06 FCFE x FCFF com perp (resolvido)

Esta é uma pré-visualização de arquivo. Entre para ver o arquivo original

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	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) Desp Financ	(50.0)	(51.1)	(52.1)	(53.1)	(53.9)	(54.5)	(55.1)	(55.5)	(55.8)	(55.9)
	(=) LAIR	169.1	167.4	165.1	162.4	159.1	155.3	151.0	146.3	141.2	135.8
	(-) IR	(50.7)	(50.2)	(49.5)	(48.7)	(47.7)	(46.6)	(45.3)	(43.9)	(42.4)	(40.7)
	(=) LL	118.4	117.2	115.6	113.7	111.3	108.7	105.7	102.4	98.9	95.0
	CGL	100.0	102.3	104.3	106.1	107.7	109.1	110.1	111.0	111.5	111.8	111.8
	Ativo Fixo Bruto	900.0	965.3	1,031.9	1,099.9	1,169.3	1,239.8	1,311.7	1,384.7	1,458.9	1,534.4	1,611.1
	(-) Deprec Acumulada	0.0	(45.0)	(93.3)	(144.9)	(199.9)	(258.3)	(320.3)	(385.9)	(455.1)	(528.1)	(604.8)
	Dívida 	500.0	511.3	521.5	530.6	538.6	545.3	550.7	554.9	557.6	559.0	559.0
	PL	500.0	511.3	521.5	530.6	538.6	545.3	550.7	554.9	557.6	559.0	559.0
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10
	Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	CAPEX	65.3	66.7	68.0	69.3	70.6	71.8	73.0	74.2	75.5	76.7
	Inv CGL	2.3	2.0	1.8	1.6	1.3	1.1	0.8	0.6	0.3	0.0
	Cresc Real	2.25%	2.00%	1.75%	1.50%	1.25%	1.00%	0.75%	0.50%	0.25%	0.00%
	ROIC	15.0%	14.7%	14.3%	14.0%	13.7%	13.3%	13.0%	12.7%	12.3%	12.0%
	FCFF
	R Operac	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) IR Operac	(65.7)	(65.6)	(65.2)	(64.6)	(63.9)	(62.9)	(61.8)	(60.5)	(59.1)	(57.5)
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(=) Flx de Caixa	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	134.2
	(+) Perp	1,341.7
	(=) Flx de Caixa c/ perp	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	1,475.9
	Firm Value	1,341.5
	(-) Dívida Líquida	(500.0)
	(=) Equity Value	841.5
	Firm Value - Ano a Ano	1,341.5	1,344.8	1,346.8	1,347.6	1,347.5	1,346.6	1,345.3	1,343.9	1,342.5	1,341.7	1,341.7
	D/(D+E)	37.3%	38.0%	38.7%	39.4%	40.0%	40.5%	40.9%	41.3%	41.5%	41.7%	41.7%
	beta alav
	re
	wacc
	Firm Value - Ano a Ano
	FCFE
	Lucro Líquido	118.4	117.2	115.6	113.7	111.3	108.7	105.7	102.4	98.9	95.0
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(-) Variação Endividamento	11.3	10.2	9.1	8.0	6.7	5.5	4.1	2.8	1.4	0.0
	(=) Flx de Caixa	107.1	107.0	106.5	105.7	104.6	103.2	101.6	99.7	97.5	95.0
	(+) Perp	731.0
	(=) Flx de Caixa c/ perp	107.1	107.0	106.5	105.7	104.6	103.2	101.6	99.7	97.5	826.1
	Equity Value	780.0	Error
	(+) Dívida Líquida	500.0
	(=) Firm Value	1,280.0	Error
	Equity Value - Ano a Ano
Situação 2.1
	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	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) Desp Financ	(67.1)	(67.2)	(67.3)	(67.4)	(67.4)	(67.3)	(67.3)	(67.2)	(67.1)	(67.1)
