Avaliao Empresa Tractebel

WACC
Margem de EBITDA (Fonte: Relatrios 2006 e 2005)

10.90%

2007R
Vendas de Energia (MWmed)

2008R

2009R

2010R

2011R

3043.427 3400.25 3496.68 4100.38

4327

Crescimento Receita
Crescimento Receita Bruta
EBITDA
Margem de EBITDA
Impostos
Impostos/EBITDA

1858.903
61%
439.711
24%

12%
3%
17%
6%
2179 2193.32 2554.35 2869.58
64%
63%
62%
66%
474.367 446.34 509.66 586.68
22%
20%
20%
20%

EBITDA ( Receita Lquida)

EBITDA (1-T)
(-) Investimentos
(-) Variao Capital Giro
Fluxo de Caixa da Firma

25683
6581
32264
25343
38.8

Perpetuidade
VALOR PRESENTE
VALOR DA FIRMA
VALOR Equity
Preo Alvo
Net Property, Plant & Equipment
Other Long-Term Assets

Total
Depreciao

Cash from Investing

4,724.6

6,638.3

8,137.2

9,976.0

297.4

381.3

494.9

543.8

496.7

5,022.0

7,019.5

8,632.1

10,519.8

10,381.9

229.1

9,885.2

248.6

424.7

449.6

488.5

2,246.1

2,037.3

2,337.2

350.6

(706.5)

(1,298.5)

(258.5)

(1,094.9)

(361.1)

706.5

1,298.5

258.5

1,094.9

361.1

Total Current Assets

1,264.4

958.2

1,872.9

1,906.7

1,612.7

Total Current Liabilities

1,479.8

1,912.4

1,406.4

2,259.8

1,559.2

Capital Giro Lquido

Variao Cap. Giro

Custo de Capital Prprio

Custo Capital Terceiros
% Divida
Custo Capital Mdio

(215.4)

11.82%
9.42%
16.57%
11.09%

(954.2)
(738.8)

466.5
1,420.7

(353.1)
(819.6)

53.5
406.6

2012
4716
9.0%
2985.48058
634
2985
2352
750
67
1535

2013

2014

2015

2016 Perpet.

5141
5604
5996
6415
9.0%
9.0%
7.0%
7.0%
mdia
9%
3254.17
3547 3795.343
4061
mdia
63%
691
753
806
862
mdia
21%
3254
3547
3795
4061
2563
2794
2989
3199
817.5 891.075 953.4503 1020.19
73
80
85
91
1673
1823
1951
2087

652742192

mdia

743.9

mdia

67.2

6800
6.0%
4305
914
4305
3391
1081.4
97
2213