Informações do problema

Custo XC-750 R$ 2,680,000.00

Estudo R$ 45,000.00
Vendas adicionais R$ 10,150,000.00
Vida útil 10
Diminuição vendas ano 0 R$ 5,010,000.00
Custo dos produtos 71% do preço de venda
Estoque adicional R$ 1,120,000.00
RH R$ 1,970,000.00 a)
Contas a receber 15% receitas
Contas a pagar 10% CMV
corporate tax 35%
b)

c)
Year 0 1 2 3
Receita -R$ 5,010,000.00 R$ 10,150,000.00 R$ 10,150,000.00 R$ 10,150,000.00
Manufacturing expenses R$ 3,557,100.00 -R$ 7,206,500.00 -R$ 7,206,500.00 -R$ 7,206,500.00
Despesas Administrativas -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
Depreciação -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
EBIT -R$ 1,452,900.00 R$ 705,500.00 R$ 705,500.00 R$ 705,500.00
Impostos R$ 508,515.00 -R$ 246,925.00 -R$ 246,925.00 -R$ 246,925.00
Incremental earnings -R$ 944,385.00 R$ 458,575.00 R$ 458,575.00 R$ 458,575.00
Ajuste depreciação R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
Diferença NWC -R$ 724,210.00 -R$ 1,197,640.00 R$ - R$ -
CAPEX -R$ 2,680,000.00
Free cash flow -R$ 4,348,595.00 -R$ 471,065.00 R$ 726,575.00 R$ 726,575.00

NPV -R$ 234,993.88

Diferença NWC 0 1 2 3
Estoque R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
Contas a Receber -R$ 751,500.00 R$ 1,522,500.00 R$ 1,522,500.00 R$ 1,522,500.00
Contas a pagar -R$ 355,710.00 R$ 720,650.00 R$ 720,650.00 R$ 720,650.00
NWC R$ 724,210.00 R$ 1,921,850.00 R$ 1,921,850.00 R$ 1,921,850.00
Diferença -R$ 724,210.00 -R$ 1,197,640.00 R$ - R$ -
 4 5 6 7 8
R$ 10,150,000.00 R$ 10,150,000.00 R$ 10,150,000.00 R$ 10,150,000.00 R$ 10,150,000.00
-R$ 7,206,500.00 -R$ 7,206,500.00 -R$ 7,206,500.00 -R$ 7,206,500.00 -R$ 7,206,500.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 705,500.00 R$ 705,500.00 R$ 705,500.00 R$ 705,500.00 R$ 705,500.00
-R$ 246,925.00 -R$ 246,925.00 -R$ 246,925.00 -R$ 246,925.00 -R$ 246,925.00
R$ 458,575.00 R$ 458,575.00 R$ 458,575.00 R$ 458,575.00 R$ 458,575.00
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ - R$ - R$ -

R$ 726,575.00 R$ 726,575.00 R$ 726,575.00 R$ 726,575.00 R$ 726,575.00

4 5 6 7 8
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
R$ 1,522,500.00 R$ 1,522,500.00 R$ 1,522,500.00 R$ 1,522,500.00 R$ 1,522,500.00
R$ 720,650.00 R$ 720,650.00 R$ 720,650.00 R$ 720,650.00 R$ 720,650.00
R$ 1,921,850.00 R$ 1,921,850.00 R$ 1,921,850.00 R$ 1,921,850.00 R$ 1,921,850.00
R$ - R$ - R$ - R$ - R$ -
 9 10 11
R$ 10,150,000.00 R$ 10,150,000.00
-R$ 7,206,500.00 -R$ 7,206,500.00
-R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00
R$ 705,500.00 R$ 705,500.00
-R$ 246,925.00 -R$ 246,925.00
R$ 458,575.00 R$ 458,575.00
R$ 268,000.00 R$ 268,000.00
R$ - R$ 1,120,000.00 R$ 801,850.00

