PENSILVÂNIA Ano

Receita Receita
Unidades vendidas 12,000,000 COGS
Preço por unidade $400 Overhead
Aumento anual de preços PP&E 2% Trabalho
Depreciação (Planta)
Depreciação (Equipamentos)
Metragem quadrada da fábrica 3,000,000 IPTU
Preço por pé quadrado $125 Resultado Operacional
Equipamento $300,000,000
Valor residual $1 Impostos Estaduais e Federais
Vida útil (anos) 15 Lucro Operacional Após Impostos
Terra $0
Imposto Adicionar depreciação
IPTU 0.0% Fluxos de caixa operacionais após impostos
Imposto estadual 3%
Tributos federais 21% Terra
Alíquota efetiva 24% Fábrica
Trabalho PP&E
Empregados 5,000 Capital de Giro Reservado
Custo por empregado $90,000 Capital de Giro Devolvido
3% Valor residual
Inflação salarial
Imposto sobre o Valor de Salvado
Operações
Valor contábil da Fábrica
Despesas gerais (% das vendas) 10%
Total de fluxos de caixa após impostos
CPV (% das vendas) 60%
Capital de giro (% das vendas do 10%
Valores Atuais
próximo ano
VPL
Custo
RelaçãodeD/L
Capital 0.8 TIR
Taxa de juros 3.0%
Retorno sobre o patrimônio líquido 35% SOMA
% Equidade 55.56% Estado
% Endividamento 44.44% Pensilvânia
WACC 20.46% Carolina do Norte
Texas

CONCLUSÃO: Orange Computer

 2018 2019 2020 2021 2022 2023
4,800,000,000 4,896,000,000 4,993,920,000 5,093,798,400 5,195,674,368
(2,880,000,000) (2,937,600,000) (2,996,352,000)(3,056,279,040) ###
(480,000,000) (489,600,000) (499,392,000) (509,379,840) (519,567,437)
(463,500,000) (463,500,000) (463,500,000) (463,500,000) (463,500,000)
(25,000,000) (25,000,000) (25,000,000) (25,000,000) (25,000,000)
(30,000,000) (30,000,000) (30,000,000) (30,000,000) (30,000,000)
0 0 0 0 0
921,500,000 950,300,000 979,676,000 1,009,639,520 1,040,202,311

(221,160,000) (228,072,000) (235,122,240) (242,313,485) (249,648,555)

700,340,000 722,228,000 744,553,760 767,326,035 790,553,756

5,000,000 5,000,000 5,000,000 5,000,000 5,000,000

705,340,000 727,228,000 749,553,760 772,326,035 795,553,756

0
(375,000,000)
(300,000,000)
(480,000,000) (9,600,000) (9,792,000) (9,987,840) (10,187,597) (10,391,349)

(1,155,000,000) 695,740,00 717,436,000 739,565,920 762,138,438 785,162,407

0
(1,155,000,000) 481,666,154 343,859,858 245,399,889 175,077,564 124,869,187
2,112,659,648
62.97 Nota: Valor contábil da Fábrica @ ano 125,000,000
% 2028
MARIA:
VPL TIR
$ 2,112,659,648 62.97
$ 4,151,784,377 % 70.63
$ 4,014,760,470 % 69.41
%
s deve localizar sua fábrica na Pensilvânia, porque os valores de VPL e TIR são maiores do que os outros
dois
 2024 2025 2026 2027 2028
5,299,587,855 5,405,579,612 5,513,691,205 5,623,965,029 5,736,444,329
(3,179,752,713) (3,243,347,767) (3,308,214,723) (3,374,379,017) (3,441,866,598)
(529,958,786) (540,557,961) (551,369,120) (562,396,503) (573,644,433)
(463,500,000) (463,500,000) (463,500,000) (463,500,000) (463,500,000)
(25,000,000) (25,000,000) (25,000,000) (25,000,000) (25,000,000)
(30,000,000) (30,000,000) (30,000,000) (30,000,000) (30,000,000)
0 0 0 0 0
1,071,376,357 1,103,173,884 1,135,607,362 1,168,689,509 1,202,433,299

(257,130,326) (264,761,732) (272,545,767) (280,485,482) (288,583,992)

814,246,031 838,412,152 863,061,595 888,204,027 913,849,307

5,000,000 5,000,000 5,000,000 5,000,000 5,000,000

819,246,031 843,412,152 868,061,595 893,204,027 918,849,307

(10,599,176) (10,811,159) (11,027,382) (11,247,930)

573,644,433
1
(0)
125,000,000
808,646,855 832,600,992 857,034,212 881,956,096 1,617,493,741

