Receita Crescimento da

Crescimento da projetada R$ receita

Ano Receita R$ mil receita PIB BRL BI mil projetada
2005 8,765 2,171 5,860
2006 12,057 37.6% 2,409 8,514 38%
2007 15,204 26.1% 2,720 11,967 26%
2008 17,192 13.1% 3,110 16,294 13%
2009 19,123 11.2% 3,333 18,775 11%
2010 21,664 13.3% 3,886 24,916 13%
2011 25,500 17.7% 4,376 30,366 18%
2012 30,413 19.3% 4,815 35,236 19%
2013 34,412 13.1% 5,332 40,978 13%
2014 41,077 19.4% 5,779 45,948 19%
2015 48,387 17.8% 5,996 48,357 18%
2016 52,715 8.9% 6,269 51,396 9%
2017 57,983 10.0% 6,583 54,884 10%
2018 62,198 7.3% 6,889 58,282 7%
2019 67,450 8.4% 7,257 62,368 8%
2020 7,250 62,295 0%
2021 7,802 68,424 10%
2022 8,226 73,129 7%
2023 8,585 77,127 5%
2024 9,012 81,866 6%
2025 9,410 86,288 5%

Receita R$ mil
100,000

90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

-
200520062007200820092010201120122013201420152016201720182019202020212022202320242025

Receita R$ mil Receita projetada R$ mil Column G

RESUMO DOS RESULTADOS

Estatística de regressão
R múltiplo 0.98009193635
R-Quadrado 0.9605802037
R-quadrado ajus 0.95754791167
Erro padrão 4012.00940741
Observações 15

ANOVA
gl SQ MQ F F de significação
Regressão 1 5099017400.85 5099017400.85 316.783540729 1.64558426E-10
Resíduo 13 209250853.307 16096219.4852
Total 14 5308268254.16

Coeficientes Erro padrão Stat t valor-P 95% inferiores

Interseção -18254.6783297 3127.94397476 -5.83599913458 5.81824985E-05 -25012.190452
PIB BRL BI 11.1097576795 0.6241993069 17.7984139948 1.64558426E-10 9.7612570615
 Coeficientes

Interseção -18254.68 a
PIB BRL BI 11.10976 b

20212022202320242025

nG
 95% superioresInferior 95,0% Superior 95,0%
-11497.1662075 -25012.19 -11497.1662074943
12.4582582975 9.761257 12.4582582975402
Estrutura de capital
Dívida Bruta 12,549
(-) Caixa e aplicaçõe 3,218
(=) Dívida líquida 9,331
Preço da ação 17.92
Quantidade de ações 10,421
Market cap 186,722
Enterprise Value 196,053
D% 4.8%
E% 95.2%

Custo do Equity (ke)

Beta desalavancado 1.14
D/E 5.00%
T 28% 𝛽𝑟𝑒𝑎𝑙𝑎𝑣=𝛽des×(1+(1−𝑇)×(𝐷/𝐸))
Beta realavancado 1.18

rf 0.73%
Rm-rf 6.03%
CRP 3.70%
ke USD 11.56% 𝑘𝑒=𝑟𝑓+𝐵𝑟𝑒𝑎𝑙𝑎𝑣×(𝑟𝑚−𝑟𝑓)+𝐶𝑅𝑃

inflação BRL 2.66%

Inflação USD 2.04%
ke BRL 12.24%

Custo da Dívida (kd)

Valor R$ mil % Taxa Index Valor Index Taxa calc
Dívida 1 5415 43.15% 108.00% CDI 3.15% 3.40%
Dívida 2 2914 23.22% 3.61% pré 3.61%
Dívida 3 4220 33.63% 104.10% CDI 3.15% 3.28%

Dívida total 12,549 100.00%

kd

Custo médio ponderado de capital (wacc)

D% 4.8%
E% 95.2%
T 28%
Ke 12.24%
kd 3.408%
𝑤𝑎𝑐𝑐=𝑘𝑑∗(1−𝑇)∗𝐷%+𝑘𝑒∗𝐸%
wacc 11.77%
 Concorrentes

Market Cap Net debt IR Beta Beta desalavancado

𝐵 𝑑𝑒𝑠=𝐵/(1+(1−𝑇)
𝑇)×(𝐷/𝐸)) Farmax 187 9 34% 1.007501 0.975
Drogamais 5,182 1,256 34% 1.313499 1.132
Super Droga 1,253 794 34% 2.207636 1.557
Skina Pharma 1,946 - 299 34% 1.096312 1.220
Rede Touro 302 1,004 34% 2.645991 0.828

𝑟𝑓)+𝐶𝑅𝑃
Média 1.142

Tx pond
1.468%
0.838%
1.102%

3.408%
vancado
𝐵 𝑑𝑒𝑠=𝐵/(1+(1−𝑇)×(𝐷/𝐸) )
Premissas para a projeção
2017 2018 2019 Média Utilizado
Receita 57,983 62,198 67,450
EBIT 11,310 12,408 13,892
EBIT% 20% 20% 21% 20% 20%
ACO 35,057 37,766 41,915
PCO 20,284 24,331 28,761
NCG 14,773 13,435 13,154
NCG% 25% 22% 20% 20% 20%
Imobilizado e intangível 18,862 20,073 22,380
Imobilizado % 33% 32% 33% 33% 33%
Depreciação 1,615 1,746 1,919
Depreciação % 9% 9% 9% 9% 9%
EBT (Lucro antes do IR) 9,429 10,570 11,920
IR e CSLL 2,531 3,182 3,338
IR e CSLL % EBT 27% 30% 28% 28% 28%
Crescimento (incremento) 4%
Projeções
2020 2021 2022 2023 2024
Crescimento estimado -0.12% 9.84% 6.88% 5.47% 6.15%
Crescimento utilizado 3.88% 13.84% 10.88% 9.47% 10.15%
Receita 70,069 79,766 88,441 96,814 106,636
EBIT 14,025 15,966 17,703 19,379 21,345
NCG 13,665 15,556 17,248 18,880 20,796
Imobilizado 22,885 26,052 28,885 31,620 34,828
Depreciação 1,971 2,244 2,488 2,723 2,999
PROJEÇÃO DO FLUXO DE CAIXA LIVRE DA EMPRESA
2020 2021 2022 2023 2024
EBIT 14,025 15,966 17,703 19,379 21,345
IR e CSLL - 3,971 - 4,521 - 5,013 - 5,487 - 6,044
Depreciação 1,971 2,244 2,488 2,723 2,999
CAPEX - 2,476 - 5,411 - 5,321 - 5,458 - 6,207
ICG - 511 - 1,891 - 1,692 - 1,633 - 1,916
FCLE (FCFF) 9,038 6,387 8,165 9,524 10,177
FCLE (FCFF) utilizado 4,519 6,387 8,165 9,524 10,177