R$ 726,575.00 R$ 1,846,575.00 R$ 801,850.00

9 10 11
R$ 1,120,000.00 R$ -
R$ 1,522,500.00 R$ 1,522,500.00
R$ 720,650.00 R$ 720,650.00
R$ 1,921,850.00 R$ 801,850.00
R$ - R$ 1,120,000.00 R$ 801,850.00
d)
Year 0 1
Receita -R$ 5,010,000.00 R$ 8,200,000.00
Manufacturing expenses R$ 3,557,100.00 -R$ 5,822,000.00
Despesas Administrativas -R$ 1,970,000.00
Depreciação -R$ 268,000.00
EBIT -R$ 1,452,900.00 R$ 140,000.00
Impostos R$ 508,515.00 -R$ 49,000.00
Incremental earnings -R$ 944,385.00 R$ 91,000.00
Ajuste depreciação R$ 268,000.00
Diferença NWC -R$ 724,210.00 -R$ 1,043,590.00
CAPEX -R$ 2,680,000.00
Free cash flow -R$ 4,348,595.00 -R$ 684,590.00

NPV -R$ 2,417,682.05

Diferença NWC 0 1
Estoque R$ 1,120,000.00 R$ 1,120,000.00
Contas a Receber -R$ 751,500.00 R$ 1,230,000.00
Contas a pagar -R$ 355,710.00 R$ 582,200.00
NWC R$ 724,210.00 R$ 1,767,800.00
Diferença -R$ 724,210.00 -R$ 1,043,590.00
 Worst cenario
2 3 4 5 6
R$ 8,200,000.00 R$ 8,200,000.00 R$ 8,200,000.00 R$ 8,200,000.00 R$ 8,200,000.00
-R$ 5,822,000.00 -R$ 5,822,000.00 -R$ 5,822,000.00 -R$ 5,822,000.00 -R$ 5,822,000.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 140,000.00 R$ 140,000.00 R$ 140,000.00 R$ 140,000.00 R$ 140,000.00
-R$ 49,000.00 -R$ 49,000.00 -R$ 49,000.00 -R$ 49,000.00 -R$ 49,000.00
R$ 91,000.00 R$ 91,000.00 R$ 91,000.00 R$ 91,000.00 R$ 91,000.00
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ - R$ - R$ -

R$ 359,000.00 R$ 359,000.00 R$ 359,000.00 R$ 359,000.00 R$ 359,000.00

2 3 4 5 6
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
R$ 1,230,000.00 R$ 1,230,000.00 R$ 1,230,000.00 R$ 1,230,000.00 R$ 1,230,000.00
R$ 582,200.00 R$ 582,200.00 R$ 582,200.00 R$ 582,200.00 R$ 582,200.00
R$ 1,767,800.00 R$ 1,767,800.00 R$ 1,767,800.00 R$ 1,767,800.00 R$ 1,767,800.00
R$ - R$ - R$ - R$ - R$ -
 7 8 9 10 11
R$ 8,200,000.00 R$ 8,200,000.00 R$ 8,200,000.00 R$ 8,200,000.00
-R$ 5,822,000.00 -R$ 5,822,000.00 -R$ 5,822,000.00 -R$ 5,822,000.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 140,000.00 R$ 140,000.00 R$ 140,000.00 R$ 140,000.00
-R$ 49,000.00 -R$ 49,000.00 -R$ 49,000.00 -R$ 49,000.00
R$ 91,000.00 R$ 91,000.00 R$ 91,000.00 R$ 91,000.00
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ - R$ 1,120,000.00 R$ 647,800.00

