Fluxo de caixa para projetos A e B

Fim do ano Projeto A Projeto B

0 -20,000 -35,000
1 10,000 5,000
2 5,000 10,000
3 5,000 10,000
4 5,000 10,000
5 5,000 20,000
6 5,000 40,000

Qual é o projeto que recupera o capital investido em menor tempo?

Fim do ano Projeto A Projeto B
0 -20,000 -20,000 -35000 -35,000
1 10,000 -10,000 5,000 -30,000
2 5,000 -5,000 10,000 -20,000
3 5,000 0 10,000 -10,000
4 5,000 5,000 10,000 0
5 5,000 10,000 20,000 20,000
6 5,000 15,000 40,000 60,000

Se o objetivo é recuperar o capital no menor prazo possível: PROJETO "A" É PREFERÍVEL

PROBLEMAS: 1. Não considera o valor do dinheiro no tempo

2. Ignora variações do fluxo após o período de recuperação do capital
3. Tem ênfase no curto prazo

Calcular o fluxo de caixa acumulado a valor presente, TMA = 10% aa

Fim do ano Projeto A Projeto B

0 -20,000 -20,000 -35000 -35,000
1 10,000 9,091 -10,909 5,000 -30,455
2 5,000 4,132 -6,777 10,000 -22,190
3 5,000 3,757 -3,020 10,000 -14,677
4 5,000 3,415 395 10,000 -7,847
5 5,000 3,105 3,499 20,000 4,572
6 5,000 2,822 6,322 40,000 27,151
VPL 6,322 6,322 27,151
Se o objetivo é recuperar o capital no menor prazo possível:
PROJETO "A" AINDA É PREFERÍVEL
22%

Qual é o melhor projeto, considerando um prazo mais longo? Em 6 anos?

70,000

Incremental 60,000
Fim do ano B-A
50,000
0 -15,000
1 -5,000 40,000

2 5,000 30,000
3 5,000
20,000
4 5,000
5 15,000 10,000

6 35,000 0
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24%
-10,000

-20,000
 40,000

30,000

20,000

10,000

0
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24%
TIR B-A 29% > TMA 10% -10,000

-20,000
Descartar A
Em 6 anos, o PROJETO "B" É PREFERÍVEL
Períodos X Y
0 -100,000.00 -100,000.00
1 31,500.00 41,300.00
2 31,500.00 41,300.00
3 31,500.00 41,300.00
4 31,500.00 41,300.00
5 31,500.00 41,300.00
Soma

i VPLx VPLy
0.0% 57,500.00 106,500.00 120,000.00
0.5% 55,164.79 103,438.28 100,000.00
1.0% 52,883.08 100,446.71
1.5% 50,653.32 97,523.24 80,000.00

2.0% 48,473.97 94,665.88 60,000.00

VPL
2.5% 46,343.60 91,872.72
40,000.00
3.0% 44,260.78 89,141.91
3.5% 42,224.15 86,471.66 20,000.00
4.0% 40,232.40 83,860.26
0.00
4.5% 38,284.27 81,306.04
0 % 0% 0 % 0 % 0 % 0 % 0 % 0 % 0 %
5.0% 36,378.52 78,807.39 0 . 3 . 6 . 9 . 1 2. 1 5 . 1 8 . 2 1 . 2 4 . 2 7
-20,000.00
5.5% 34,513.96 76,362.75
-40,000.00
6.0% 32,689.46 73,970.62
6.5% 30,903.90 71,629.56 -60,000.00
7.0% 29,156.22 69,338.15
7.5% 27,445.37 67,095.05 VP

