Entradas R$ 48,000.00 R$ 48,000.00 R$ 60,000.

00
1 (2017) 2 (2018) 3 (2019)
Investimento (maio 2017) R$ 160,000.00
Retorno R$ 116,000.00

Entradas R$ 270,000.00 R$ 270,000.00 R$ 270,000.00

1 2 3
Investimento R$ 300,000.00 R$ 180,000.00 R$ 180,000.00 R$ 180,000.00
Resultado R$ 90,000.00 R$ 90,000.00 R$ 90,000.00
Retorno R$ 190,000.00

Entradas
1 2 3
Investimento/Saídas R$ 160,000.00 R$ 160,000.00 R$ 160,000.00
Resultado -R$ 160,000.00 -R$ 160,000.00 -R$ 160,000.00
Retorno -R$ 1,730,000.00
Proposta 01 4.55%
Proposta 02 5.06%
Proposta 03 4.48%

A 11.46%
B 9.38%
C 10.07%
R$ 60,000.00 R$ 60,000.00
4 (2020) 5 (2021)

R$ 270,000.00 R$ 310,000.00
4 5
R$ 180,000.00 R$ 180,000.00
R$ 90,000.00 R$ 130,000.00

4 5 6 7 8
R$ 250,000.00 R$ 250,000.00 R$ 250,000.00 R$ 250,000.00 R$ 250,000.00
-R$ 250,000.00 -R$ 250,000.00 -R$ 250,000.00 -R$ 250,000.00 -R$ 250,000.00
 FT= R$ 5,000,000.00
FP= R$ 4,000,000.00
FD= R$ 1,000,000.00
Empréstimo R$ 1,000,000.00 Re= 25%
Taxa 36% aa Rd= 36%
Capital próprio R$ 4,000,000.00 Ta= 8%
Taxa 25% Tb= 24%

A)
alíquota 8% WACC= 26.62%

b)
alíquota 24% WACC= 25.47%

A)
FT= R$ 800,000.00 WACC= 22.25%
FP= R$ 300,000.00
FD= R$ 500,000.00
Re= 15%
Rd= 35%
T 24%

B)
FT= R$ 950,000.00 WACC= 21.11%
FP= R$ 450,000.00
FD= R$ 500,000.00
Re= 15%
Rd= 35%
T 24%

C)
FT= R$ 950,000.00 WACC= 21.72%
FP= R$ 375,000.00
FD1= R$ 500,000.00
Re= 15%
Rd1= 35%
T 24%
FD2= R$ 75,000.00
Rd2= 30%

FP/FT= 57%
FD1/FT= 43% WACC 13.60%
Re = 10.7%
Rf (Ativo livre de risco) = 6%
Rm = 4.2%
Beta (Risco sistemático) = 1.11
Rd1 = 26.5%
T= 34%
 Ativo Retorno esperado Risco (Beta) Retorno mercado Livre de risco
A 22% 1.7 18% 7%
B 20% 1.1 18% 7%
C 18% 0.9 18% 7%

Projeto Beta Ret esper Rf Rm Retorno esperado

A 1.4 18% 6% 15% 18.60%
B 0.9 15% 6% 15% 14.10%
 Beta 0.85 Retorno esperado EUA
Selic 6% 13.65%
Ret mercado 15%
Risco Brasil 2% Retorno esperado Brasil
15.65%
Retorno exigido
25.70%
19.10%
16.90%
 10 0.1
260 x

2.6

1) ANO POUPANÇA (% a.a) IBOVESPA (% a.a) Ri (PET03) (% a.a) Ri (SUM4) (% a.a)

1 16.37% -36.18% -56.38% -3.74%
2 13.78% 164.05% 251.42% 62.66%
3 8.99% -11.56% 36.40% -6.84%
4 9.32% -11.88% 19.87% -2.03%
5 10.01% -18.36% 15.77% 3.94%
6 12.11% 105.08% 62.53% 48.88%
7 8.75% 19.22% 34.67% 34.52%
8 9.95% 29.92% 57.02% 40.22%
9 9.07% 35.53% 40.39% 30.27%
10 8.39% 47.09% 81.65% 37.29%
11 8.53% -45.04% -48.82% -28.16%
12 7.25% -31.02% -23.05% -12.52%

Calculando o Beta
Empresa Beta Comentários
PET03 1.17 O risco está alto e o ativo está agressivo.
SUM4 0.42 O ativo gera retorno abaixo do mercado, porém, é menos agressivo.

2) Calcular o custo do capital próprio dos ativos PTE03 e SUM4 pelo modelo CAPM

E(Ri) Empresa CAPM

Rf 10.21% PET03 0.2234
Beta SUM4 0.1453
Rm 20.57%
Sp

3 e 4) Calcular o custo do capital próprio da empresa Constu+ e BinkQ pelo CAPM

Empresa Beta Alavancado Debt/Equity T Beta desalavancado

CC 0.68 1.18 34% 0.3823
QG 0.81 0.78 34% 0.5347
LM 0.7 0.75 34% 0.4682
Rf 10.21% Empresa CAPM
Média Beta Desalavancado 0.4617 Constru+ 0.1499
Rm 20.57%
Sp -
FP 40%
FD 60%
FT 100%
BinkQ Empresa CAPM
Rf 5.78% BinkQ 0.0841
Beta 1.04%
Rm 8.99%
Sp 2.6%
 Ri (PET03) (% a.a) Ri (SUM4)
300.00% 80.00%
250.00% f(x) = 0.41686632722
60.00%
200.00%
f(x) = 1.1703354439158 x + 0.15214391305782 40.00%
150.00%
100.00% 20.00%
50.00%
0.00%
0.00%
-20.00%
-50.00%
-100.00% -40.00%
-100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% -100.00% -50.00% 0.00% 50.0
 Ri (SUM4) (% a.a)

(x) = 0.416866327221735 x + 0.0846554559377623

0.00% 50.00% 100.00% 150.00% 200.00%