R$ 359,000.00 R$ 359,000.00 R$ 359,000.00 R$ 1,479,000.00 R$ 647,800.00

7 8 9 10 11
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ -
R$ 1,230,000.00 R$ 1,230,000.00 R$ 1,230,000.00 R$ 1,230,000.00
R$ 582,200.00 R$ 582,200.00 R$ 582,200.00 R$ 582,200.00
R$ 1,767,800.00 R$ 1,767,800.00 R$ 1,767,800.00 R$ 647,800.00
R$ - R$ - R$ - R$ 1,120,000.00 R$ 647,800.00
Year 0 1 2
Receita -R$ 5,010,000.00 R$ 12,100,000.00 R$ 12,100,000.00
Manufacturing expenses R$ 3,557,100.00 -R$ 8,591,000.00 -R$ 8,591,000.00
Despesas Administrativas -R$ 1,970,000.00 -R$ 1,970,000.00
Depreciação -R$ 268,000.00 -R$ 268,000.00
EBIT -R$ 1,452,900.00 R$ 1,271,000.00 R$ 1,271,000.00
Impostos R$ 508,515.00 -R$ 444,850.00 -R$ 444,850.00
Incremental earnings -R$ 944,385.00 R$ 826,150.00 R$ 826,150.00
Ajuste depreciação R$ 268,000.00 R$ 268,000.00
Diferença NWC -R$ 724,210.00 -R$ 1,351,690.00 R$ -
CAPEX -R$ 2,680,000.00
Free cash flow -R$ 4,348,595.00 -R$ 257,540.00 R$ 1,094,150.00

NPV R$ 1,947,694.28

Diferença NWC 0 1 2
Estoque R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
Contas a Receber -R$ 751,500.00 R$ 1,815,000.00 R$ 1,815,000.00
Contas a pagar -R$ 355,710.00 R$ 859,100.00 R$ 859,100.00
NWC R$ 724,210.00 R$ 2,075,900.00 R$ 2,075,900.00
Diferença -R$ 724,210.00 -R$ 1,351,690.00 R$ -
Best cenario
3 4 5 6 7
R$ 12,100,000.00 R$ 12,100,000.00 R$ 12,100,000.00 R$ 12,100,000.00 R$ 12,100,000.00
-R$ 8,591,000.00 -R$ 8,591,000.00 -R$ 8,591,000.00 -R$ 8,591,000.00 -R$ 8,591,000.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 1,271,000.00 R$ 1,271,000.00 R$ 1,271,000.00 R$ 1,271,000.00 R$ 1,271,000.00
-R$ 444,850.00 -R$ 444,850.00 -R$ 444,850.00 -R$ 444,850.00 -R$ 444,850.00
R$ 826,150.00 R$ 826,150.00 R$ 826,150.00 R$ 826,150.00 R$ 826,150.00
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ - R$ - R$ -

R$ 1,094,150.00 R$ 1,094,150.00 R$ 1,094,150.00 R$ 1,094,150.00 R$ 1,094,150.00

3 4 5 6 7
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
R$ 1,815,000.00 R$ 1,815,000.00 R$ 1,815,000.00 R$ 1,815,000.00 R$ 1,815,000.00
R$ 859,100.00 R$ 859,100.00 R$ 859,100.00 R$ 859,100.00 R$ 859,100.00
R$ 2,075,900.00 R$ 2,075,900.00 R$ 2,075,900.00 R$ 2,075,900.00 R$ 2,075,900.00
R$ - R$ - R$ - R$ - R$ -
 8 9 10 11
R$ 12,100,000.00 R$ 12,100,000.00 R$ 12,100,000.00
-R$ 8,591,000.00 -R$ 8,591,000.00 -R$ 8,591,000.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 1,271,000.00 R$ 1,271,000.00 R$ 1,271,000.00
-R$ 444,850.00 -R$ 444,850.00 -R$ 444,850.00
R$ 826,150.00 R$ 826,150.00 R$ 826,150.00
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ 1,120,000.00 R$ 955,900.00