89,033,582 63,464,524 45,226,337 32,221,027 40.910.443

cidades
 Ano
Receita
COGS
Overhead
Trabalho
Depreciação (Planta)
Depreciação (Equipamentos)
IPTU
CAROLINA DO Resultado Operacional
Receita NORTE
Unidades vendidas 20,000,000 Impostos Estaduais e Federais
Preço por unidade $400 Lucro Operacional Após
Aumento anual de preços PP&E 2% Impostos

Metragem quadrada da fábrica 5,000,000 Adicionar depreciação

Fluxos de caixa operacionais
Preço por pé quadrado $160
após impostos
Equipamento $500,000,000
Valor residual $50,000,000
Terra
Vida útil (anos) 15
Fábrica
Terra $20,000,000 PP&E
Imposto Capital de Giro Reservado
IPTU 0.5% Capital de Giro Devolvido
Imposto estadual 3% Valor residual
Tributos federais 21% Imposto sobre o Valor de
Alíquota efetiva 24% Salvado
Trabalho Valor contábil da Fábrica
Empregados 8,000 Total de fluxos de caixa após
Custo por empregado $80,000 impostos
Inflação salarial 4%
Operações Valores Atuais
Despesas gerais (% das vendas) 10% VPL
TIR
CPV (% das vendas) 60%
Capital de giro (% das vendas do 10%
próximo ano
Custo deD/L
Capital Estado
Relação 0.8
Pensilvânia
Taxa de juros 3.0%
Carolina do Norte
Retorno sobre o patrimônio líquido 35% Texas
% Equidade 55.56%
% Endividamento 44.44% S
WACC 20.46% U
 2018 2019 2020 2021 2022
8,000,000,000 8,160,000,000 8,323,200,000 8,489,664,000
(4,800,000,000) (4,896,000,000) (4,993,920,000) (5,093,798,400)
(800,000,000) (816,000,000) (832,320,000) (848,966,400)
(665,600,000) (665,600,000) (665,600,000) (665,600,000)
(53,333,333) (53,333,333) (53,333,333) (53,333,333)
(45,000,000) (45,000,000) (45,000,000) (45,000,000)
(24,000,000) (24,000,000) (24,000,000) (24,000,000)
1,612,066,667 1,660,066,667 1,709,026,667 1,758,965,867

(386,896,000) (398,416,000) (410,166,400) (422,151,808)

1,225,170,667 1,261,650,667 1,298,860,267 1,336,814,059

98,333,333 98,333,333 98,333,333 98,333,333

1,323,504,000 1,359,984,000 1,397,193,600 1,435,147,392

(20,000,000)
(800,000,000)
(300,000,000)
(800,000,000) (16,000,000) (16,320,000) (16,646,400) (16,979,328)

(1,920,000,000) 1,307,504,000 1,343,664,000 1,380,547,200

1,418,168,064

(1,920,000,000) 905,195,077 644,004,639 458,087,806 325,779,933

4,151,784,377
70.63%
Nota: Valor contábil da Fábrica
MMARY:
VPL TIR
$ 2,112,659,648 62.97%
$ 4,151,784,377 70.63%
$ 4,014,760,470 69.41%
 2023 2024 2025 2026 2027
8,659,457,280 8,832,646,426 9,009,299,354 9,189,485,341 9,373,275,048
(5,195,674,368) (5,299,587,855) (5,405,579,612) (5,513,691,205)(5,623,965,029)
(865,945,728) (883,264,643) (900,929,935) (918,948,534) (937,327,505)
(665,600,000) (665,600,000) (665,600,000) (665,600,000) (665,600,000)
(53,333,333) (53,333,333) (53,333,333) (53,333,333) (53,333,333)
(45,000,000) (45,000,000) (45,000,000) (45,000,000) (45,000,000)
(24,000,000) (24,000,000) (24,000,000) (24,000,000) (24,000,000)
1,809,903,851 1,861,860,594 1,914,856,473 1,968,912,269 2,024,049,181

(434,376,924) (446,846,543) (459,565,553) (472,538,945) (485,771,803)

1,375,526,927 1,415,014,052 1,455,290,919 1,496,373,324 1,538,277,378

98,333,333 98,333,333 98,333,333 98,333,333 98,333,333

1,473,860,260 1,513,347,385 1,553,624,253 1,594,706,658 1,636,610,711

(17,318,915) (17,665,293) (18,018,599) (18,378,971) (18,746,550)

1,456,541,345 1,495,682,092 1,535,605,654 1,576,327,687 1,617,864,161

231,642,692 164,677,489 117,050,643 83,183,992 59,106,395

2028
9,560,740,549
(5,736,444,329) (956,074,055) (665,600,000)
(53,333,333)