8.0% 25,770.37 64,898.92

8.5% 24,130.23 62,748.52
9.0% 22,524.01 60,642.60
9.5% 20,950.83 58,579.97
10.0% 19,409.78 56,559.49
10.5% 17,900.03 54,580.04
11.0% 16,420.76 52,640.55
11.5% 14,971.15 50,739.96
12.0% 13,550.45 48,877.26
12.5% 12,157.90 47,051.47
13.0% 10,792.78 45,261.65
13.5% 9,454.39 43,506.87
14.0% 8,142.05 41,786.24
14.5% 6,855.09 40,098.90
15.0% 5,592.89 38,444.01
15.5% 4,354.80 36,820.74
16.0% 3,140.25 35,228.33
16.5% 1,948.64 33,665.99
17.0% 779.40 32,133.00
17.5% -368.00 30,628.62
18.0% -1,494.11 29,152.16
18.5% -2,599.45 27,702.95
19.0% -3,684.50 26,280.32
19.5% -4,749.77 24,883.64
20.0% -5,795.72 23,512.28
20.5% -6,822.81 22,165.65
21.0% -7,831.49 20,843.15
21.5% -8,822.20 19,544.23
22.0% -9,795.35 18,268.32
22.5% -10,751.35 17,014.90
23.0% -11,690.60 15,783.43
23.5% -12,613.49 14,573.42
24.0% -13,520.39 13,384.38
24.5% -14,411.67 12,215.81
25.0% -15,287.68 11,067.26
25.5% -16,148.77 9,938.28
26.0% -16,995.27 8,828.42
26.5% -17,827.51 7,737.26
27.0% -18,645.81 6,664.38
27.5% -19,450.48 5,609.38
28.0% -20,241.81 4,571.85
28.5% -21,020.10 3,551.42
29.0% -21,785.64 2,547.72
29.5% -22,538.70 1,560.37
30.0% -23,279.55 589.03
30.5% -24,008.46 -366.65
31.0% -24,725.68 -1,307.00
31.5% -25,431.46 -2,232.35
32.0% -26,126.04 -3,143.03
32.5% -26,809.66 -4,039.33
33.0% -27,482.55 -4,921.56
33.5% -28,144.93 -5,790.02
34.0% -28,797.03 -6,645.00
34.5% -29,439.06 -7,486.76
35.0% -30,071.22 -8,315.59
35.5% -30,693.71 -9,131.75
36.0% -31,306.74 -9,935.50
36.5% -31,910.50 -10,727.09
37.0% -32,505.17 -11,506.77
37.5% -33,090.93 -12,274.78
38.0% -33,667.98 -13,031.35
38.5% -34,236.47 -13,776.71
39.0% -34,796.59 -14,511.08
39.5% -35,348.49 -15,234.68
40.0% -35,892.34 -15,947.73
40.5% -36,428.29 -16,650.43
41.0% -36,956.51 -17,342.97
41.5% -37,477.13 -18,025.57
42.0% -37,990.31 -18,698.41
42.5% -38,496.19 -19,361.67
43.0% -38,994.91 -20,015.55
43.5% -39,486.61 -20,660.23
44.0% -39,971.42 -21,295.86
44.5% -40,449.47 -21,922.64
45.0% -40,920.89 -22,540.72
45.5% -41,385.80 -23,150.27
46.0% -41,844.32 -23,751.45
46.5% -42,296.58 -24,344.40
47.0% -42,742.68 -24,929.30
47.5% -43,182.75 -25,506.27
48.0% -43,616.89 -26,075.48
48.5% -44,045.21 -26,637.05
49.0% -44,467.81 -27,191.13
49.5% -44,884.81 -27,737.86
50.0% -45,296.30 -28,277.37
50.5% -45,702.37 -28,809.78
51.0% -46,103.14 -29,335.22
51.5% -46,498.68 -29,853.83
52.0% -46,889.10 -30,365.71
52.5% -47,274.48 -30,870.99
53.0% -47,654.92 -31,369.78
53.5% -48,030.49 -31,862.20
54.0% -48,401.29 -32,348.36
54.5% -48,767.39 -32,828.36
55.0% -49,128.89 -33,302.32
55.5% -49,485.84 -33,770.33
56.0% -49,838.35 -34,232.50
56.5% -50,186.47 -34,688.93
 0% 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 %
3 . 6 . 9 . 1 2. 1 5 . 1 8 . 2 1 . 2 4 . 2 7 . 30 . 3 3 . 3 6 . 3 9 . 4 2 . 4 5 . 4 8. 5 1 . 5 4 .

VPLx VPLy

TIRx TIRy
17.3% 30.3%
Períodos X Y
0 -100,000.00 -135,000.00 1. Faça X0=Y0
1 31,500.00 41,300.00 2. Faça X1a5=Y1aY5
2 31,500.00 41,300.00
3 31,500.00 41,300.00 Usar a TIR para fazer análise i
4 31,500.00 41,300.00
5 31,500.00 41,300.00

i VPLx VPLy
5.5% 34,513.96 41,362.75 50,000.00

6.0% 32,689.46 38,970.62

6.5% 30,903.90 36,629.56 40,000.00
7.0% 29,156.22 34,338.15
7.5% 27,445.37 32,095.05
30,000.00
8.0% 25,770.37 29,898.92
8.5% 24,130.23 27,748.52
9.0% 22,524.01 25,642.60 VPL
20,000.00
9.5% 20,950.83 23,579.97
10.0% 19,409.78 21,559.49
10,000.00
10.5% 17,900.03 19,580.04
11.0% 16,420.76 17,640.55
11.5% 14,971.15 15,739.96 0.00