R$ 1,094,150.00 R$ 1,094,150.00 R$ 2,214,150.00 R$ 955,900.00

8 9 10 11
R$ 1,120,000.00 R$ 1,120,000.00 R$ -
R$ 1,815,000.00 R$ 1,815,000.00 R$ 1,815,000.00
R$ 859,100.00 R$ 859,100.00 R$ 859,100.00
R$ 2,075,900.00 R$ 2,075,900.00 R$ 955,900.00
R$ - R$ - R$ 1,120,000.00 R$ 955,900.00
Year 0 1 2 3
Receita -R$ 5,010,000.00 R$ 10,359,942.00 R$ 10,359,942.00 R$ 10,359,942.00
Manufacturing expenses R$ 3,557,100.00 -R$ 7,355,558.82 -R$ 7,355,558.82 -R$ 7,355,558.82
Despesas Administrativas -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
Depreciação -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
EBIT -R$ 1,452,900.00 R$ 766,383.18 R$ 766,383.18 R$ 766,383.18
Impostos R$ 508,515.00 -R$ 268,234.11 -R$ 268,234.11 -R$ 268,234.11
Incremental earnings -R$ 944,385.00 R$ 498,149.07 R$ 498,149.07 R$ 498,149.07
Ajuste depreciação R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
Diferença NWC -R$ 724,210.00 -R$ 1,214,225.42 R$ - R$ -
CAPEX -R$ 2,680,000.00
Free cash flow -R$ 4,348,595.00 -R$ 448,076.35 R$ 766,149.07 R$ 766,149.07

NPV -R$ 0 TIR 10%

Diferença NWC 0 1 2 3
Estoque R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
Contas a Receber -R$ 751,500.00 R$ 1,553,991.30 R$ 1,553,991.30 R$ 1,553,991.30
Contas a pagar -R$ 355,710.00 R$ 735,555.88 R$ 735,555.88 R$ 735,555.88
NWC R$ 724,210.00 R$ 1,938,435.42 R$ 1,938,435.42 R$ 1,938,435.42
Diferença -R$ 724,210.00 -R$ 1,214,225.42 R$ - R$ -
 4 5 6 7 8
R$ 10,359,942.00 R$ 10,359,942.00 R$ 10,359,942.00 R$ 10,359,942.00 R$ 10,359,942.00
-R$ 7,355,558.82 -R$ 7,355,558.82 -R$ 7,355,558.82 -R$ 7,355,558.82 -R$ 7,355,558.82
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00 -R$ 268,000.00
R$ 766,383.18 R$ 766,383.18 R$ 766,383.18 R$ 766,383.18 R$ 766,383.18
-R$ 268,234.11 -R$ 268,234.11 -R$ 268,234.11 -R$ 268,234.11 -R$ 268,234.11
R$ 498,149.07 R$ 498,149.07 R$ 498,149.07 R$ 498,149.07 R$ 498,149.07
R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00 R$ 268,000.00
R$ - R$ - R$ - R$ - R$ -

R$ 766,149.07 R$ 766,149.07 R$ 766,149.07 R$ 766,149.07 R$ 766,149.07

4 5 6 7 8
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
R$ 1,553,991.30 R$ 1,553,991.30 R$ 1,553,991.30 R$ 1,553,991.30 R$ 1,553,991.30
R$ 735,555.88 R$ 735,555.88 R$ 735,555.88 R$ 735,555.88 R$ 735,555.88
R$ 1,938,435.42 R$ 1,938,435.42 R$ 1,938,435.42 R$ 1,938,435.42 R$ 1,938,435.42
R$ - R$ - R$ - R$ - R$ -
 9 10 11 f) Year
R$ 10,359,942.00 R$ 10,359,942.00 Receita
-R$ 7,355,558.82 -R$ 7,355,558.82 Manufacturing expenses
-R$ 1,970,000.00 -R$ 1,970,000.00 Despesas Administrativas
-R$ 268,000.00 -R$ 268,000.00 Depreciação
R$ 766,383.18 R$ 766,383.18 EBIT
-R$ 268,234.11 -R$ 268,234.11 Impostos
R$ 498,149.07 R$ 498,149.07 Incremental earnings
R$ 268,000.00 R$ 268,000.00 Ajuste depreciação
R$ - R$ 1,120,000.00 R$ 818,435.42 Diferença NWC
CAPEX
R$ 766,149.07 R$ 1,886,149.07 R$ 818,435.42 Free cash flow

