05 FCFE x FCFF parcialmente resolvido

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Situação 1
	D/(D+E)	50.0%	E/(D+E)	50.0%
	rd	10.0%	rf	7.0%
	t	30.0%	beta des	0.706
	rd*(1-t)	7.0%	beta alav	1.200
	pm	5.0%
	re	13.0%
	WACC	10.0%
	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10
	R. Oper	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9
	(-) Desp Financ	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)
	(=) LAIR	92.9	92.9	92.9	92.9	92.9	92.9	92.9	92.9	92.9	92.9
	(-) IR	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)	(27.9)
	(=) LL	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
	Ativo Oper	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
	Dívida 	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
	PL	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
	Inv Líquido	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Deprec	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
	CAPEX	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
	Inv CGL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	FCFF
	R Operac	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9	142.9
	(-) IR Operac	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)	(42.9)
	(+) Deprec	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
	(-) CAEPX	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)	(50.0)
	(-) Inv CGL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	(=) Flx de Caixa	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
	(+) Reversão de Ativo	1,000.0
	(=) Flx de Caixa c/ rev ativo	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	1,100.0
	Firm Value	1,000.0
	(-) Dívida Líquida	(500.0)
	(=) Equity Value	500.0
	Firm Value - Ano a Ano
	D/(D+E)
	beta alav
	re
	wacc
	Firm Value - Ano a Ano
	FCFE
	Lucro Líquido
	(+) Deprec
	(-) CAEPX
	(-) Inv CGL
	(-) Variação Endividamento
	(=) Flx de Caixa
	(+) Reversão de Ativo Líquido (PL)
	(=) Flx de Caixa c/ rev pl
	Equity Value	Error
	(+) Dívida Líquida
	(=) Firm Value	Error
	Equity Value - Ano a Ano