12.0% 13,550.45 13,877.26 5% .5% .5% .5% .5% .5%

5. 6 7 8 9 10 11
12.5% 12,157.90 12,051.47 -10,000.00
13.0% 10,792.78 10,261.65
13.5% 9,454.39 8,506.87
-20,000.00
14.0% 8,142.05 6,786.24
14.5% 6,855.09 5,098.90 V
15.0% 5,592.89 3,444.01
15.5% 4,354.80 1,820.74
16.0% 3,140.25 228.33
16.5% 1,948.64 -1,334.01
17.0% 779.40 -2,867.00
17.5% -368.00 -4,371.38
18.0% -1,494.11 -5,847.84
18.5% -2,599.45 -7,297.05
19.0% -3,684.50 -8,719.68
1. Faça X0=Y0
2. Faça X1a5=Y1aY5

Usar a TIR para fazer análise incremental

0.00

0.00

0.00

0.00

0.00

0.00

5% .5% .5% .5% .5% .5% .5% .5% .5% .5% .5% .5% .5% .5%
5. 6 7 8 9 10 11 12 13 14 15 16 17 18
0.00

0.00 i

VPLx VPLy

TIRy TIRx
16.07% 17.34%
 Empresa do setor de alimentos: alternativas de projetos log

Fluxos de caixa para implantação de Centros de Distribuição

Cidade A Cidade B Cidade C
Invest Inicial 125,000 85,000 105,000
Reduçao anual de
custo em 10 anos 21,000 15,500 19,000
Valor Residual 35,000 20,000 20,000

Ano Cidade A Cidade B Cidade C

0 -125,000 -85,000 -105,000
1 21,000 15,500 19,000
2 21,000 15,500 19,000
3 21,000 15,500 19,000
4 21,000 15,500 19,000
5 21,000 15,500 19,000
6 21,000 15,500 19,000
7 21,000 15,500 19,000
8 21,000 15,500 19,000
9 21,000 15,500 19,000
10 56,000 35,500 39,000
Vpl tma 12% 4,924 9,018 8,794
Vpl tma 6% 49,106 40,249 46,010
TIR 12.9% 14.3% 13.9%

Comparando vários projetos utiliza

Análise de fluxos de caixa incrementais

Procedimentos:

1. Classificar as alternativas ordenando pelo investimen

 2. Selecionar uma "alternativa correntemente aceitável"
Aquela com menor investimento e TIR >=

3. Comparar a "alternativa correntemente aceitável" com

Obter as diferenças e verificar a TIR
Descartar a "desafiante" se TIR <= TMA
Se TIR >= TMA, esta é a nova "alternativ

4. Repetir o procedimento 3 até esgotarem-se as altern

TMA Cidade A Cidade B Cidade C

0% 120,000 90,000 105,000
1% 105,582 79,911 93,061
2% 92,346 70,637 82,076
3% 80,178 62,100 71,956
4% 68,974 54,230 62,618
5% 58,643 46,965 53,991
6% 49,106 40,249 46,010
7% 40,287 34,032 38,615
8% 32,123 28,270 31,755
9% 24,555 22,922 25,384
10% 17,530 17,952 19,458
11% 11,000 13,327 13,939
12% 4,924 9,018 8,794
13% -738 4,999 3,990
14% -6,021 1,245 -499
15% -10,954 -2,265 -4,700
16% -15,568 -5,551 -8,635
17% -19,888 -8,631 -12,326
18% -23,937 -11,520 -15,791
19% -27,736 -14,234 -19,048
20% -31,305 -16,787 -22,113
21% -34,662 -19,189 -25,000
22% -37,822 -21,453 -27,722
23% -40,799 -23,588 -30,291
24% -43,609 -25,604 -32,718
25% -46,261 -27,510 -35,013
as de projetos logísticos

de Distribuição
140,000
Cidade D
60,000
120,000

9,000 100,000
20,000
80,000
Cidade D
-60,000 60,000
9,000
9,000
40,000
9,000
9,000
20,000
9,000
9,000
9,000 0
0%

2%

7%
1%

3%
4%
5%
6%

8%
9%
10%
11%
9,000
9,000 -20,000
29,000
-2,709 -40,000
17,409 Cidade A Cidade
11.0% -60,000

projetos utilizando a TIR

nando pelo investimento inicial (em ordem crescente)

rentemente aceitável":
nvestimento e TIR >= TMA

emente aceitável" com a "desafiante"

e verificar a TIR
ante" se TIR <= TMA
a é a nova "alternativa correntemente aceitável".

sgotarem-se as alternativas.