	(=) LAIR	152.0	151.3	150.0	148.0	145.6	142.5	138.8	134.6	129.9	124.6
	(-) IR	(45.6)	(45.4)	(45.0)	(44.4)	(43.7)	(42.7)	(41.7)	(40.4)	(39.0)	(37.4)
	(=) LL	106.4	105.9	105.0	103.6	101.9	99.7	97.2	94.2	90.9	87.2
	CGL	100.0	102.3	104.3	106.1	107.7	109.1	110.1	111.0	111.5	111.8	111.8
	Ativo Fixo Bruto	900.0	965.3	1,031.9	1,099.9	1,169.3	1,239.8	1,311.7	1,384.7	1,458.9	1,534.4	1,611.1
	(-) Deprec Acumulada	0.0	(45.0)	(93.3)	(144.9)	(199.9)	(258.3)	(320.3)	(385.9)	(455.1)	(528.1)	(604.8)
	Dívida 	670.8	672.4	673.4	673.8	673.7	673.3	672.7	671.9	671.3	670.8	670.8
	PL	329.2	350.1	369.6	387.4	403.4	417.3	428.8	437.8	444.0	447.2	447.2
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10
	Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	CAPEX	65.3	66.7	68.0	69.3	70.6	71.8	73.0	74.2	75.5	76.7
	Inv CGL	2.3	2.0	1.8	1.6	1.3	1.1	0.8	0.6	0.3	0.0
	Cresc Real	2.25%	2.00%	1.75%	1.50%	1.25%	1.00%	0.75%	0.50%	0.25%	0.00%
	ROIC	15.0%	14.7%	14.3%	14.0%	13.7%	13.3%	13.0%	12.7%	12.3%	12.0%
	FCFF
	R Operac	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) IR Operac	(65.7)	(65.6)	(65.2)	(64.6)	(63.9)	(62.9)	(61.8)	(60.5)	(59.1)	(57.5)
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(=) Flx de Caixa	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	134.2
	(+) Perp	1,341.7
	(=) Flx de Caixa c/ perp	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	1,475.9
	Firm Value	1,341.5
	(-) Dívida Líquida	(670.8)
	(=) Equity Value	670.8
	Firm Value - Ano a Ano	1,341.5	1,344.8	1,346.8	1,347.6	1,347.5	1,346.6	1,345.3	1,343.9	1,342.5	1,341.7	1,341.7
	D/(D+E)	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%	50.0%
	beta alav
	re
	wacc
	Firm Value - Ano a Ano
	FCFE
	Lucro Líquido	106.4	105.9	105.0	103.6	101.9	99.7	97.2	94.2	90.9	87.2
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(-) Variação Endividamento	1.6	1.0	0.4	(0.1)	(0.4)	(0.6)	(0.7)	(0.7)	(0.4)	0.0
	(=) Flx de Caixa	85.6	86.4	87.1	87.7	88.0	88.2	88.2	88.0	87.7	87.2
	(+) Perp	670.8
	(=) Flx de Caixa c/ perp	85.6	86.4	87.1	87.7	88.0	88.2	88.2	88.0	87.7	758.1
	Equity Value	670.8	-
	(+) Dívida Líquida	670.8
	(=) Firm Value	1,341.5	-
	Equity Value - Ano a Ano
Situação 2.2
	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	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) Desp Financ	(50.0)	(51.1)	(52.1)	(53.1)	(53.9)	(54.5)	(55.1)	(55.5)	(55.8)	(55.9)
	(=) LAIR	169.1	167.4	165.1	162.4	159.1	155.3	151.0	146.3	141.2	135.8
	(-) IR	(50.7)	(50.2)	(49.5)	(48.7)	(47.7)	(46.6)	(45.3)	(43.9)	(42.4)	(40.7)