wacc 11.77% 11.77%

g 5.97% 5.97%
g real 2.9%

𝑃𝑒𝑟𝑝=𝐹𝐶𝐿𝐸𝑎𝑗×(1+𝑔)/(𝑤𝑎𝑐𝑐−𝑔)
Perpetuidade 350,761

Período 0.5 1.5 2.5 3.5 4.5

Valor presente FCFF 4,274 5,405 6,182 6,451 6,168

Valor presente perpetuida 121,857
Total VP Horizonte 59,406
VP perpetuidade 121,857
Firm value 181,263
Net debt 9,331
Valor justo acionistas 171,932
Quantidade ações 10,421
Valor justo ação 16.50

Preço atual 17.92

Valor patrimonial 2.51

11.97% 11.87% 11.77% 11.67%

16.50 0.20% 0.10% 0 -0.10%
6.17% 0.20%
6.07% 0.10%
5.97% 0
5.87% -0.10%
5.77% -0.20%
 2025 2026 2027 2028 2029
5.40% 5.97%
9.40% 8.71% 8.03% 7.34% 6.66%
116,661 126,828 137,010 147,070 156,860
23,351 25,386 27,425 29,438 31,398
22,751 24,734 26,719 28,681 30,591
38,102 41,422 44,748 48,034 51,231
3,281 3,567 3,854 4,137 4,412

2025 2026 2027 2028 2029 2029 AJ

23,351 25,386 27,425 29,438 31,398 31,398
- 6,612 - 7,188 - 7,765 - 8,336 - 8,891 - 8,891
3,281 3,567 3,854 4,137 4,412 4,412
𝐶𝐴𝑃𝐸𝑋=𝐷𝐸𝑃𝑅𝐸𝐶×(𝑡𝑥 𝑑𝑒𝑝
- 6,556 - 6,888 - 7,180 - 7,422 - 7,609 - 5,889
- 1,955 - 1,983 - 1,986 - 1,962 - 1,909 - 1,826
11,510 12,895 14,348 15,855 17,401 19,204
11,510 12,895 14,348 15,855 17,401 19,204

5.5 6.5 7.5 8.5 9.5

6,241 6,255 6,227 6,157 6,045

11.57%
-0.20%
𝐸𝑋=𝐷𝐸𝑃𝑅𝐸𝐶×(𝑡𝑥 𝑑𝑒𝑝+𝑔 𝑟𝑒𝑎𝑙)/(𝑡𝑥 𝑑𝑒𝑝)
Apresentação dos resultados

VPA 2.51 0 2.52

Preço de mercado 17.23### 18.76
FCD 15.49### 17.66

Valuation Rede Pharmax

FCD 15.49 17.66

Preço de mercado 17.23 18.76

VPA 2.51
armax

8.76
Balanço Patrimonial 2017 2018 2019
ATIVO
Ativo Circulante 38,704 41,547 45,133
Caixa e aplicações 3,647 3,781 3,218
Outros ativos circulantes 35,057 37,766 41,915
Imobilizado e Intangível 18,862 20,073 22,380
ATIVO TOTAL 57,566 61,620 67,512
PASSIVO
Passivo Circulante 24,012 28,287 32,790
Empréstimos e Financiamentos 3,728 3,955 4,029
Outros passivos circulantes 20,284 24,331 28,761
Passivo não circulante 7,456 7,911 8,520
Empréstimos e Financiamentos 7,456 7,911 8,520
Patrimônio Líquido 26,097 25,422 26,203
PASSIVO TOTAL 57,566 61,620 67,512

Demonstração do Resultados 2017 2018 2019

Receita 57,983 62,198 67,450
(-) Custos 35,170 37,319 40,807
(=) Resultado Bruto 22,813 24,879 26,643
(-) Despesas operacionais 11,504 12,472 12,751
Depreciação e amortização 1,615 1,746 1,919
(=) Resultado Operacional 11,310 12,408 13,892
(-) Resultado financeiro 1,881 1,838 1,972
(=) Lucro antes do IR 9,429 10,570 11,920
(-) IR E CSLL 2,531 3,182 3,338
(=) Resultado líquido 6,898 7,388 8,582
Indicadores Econômicos Brasil
Fonte: Projeções Itau BBA 2001 2002 2003 2004 2005 2006 2007
Atividade econômica
PIB nominal – Bilhões de reais 1315.755 1488.7873 1717.95 1957.751 2170.585 2409.45 2720.263
PIB nominal – Bilhões de dólares 559.7096 509.56244 558.3089 669.0595 891.3717 1107.769 1396.999
Crescimento real do PIB 1.4% 3.1% 1.1% 5.8% 3.2% 4.0% 6.1%
Inflação Mundo
EUA – CPI 1.60% 2.48% 2.04% 3.34% 3.34% 2.52% 4.11%
Zona do Euro – CPI 2.05% 2.28% 1.97% 2.36% 2.22% 1.92% 3.07%
Inflação Brasil
IPCA 7.67% 12.53% 9.30% 7.60% 5.69% 3.14% 4.46%
Taxa de juros
Selic – final do ano 19.00% 25.00% 16.50% 17.75% 18.00% 13.25% 11.25%
Selic – média do ano 17.63% 19.48% 23.08% 16.44% 19.15% 15.06% 11.98%
Taxa real de juros (Selic/IPCA) – fim de perí 10.52% 11.08% 6.59% 9.43% 11.65% 9.80% 6.50%
CDI - Acum. 19.05% 22.91% 16.81% 17.46% 18.15% 13.11% 11.11%
TJLP (Taxa nominal) – fim de período 10.00% 10.00% 11.00% 9.75% 9.75% 6.85% 6.25%
TLP (Taxa real) – fim de período - - - - - - -