NPV

9 10 11 Diferença NWC
R$ 1,120,000.00 R$ - Estoque
R$ 1,553,991.30 R$ 1,553,991.30 Contas a Receber
R$ 735,555.88 R$ 735,555.88 Contas a pagar
R$ 1,938,435.42 R$ 818,435.42 NWC
R$ - R$ 1,120,000.00 R$ 818,435.42 Diferença
 0 1 2 3 4
-R$ 5,010,000.00 R$ 10,150,000.00 R$ 10,150,000.00 R$ 11,661,000.00 R$ 11,661,000.00
R$ 3,557,100.00 -R$ 7,206,500.00 -R$ 7,206,500.00 -R$ 8,279,310.00 -R$ 8,279,310.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 393,000.00 -R$ 393,000.00 -R$ 393,000.00 -R$ 393,000.00
-R$ 1,452,900.00 R$ 580,500.00 R$ 580,500.00 R$ 1,018,690.00 R$ 1,018,690.00
R$ 508,515.00 -R$ 203,175.00 -R$ 203,175.00 -R$ 356,541.50 -R$ 356,541.50
-R$ 944,385.00 R$ 377,325.00 R$ 377,325.00 R$ 662,148.50 R$ 662,148.50
R$ 393,000.00 R$ 393,000.00 R$ 393,000.00 R$ 393,000.00
-R$ 724,210.00 -R$ 1,197,640.00 R$ - -R$ 119,369.00 R$ -
-R$ 3,930,000.00
-R$ 5,598,595.00 -R$ 427,315.00 R$ 770,325.00 R$ 935,779.50 R$ 1,055,148.50

-R$ 6

0 1 2 3 4
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
-R$ 751,500.00 R$ 1,522,500.00 R$ 1,522,500.00 R$ 1,749,150.00 R$ 1,749,150.00
-R$ 355,710.00 R$ 720,650.00 R$ 720,650.00 R$ 827,931.00 R$ 827,931.00
R$ 724,210.00 R$ 1,921,850.00 R$ 1,921,850.00 R$ 2,041,219.00 R$ 2,041,219.00
-R$ 724,210.00 -R$ 1,197,640.00 R$ - -R$ 119,369.00 R$ -
 5 6 7 8 9
R$ 11,661,000.00 R$ 11,661,000.00 R$ 11,661,000.00 R$ 11,661,000.00 R$ 11,661,000.00
-R$ 8,279,310.00 -R$ 8,279,310.00 -R$ 8,279,310.00 -R$ 8,279,310.00 -R$ 8,279,310.00
-R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00 -R$ 1,970,000.00
-R$ 393,000.00 -R$ 393,000.00 -R$ 393,000.00 -R$ 393,000.00 -R$ 393,000.00
R$ 1,018,690.00 R$ 1,018,690.00 R$ 1,018,690.00 R$ 1,018,690.00 R$ 1,018,690.00
-R$ 356,541.50 -R$ 356,541.50 -R$ 356,541.50 -R$ 356,541.50 -R$ 356,541.50
R$ 662,148.50 R$ 662,148.50 R$ 662,148.50 R$ 662,148.50 R$ 662,148.50
R$ 393,000.00 R$ 393,000.00 R$ 393,000.00 R$ 393,000.00 R$ 393,000.00
R$ - R$ - R$ - R$ - R$ -

R$ 1,055,148.50 R$ 1,055,148.50 R$ 1,055,148.50 R$ 1,055,148.50 R$ 1,055,148.50

5 6 7 8 9
R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00 R$ 1,120,000.00
R$ 1,749,150.00 R$ 1,749,150.00 R$ 1,749,150.00 R$ 1,749,150.00 R$ 1,749,150.00
R$ 827,931.00 R$ 827,931.00 R$ 827,931.00 R$ 827,931.00 R$ 827,931.00
R$ 2,041,219.00 R$ 2,041,219.00 R$ 2,041,219.00 R$ 2,041,219.00 R$ 2,041,219.00
R$ - R$ - R$ - R$ - R$ -
 10 11
R$ 11,661,000.00
-R$ 8,279,310.00
-R$ 1,970,000.00
-R$ 393,000.00
R$ 1,018,690.00
-R$ 356,541.50
R$ 662,148.50
R$ 393,000.00
R$ 1,120,000.00 R$ 921,219.00