Cidade D
50,000
43,347
37,250
31,654
26,509
21,774
17,409
13,379
9,655
6,207
3,012
47
-2,709
-5,272
-7,660
-9,887
-11,967
-13,912
-15,732
-17,438
-19,038
-20,540
-21,953
-23,283
-24,536
-25,718
 3%
4%
5%
6%
7%

Cidade A
8%
9%
10%
11%
12%

Cidade B
13%
14%
15%
16%

Cidade C
17%
18%
19%
20%
21%

Cidade D
22%
23%
24%
25%
 TMA = 6%
Primeiro Passo: ordenar em ordem crescente de investimento inicial
Ano Cidade D Cidade B Cidade C Cidade A
0 -60,000 -85,000 -105,000 -125,000
1 9,000 15,500 19,000 21,000
2 9,000 15,500 19,000 21,000
3 9,000 15,500 19,000 21,000
4 9,000 15,500 19,000 21,000
5 9,000 15,500 19,000 21,000
6 9,000 15,500 19,000 21,000
7 9,000 15,500 19,000 21,000
8 9,000 15,500 19,000 21,000
9 9,000 15,500 19,000 21,000
10 29,000 35,500 39,000 56,000
TIR 11.0% 14.3% 13.9% 12.9%
Vpl tma 6% 17,409 40,249 46,010 49,106
Segundo Passo: verificar se alternativa de menor investimento é economicamente

TIR-D 11% > TMA 6%

Terceiro passo: comparar D com a desafiante B por meio de análise incremental

Cidade D Cidade B Fluxo Incremental (B-D

0 -60,000 -85,000 -25,000
1 9,000 15,500 6,500
2 9,000 15,500 6,500
3 9,000 15,500 6,500
4 9,000 15,500 6,500
5 9,000 15,500 6,500
 6 9,000 15,500 6,500
7 9,000 15,500 6,500
8 9,000 15,500 6,500
9 9,000 15,500 6,500
10 29,000 35,500 6,500
TIR 11.0% 14.3% 22.6%

TIR B-D 22.6% > TMA 6%

Descartar cidade D
Cidade B é a "alternativa correntemente viável"

Quarto passo: repetir o procedimento 3 até esgotarem-se as alterna

Comparar B com desafiante C

Fluxo
Incremental
Cidade B Cidade C (C-B)
0 -85,000 -105,000 -20,000
1 15,500 19,000 3,500
2 15,500 19,000 3,500
3 15,500 19,000 3,500
4 15,500 19,000 3,500
5 15,500 19,000 3,500
6 15,500 19,000 3,500
7 15,500 19,000 3,500
8 15,500 19,000 3,500
9 15,500 19,000 3,500
10 35,500 39,000 3,500
TIR 14.3% 13.9% 11.7%

46,009.55
TIR C-B 11.7% > TMA 6%

Descartar cidade B
Cidade C é a "alternativa correntemente viável"
Comparar C com desafiante A

Fluxo
Incremental
Cidade C Cidade A (A-C)
0 -105,000 -125,000 -20,000
1 19,000 21,000 2,000
2 19,000 21,000 2,000
3 19,000 21,000 2,000
4 19,000 21,000 2,000
5 19,000 21,000 2,000
6 19,000 21,000 2,000
7 19,000 21,000 2,000
8 19,000 21,000 2,000
9 19,000 21,000 2,000
10 39,000 56,000 17,000
TIR 13.9% 12.9% 8.3%

TIR A-C 8.3% > TMA 6%

Descartar cidade C
Cidade A é a "alternativa correntemente viável"
MELHOR ALTERNATIVA É A CIDADE A
 i VPL D
TMA = 6% 0.000 50,000.00
0.06 0.005 46,600.67
0.010 43,347.48
0.015 40,233.01
0.020 37,250.23
0.025 34,392.54
0.030 31,653.70
0.035 29,027.82
0.040 26,509.35
0.045 24,093.02
0.050 21,773.88
0.055 19,547.24
0.060 17,408.68
nomicamente viável 0.065 15,353.99
0.070 13,379.22
Cidade D é viável 0.075 11,480.61
0.080 9,654.60
0.085 7,897.84
0.090 6,207.14
0.095 4,579.47
0.100 3,011.97
0.105 1,501.93
0.110 46.78
emental 0.115 -1,355.94
0.120 -2,708.53
cremental (B-D) 0.125 -4,013.20
-25,000 0.130 -5,272.04
6,500 0.135 -6,487.04
6,500 0.140 -7,660.08
6,500 0.145 -8,792.96
6,500 0.150 -9,887.39
6,500 0.155 -10,944.98
6,500 0.160 -11,967.28
6,500 0.165 -12,955.76
6,500 0.170 -13,911.82
6,500 0.175 -14,836.79
6,500 0.180 -15,731.93
22.6% 0.185 -16,598.47

Investimento incremental é viável

-se as alternativas.