Taxa livre de risco - Rendimento dos Treasuries US

Fonte: US Treasury
Date 10 Yr
6/1/2020 0.66
6/2/2020 0.68
6/3/2020 0.77
6/4/2020 0.82
6/5/2020 0.91
6/8/2020 0.88
6/9/2020 0.84
6/10/2020 0.75
6/11/2020 0.66
6/12/2020 0.71
6/15/2020 0.71
6/16/2020 0.75
6/17/2020 0.74
6/18/2020 0.71
6/19/2020 0.7
6/22/2020 0.71
6/23/2020 0.72
6/24/2020 0.69
6/25/2020 0.68
6/26/2020 0.64
6/29/2020 0.64
6/30/2020 0.66
Média 0.73%
Prêmio de risco de mercado
Fonte: Damodaran
Implied ERP 6.03%

Prêmio de risco país

Fonte: Ipeadata
6/30/2020 380
6/29/2020 384
6/26/2020 384
6/25/2020 377
6/24/2020 376
6/23/2020 375
6/22/2020 375
6/19/2020 377
6/18/2020 380
6/17/2020 374
6/16/2020 367
6/15/2020 387
6/12/2020 384
6/11/2020 389
6/10/2020 355
6/9/2020 344
6/8/2020 332
6/5/2020 334
6/4/2020 348
6/3/2020 351
6/2/2020 375
6/1/2020 386
Média (risco país b.p.s.) 369.7273
Risco país (%) 3.70%
 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

3109.803 3333.039 3885.847 4376.382 4814.76 5331.619 5778.953 5995.787 6269.328 6583.319 6889.176
1693.769 1667.05 2207.578 2612.424 2463.044 2468.364 2454.759 1800.068 1798.091 2062.599 1884.417
5.1% -0.1% 7.5% 4.0% 1.9% 3.0% 0.5% -3.5% -3.3% 1.3% 1.3%

-0.02% 2.81% 1.44% 3.06% 1.76% 1.51% 0.65% 0.64% 2.08% 2.12% 1.94%
1.58% 0.93% 2.21% 2.75% 2.22% 0.85% -0.17% 0.23% 1.14% 1.35% 1.60%

5.90% 4.31% 5.91% 6.50% 5.84% 5.91% 6.41% 10.67% 6.29% 2.95% 3.75%

13.75% 8.75% 10.75% 11.00% 7.25% 10.00% 11.75% 14.25% 13.75% 7.00% 6.50%
12.54% 9.92% 10.00% 11.71% 8.46% 8.44% 11.02% 13.58% 14.17% 9.92% 6.56%
7.41% 4.25% 4.57% 4.22% 1.33% 3.86% 5.02% 3.23% 7.41% 6.77% 2.72%
13.61% 8.61% 10.61% 10.86% 7.11% 9.78% 11.51% 14.14% 13.63% 6.99% 6.40%
6.25% 6.00% 6.00% 6.00% 5.50% 5.00% 5.00% 7.00% 7.50% 7.00% 6.98%
- - - - - - - - - - 2.98%
 2019 2020P 2021P 2022P 2023P