R$ 2,175,148.50 R$ 921,219.00

10 11
R$ -
R$ 1,749,150.00
R$ 827,931.00
R$ 921,219.00
R$ 1,120,000.00 R$ 921,219.00
ano 0 1 2 3 4 5
economia 200,000 200,000 200,000 200,000 200,000
deprec - 100,000 - 100,000 - 100,000 - 100,000 - 100,000
ebit adicional 100,000 100,000 100,000 100,000 100,000
nopat adicional 60,000 60,000 60,000 60,000 60,000
estorno deprec 100,000 100,000 100,000 100,000 100,000
capex - 500,000
venda da máq 75,000
imposto sobre lucro na venda de ativo - 30,000
Fluxo de ca- 500,000 160,000 160,000 160,000 160,000 205,000
wacc 8%
vpl 169,460
tir 19.7%
payback 3.125
Opção 1 - Manter

capex
depreciação
tax
FCF
VPL
WACC

Opção 2 - Trocar

economia
depreciação
ebit adicional
nopat adicional
estorno dep
capex
venda maq
imposto lucro
FCF
wacc
VPL
o 1 - Manter
0 4 5 6 7 8 9 10 11 12
- 300,000
- 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000 - 20,000
8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
R$ 63,541
7%

o 2 - Trocar
0 1 2 3 4 5 6 7 8 9
163,000 163,000 163,000 163,000 163,000 163,000 163,000 163,000 163,000
- 40,000 - 40,000 - 40,000 - 40,000 - 40,000 - 40,000 - 40,000 - 40,000 - 40,000
123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000 123,000
t adicional 73,800 73,800 73,800 73,800 73,800 73,800 73,800 73,800 73,800
40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
- 480,000
100,000
- 40,000
- 420,000 113,800 113,800 113,800 113,800 113,800 113,800 113,800 113,800 113,800
7%
483,878
 13 14 15

- 20,000 - 20,000 - 20,000

8,000 8,000 8,000
8,000 8,000 8,000

10 11 12
163,000 163,000 163,000
- 40,000 - 40,000 - 40,000
123,000 123,000 123,000
73,800 73,800 73,800
40,000 40,000 40,000

113,800 113,800 113,800

Units
Unit price
Capex
Dep
Working capital
Recovery of WK

Sales
cost of goods
depreciation
gross profit
expenses
EBIT
taxes
Unlevered Net Income

Unlevered Net Income

Estorno depreciação
(-) Capex
(-) Var WK
FCF
WACC
VPL (1997)
 1998 1999 2000 2001 2002 2003 2004 2005
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 -
20.00 20.60 21.00 21.15 21.25 21.25 21.00 19.00
400,000 400,000 400,000 400,000 300,000 200,000 -
1,057,000 1,124,000 1,204,000 1,304,000 1,404,000 1,504,000 1,504,000
3,700,000 3,811,000 3,890,000 3,930,000 3,963,000 3,980,000 3,957,000 -
- 108,000 - 111,000 - 79,000 - 40,000 - 33,000 - 17,000 23,000 3,957,000

20,000,000 20,600,000 21,000,000 21,150,000 21,250,000 21,250,000 21,000,000 -

- 10,000,000 - 10,300,000 - 10,609,000 - 10,927,270 - 11,255,088 - 11,592,741 - 11,940,523
- 1,057,000 - 1,124,000 - 1,204,000 - 1,304,000 - 1,404,000 - 1,504,000 - 1,504,000
8,943,000 9,176,000 9,187,000 8,918,730 8,590,912 8,153,259 7,555,477
- 7,000,000 - 7,210,000 - 7,426,300 - 7,649,089 - 7,878,562 - 8,114,919 - 8,358,366
1,943,000 1,966,000 1,760,700 1,269,641 712,350 38,341 - 802,889
- 777,200 - 786,400 - 704,280 - 507,856 - 284,940 - 15,336 321,156
1,165,800 1,179,600 1,056,420 761,785 427,410 23,004 - 481,733

