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Texto-Projeto
Resolução-Projeto
	rd	12.00%
	t	34.00%
	rd x (1-t)	7.92%
	D/(D+E)	15.00%
	rf	7.00%
	beta alav	1.5
	pm	5.50%
	rf + beta x pm	15.25%	ke
	E/(D+E)	85.00%
	WACC	14.15%
	Alíquota depreciacao	0.2
	ano 0	ano 1	ano 2	ano 3	ano 4
	qtde	2,000.0	4,000.0	3,600.0	1,700.0
	preço unitário	750.0	750.0	750.0	750.0
	Receita Líquida	1,500,000.0	3,000,000.0	2,700,000.0	1,275,000.0
	custo unitário	410.0	410.0	410.0	410.0
	C Variável	(820,000.0)	(1,640,000.0)	(1,476,000.0)	(697,000.0)
	C Fixo	(200,000.0)	(200,000.0)	(200,000.0)	(200,000.0)
	Depreciação	(400,000.0)	(400,000.0)	(400,000.0)	(400,000.0)
	Resul Operac	80,000.0	760,000.0	624,000.0	(22,000.0)
	(-) IR Oper	(27,200.0)	(258,400.0)	(212,160.0)	7,480.0
	(+) Deprec	400,000.0	400,000.0	400,000.0	400,000.0
	(-) CAPEX	(2,000,000.0)	0.0	0.0	0.0	400,000.0
	(-) Invest CGL	(180,000.0)	(180,000.0)	36,000.0	171,000.0
	(=) Fluxo de Caixa	(2,000,000.0)	192,800.0	(38,400.0)	223,840.0	978,480.0
	TIR	-10%	Não Fazer o projeto
	VPL	(1,133,791.6)
	AUXILIAR: cgl	180,000.0	360,000.0	324,000.0	153,000.0
Texto
Situação 1
	D/(D+E)	30.0%	E/(D+E)	70.0%
	rd	10.0%	rf	7.0%
	t	40.0%	beta des	0.750
	rd*(1-t)	6.0%	beta alav	0.943
	pm	5.0%
	re	11.7%
	WACC	10.0%	IR	34.0%
	g	0.0%
	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	R. Oper	221.0	220.0	217.8	214.6	210.2
	(-) Desp Financ	(30.0)	(30.6)	(31.1)	(31.4)	(31.5)
	(=) LAIR	191.0	189.4	186.8	183.2	178.6
	(-) IR	(76.4)	(75.8)	(74.7)	(73.3)	(71.5)
	(=) LL	114.6	113.6	112.1	109.9	107.2
	CGL	100.0	102.0	103.5	104.6	105.1	105.1
	Ativo Fixo Bruto	900.0	1,008.0	1,122.6	1,244.1	1,373.3	1,510.6
	(-) Deprec Acumulada	0.0	(90.0)	(190.8)	(303.1)	(427.5)	(564.8)
	Dívida 	300.0	306.0	310.6	313.7	315.3	315.3
	PL	700.0	714.0	724.7	732.0	735.6	735.6
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	Deprec	90.0	100.8	112.3	124.4	137.3
	CAPEX	108.0	114.6	121.6	129.1	137.3
	Inv CGL	2.0	1.5	1.0	0.5	0.0
	Cresc Real	2.00%	1.50%	1.00%	0.50%	0.00%
	ROIC	13.0%	12.8%	12.5%	12.3%	12.0%
	FCFF
	R Operac	0.0	221.0	220.0	217.8	214.6	210.2
	(-) IR Operac	0.0	* 75.14	* 74.80	* 74.07	* 72.95	* 71.46
	(+) Deprec	0.0	* 90.0	* 100.8	* 112.3	* 124.4	* 137.3
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0	-2.0	-1.5	-1.0	-0.5	0.0
	(=) Flx de Caixa	0.0	276.1	279.5	281.6	282.3	281.6
	(+) Perp	3,098.0
	(=) Flx de Caixa c/ rev ativo	0.0	276.1	279.5	281.6	282.3	3,379.6
	Firm Value	2,713.5
	(-) Dívida Líquida	300.0
	(=) Equity Value	2,413.5
	Firm Value - Ano a Ano	2,729.4	3,002.3	3,026.4	3,049.6	3,073.0	3,098.0