7256.926 7250.354 7802.061 8225.503 8585.366

1838.989 1373.157 1537.983 1823.936 1906.391
1.1% -4.5% 3.5% 3.0% 2.9%

2.29% 0.87% 2.31% 2.50% 2.50%

1.60% 0.00% 1.50% 1.70% 1.80%

4.31% 1.81% 2.84% 3.00% 3.00%

4.50% 2.25% 3.00% 3.50% 4.25%

5.96% 2.92% 2.40% 3.35% 3.92%
1.58% 1.09% -0.43% 0.34% 0.89%
4.59% 2.15% 2.90% 3.40% 4.14%
5.57% 5.06% 4.37% 4.23% 3.83%
1.68% 2.93% 2.27% 2.32% 2.20%
Date Open High Low Close Adj Close Volume Retorno%
3/18/2019 99588 99708 93380 93735 93735 15955500
3/25/2019 93735 95863 91584 95415 95415 24762900 1.8%
4/1/2019 95423 97493 94124 97108 97108 19550800 1.8%
4/8/2019 97110 97610 92516 92875 92875 21981500 -4.5%
4/15/2019 92875 95140 92338 94578 94578 20603300 1.8%
4/22/2019 94578 96563 93721 96236 96236 20789800 1.7%
4/29/2019 96254 97123 95312 96008 96008 15332400 -0.2%
5/6/2019 95992 96312 92750 94258 94258 21290000 -1.8%
5/13/2019 94252 94252 89409 89993 89993 24412600 -4.6%
5/20/2019 90006 95212 89822 93628 93628 21522000 4.0%
5/27/2019 93626 97992 93626 97030 97030 22974700 3.6%
6/3/2019 97036 98326 95686 97821 97821 20383700 0.8%
6/10/2019 97828 99364 96782 98040 98040 28234100 0.2%
6/17/2019 98038 102100 97623 102013 102013 18352900 4.0%
6/24/2019 102018 102617 99421 100967 100967 21277400 -1.0%
7/1/2019 100973 104176 100073 104089 104089 18351500 3.0%
7/8/2019 104090 106650 103903 103906 103906 19909300 -0.2%
7/15/2019 103909 104773 103361 103452 103452 20184900 -0.4%
7/22/2019 103452 104570 102196 102819 102819 23333500 -0.6%
7/29/2019 102817 104056 100950 102674 102674 24745900 -0.1%
8/5/2019 102658 104848 99630 103996 103996 25733400 1.3%
8/12/2019 103946 103946 98200 99806 99806 28262500 -4.1%
8/19/2019 99810 101469 97085 97667 97667 26293200 -2.2%
8/26/2019 97687 101551 95855 101135 101135 26342200 3.5%
9/2/2019 101133 103258 99406 102935 102935 15786400 1.8%
9/9/2019 102937 104699 102231 103501 103501 24874600 0.5%
9/16/2019 103496 106001 102782 104817 104817 26180600 1.3%
9/23/2019 104817 105633 103034 105078 105078 22468700 0.2%
9/30/2019 105077 105178 99826 102551 102551 22372700 -2.4%
10/7/2019 102546 104381 99868 103832 103832 20944900 1.2%
10/14/2019 103834 105891 103438 104729 104729 20257800 0.9%
10/21/2019 104729 108083 104696 107364 107364 24404100 2.5%
10/28/2019 107366 108496 106356 108196 108196 24573300 0.8%
11/4/2019 108196 109672 107127 107629 107629 27840500 -0.5%
11/11/2019 107622 108368 105261 106557 106557 19851500 -1.0%
11/18/2019 106566 108692 105367 108692 108692 19145600 2.0%
11/25/2019 108692 108915 106312 108042 108042 23688200 -0.6%
12/2/2019 108246 111430 108190 111126 111126 24187800 2.8%
12/9/2019 111125 112829 110133 112565 112565 28290500 1.3%
12/16/2019 112565 115171 111896 115121 115121 32043700 2.2%
12/23/2019 115119 117803 114964 116534 116534 11690000 1.2%
12/30/2019 116530 118792 115645 117707 117707 15665100 1.0%
1/6/2020 117707 117707 114952 115503 115503 28071500 -1.9%
1/13/2020 115503 118479 115503 118478 118478 26986100 2.5%
1/20/2020 118478 119593 116906 118376 118376 26045900 -0.1%
1/27/2020 118347 118347 112825 113761 113761 28960500 -4.0%
 2/3/2020 113761 117701 113467 113770 113770 32491900 0.0%
2/10/2020 113771 117581 112134 114381 114381 33385000 0.5%
2/17/2020 114381 116552 112661 113681 113681 24571700 -0.6%
2/24/2020 113647 113647 99951 104172 104172 31835900 -8.7%
3/2/2020 104260 108804 96886 97997 97997 47117300 -6.1%
3/9/2020 97982 97982 68488 82678 82678 67739100 -17.0%
3/16/2020 82565 82565 61691 67069 67069 75842300 -20.9%
3/23/2020 67067 78846 62161 73429 73429 59652600 9.1%
3/30/2020 73431 75511 67802 69538 69538 51218700 -5.4%
4/6/2020 69556 80428 69556 77682 77682 41926900 11.1%
4/13/2020 77682 81668 76405 78990 78990 43349500 1.7%
4/20/2020 78989 81934 72041 75331 75331 46076300 -4.7%
4/27/2020 75334 83598 75327 80506 80506 47120200 6.6%
5/4/2020 80501 81066 77640 80263 80263 52068100 -0.3%
5/11/2020 80263 80723 75697 77557 77557 57140300 -3.4%
Variância IBOV 0.002
Date Open High Low Close Adj Close Volume Retorno%
3/18/2019 20.109101 20.36365 19 19.386351 18.747643 10639200
3/25/2019 19.013651 19.9091 18.46365 19.9091 19.29899 26460720 2.9% Covariância IBOV
4/1/2019 20.09545 20.19545 19.33635 20 19.387104 19228220 0.5% Variância IBOV