Cidade D
Ano (descartada) Cidade B Cidade C Cidade A
0 -60,000 -85,000 -105,000 -125,000
1 9,000 15,500 19,000 21,000
2 9,000 15,500 19,000 21,000
3 9,000 15,500 19,000 21,000
4 9,000 15,500 19,000 21,000
5 9,000 15,500 19,000 21,000
6 9,000 15,500 19,000 21,000
7 9,000 15,500 19,000 21,000
8 9,000 15,500 19,000 21,000
9 9,000 15,500 19,000 21,000
10 29,000 35,500 39,000 56,000

Investimento incremental é viável

 Cidade D Cidade B
Ano (descartada) (descartada) Cidade C Cidade A
0 -60,000 -85,000 -105,000 -125,000
1 9,000 15,500 19,000 21,000
2 9,000 15,500 19,000 21,000
3 9,000 15,500 19,000 21,000
4 9,000 15,500 19,000 21,000
5 9,000 15,500 19,000 21,000
6 9,000 15,500 19,000 21,000
7 9,000 15,500 19,000 21,000
8 9,000 15,500 19,000 21,000
9 9,000 15,500 19,000 21,000
10 29,000 35,500 39,000 56,000

Investimento incremental é viável

Cidade D Cidade B Cidade C

Ano (descartada) (descartada) (descartada) Cidade A
0 -60,000 -85,000 -105,000 -125,000
1 9,000 15,500 19,000 21,000
2 9,000 15,500 19,000 21,000
3 9,000 15,500 19,000 21,000
4 9,000 15,500 19,000 21,000
5 9,000 15,500 19,000 21,000
6 9,000 15,500 19,000 21,000
7 9,000 15,500 19,000 21,000
8 9,000 15,500 19,000 21,000
9 9,000 15,500 19,000 21,000
10 29,000 35,500 39,000 56,000
VPL B VPL C VPL A
90,000.00 105,000.00 120,000.00
84,848.34 98,904.78 112,635.83
79,910.96 93,060.53 105,582.44
75,177.21 87,454.85 98,824.23
140,000.00
70,637.03 82,076.08 92,346.48
66,280.96 76,913.18 86,135.29
62,100.02 71,955.73 80,177.55 120,000.00

58,085.76 67,193.88 74,460.87

54,230.17 62,618.30 68,973.56 100,000.00
50,525.69 58,220.20 63,704.55
46,965.16 53,991.23 58,643.40 80,000.00
43,541.81 49,923.50 53,780.21
40,249.24 46,009.55 49,105.65 60,000.00
37,081.39 42,242.29 44,610.85
34,032.50 38,615.04 40,287.44
40,000.00
31,097.13 35,121.42 36,127.49
28,270.13 31,755.42 32,123.48
20,000.00
25,546.60 28,511.32 28,268.30
22,921.91 25,383.71 24,555.19
20,391.65 22,367.45 20,977.76 0.00
17,951.66 19,457.64 17,529.92 0 0 0 0 0 0 0 0 0 0 0 0
00 .01 .02 .03 .04 .05 .06 .07 .08 .09 .10 .11
0. 0 0 0 0 0 0 0 0 0 0 0
15,597.95 16,649.66 14,205.94 -20,000.00
13,326.79 13,939.10 11,000.33
11,134.57 11,321.77 7,907.91 VPL D VPL B VP
-40,000.00
9,017.92 8,793.70 4,923.75
6,973.60 6,351.11 2,043.16
4,998.54 3,990.39 -738.29
3,089.82 1,708.13 -3,424.85
1,244.67 -498.93 -6,020.54
-539.56 -2,633.89 -8,529.17
-2,265.39 -4,699.70 -10,954.39
-3,935.21 -6,699.18 -13,299.67
 -5,551.30 -8,635.01 -15,568.30
-7,115.84 -10,509.73 -17,763.41
-8,630.90 -12,325.78 -19,888.02
-10,098.45 -14,085.49 -21,944.95
-11,520.37 -15,791.07 -23,936.93
-12,898.47 -17,444.63 -25,866.55
 60 7 0 8 0 90 0 0 1 0 20 30 4 0 50 60 70 80
.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

VPL D VPL B VPL C VPL A

TMA = 12%
Ano Cidade D Cidade B Cidade C Cidade A
0 -60,000 -85,000 -105,000 -125,000
1 9,000 15,500 19,000 21,000
2 9,000 15,500 19,000 21,000
3 9,000 15,500 19,000 21,000
4 9,000 15,500 19,000 21,000
5 9,000 15,500 19,000 21,000
6 9,000 15,500 19,000 21,000
7 9,000 15,500 19,000 21,000
8 9,000 15,500 19,000 21,000
9 9,000 15,500 19,000 21,000
10 29,000 35,500 39,000 56,000
TIR 11.0% 14.3% 13.9% 12.9%
Vpl tma 12% -2,709 9,018 8,794 4,924
Segundo Passo: verificar se alternativa de menor investimento é economicament