	D/(D+E)	11.0%	10.2%	10.3%	10.3%	10.3%	10.2%
	beta alav	1.832	1.825	1.825	1.826	1.825	1.825
	re	16.2%	16.1%	16.1%	16.1%	16.1%	16.1%
	wacc	15.0%	15.1%	15.1%	15.1%	15.1%	15.1%
	Firm Value - Ano a Ano	11,105.4	10,170.4	8,807.9	7,202.0	5,314.0	3,098.0
	FCFE
	Lucro Líquido	0.0	114.6	113.6	112.1	109.9	107.2
	(+) Deprec	0.0	* 90.00	* 100.80	* 112.26	* 124.41	* 137.33
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0.0	-2.0	-1.5	-1.0	-0.5	0.0
	(-) Variação Endividamento	0	(6.0)	(4.6)	(3.1)	(1.6)	0.0
	(=) Flx de Caixa	0.0	88.6	93.8	98.6	103.1	107.2
	(+) Perp	145.3
	(=) Flx de Caixa c/ rev pl	0.0	88.6	93.8	98.6	103.1	252.5
	Equity Value	417.6	Error
	(+) Dívida Líquida	300.0
	(=) Firm Value	717.6	Error
	Equity Value - Ano a Ano	307.8	354.0	318.9	273.2	215.8	145.3
Situação 2.1
	D/(D+E)	30.0%	E/(D+E)	70.0%
	rd	10.0%	rf	7.0%
	t	40.0%	beta des	0.750
	rd*(1-t)	6.0%	beta alav	0.943
	pm	5.0%
	re	11.7%
	WACC	10.0%	IR	34.0%
	g	0.0%
	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	R. Oper	221.0	220.0	217.8	214.6	210.2
	(-) Desp Financ	(43.5)	(43.5)	(44.0)	(44.5)	(45.0)
	(=) LAIR	177.5	176.5	173.8	170.0	165.2
	(-) IR	(71.0)	(70.6)	(69.5)	(68.0)	(66.1)
	(=) LL	106.5	105.9	104.3	102.0	99.1
	CGL	100.0	102.0	103.5	104.6	105.1	105.1
	Ativo Fixo Bruto	900.0	1,008.0	1,122.6	1,244.1	1,373.3	1,510.6
	(-) Deprec Acumulada	0.0	(90.0)	(190.8)	(303.1)	(427.5)	(564.8)
	Dívida 	434.6	434.6	440.3	445.4	449.9	457.8
	PL	565.4	585.4	595.0	600.3	601.0	593.1
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	Deprec	90.0	100.8	112.3	124.4	137.3
	CAPEX	108.0	114.6	121.6	129.1	137.3
	Inv CGL	2.0	1.5	1.0	0.5	0.0
	Cresc Real	2.00%	1.50%	1.00%	0.50%	0.00%
	ROIC	13.0%	12.8%	12.5%	12.3%	12.0%
	FCFF
	R Operac	0.0	221.0	220.0	217.8	214.6	210.2
	(-) IR Operac	0.0	-75.14	-74.80	-74.07	-72.95	-71.46
	(+) Deprec	0.0	* 90.0	* 100.8	* 112.3	* 124.4	* 137.3
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0.0	-2.0	-1.5	-1.0	-0.5	0.0
	(=) Flx de Caixa	0.0	125.9	129.9	133.4	136.4	138.7
	(+) Perp	1,525.9
	(=) Flx de Caixa c/ rev ativo	125.9	129.9	133.4	136.4	1,664.6
	Firm Value	1,448.7
	(-) Dívida Líquida	434.6
	(=) Equity Value	1,014.1
	Firm Value - Ano a Ano	1,448.7	1,448.7	1,467.8	1,484.6	1,499.7	1,525.9
	D/(D+E)	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
	beta alav
	re
	wacc
	Firm Value - Ano a Ano
	FCFE	OK
	Lucro Líquido	0.0	106.5	105.9	104.3	102.0	99.1
	(+) Deprec	0.0	* 90.00	* 100.80	* 112.26	* 124.41	* 137.33
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0.0	-2.0	-1.5	-1.0	-0.5	0.0
