Prazo Médio de Contas a Receber 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d 90.0 d
Prazo Médio de Estoques 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d 45.0 d
Prazo Médio de Fornecedores 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d 60.0 d
Saldo Projetado de Contas a Receber 540,000 556,200 572,886 590,073 607,775 619,930 626,130 632,391 638,715 645,102
Saldo Projetado de Estoques 250,000 121,500 125,145 128,899 132,766 136,749 139,484 140,879 142,288 143,711 145,148
Saldo Projetado de Fornecedores 162,000 166,860 171,866 177,022 182,332 185,979 187,839 189,717 191,614 193,531
DESCRIÇÃO Ano 0 R$ 1.00 R$ 2.00 R$ 3.00 R$ 4.00 R$ 5.00 R$ 6.00 R$ 7.00 R$ 8.00 R$ 9.00 R$ 10.00
+ Receitas brutas previstas R$ 2,160,000 R$ 2,224,800 R$ 2,291,544 R$ 2,360,290 R$ 2,431,099 R$ 2,479,721 R$ 2,504,518 R$ 2,529,563 R$ 2,554,859 R$ 2,580,408
- Dedução sobre vendas 12.0% -259,200 -274,985 -283,235 -291,732 -297,567 -300,542 -303,548 -306,583 -309,649
= Receita operacional líquida 1,900,800 2,224,800 2,016,559 2,077,055 2,139,367 2,182,154 2,203,976 2,226,016 2,248,276 2,270,759
- Custos de vendas (CMV ou CPV) 45.0% -972,000 -1,001,160 -1,031,195 -1,062,131 -1,093,995 -1,115,874 -1,127,033 -1,138,304 -1,149,687 -1,161,183
= Lucro operacional bruto 928,800 1,223,640 985,364 1,014,925 1,045,373 1,066,280 1,076,943 1,087,712 1,098,589 1,109,575
- Despesas operacionais -444,000 -444,000 -480,000 -480,000 -480,000 -480,000 -480,000 -480,000 -480,000 -480,000
=Lucro Operacional Líquido (Ebitda) 484,800 779,640 505,364 534,925 565,373 586,280 596,943 607,712 618,589 629,575
- Depreciação e amortização -150,000 -150,000 -150,000 -150,000 -150,000 0 0 0 0 0
= Lajir (Lucro Antes dos Juros e IR) (Ebt) 334,800 629,640 355,364 384,925 415,373 586,280 596,943 607,712 618,589 629,575
Despesas financeiras -52,500 -45,000 -37,500 -30,000 -22,500 -15,000 -7,500
= Lair (Lucro antes do IR) 334,800 629,640 355,364 384,925 415,373 586,280 596,943 607,712 618,589 629,575
- Imposto de Renda 34.0% -113,832 -214,078 -120,824 -130,874 -141,227 -199,335 -202,961 -206,622 -210,320 -214,056
= Lucro operacional após IR (Nopat) 220,968 415,562 234,540 254,050 274,146 386,945 393,982 401,090 408,269 415,520
Ajustes - FCLE
+ Depreciação e amortização 150,000 150,000 150,000 150,000 150,000 0 0 0 0 0
- (∆) Investimentos -750,000
(∆) Necessidade de Capital de Giro -250,000 -249,500 -14,985 -15,435 -15,898 -16,375 -11,244 -5,734 -5,792 -5,850 590,811
(∆) Contas a Receber -540,000 -16,200 -16,686 -17,187 -17,702 -12,155 -6,199 -6,261 -6,324 638,715
(∆) Estoques -250,000 128,500 -3,645 -3,754 -3,867 -3,983 -2,735 -1,395 -1,409 -1,423 143,711
(∆) Fornecedores 162,000 4,860 5,006 5,156 5,311 3,647 1,860 1,878 1,897 -191,614
= Fluxo de Caixa Livre da Empresa - FCLE -1,000,000 121,468 550,577 369,106 388,153 407,771 375,701 388,248 395,298 402,419 1,006,331 ← (2.a.)
Ajustes - FCLA
+ Empréstimos 525,000
- Amortizações de dívidas -75,000 -75,000 -75,000 -75,000 -75,000 -75,000 -75,000 0 0 0
- Despesas financeiras 10.00% -52,500 -45,000 -37,500 -30,000 -22,500 -15,000 -7,500 0 0 0
+ IR sobre juros (benefício fiscal) 34.0% 17,850 15,300 12,750 10,200 7,650 5,100 2,550 0 0 0
= Fluxo de Caixa Livre do Acionista - FCLA -475,000 11,818 445,877 269,356 293,353 317,921 290,801 308,298 395,298 402,419 1,006,331 ← (2.b.)
Taxa Livre de Risco (Rf): 3.40%
Taxa de Retorno da Carteira de Mercado (R m): 11.40%
Prêmio pelo Risco de Mercado (Rm - Rf): 8.00%
1200
Taxa mínima de atratividade - (TMA): 13.000% ← (1.a.)
Proporção do Capital Próprio: 47.5% 13000%
Proporção do Capital de Terceiros: 52.5% 6.60%
Custo Médio Ponderado de Capital (CMPC): 9.6 4%← (1.b.)
Prazo Máximo Estipulado para Payback: 48 meses
3.1.a) Valor Presente Líquido do FCLE
3.1.b) Taxa Interna de Retorno do FCLE
3.1.c) Payback Simples do FCLE
3.1.d) Payback Descontado do FCLE
3.2.a) Valor Presente Líquido do FCLA
3.2.b) Taxa Interna de Retorno do FCLA
3.2.c) Payback Simples do FCLA
3.2.d) Payback Descontado do FCLA
0.00 0.00 0.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FCLE - Acumulado -1,000,000 -878,532 -327,955 41,151 429,304 837,075 1,212,776 1,601,024 1,996,323 2,398,742 3,405,073
FCLE - Descontado -1,000,000 110,788 458,016 280,055 268,613 257,378 216,286 203,857 189,310 175,775 400,913
FCLE - Descontado Acumulado -1,000,000 -889,212 -431,196 -151,141 117,472 374,850 591,136 794,993 984,302 1,160,078 1,560,991
0.00 0.00 0.00 0.56 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FCLA - Acumulado -475,000 -463,182 -17,305 252,051 545,404 863,325 1,154,126 1,462,424 1,857,723 2,260,142 3,266,473
FCLA - Descontado -475,000 10,458 349,187 186,677 179,919 172,555 139,677 131,045 148,695 133,959 296,453
FCLA - Descontado Acumulado -475,000 -464,542 -115,354 71,323 251,242 423,797 563,474 694,519 843,214 977,174 1,273,627
0.00 0.00 0.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prazos e Saldos
Projetados
Demonstrativo
de Resultado
do exercício
Beta do Setor Calculado (ꞵ):