TIR-D 11% < TMA

Verificar se investimento na Cidade B é viável

TIR-B 14% > TMA

Cidade B passa a ser a "alternativa correntemente viável"

Terceiro passo: comparar B com a desafiante C por meio de análise incremental

Fluxo
Incremental
Cidade B Cidade C (C-B)
0 -85,000 -105,000 -20,000
1 15,500 19,000 3,500
2 15,500 19,000 3,500
3 15,500 19,000 3,500
4 15,500 19,000 3,500
5 15,500 19,000 3,500
 6 15,500 19,000 3,500
7 15,500 19,000 3,500
8 15,500 19,000 3,500
9 15,500 19,000 3,500
10 35,500 39,000 3,500
TIR 14.3% 13.9% 11.7%

TIR C-B 11.7% < TMA

Descartar cidade C
Cidade B continua a ser a "alternativa correntemente viável"

Quarto passo: repetir o procedimento 3 até esgotarem-se as alternativas.

Comparar B com desafiante A

Fluxo
Incremental
Cidade B Cidade A (A-B)
0 -85,000 -125,000 -40,000
1 15,500 21,000 5,500
2 15,500 21,000 5,500
3 15,500 21,000 5,500
4 15,500 21,000 5,500
5 15,500 21,000 5,500
6 15,500 21,000 5,500
7 15,500 21,000 5,500
8 15,500 21,000 5,500
9 15,500 21,000 5,500
10 35,500 56,000 20,500
TIR 14.3% 12.9% 9.8%

TIR A-B 10% < TMA

Descartar cidade A
MELHOR ALTERNATIVA É A CIDADE B
 i VPL D
TMA = 12% 0.000 50,000.00
0.12 0.005 46,600.67
0.010 43,347.48
TESTE TMA 5% 0.015 40,233.01
0.020 37,250.23
0.025 34,392.54
0.030 31,653.70
0.035 29,027.82
0.040 26,509.35
0.045 24,093.02
0.050 21,773.88
0.055 19,547.24
0.060 17,408.68
é economicamente viável 0.065 15,353.99
0.070 13,379.22
12% Descartar Cidade D 0.075 11,480.61
0.080 9,654.60
0.085 7,897.84
0.090 6,207.14
12% Cidade B é viável 0.095 4,579.47
0.100 3,011.97
te viável" 0.105 1,501.93
0.110 46.78
nálise incremental 0.115 -1,355.94
0.120 -2,708.53

0.125 -4,013.20
0.130 -5,272.04
0.135 -6,487.04
0.140 -7,660.08
0.145 -8,792.96
0.150 -9,887.39
0.155 -10,944.98
 0.160 -11,967.28
0.165 -12,955.76
0.170 -13,911.82
0.175 -14,836.79
0.180 -15,731.93
0.185 -16,598.47

12% Investimento incremental NÃO é viável

ente viável"

ternativas.

12% Investimento incremental NÃO é viável

VPL B VPL C VPL A
90,000.00 105,000.00 120,000.00
84,848.34 98,904.78 112,635.83
79,910.96 93,060.53 105,582.44
75,177.21 87,454.85 98,824.23
140,000.00
70,637.03 82,076.08 92,346.48
66,280.96 76,913.18 86,135.29
62,100.02 71,955.73 80,177.55 120,000.00

58,085.76 67,193.88 74,460.87

54,230.17 62,618.30 68,973.56 100,000.00
50,525.69 58,220.20 63,704.55
46,965.16 53,991.23 58,643.40 80,000.00
43,541.81 49,923.50 53,780.21
40,249.24 46,009.55 49,105.65 60,000.00
37,081.39 42,242.29 44,610.85
34,032.50 38,615.04 40,287.44
40,000.00
31,097.13 35,121.42 36,127.49
28,270.13 31,755.42 32,123.48
20,000.00
25,546.60 28,511.32 28,268.30
22,921.91 25,383.71 24,555.19
20,391.65 22,367.45 20,977.76 0.00
17,951.66 19,457.64 17,529.92 0 0 0 0 0 0 0 0 0
00 .01 .02 .03 .04 .05 .06 .07 .08 .09
0. 0 0 0 0 0 0 0 0 0
15,597.95 16,649.66 14,205.94 -20,000.00
13,326.79 13,939.10 11,000.33
11,134.57 11,321.77 7,907.91 VPL D VPL B
-40,000.00
9,017.92 8,793.70 4,923.75