	(-) Variação Endividamento	0	0.0	(5.7)	(5.1)	(4.5)	(7.9)
	(=) Flx de Caixa	0.0	86.5	84.9	88.9	92.3	91.3
	(+) Perp	1,003.8
	(=) Flx de Caixa c/ rev pl	0.0	86.5	84.9	88.9	92.3	1,095.0
	Equity Value	958.5	Error
	(+) Dívida Líquida	434.6
	(=) Firm Value	1,393.2	Error
	Equity Value - Ano a Ano	958.5	967.9	979.7	988.9	995.5	1,003.8
Situação 2.2
	D/(D+E)	30.0%	E/(D+E)	70.0%
	rd	10.0%	rf	7.0%
	t	40.0%	beta des	0.750
	rd*(1-t)	6.0%	beta alav	0.943
	pm	5.0%
	re	11.7%
	WACC	10.0%	IR	34.0%
	g	0.0%
	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	R. Oper	221.0	220.0	217.8	214.6	210.2
	(-) Desp Financ	(30.0)	(30.6)	(31.1)	(31.4)	(31.5)
	(=) LAIR	191.0	189.4	186.8	183.2	178.6
	(-) IR	(76.4)	(75.8)	(74.7)	(73.3)	(71.5)
	(=) LL	114.6	113.6	112.1	109.9	107.2
	CGL	100.0	102.0	103.5	104.6	105.1	105.1
	Ativo Fixo Bruto	900.0	1,008.0	1,122.6	1,244.1	1,373.3	1,510.6
	(-) Deprec Acumulada	0.0	(90.0)	(190.8)	(303.1)	(427.5)	(564.8)
	Dívida 	300.0	306.0	310.6	313.7	315.3	315.3
	PL	700.0	714.0	724.7	732.0	735.6	735.6
	Inv Líquido	Ano 0	Ano 1	Ano 2	Ano 3	Ano 4	Ano 5
	Deprec	90.0	100.8	112.3	124.4	137.3
	CAPEX	108.0	114.6	121.6	129.1	137.3
	Inv CGL	2.0	1.5	1.0	0.5	0.0
	Cresc Real	2.00%	1.50%	1.00%	0.50%	0.00%
	ROIC	13.0%	12.8%	12.5%	12.3%	12.0%
	FCFF
	R Operac	0.0	221.0	220.0	217.8	214.6	210.2
	(-) IR Operac	0.0	-75.14	-74.80	-74.07	-72.95	-71.46
	(+) Deprec	0.0	* 90.0	* 100.8	* 112.3	* 124.4	* 137.3
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0.0	-2.0	-1.5	-1.0	-0.5	0.0
	(=) Flx de Caixa	0.0	125.9	129.9	133.4	136.4	138.7
	(+) Perp	1,220.3
	(=) Flx de Caixa c/ rev ativo	125.9	129.9	133.4	136.4	1,359.0
	Firm Value	1,259.0
	(-) Dívida Líquida	300.0
	(=) Equity Value	959.0
	Firm Value - Ano a Ano	1,259.0	1,259.0	1,259.1	1,255.1	1,247.2	1,220.3
	D/(D+E)	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
	beta alav	1.750	1.750	1.750	1.750	1.750	1.750
	re	15.8%	15.8%	15.8%	15.8%	15.8%	15.8%
	wacc	12.8%	12.8%	12.8%	12.8%	12.8%	12.8%
	Firm Value - Ano a Ano	810.1	961.6	1,015.5	1,075.4	1,143.0	1,220.3
	FCFE
	Lucro Líquido	0.0	114.6	113.6	112.1	109.9	107.2
	(+) Deprec	0.0	* 90.00	* 100.80	* 112.26	* 124.41	* 137.33
	(-) CAPEX	0.0	-108.00	-114.57	-121.57	-129.12	-137.33
	(-) Inv CGL	0.0	-2.0	-1.5	-1.0	-0.5	0.0
	(-) Variação Endividamento	0.0	(6.0)	(4.6)	(3.1)	(1.6)	0.0
	(=) Flx de Caixa	0.0	88.6	93.8	98.6	103.1	107.2
	(+) Perp	943.0
	(=) Flx de Caixa c/ rev pl	0.0	88.6	93.8	98.6	103.1	1,050.2
	Equity Value	954.6	Error
	(+) Dívida Líquida	300.0
	(=) Firm Value	1,254.6	Error
	Equity Value - Ano a Ano	858.9	880.5	899.6	916.4	930.8	943.0