266,666,66
7
 (45,000,000)
(24,000,000)
2,080,288,831

(499,269,320)
1,581,019,512

98,333,333
1,679,352,845

956,074,055
50,000,000
(12,000,000)
266,666,667
2,940,093,567

74,362,28
4
 TEXAS Ano
Receita Receita
Unidades vendidas 20,000,000 COGS
Preço por unidade $400 Overhead
Aumento anual de preços PP&E 2% Trabalho
Depreciação (Planta)
Depreciação (Equipamentos)
Metragem quadrada da fábrica 5,000,000 IPTU
Preço por pé quadrado $160 Resultado Operacional
Equipamento $500,000,000
Valor residual $50,000,000 Impostos Estaduais e Federais
Vida útil (anos) 15 Lucro Operacional Após
Terra $0 Impostos
Imposto
IPTU 1.0% Adicionar depreciação
Imposto estadual 3% Fluxos de caixa operacionais
Tributos federais 21% após impostos
Alíquota efetiva 24%
Trabalho Terra
Empregados 8,000 Fábrica
Custo por empregado $80,000 PP&E
5% Capital de Giro Reservado
Inflação salarial
Capital de Giro Devolvido
Operações
Valor residual
Despesas gerais (% das vendas) 10%
Imposto sobre o Valor de
CPV (% das vendas) 60% Salvado
Capital de giro (% das vendas do 10% Valor contábil da Fábrica
próximo ano Total de fluxos de caixa após
Custo
RelaçãodeD/L
Capital 0.8 impostos
Taxa de juros 3.0%
Retorno sobre o patrimônio líquido 35% Valores Atuais
% Equidade 55.56% VPL
% Endividamento 44.44% TIR
WACC 20.46%

Estado
Pensilvânia

S
U
Carolina do Norte
Texas

S
U
 2018 2019 2020 2021 2022
8,000,000,000 8,160,000,000 8,323,200,000 8,489,664,000
(4,800,000,000) (4,896,000,000) (4,993,920,000) (5,093,798,400)
(800,000,000) (816,000,000) (832,320,000) (848,966,400)
(672,000,000) (672,000,000) (672,000,000) (672,000,000)
(53,333,333) (53,333,333) (53,333,333) (53,333,333)
(45,000,000) (45,000,000) (45,000,000) (45,000,000)
(8,000,000) (8,000,000) (8,000,000) (8,000,000)
1,621,666,667 1,669,666,667 1,718,626,667 1,768,565,867

(389,200,000) (400,720,000) (412,470,400) (424,455,808)

1,232,466,667 1,268,946,667 1,306,156,267 1,344,110,059

53,000,000 53,000,000 53,000,000 53,000,000

1,285,466,667 1,321,946,667 1,359,156,267 1,397,110,059

0
(800,000,000)
(300,000,000)
(800,000,000) (16,000,000) (16,320,000) (16,646,400) (16,979,328)

(1,900,000,000) 1,269,466,667 1,305,626,667 1,342,509,867 1,380,130,731

(1,900,000,000) 878,861,538 625,773,728 445,466,405 317,042,041

4,014,760,470
69.41%
Nota: Valor contábil
MMARY:
VPL TIR
$ 2,112,659,648 62.97%
$ 4,151,784,377 70.63%
$ 4,014,760,470 69.41%
 2023 2024 2025 2026 2027
8,659,457,280 8,832,646,426 9,009,299,354 9,189,485,341 9,373,275,048
(5,195,674,368) (5,299,587,855) (5,405,579,612) (5,513,691,205) (5,623,965,029)
(865,945,728) (883,264,643) (900,929,935) (918,948,534) (937,327,505)
(672,000,000) (672,000,000) (672,000,000) (672,000,000) (672,000,000)
(53,333,333) (53,333,333) (53,333,333) (53,333,333) (53,333,333)
(45,000,000) (45,000,000) (45,000,000) (45,000,000) (45,000,000)
(8,000,000) (8,000,000) (8,000,000) (8,000,000) (8,000,000)
1,819,503,851 1,871,460,594 1,924,456,473 1,978,512,269 2,033,649,181

(436,680,924) (449,150,543) (461,869,553) (474,842,945) (488,075,803)

1,382,822,927 1,422,310,052 1,462,586,919 1,503,669,324 1,545,573,378

53,000,000 53,000,000 53,000,000 53,000,000 53,000,000

1,435,822,927 1,475,310,052 1,515,586,919 1,556,669,324 1,598,573,378

(17,318,915) (17,665,293) (18,018,599) (18,378,971) (18,746,550)

1,418,504,012 1,457,644,759 1,497,568,321 1,538,290,354 1,579,826,828

225,593,382 160,489,505 114,151,269 81,176,734 57,716,754

de Fábrica 266,666,667
 2028
9,560,740,549
(5,736,444,329)
(956,074,055)
(672,000,000)
(53,333,333)
(45,000,000)
(8,000,000)
2,089,888,831

(501,573,320)
1,588,315,512

53,000,000
1,641,315,512

956,074,055
50,000,000
(12,000,000)
266,666,667
2,902,056,233

73,400,22
6