6,973.60 6,351.11 2,043.16

4,998.54 3,990.39 -738.29
3,089.82 1,708.13 -3,424.85
1,244.67 -498.93 -6,020.54
-539.56 -2,633.89 -8,529.17
-2,265.39 -4,699.70 -10,954.39
-3,935.21 -6,699.18 -13,299.67
 -5,551.30 -8,635.01 -15,568.30
-7,115.84 -10,509.73 -17,763.41
-8,630.90 -12,325.78 -19,888.02
-10,098.45 -14,085.49 -21,944.95
-11,520.37 -15,791.07 -23,936.93
-12,898.47 -17,444.63 -25,866.55
 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
03 .04 .05 .06 .07 .08 .09 .10 .11 .12 .13 .14 .15 .16 .17 .18
0. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

VPL D VPL B VPL C VPL A

 Alternativas com vidas diferentes
Duas alternativas de investimento oferecem o mesmo serviço: dois equipamentos
Tempo de vida diferente
Serviços não podem cessar
Qual é a altenativa de menor custo?
TMA = 7%

Fim do ano A1 A2 A2-A1

0 -15,000 -20,000 -5,000
1 -7,000 -2,000 5,000
2 -7,000 -2,000 5,000
3 -7,000 -2,000 5,000
4 -7,000 7,000
5 -7,000 7,000
VPL -43,701 -25,249 ERRADO, NÃO FAÇA ISSO
TIR incremental? 101% ERRADO, NÃO FAÇA ISSO

Igualar o horizonte de planejamento: utilizar o mínimo múltiplo comum dos tempos de vida
Fim do ano A1 A1 A2 A2
0 -15,000 -15,000 -20,000 -20,000
1 -7,000 -7,000 -2,000 -2,000
2 -7,000 -7,000 -2,000 -2,000
3 -7,000 -7,000 -2.000 - 20.000 -22,000
4 -7,000 -7,000 -2,000 -2,000
5 -7.000 - 15.000 -22,000 -2,000 -2,000
6 -7,000 -7,000 -2.000 - 20.000 -22,000
7 -7,000 -7,000 -2,000 -2,000
8 -7,000 -7,000 -2,000 -2,000
9 -7,000 -7,000 -2.000 - 20.000 -22,000
10 -7.000 - 15.000 -22,000 -2,000 -2,000
11 -7,000 -7,000 -2,000 -2,000
12 -7,000 -7,000 -2.000 - 20.000 -22,000
13 -7,000 -7,000 -2,000 -2,000
14 -7,000 -7,000 -2,000 -2,000
15 -7,000 -7,000 -2,000 -2,000
VPL A1 (7%) -97,075.43
VPL A2 (7%) -87,627.54 Preferível

Método do Valor Anual Equivalente (Custo Anual Equivalente)

Encontrar o custo anual equivalente
 CAEa2 < CAEa1 Alternativa 2 é preferível

Ou

Alternativa 1

Encontrar o VPL do Fluxo para 5 anos

VPL 5 anos (7%)= -43701.38 -43,701
Encontrar o CAE desse VPL = 10658.36

ou

Encontrar o CAE de -15.000 para 5 anos

VAE de -15.000 para 5 anos = -3658.36
Somar com a série uniforme de -7.000 = -7000.00
CAE = 10658.36

Alternativa 2

Encontrar o VPL do Fluxo para 3 anos

VPL 3 anos (7%) = -25248.63 -25,249
Encontrar co CAE desse VPL 9621.03

ou

Encontrar o CAE de -20.000 para 3 anos

VAE de -20.000 para 3 anos (7%) = -7621.03
Somar com a série uniformede -2.000 = -2000.00
CAE = 9621.03
 FLUXOS COM INVERSÃO

Exemplo
Novo depósito de produtos acabados em região de melhor localização
Aluguel de galpão por 15 anos
Valor do aluguel: R$ 120.000 por ano
Reforma estimada após 5 anos: R$ 300.000
Redução anual de custo prevista: R$ 144.000
24.000 = 144.000 - 120.0

300,000

300,000

Ano Fluxo TMA VPL

0 0% 60,000
1 24000 5% 14,054
70,000
2 24000 10% -3,730
3 24000 15% -8,816 60,000
4 24000 20% -8,352 50,000
5 -276000 25% -5,682
6 24000 30% -2,362 40,000
7 24000 35% 907 30,000
8 24000 40% 3,834
20,000
9 24000 45% 6,327 TIR 1
10 24000 50% 8,384 10,000
11 24000 55% 10,043 0
12 24000 60% 11,355 0% 5% 10% 15% 20%
-10,000
13 24000 65% 12,373
14 24000 70% 13,145 -20,000
15 24000 75% 13,715