4/8/2019 19.9182 19.940901 18.45455 18.8909 18.311993 19889650 -5.7% Beta ação
4/15/2019 19.081801 19.663651 18.32275 19.55455 18.955307 15026000 3.5%
4/22/2019 19.090901 21.5 18.57275 21.022751 20.518822 31132530 7.9%
4/29/2019 21.163651 21.4 20.65 20.65 20.28686 16971300 -1.1%
5/6/2019 20.450001 21.385 20.105 20.700001 20.335984 20642500 0.2%
5/13/2019 20.200001 20.4 19.5 19.700001 19.353565 17974100 -5.0%
5/20/2019 19.58 21.25 19.58 20.5 20.139498 16645300 4.0%
5/27/2019 20.600001 22.225001 20.405001 22.020001 21.632769 23740400 7.2%
6/3/2019 22 22.345 21.040001 22.180001 21.789955 17194600 0.7%
6/10/2019 22 23.455 21.97 22.92 22.516939 21194700 3.3%
6/17/2019 22.92 23.965 22.83 23.49 23.076916 22765100 2.5%
6/24/2019 23.5 23.709999 22.879999 23.58 23.165333 15470900 0.4%
7/1/2019 23.745001 24.290001 23.065001 24.25 23.863632 14707300 3.0%
7/8/2019 24.450001 24.780001 23.65 23.770001 23.391281 16129400 -2.0%
7/15/2019 23.91 24.515 23.555001 23.575001 23.199391 17025500 -0.8%
7/22/2019 23.56 23.845 22.885 23.685 23.307638 19731000 0.5%
7/29/2019 23.75 24.924999 23.25 24.850001 24.454075 37029200 4.8%
8/5/2019 24.440001 25.49 24.01 25.23 24.82802 22495300 1.5%
8/12/2019 24.935 25.23 23.695 24.780001 24.385189 19176000 -1.8%
8/19/2019 24.905001 25.095 23.629999 24.025 23.64222 19692900 -3.1%
8/26/2019 24.07 25.575001 23.270001 25.275 24.872303 21140200 5.1%
9/2/2019 25.475001 25.725001 24.645001 24.985001 24.586924 11023300 -1.2%
9/9/2019 25.020001 25.915001 24.15 24.4 24.011246 20790900 -2.4%
9/16/2019 24.5 25.674999 24.065001 25.049999 24.650887 22495100 2.6%
9/23/2019 25.095 25.34 24.15 25.09 24.690251 12793300 0.2%
9/30/2019 25.17 25.345 23.860001 24.48 24.128275 16361500 -2.3%
10/7/2019 24.290001 25.584999 23.82 25.145001 24.783724 18394400 2.7%
10/14/2019 25 26.290001 24.930001 25.65 25.281466 15219300 2.0%
10/21/2019 25.860001 26.360001 24.504999 25.25 24.887213 27573500 -1.6%
10/28/2019 25.405001 25.834999 24.690001 25.834999 25.463806 18594100 2.3%
11/4/2019 25.745001 25.92 24.34 24.459999 24.108563 21594400 -5.5%
11/11/2019 24.459999 25.850001 24.129999 25.850001 25.478592 18436300 5.5%
11/18/2019 25.75 26.16 25 25.655001 25.286394 15310200 -0.8%
11/25/2019 25.790001 26 24.870001 25.9 25.527874 16199900 1.0%
12/2/2019 26.195 27.135 25.799999 27.08 26.690922 15558100 4.5%
12/9/2019 27.08 27.299999 26.14 27.125 26.735274 17427500 0.2%
12/16/2019 27.22 27.885 26.700001 27.855 27.454785 25938900 2.7%
12/23/2019 27.825001 28.549999 27.725001 28.049999 27.646981 8419400 0.7%
12/30/2019 28.049999 29.100001 27.81 28.549999 28.178616 10337400 1.9%
1/6/2020 28.495001 29 28.084999 28.565001 28.193421 20163600 0.1%
1/13/2020 28.674999 29.610001 28.26 29.610001 29.224829 19671100 3.6%
1/20/2020 29.5 30.450001 29.110001 30.084999 29.693646 17457900 1.6%
1/27/2020 29.75 30.245001 28.465 28.725001 28.35134 22101400 -4.6%
 2/3/2020 28.725001 29.350001 27.610001 27.785 27.423567 42614300 -3.3%
2/10/2020 27.775 28.855 26.97 28.225001 27.857844 23727300 1.6%
2/17/2020 28.32 28.65 27.385 28 27.635771 15004800 -0.8%
2/24/2020 28 28 24.520001 26.65 26.303332 28095600 -4.9%
3/2/2020 26.5 27.48 24 25.39 25.059721 36691900 -4.8%
3/9/2020 24.375 25.5 19.180001 23.39 23.085737 53298600 -8.2%
3/16/2020 19.5 20.645001 13.16 17.205 16.981196 92796500 -30.7%
3/23/2020 16.799999 20.25 14.42 18 17.801474 62041400 4.7%
3/30/2020 18 18.799999 14.605 15.48 15.309267 43844200 -15.1%
4/6/2020 16.350001 19.65 16.25 18.290001 18.088278 48860300 16.7%
4/13/2020 18.049999 19.325001 17.455 18.75 18.543202 70207000 2.5%
4/20/2020 18.245001 21.450001 17.24 18.834999 18.825802 50507400 1.5%
4/27/2020 19.200001 20.715 18.48 19.195 19.185627 39429300 1.9%
5/4/2020 18.495001 19.245001 16.33 16.950001 16.950001 53254500 -12.4%
5/11/2020 16.799999 17.295 15.415 16.709999 16.709999 62617200 -1.4%
0.002 𝛽=𝐶𝑜𝑣(𝑎çã𝑜,𝑖𝑏𝑜𝑣)/(𝑉𝑎𝑟(𝑖𝑏𝑜𝑣))
0.002
1.008
Date Open High Low Close Adj Close Volume Retorno%
3/18/2019 18.855 18.855 17.3162 17.5 16.72671 2736800
3/25/2019 17.2188 18.2288 16.7712 18 17.20462 2838400 2.8% Covariância IBOV
4/1/2019 18.0025 18.415 17.4788 17.75 17.0209 2744000 -1.1% Variância IBOV
4/8/2019 17.82 17.82 16.64 17.125 16.42157 4037600 -3.6% Beta ação