	(=) LL	118.4	117.2	115.6	113.7	111.3	108.7	105.7	102.4	98.9	95.0
	CGL	100.0	102.3	104.3	106.1	107.7	109.1	110.1	111.0	111.5	111.8	111.8
	Ativo Fixo Bruto	900.0	965.3	1,031.9	1,099.9	1,169.3	1,239.8	1,311.7	1,384.7	1,458.9	1,534.4	1,611.1
	(-) Deprec Acumulada	0.0	(45.0)	(93.3)	(144.9)	(199.9)	(258.3)	(320.3)	(385.9)	(455.1)	(528.1)	(604.8)
	Dívida 	500.0	511.3	521.5	530.6	538.6	545.3	550.7	554.9	557.6	559.0	559.0
	PL	500.0	511.3	521.5	530.6	538.6	545.3	550.7	554.9	557.6	559.0	559.0
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5	Ano 6	Ano 7	Ano 8	Ano 9	Ano 10
	Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	CAPEX	65.3	66.7	68.0	69.3	70.6	71.8	73.0	74.2	75.5	76.7
	Inv CGL	2.3	2.0	1.8	1.6	1.3	1.1	0.8	0.6	0.3	0.0
	Cresc Real	2.25%	2.00%	1.75%	1.50%	1.25%	1.00%	0.75%	0.50%	0.25%	0.00%
	ROIC	15.0%	14.7%	14.3%	14.0%	13.7%	13.3%	13.0%	12.7%	12.3%	12.0%
	FCFF
	R Operac	219.1	218.5	217.3	215.4	212.9	209.8	206.1	201.8	197.0	191.7
	(-) IR Operac	(65.7)	(65.6)	(65.2)	(64.6)	(63.9)	(62.9)	(61.8)	(60.5)	(59.1)	(57.5)
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(=) Flx de Caixa	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	134.2
	(+) Perp	1,330.4
	(=) Flx de Caixa c/ perp	130.9	132.5	133.9	134.9	135.6	136.0	136.0	135.7	135.1	1,464.6
	Firm Value	1,328.4
	(-) Dívida Líquida	(500.0)
	(=) Equity Value	828.4
	Firm Value - Ano a Ano	1,328.4	1,332.1	1,334.5	1,335.6
1,335.7	1,335.1	1,333.9	1,332.6	1,331.3	1,330.4	1,330.4
	D/(D+E)	37.6%	38.4%	39.1%	39.7%	40.3%	40.8%	41.3%	41.6%	41.9%	42.0%	42.0%
	beta alav	1.004	1.014	1.023	1.032	1.040	1.047	1.054	1.059	1.062	1.064	1.064
	re	12.0%	12.1%	12.1%	12.2%	12.2%	12.2%	12.3%	12.3%	12.3%	12.3%	12.3%
	wacc	10.13%	10.12%	10.12%	10.11%	10.10%	10.10%	10.09%	10.09%	10.09%	10.09%	10.09%
	Firm Value - Ano a Ano	1,328.4	1,332.1	1,334.5	1,335.6	1,335.7	1,335.1	1,333.9	1,332.6	1,331.3	1,330.4	1,330.4
	FCFE
	Lucro Líquido	118.4	117.2	115.6	113.7	111.3	108.7	105.7	102.4	98.9	95.0
	(+) Deprec	45.0	48.3	51.6	55.0	58.5	62.0	65.6	69.2	72.9	76.7
	(-) CAEPX	(65.3)	(66.7)	(68.0)	(69.3)	(70.6)	(71.8)	(73.0)	(74.2)	(75.5)	(76.7)
	(-) Inv CGL	(2.3)	(2.0)	(1.8)	(1.6)	(1.3)	(1.1)	(0.8)	(0.6)	(0.3)	0.0
	(-) Variação Endividamento	11.3	10.2	9.1	8.0	6.7	5.5	4.1	2.8	1.4	0.0
	(=) Flx de Caixa	107.1	107.0	106.5	105.7	104.6	103.2	101.6	99.7	97.5	95.0
	(+) Perp	771.4
	(=) Flx de Caixa c/ perp	107.1	107.0	106.5	105.7	104.6	103.2	101.6	99.7	97.5	866.4
	Equity Value	828.4	-
	(+) Dívida Líquida	500.0
	(=) Firm Value	1,328.4	-
	Equity Value - Ano a Ano	828.4	820.9	813.0	805.0	797.2	789.8	783.2	777.7	773.6	771.4	771.4