ( 0,1712 x 15.000.000)
							EVA=	-767,467.74
							MVA = EVA/ WACC
							MVA = -2.567.467,74
							MVA = 	-R$4,483,801.66
				ROE = ROI + ( ROI - KI) P/PL				EVA = (ROE- KP) x PL
									ROI = LOL / Investimento
				ROE= 12% + ( 12% -15,51%) x 0,55				EVA = (10,07% - 18%) x 9.677.419,35
									ROI=	12.00%
				ROE=	10.07%		EVA=	-767,467.74
Exercício 7
	a) ROI, ROE e WACC
		ROI =	LAJIR (1-IR)				ROE =	Lucro Líquido				WACC = ( Wd x ki) + ( Wp x Kp)
			Investimento					Patrimônio Líquido
		ROI =	16.33%				ROE =	19.88%			WACC = 	13.08%
		LAJIR = 	R$1,960		LAJIR (1- IR) =	1293.6
		IR =	34%
		Passivo =	R$2,640.00		wd=	0.3333		Kd=	14.02%			Despesas Financeira=				R$370.00
		PL =	R$5,280.00		wp=	0.6667		Kp=	15%
		Invest =	R$7,920.00
								Ki =	9.25%		WACC = ( Wd x Ki ) + ( Wp x Kp)
		Lucro Líquido =	1,049.40
											WACC = 	13.08%
	b) 	Giro de Investimento (GI)			Margem Operacional Líquida (MOL)
		Vendas / Investimento			LAJIR (1-IR) / Venda
		Vendas =	R$7,900.00
					MOL =	16.37%
		GI =	1.00
		Modelo Dupont	Giro de Investimento x Margem Operacional Líquida = ROI
		ROI=	16.33%
	c) 	ROE = ROA + ( ROA - Ki ) P/PL			ROA = ROI
		ROE = 0,1633 + ( 0,1633 - 0,0925) x 2640/5280
		ROE =	19.88%
	d)	EVA , MVA, Valor de Mercado
	1)	EVA = LOL - (WACC x Investimento)			1)	EVA =	R$257.40
	2)	EVA = LL - ( Kp x PL)			2)	EVA =	R$257.40
	3)	EVA = ( ROI - WACC ) x Investimento)			3)	EVA=	R$257.40
	4)	EVA = (ROE - kp ) x PL			4)	EVA =	R$257.40
		MVA = EVA / WACC
		MVA = 	R$1,967.39
		Valor de Mercado = Investimento + MVA
		Valor de Mercado =	R$9,887.39
Exercício 8
			Passivo	R$560		wd =	0.40		kd = 	12.70%		Ki =	7.62%
			PL	R$840		wp =	0.60		Kp =	16%		IR =	40%
			Investimento	R$1,400
		a) 	WACC = ( wd x ki ) + ( wp x kp)
			WACC =	12.65%
		b) MVA = EVA / WACC				LAJIR=	R$420.00
						LAJIR (1-IR) =	R$252.00
			EVA = LAJIR (1-IR) - ( WACC x Investimento)
			EVA =	R$74.93
			MVA = EVA / Wacc
			MVA =	R$592.41