4/15/2019 17.125 17.24 16.2763 16.5 15.82225 3016000 -3.7%
4/22/2019 16.5138 17.2862 16.3475 16.99 16.29212 2746400 2.9%
4/29/2019 17.0825 19.12 16.9862 18.09 17.34694 3338900 6.3%
5/6/2019 18 18.36 17.64 17.8 17.3886 2122800 0.2%
5/13/2019 17.65 17.99 14.63 14.72 14.37979 8830700 -19.0%
5/20/2019 14.76 15.87 14.3 15.1 14.751 3731200 2.5%
5/27/2019 15.15 15.86 14.52 15.6 15.23945 3894800 3.3%
6/3/2019 15.64 15.96 15 15.38 15.02453 1728300 -1.4%
6/10/2019 15.2 16.04 15.09 15.31 14.95615 2625100 -0.5%
6/17/2019 15.17 16.26 15.17 16.16 15.7865 3193600 5.4%
6/24/2019 16.34 16.58 15.9 16.18 15.80604 2026600 0.1%
7/1/2019 16.45 16.5 15.62 16.04 15.70064 5354900 -0.7%
7/8/2019 15.99 17.2 15.75 16.95 16.59139 6450200 5.5%
7/15/2019 17.13 18.48 16.66 18.34 17.95198 5345700 7.9%
7/22/2019 18.45 18.45 17.77 18.45 18.05965 3327400 0.6%
7/29/2019 18.46 19.98 18.3 19.6 19.18532 5414900 6.0%
8/5/2019 19.49 21.81 18.94 21.6 21.14301 5770300 9.7%
8/12/2019 21.4 21.7 19.88 20.46 20.02712 6939300 -5.4%
8/19/2019 20.47 21.14 19.57 19.91 19.48876 4823400 -2.7%
8/26/2019 19.91 21.3 19.17 21.1 20.65358 6115700 5.8%
9/2/2019 21 21.48 20.3 20.4 19.96839 3750700 -3.4%
9/9/2019 20.48 20.6 19.29 19.63 19.21468 3877200 -3.8%
9/16/2019 19.63 20.3 19.27 19.58 19.16574 3494100 -0.3%
9/23/2019 19.57 20.17 19.28 20.16 19.73347 3504700 2.9%
9/30/2019 20.14 20.44 18.56 19.15 18.74484 4950600 -5.1%
10/7/2019 19.13 19.63 18.75 19.63 19.243 2752900 2.6%
10/14/2019 19.46 20.91 19.33 20.73 20.32131 2679100 5.5%
10/21/2019 20.75 21.5 20.09 20.2 19.80176 2211700 -2.6%
10/28/2019 20.54 20.77 19.68 20.65 20.24289 2459800 2.2%
11/4/2019 20.84 21.24 19.61 19.78 19.39004 2935900 -4.3%
11/11/2019 19.61 19.73 18.99 19.61 19.22339 1668300 -0.9%
11/18/2019 19.69 19.95 19.02 19.95 19.55669 3667900 1.7%
11/25/2019 19.95 20.28 19.2 20.28 19.88018 4137700 1.6%
12/2/2019 20.28 20.5 19.34 20.47 20.06644 4829700 0.9%
12/9/2019 20.4 21.37 20.3 21.32 20.89968 3925200 4.1%
12/16/2019 21.32 22.65 21.11 22.52 22.07602 3627000 5.5%
12/23/2019 22.65 24.1 22.54 23.74 23.27197 3530000 5.3%
12/30/2019 24.02 25.33 23.55 25.22 24.72279 3380300 6.0%
1/6/2020 24.92 26.71 24.58 26.71 26.71 5742600 7.7%
1/13/2020 26.71 28.34 26.64 28.26 28.26 4039000 5.6%
1/20/2020 28.26 30 28.14 29.3 29.3 3438900 3.6%
1/27/2020 28.92 30.85 28.27 29.02 29.02 3706500 -1.0%
 2/3/2020 29.02 29.34 27.08 27.55 27.55 5206900 -5.2%
2/10/2020 27.15 28.85 26.32 28.41 28.41 4205800 3.1%
2/17/2020 28.36 30.6 28.28 30.45 30.45 5758800 6.9%
2/24/2020 30.45 30.45 25.37 27.5 27.5 4411200 -10.2%
3/2/2020 27.29 28.92 23.23 23.88 23.88 5855200 -14.1%
3/9/2020 22 24.4 16.31 19.69 19.69 6011300 -19.3%
3/16/2020 17.49 17.49 9.41 13.25 13.25 9320600 -39.6%
3/23/2020 13.25 14.47 10.35 12.06 12.06 11684000 -9.4%
3/30/2020 12.21 12.49 9.37 10.35 10.35 5209200 -15.3%
4/6/2020 10.71 13.01 10.5 12.04 12.04 5041700 15.1%
4/13/2020 11.95 12.98 11.42 11.87 11.87 6196500 -1.4%
4/20/2020 11.75 14.12 10.81 11.51 11.51 7868400 -3.1%
4/27/2020 11.82 13.7 11.36 12.75 12.75 6882500 10.2%
5/4/2020 12.25 12.83 10.67 10.82 10.82 6853900 -16.4%
5/11/2020 10.57 10.91 9.38 10.38 10.38 10337900 -4.2%
0.003
0.002
1.313
Date Open High Low Close Adj Close Volume Retorno%
3/18/2019 6.21 6.26 5.97 6.03 6.03 2472200
3/25/2019 6.02 6.43 5.99 6.43 6.43 3206700 6.4% Covariância IBOV
4/1/2019 6.44 7.75 6.4 7.57 7.57 11611500 16.3% Variância IBOV
4/8/2019 7.54 7.97 7.08 7.77 7.77 8131100 2.6% Beta ação
4/15/2019 7.73 7.89 7.49 7.8 7.8 2883100 0.4%
4/22/2019 7.82 8.33 7.65 8.3 8.3 3142300 6.2%
4/29/2019 8.28 8.38 7.85 7.92 7.92 2922300 -4.7%
5/6/2019 7.8 7.99 6.83 7.13 7.13 3791500 -10.5%
5/13/2019 7 7.08 5.6 5.65 5.65 6257200 -23.3%
5/20/2019 5.64 6.19 5.62 5.86 5.86 4607400 3.6%
5/27/2019 5.86 6.09 5.84 6.01 6.01 2792100 2.5%
6/3/2019 6.03 6.14 5.72 6.02 6.02 2425900 0.2%
6/10/2019 6 6.65 5.86 6.56 6.56 6120300 8.6%
6/17/2019 6.6 6.98 6.32 6.98 6.98 5958200 6.2%
6/24/2019 6.92 7.85 6.81 7.85 7.85 6500500 11.7%
7/1/2019 7.85 7.96 7.42 7.78 7.78 4178300 -0.9%
7/8/2019 7.78 8.22 7.7 7.87 7.87 2674400 1.2%
7/15/2019 7.81 8.34 7.74 8.23 8.23 2792100 4.5%
7/22/2019 8.24 8.24 7.6 7.99 7.99 1818800 -3.0%
7/29/2019 8.01 8.86 8.01 8.58 8.58 3610500 7.1%
