M2 Planejamento Financeiro

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Exercicio 3
	NATURAL COSMÉTICOS
	Projeção de Fl Cx (R$ Milhares)	Anos
	0	1	2	3	4	5
	Taxa de Crescimento Annual:	3%	9%	13%	10%	5%	3.80%
	Vendas	2,800,000,000	2,884,000,000.00	3,143,560,000.00	3,552,222,800.00	3,907,445,080.00	4,102,817,334.00	4,258,724,392.69
	CPV	(2,163,000,000.00)	(2,357,670,000.00)	(2,664,167,100.00)	(2,930,583,810.00)	(3,077,113,000.50)
	(=) Lucro Bruto	721,000,000.00	785,890,000.00	888,055,700.00	976,861,270.00	1,025,704,333.50
	Margem Bruta	25%	25%	25%	25%	25%
	(-) Despesas Operacionais	(504,700,000.00)	(550,123,000.00)	(621,638,990.00)	(683,802,889.00)	(717,993,033.45)
	(=) Lajir	216,300,000.00	235,767,000.00	266,416,710.00	293,058,381.00	307,711,300.05
	Margem Operacional	7.5%	7.5%	7.5%	7.5%	7.5%
	(-) IR Ajustado	(73,542,000.00)	(80,160,780.00)	(90,581,681.40)	(99,639,849.54)	(104,621,842.02)
	(=) NOPLAT/Lucro Líquido Não Alavancado	142,758,000.00	155,606,220.00	175,835,028.60	193,418,531.46	203,089,458.03
	Margem Líquida	5%	5%	5%	5%	5%
	+ Depreciação	145,300.00	89,816,000.00	101,492,080.00	111,641,288.00	117,223,352.40
	(-) Invest. Capital	(896,852,300.00)	(206,576,800.00)	(202,984,160.00)	(167,461,932.00)	(161,768,226.31)
	(-) Inv Cap Giro	77,605,704.64	(75,467,109.03)	(134,181,863.97)	(118,221,923.79)	(66,153,067.20)
	(=) Fl. Caixa Empresarial	(676,343,295.36)	(36,621,689.03)	(59,838,915.37)	19,375,963.67	92,391,516.92
	2,940,438,281.84
	-676,343,295	-36,621,689	-59,838,915	19,375,964	3,032,829,799
	Enterprise Value	R$1,458,464,298.68
	PL a Mercado	R$1,458,464,298.68
	Projeção Contas do Balanço Patrimonial
	Ativo de Longo Prazo no ínicio do período	1,453,000	898,160,000	1,014,920,800	1,116,412,880	1,172,233,524
	DEPRECIAÇÃO ANNUAL	-145,300	-89,816,000	-101,492,080	-111,641,288	-117,223,352
	Ativo Líquido de Longo prazo	1,453,000	898,160,000	1,014,920,800	1,116,412,880	1,172,233,524	1,216,778,398
	CAPEX	-896,852,300	-206,576,800	-202,984,160	-167,461,932	-161,768,226
	CAPITAL DE GIRO OPERACIONAL	1,042,000,000	964,394,295	1,039,861,404	1,174,043,268	1,292,265,192	1,358,418,259
	CONTAS A RECEBER	624,000,000	671,616,438	732,061,918	827,229,967	909,952,964	955,450,612
	ESTOQUES	553,000,000	414,821,918	452,155,890	510,936,156	562,029,772	590,131,260
	CONTAS A PAGAR	135,000,000	122,044,061	144,356,404	164,122,855	179,717,543	187,163,613
	PMR	85	85	85	85	85	85
	PMP	22	22	22	22	22	22
	PME	70	70	70	70	70	70
	Custo de Capital
	WACC	7.06%
	Ke real	10.37%
	Kd*(1-IR)	5.28%
	D	65%
	E	35%