1,165,800 1,179,600 1,056,420 761,785 427,410 23,004 - 481,733

1,057,000 1,124,000 1,204,000 1,304,000 1,404,000 1,504,000 1,504,000
- 400,000 - 400,000 - 400,000 - 400,000 - 300,000 - 200,000 - 4,600,000
- 108,000 - 111,000 - 79,000 - 40,000 - 33,000 - 17,000 23,000 3,957,000
1,714,800 1,792,600 1,781,420 1,625,785 1,498,410 1,310,004 1,045,267 8,557,000
12%
R$ 10,704,097.72
t 54.15% através das DF's
t 21% https://taxsummaries.pwc.com/quick-charts/corporate-income-tax-cit-ra
EBITDA/Receita 13.50%
Depreciação 6.50%
Capital de Giro 11,745,000
Capital de Giro / Receita 19.40%
Receita Projeto / Receita IBM 3.00%

Ano 0 1 2 3 4
Receitas 0 1,815,900 2,088,285 2,297,114 2,411,969
Custos e Despesas 0 -1,570,680 -1,806,282 -1,986,910 -2,086,256
Depreciação 0 -471,220 -518,342 -541,903 -546,615
EBIT 0 -226,000 -236,339 -231,700 -220,902
NOPAT 0 -178,540 -186,708 -183,043 -174,512
Depreciação 0 471,220 518,342 541,903 546,615
Capex -7,246,700 -724,670 -362,335 -72,467 -72,467
Capital de Giro -352,350 -52,852 -40,520 -22,286 -23,400
Venda do Sistema (Valor Contábil)
Fluxo de Caixa Livre -7,599,050 -484,843 -71,221 264,107 276,235

WACC 12%
VPL -3,908,330
TIR -2.4%
harts/corporate-income-tax-cit-rates

b. Análise de Sensibilidade
5 Receita Projeto / Receita IBM VPL TIR
2,532,568 -3,908,330 -2.4%
-2,190,568 2.0%
-551,327 2.5%
-209,328 3.0%
-165,369 3.5%
551,327 4.0%
-72,467
491,409
5,921,698
6,726,599
c. Análise de Sensibilidade
WACC VPL
-3,908,330
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
13.5%
14.0%
14.5%
15.0%
t 54.15% através das DF's
t 21% https://taxsummaries.pwc.com/quick-charts/corporate-income-tax-cit-ra
EBITDA/Receita 13.50%
Depreciação 6.50%
Capital de Giro 11,745,000
Capital de Giro / Receita 19.40%
Receita Projeto / Receita IBM 3.00%
Crescimento da Receita 10%

Ano 0 1 2 3 4
Receitas 0 1,815,900 1,997,490 2,197,239 2,416,963
Custos e Despesas 0 -1,570,680 -1,727,748 -1,900,523 -2,090,575
Depreciação 0 -471,220 -518,342 -541,903 -546,615
EBIT 0 -226,000 -248,600 -245,187 -220,227
NOPAT 0 -178,540 -196,394 -193,698 -173,980
Depreciação 0 471,220 518,342 541,903 546,615
Capex -7,246,700 -724,670 -362,335 -72,467 -72,467
Capital de Giro -352,350 -35,235 -38,759 -42,634 -46,898
Venda do Sistema (Valor Contábil)
Fluxo de Caixa Livre -7,599,050 -467,225 -79,146 233,104 253,271

WACC 12%
VPL -3,914,064
TIR -2.4%
harts/corporate-income-tax-cit-rates

c. Análise de Sensibilidade
5 Crescimento da Receita VPL TIR
2,658,659 -3,914,064 -2.4%
-2,299,633 0%
-551,327 1%
-192,301 2%
-151,918 3%
551,327 4%
-72,467 5%
515,876 6%
5,921,698 7%
6,764,517 8%
9%
10%
Intl Business Machines Corp Com Economatica
Em Dollar US em milhares

Consolidado 12/31/2019 12/31/2020 12/31/2021 12/31/2022

DEM RESULT
Meses 12 12 12 12
Origem dos dados divulgado divulgado divulgado divulgado