8/5/2019 8.4 9.36 8.34 9.31 9.31 4408800 8.2%
8/12/2019 9.3 9.65 8.41 8.82 8.82 2907900 -5.4%
8/19/2019 8.84 9.25 8.07 8.15 8.15 3452500 -7.9%
8/26/2019 8.27 8.71 7.87 8.71 8.71 2923300 6.6%
9/2/2019 8.7 8.91 8.06 8.44 8.44 3233100 -3.1%
9/9/2019 8.45 8.47 7.76 8.46 8.46 2610900 0.2%
9/16/2019 8.46 9.42 8.12 9.07 9.07 4496300 7.0%
9/23/2019 9 9.5 8.51 9.5 9.5 3924900 4.6%
9/30/2019 9.4 9.65 8.81 9.63 9.63 5102500 1.4%
10/7/2019 9.71 10.39 9.55 10.18 10.18 8422000 5.6%
10/14/2019 10.29 11.19 9.87 11 11 8465600 7.7%
10/21/2019 11.01 11.41 10.64 10.64 10.64 5737100 -3.3%
10/28/2019 10.73 11.19 10.38 10.6 10.6 6124700 -0.4%
11/4/2019 10.64 10.98 9.85 9.91 9.91 8145900 -6.7%
11/11/2019 9.91 10.33 9.47 10.09 10.09 5653500 1.8%
11/18/2019 10.15 10.95 9.73 10.95 10.95 7027100 8.2%
11/25/2019 10.97 12.11 10.4 11.45 11.45 9820200 4.5%
12/2/2019 11.59 11.74 10.5 11.11 11.11 17526800 -3.0%
12/9/2019 11.3 11.93 11.03 11.72 11.72 17968200 5.3%
12/16/2019 11.72 12.41 11.35 12.37 12.37 13015100 5.4%
12/23/2019 12.22 13.41 12.17 13.18 13.18 7853500 6.3%
12/30/2019 13.1 13.95 13 13.95 13.95 5832300 5.7%
1/6/2020 13.88 14.64 13.51 14.29 14.29 9694500 2.4%
1/13/2020 14.3 14.43 13.41 13.67 13.67 10304400 -4.4%
1/20/2020 13.76 14.34 13.51 14.19 14.19 22095500 3.7%
1/27/2020 13.9 14 12.77 13.41 13.41 14617900 -5.7%
 2/3/2020 13.41 13.9 12.71 13.07 13.07 8892300 -2.6%
2/10/2020 13 13.73 12.26 13.59 13.59 10327000 3.9%
2/17/2020 13.74 15.35 13.32 15.28 15.28 15138600 11.7%
2/24/2020 15.28 15.28 12.42 13.72 13.72 16960400 -10.8%
3/2/2020 13.88 14.56 11.28 12.02 12.02 18134100 -13.2%
3/9/2020 11 11.55 7.72 9.89 9.89 21689600 -19.5%
3/16/2020 8.1 8.44 3.14 4.94 4.94 41155000 -69.4%
3/23/2020 4.95 7.04 3.65 5.75 5.75 51065300 15.2%
3/30/2020 5.8 6.04 3.47 3.92 3.92 40590000 -38.3%
4/6/2020 4.35 5.22 3.92 5.22 5.22 40226600 28.6%
4/13/2020 5.11 5.84 4.9 5.8 5.8 36856200 10.5%
4/20/2020 5.6 6.88 5.03 5.9 5.9 33845500 1.7%
4/27/2020 6.12 6.63 5.75 6.57 6.57 39809900 10.8%
5/4/2020 6.19 6.5 5.47 5.51 5.51 39397000 -17.6%
5/11/2020 5.44 5.61 4.35 4.79 4.79 39652400 -14.0%
0.005
0.002
2.208
Date Open High Low Close Adj Close Volume Retorno%
3/18/2019 30.56 30.73 28.46 29.03 28.31101 4218400
3/25/2019 29 29.91 27.81 29.89 29.14971 7471400 2.9% Covariância IBOV
4/1/2019 29.98 30.83 29.13 29.44 28.71086 5998200 -1.5% Variância IBOV
4/8/2019 29.52 29.9 28.12 28.45 27.87927 6092600 -2.9% Beta ação
4/15/2019 28.48 29.11 27.34 28.79 28.21245 3888100 1.2%
4/22/2019 28.5 32 28.14 31.55 30.91708 8468400 9.2%
4/29/2019 31.79 32.21 30.92 31.75 31.11307 4628600 0.6%
5/6/2019 31.3 32.83 31.09 32.4 31.75003 4794500 2.0%
5/13/2019 32.02 32.14 27.48 27.83 27.27171 8800900 -15.2%
5/20/2019 28.22 29.79 27.64 28.25 27.80319 6151300 1.9%
5/27/2019 28.33 30.45 27.73 29.39 28.92516 8450500 4.0%
6/3/2019 29.37 30.33 27.67 27.67 27.23237 10699400 -6.0%
6/10/2019 27.85 29.25 27.01 28.04 27.59652 12438800 1.3%
6/17/2019 27.99 28.73 27.06 28.42 27.97051 7311900 1.3%
6/24/2019 28.59 30.5 28.49 29.74 29.26963 9298300 4.5%
7/1/2019 30 30.3 28.63 29.77 29.29916 7791700 0.1%
7/8/2019 29.63 32 29.48 31.16 30.66717 8227100 4.6%
7/15/2019 30.88 32.09 30.4 31.36 30.86401 6432900 0.6%
7/22/2019 31.14 31.64 29.22 30.3 29.82077 5768200 -3.4%
7/29/2019 30.26 36.07 30.06 35.28 34.72201 13671000 15.2%
8/5/2019 34.44 35.97 33.56 34.91 34.35786 13354300 -1.1%
8/12/2019 35.13 35.13 32.6 33 32.77182 6902500 -4.7%
8/19/2019 33 33.85 31.16 31.84 31.61985 8719900 -3.6%
8/26/2019 31.84 33.15 30.59 33.15 32.92079 6570200 4.0%
9/2/2019 33.25 33.68 31.2 32 31.77874 5035700 -3.5%
9/9/2019 32.01 32.59 29.91 32.42 32.19583 7070300 1.3%
9/16/2019 32.4 33.8 31.39 33.63 33.39747 6480100 3.7%
9/23/2019 33.63 34.13 31.93 33.97 33.73512 5411000 1.0%
9/30/2019 33.97 34.95 32.64 34.7 34.58603 10443000 2.5%
10/7/2019 34.63 34.63 32.77 34.15 34.03784 5631400 -1.6%
10/14/2019 34.25 34.31 32.84 33.55 33.4398 4764800 -1.8%
10/21/2019 33.5 33.66 30.5 31.14 31.03772 9244800 -7.5%
10/28/2019 31.39 33.81 30.51 33.36 33.25043 9357300 6.9%
11/4/2019 33.06 34.44 32.7 32.85 32.7421 10543700 -1.5%
11/11/2019 32.84 32.84 31.05 32.26 32.15404 7258700 -1.8%
11/18/2019 32.26 32.37 30.88 32.03 31.9248 6077000 -0.7%
