Escolar Documentos
Profissional Documentos
Cultura Documentos
Situao Inicial
Custo do Capital Investido
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
ANO 4
-80,000
100,000
120,000
150,000
200,000
-60,000
-72,000
-90,000
-120,000
-12,000
-15,000
-19,000
-20,000
(-) Depreciao
-10,000
-10,000
-10,000
-10,000
18,000
-6,120
23,000
-7,820
31,000
-10,540
50,000
-17,000
11,880
10,000
15,180
10,000
20,460
10,000
33,000
10,000
21,880
25,180
30,460
43,000
FCO
-80,000
NPV
36,527
40%
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
ANO 4
-80,000
140,000
168,000
210,000
280,000
-84,000
-100,800
-126,000
-168,000
-12,000
-15,000
-19,000
-20,000
(-) Depreciao
-10,000
-10,000
-10,000
-10,000
34,000
-11,560
42,200
-14,348
55,000
-18,700
82,000
-27,880
22,440
10,000
27,852
10,000
36,300
10,000
54,120
10,000
32,440
37,852
46,300
64,120
-80,000
NPV
93,532
20%
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
ANO 4
-80,000
120,000
144,000
180,000
240,000
-72,000
-86,400
-108,000
-144,000
-12,000
-15,000
-19,000
-20,000
(-) Depreciao
-10,000
-10,000
-10,000
-10,000
26,000
-8,840
32,600
-11,084
43,000
-14,620
66,000
-22,440
17,160
10,000
21,516
10,000
28,380
10,000
43,560
10,000
27,160
31,516
38,380
53,560
FCO
-80,000
NPV
65,030
20%
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
ANO 4
-80,000
80,000
96,000
120,000
160,000
-48,000
-57,600
-72,000
-96,000
-12,000
-15,000
-19,000
-20,000
(-) Depreciao
-10,000
-10,000
-10,000
-10,000
10,000
-3,400
13,400
-4,556
19,000
-6,460
34,000
-11,560
6,600
10,000
8,844
10,000
12,540
10,000
22,440
10,000
16,600
18,844
22,540
32,440
FCO
-80,000
NPV
8,024
40%
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
ANO 4
-80,000
60,000
72,000
90,000
120,000
-36,000
-43,200
-54,000
-72,000
-12,000
-15,000
-19,000
-20,000
(-) Depreciao
-10,000
-10,000
-10,000
-10,000
2,000
-680
3,800
-1,292
7,000
-2,380
18,000
-6,120
1,320
10,000
2,508
10,000
4,620
10,000
11,880
10,000
11,320
12,508
14,620
21,880
-80,000
NPV
Variaes
-20,479
NPV
Variao + 40%
Vendas
93,532
CDV
-53,364
Variao + 20%
65,030
-6,227
Variao
36,527
36,527
0%
Variao - 20%
8,024
79,281
Variao - 40%
-20,479
122,035
Probab.
5%
NPV
-6,227
Ruim
10%
8,024
Regular
20%
36,527
Bom
30%
65,030
timo
20%
79,281
Cenrios
Pssimo
35%
30%
25%
20%
15%
10%
5%
93,532
5%
NPV esperado
57,191
0%
DV NPV esperado
29,024
Excelente
15%
-6,227
8,024
ANO 5
300,000
-180,000
-22,000
-10,000
88,000
-29,920
58,080
10,000
68,080
40%
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
-80,000
100,000
120,000
150,000
-84,000
-100,800
-126,000
-22,000
-12,000
-15,000
-19,000
-10,000
(-) Depreciao
-10,000
-10,000
-10,000
136,000
-46,240
-6,000
-5,800
-5,000
89,760
10,000
-6,000
10,000
-5,800
10,000
-5,000
10,000
99,760
FCO
4,000
4,200
5,000
-252,000
-80,000
NPV
20%
-53,364
15%
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
-80,000
100,000
120,000
150,000
-72,000
-86,400
-108,000
-22,000
-12,000
-15,000
-19,000
-10,000
(-) Depreciao
-10,000
-10,000
-10,000
112,000
-38,080
6,000
-2,040
8,600
-2,924
13,000
-4,420
73,920
10,000
3,960
10,000
5,676
10,000
8,580
10,000
83,920
FCO
13,960
15,676
18,580
-80,000
NPV
-6,227
20%
15%
ANO 5
240,000
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
-80,000
100,000
120,000
150,000
-48,000
-57,600
-72,000
-22,000
-12,000
-15,000
-19,000
-10,000
(-) Depreciao
-10,000
-10,000
-10,000
64,000
-21,760
30,000
-10,200
37,400
-12,716
49,000
-16,660
19,800
10,000
24,684
10,000
32,340
10,000
29,800
34,684
42,340
-144,000
42,240
10,000
52,240
FCO
-80,000
NPV
40%
15%
ANO 5
180,000
79,281
ANO 0
Investimento Incial
Vendas
ANO 1
ANO 2
ANO 3
-80,000
100,000
120,000
150,000
-36,000
-43,200
-54,000
-22,000
-12,000
-15,000
-19,000
-10,000
(-) Depreciao
-10,000
-10,000
-10,000
40,000
-13,600
42,000
-14,280
51,800
-17,612
67,000
-22,780
27,720
10,000
34,188
10,000
44,220
10,000
37,720
44,188
54,220
-108,000
26,400
10,000
36,400
FCO
-80,000
NPV
NPV
y = -0.0056x3 + 0.0351x2 + 0.0121x
R = 0.8789
NPV
Poly. (NPV)
122,035
8,024
36,527
65,030
79,281
93,532
ANO 4
ANO 5
200,000
300,000
-168,000
-252,000
-20,000
-22,000
-10,000
-10,000
2,000
-680
16,000
-5,440
1,320
10,000
10,560
10,000
11,320
20,560
ANO 4
ANO 5
200,000
300,000
-144,000
-216,000
-20,000
-22,000
-10,000
-10,000
26,000
-8,840
52,000
-17,680
17,160
10,000
34,320
10,000
27,160
44,320
ANO 4
ANO 5
200,000
300,000
-96,000
-144,000
-20,000
-22,000
-10,000
-10,000
74,000
-25,160
124,000
-42,160
48,840
10,000
81,840
10,000
58,840
91,840
ANO 4
ANO 5
200,000
300,000
-72,000
-108,000
-20,000
-22,000
-10,000
-10,000
98,000
-33,320
160,000
-54,400
64,680
10,000
105,600
10,000
74,680
115,600