Guess TIR
TIR 0 - 8.42%
TIR 1 9.00% 8.42%
TIR 2 33.00% 33.57%
M INVERSÃO

o
r localização

24.000 = 144.000 - 120.000

VPL

TIR 1 TIR 2

5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75%
 Fluxos com inversão

Uma inversao de sinal

Três inversões de sinal

21,000

-9,000
Reforma após 4 anos: -30.000
-80,000
Investimento inicial

Cálculo implica em polinômio de grau "n"

Descartes: existirão NO MÁXIMO tantas raízes positivas quantas forem as inversões de sinal que o polinômio
apresentar.
Pode não existir muitas raízes

SOLUÇÃO: ALTERAR O FLUXO, NORMALIZAR

Fluxo
0 -80000
1 21000
2 21000
3 21000
4 -9000
5 21000
6 21000
7 21000
8 21000
TIR 13.87% VPL, com TMA 13,87 = R$ 0.00000000
Normalizacao do fluxo
Pode-se supor
1 Formar reserva com lucros que antecedem o desembolso
 2 Empréstimo no mercado financeiro a ser pago com resultados futuros
3 Captar recursos com acionistas
4 Obter capital mediante as três alternativas anteriores

Supor que a empresa fará empréstimo de 9.000 no quarto ano junto a um banco.
Esse empréstimo será pago nos quatro anos seguintes (suposição 2), parcelas iguais, juros 6% aa.
i = 6%

P= 9,000
U= 9,000 0.07574862 = 2,597.32
0.26247696

Fluxo Fluxo Normalizado

-80000 -80,000.00 -80,000.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
-9000 -9,000.00 9,000.00 0.00
21000 21,000.00 -2,597.32 18,402.68
21000 21,000.00 -2,597.32 18,402.68
21000 21,000.00 -2,597.32 18,402.68
21000 21,000.00 -2,597.32 18,402.68
TIR= 14.20%
26,642.86 VPL (6%)= 26,642.86

Antecipar recursos com acionistas a 6% aa (opção 3, acima)

Fluxo Normalizado 6%
-80000 -80,000.00 (7,128.84) -87,128.84
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
-9000 -9,000.00 0.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
TIR 13.26%
VPL 26,642.86 VPL (6%) 26,642.86

Formar reserva com lucros a 6% (opção 1, acima)

Fluxo Fluxo Normalizado 6%
-80000 -80,000.00 -80,000.00
21000 21,000.00 2,666.97 18,333.03
21000 21,000.00 2,666.97 18,333.03
21000 21,000.00 2,666.97 18,333.03
-9000 -9,000.00 0.00
21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
 21000 21,000.00 21,000.00
21000 21,000.00 21,000.00
TIR 13.56%
VPL (6%) 26,642.86

U para um VP de 7,128.84
igual a 2,666.97

U para um VF de -8490.57 Valor de -9.000 no início do período 4 (ou fim do período 3)

igual a R$ 2,666.97
 8

21,000

es de sinal que o polinômio

i VPL
1.0% R$ 133,174.51 R$ 150,000.00
VPL
1.5% R$ 111,521.20
2.0% R$ 90,571.01
2.5% R$ 70,001.58 R$ 100,000.00
3.0% R$ 80,400.96
3.5% R$ 60,893.70
4.0% R$ 41,192.44 R$ 50,000.00
4.5% R$ 21,000.13
5.0% R$ 0.14
5.5% R$ 0.00 R$ 0.00
6.0% #VALUE!
2.0%
3.0%
4.0%

6.0%
7.0%

9.0%
1.0%

5.0%

8.0%

10.0%

6.5% #VALUE!
7.0% #VALUE! -R$ 50,000.00

-R$ 100,000.00
 R$ 0.00

2.0%
3.0%
4.0%

6.0%
7.0%

9.0%
1.0%

5.0%

8.0%

10.0%
-R$ 50,000.00
7.5% #VALUE!
8.0% #VALUE!
8.5% R$ 0.00 -R$ 100,000.00
9.0% R$ 0.00
9.5% -R$ 73,059.36
ais, juros 6% aa. 10.0% -R$ 55,371.90
10.5% -R$ 39,635.12
11.0% #VALUE!
11.5% #VALUE!
R$ 2,597.32 12.0% -R$ 20,861.82
12.5% -R$ 12,087.33
13.0% #VALUE!
13.5% R$ 994.96
14.0% R$ 90,805.26
14.5% R$ 88,999.48
15.0% R$ 76,826.74
15.5% R$ 63,315.17
16.0% R$ 82,878.29
4 (ou fim do período 3)
 1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%

VPL
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%

VPL
 1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
VPL