11/25/2019 32.2 32.2 30.27 32.06 31.9547 6010200 0.1%
12/2/2019 32.06 33.62 30.91 33.51 33.39994 7417500 4.4%
12/9/2019 33.6 35 33.07 33.57 33.45974 7628900 0.2%
12/16/2019 33.7 34.4 32.76 34.29 34.17738 10000200 2.1%
12/23/2019 34.5 35.68 33.47 34 34 8184400 -0.5%
12/30/2019 34 35.5 33.16 34.98 34.98 10960500 2.8%
1/6/2020 34.98 34.98 31.39 32.08 32.08 11167600 -8.7%
1/13/2020 31.87 33.4 31.02 31.8 31.8 11956900 -0.9%
1/20/2020 31.8 31.8 26.71 27.28 27.28 34467800 -15.3%
1/27/2020 26.81 27.04 24.78 24.82 24.82 10284600 -9.5%
 2/3/2020 24.85 26.4 24.42 24.68 24.68 10352900 -0.6%
2/10/2020 24.8 25.98 24.33 24.95 24.95 12719500 1.1%
2/17/2020 25.02 25.69 23.61 23.83 23.83 12146900 -4.6%
2/24/2020 23.83 23.83 21.18 22.54 22.54 17108400 -5.6%
3/2/2020 22.76 23.51 20.07 20.95 20.95 13633800 -7.3%
3/9/2020 19.2 20.54 14.69 16.61 16.61 18100000 -23.2%
3/16/2020 14.95 15.2 10.51 13.5 13.5 16281700 -20.7%
3/23/2020 13.56 16.95 10.71 15.65 15.65 21748100 14.8%
3/30/2020 15.77 16.11 12.87 13.29 13.29 11096700 -16.3%
4/6/2020 14.1 15.35 13.31 14.45 14.45 11043500 8.4%
4/13/2020 14.45 15.15 13.46 13.7 13.7 12999200 -5.3%
4/20/2020 13.56 15.81 12.72 13.28 13.28 11732100 -3.1%
4/27/2020 13.69 16.22 13.2 14.96 14.96 15703800 11.9%
5/4/2020 14.3 14.82 12.26 12.45 12.45 10918600 -18.4%
5/11/2020 12.46 12.82 10.72 11.97 11.97 30432000 -3.9%
0.003
0.002
1.096
Date Open High Low Close Adj Close Volume Retorno%
### 32.63 32.64 30.04 30.04 29.55525 34800
### 30.46 33.89 30.02 32 31.48362 18500 6.3% Covariância IBOV
4/1/2019 32.29 32.49 29.04 29.32 28.84687 55800 -8.7% Variância IBOV
4/8/2019 29.4 30 28.8 28.91 28.44348 17800 -1.4% Beta ação
### 28.91 31.05 28.91 29.73 29.25025 14300 2.8%
### 30.44 30.44 28.31 29.4 28.92557 29200 -1.1%
### 29.4 29.95 28.71 29.33 28.8567 15500 -0.2%
5/6/2019 28.81 30.2 28.8 29.16 29.16 18300 1.0%
### 29.16 29.3 26.09 26.09 26.09 24800 -11.1%
### 25.78 26.8 25.18 25.18 25.18 22900 -3.6%
### 25.14 25.74 23.8 24.5 24.5 71200 -2.7%
6/3/2019 24.5 25.22 23.82 25 25 18400 2.0%
### 25.96 26 24.25 24.4 24.4 7700 -2.4%
### 24.7 26.98 24.43 26.3 26.3 12100 7.5%
### 26.29 26.63 24.5 24.5 24.5 66500 -7.1%
7/1/2019 24.63 26.2 24.15 24.5 24.5 268200 0.0%
7/8/2019 24.8 25 24.05 24.05 24.05 69900 -1.9%
### 24.17 24.37 22.61 23.38 23.38 202200 -2.8%
### 23.3 23.74 21.81 21.81 21.81 153200 -7.0%
### 21.81 22 20.5 21.09 21.09 194300 -3.4%
8/5/2019 21.07 25.94 20.65 24.99 24.99 226600 17.0%
### 25 25.55 21.16 22.06 22.06 160100 -12.5%
### 22 22.07 20 20.5 20.5 91900 -7.3%
### 20.51 22.57 20.04 22 22 121100 7.1%
9/2/2019 22.47 22.9 21.3 21.81 21.81 68200 -0.9%
9/9/2019 21.8 21.8 21.15 21.5 21.5 43000 -1.4%
### 21.49 22 21.22 21.7 21.7 69400 0.9%
### 21.7 21.8 21.03 21.15 21.15 47000 -2.6%
### 21.15 21.35 20.6 20.98 20.98 46800 -0.8%
### 20.98 21.01 20.43 20.86 20.86 38500 -0.6%
### 20.98 21 20.66 20.99 20.99 34700 0.6%
### 20.99 21 20.6 20.65 20.65 64300 -1.6%
### 20.84 21 20.46 20.98 20.98 38800 1.6%
### 21 21.6 20.4 20.47 20.47 116200 -2.5%
### 20.87 21.03 20.27 20.39 20.39 52700 -0.4%
### 19.89 19.89 16.36 16.67 16.67 381100 -20.1%
### 16.67 17.06 15.5 15.85 15.85 201200 -5.0%
### 15.88 16.29 15.02 15.98 15.98 233800 0.8%
### 16.07 17.85 15.76 16.81 16.81 341600 5.1%
### 17.19 17.58 15.5 16.02 16.02 982400 -4.8%
### 16.39 17.49 16.39 17.2 17.2 866300 7.1%
### 17.49 17.6 16.41 16.58 16.58 634000 -3.7%
1/6/2020 16.57 17.15 15.8 16.6 16.6 951900 0.1%
### 16.85 20.38 16.46 19.38 19.38 2141200 15.5%
### 19.43 19.99 17.84 18.03 18.03 1088600 -7.2%
### 17.32 17.96 16.85 17 17 797100 -5.9%
2/3/2020 17.01 17.7 16.26 16.44 16.44 691900 -3.3%
### 16.41 16.99 15.5 16.95 16.95 606200 3.1%
### 17 17.3 16.1 16.1 16.1 514500 -5.1%
### 16.1 16.1 14.45 15.18 15.18 341400 -5.9%
3/2/2020 15.22 15.89 13.5 13.69 13.69 285000 -10.3%
3/9/2020 12.97 13.5 8.81 10.6 10.6 396800 -25.6%
### 9.79 9.79 3.61 4.22 4.22 879300 -92.1%
### 4.25 7.63 3.7 7.35 7.35 2568000 55.5%
### 7.49 8.08 4.66 4.88 4.88 1576000 -41.0%
4/6/2020 5.37 6.34 5 5.75 5.75 1098300 16.4%
### 5.7 6.8 5.42 6.36 6.36 954400 10.1%
### 6.19 7 5.7 5.9 5.9 739400 -7.5%
### 6.02 6.6 5.95 6.09 6.09 718700 3.2%
5/4/2020 5.88 6.08 5.17 5.17 5.17 1040500 -16.4%
### 5.2 5.25 4.34 4.38 4.38 805300 -16.6%
0.006
0.002
2.646