+Receita liquida operac 77,147,000 73,620,000 57,350,000 60,530,000

-Custo Produtos Vendidos 40,659,000 38,046,000 25,865,000 27,842,000
=Lucro Bruto 36,488,000 35,575,000 31,486,000 32,687,000
-Despesas GAV e R&D 25,945,000 28,789,000 24,621,000 24,513,000
-Outras desp (receit) op 0 0 0 0
=Lucro antes jur&imp EBIT 10,543,000 6,786,000 6,865,000 8,174,000
-Desp (rec) financ liq 1,344,000 1,288,000 1,155,000 1,216,000
+Equivalenc patrimonial 0 0 0 0
+Outras receitas (desp) 968,000 -861,000 -873,000 -5,803,000
=LAIR 10,166,000 4,637,000 4,837,000 1,156,000
-Provisao impost de rend 731,000 -864,000 124,000 -626,000
-Outros 0 0 0 0
=Lucro oper continuadas 9,435,000 5,501,000 4,712,000 1,783,000
+Operac descontinuadas -4,000 89,000 1,030,000 -143,000
+Itens extraordinarios 0 0 0 0
+Mudancas princ contab 0 0 0 0
=Lucro Consolidado 9,431,000 5,590,000 5,742,000 1,640,000
-Partic acion minoritar 0 0 0 0
=Lucro liquido 9,431,000 5,590,000 5,743,000 1,639,000

FLX CAIXA
Meses 12 12 12 12
Origem dos dados divulgado divulgado divulgado divulgado

+Caixa gerado por operac 14,770,000 18,197,000 12,796,000 10,435,000

Lucro liquido 9,431,000 5,590,000 5,743,000 1,639,000
Depreciacao, amortizacao e ex 6,059,000 6,695,000 6,417,000 4,802,000
Redu(aum) em ativ e pass 0 0 0 0
Out Itens do Flx Cx Oper -719,000 5,913,000 636,000 3,994,000
+Caixa gerado por invest -26,936,000 -3,028,000 -5,975,000 -4,202,000
Ativos fixos liquido -2,370,000 -3,042,000 -2,381,000 -1,861,000
Compra de ativos fixos -2,907,000 -3,230,000 -2,768,000 -1,972,000
Venda de ativos fixos 537,000 188,000 387,000 111,000
Investimentos liquido -32,362,000 -461,000 -3,593,000 -2,341,000
Compra de investimentos -36,323,000 -6,582,000 -6,854,000 -8,278,000
Venda de investimentos 3,961,000 6,121,000 3,261,000 5,937,000
Outr invest adquir(vend) 0 0 0 0
Out itens do flx cx inv 7,796,000 475,000 0 0
+Caixa gerado por financ 9,042,000 -9,721,000 -13,354,000 -4,958,000
Financiament obtidos liq 16,284,000 -3,714,000 -8,115,000 1,221,000
Financiamentos obtidos 31,825,000 10,504,000 522,000 7,804,000
Financiamentos pagos -15,541,000 -13,365,000 -8,597,000 -6,800,000
Outr finan obtid (pagos) 0 -853,000 -40,000 217,000
Aumento liq de capital -1,633,000 0 0 0
Aumento de capital 0 0 0 0
Reducao de capital -1,633,000 0 0 0
Dividendos pagos -5,707,000 -5,797,000 -5,869,000 -5,948,000
Cx gerado(aplic) out fin 99,000 -210,000 630,000 -231,000
+Operacoes descontinuadas 0 0 0 0
+Efeito Cambial -167,000 -87,000 -185,000 -244,000
+Outras variacoes 0 0 0 0
=Variac liquida de caixa -3,290,000 5,361,000 -6,718,000 1,032,000

ATIVO
Ativo total 152,186,000 155,971,000 132,001,000 127,243,000
Ativo Circulante 38,420,000 39,165,000 29,539,000 29,118,000
Disponivel e Inv CP 8,868,000 13,675,000 6,957,000 7,989,000
Clientes CP 7,870,000 7,132,000 6,754,000 6,541,000
Estoques 1,619,000 1,839,000 9,470,000 9,255,000
Outros Ativos CP 20,063,000 16,519,000 6,358,000 5,334,000
Inv em subsid e outros 2,074,000 0 1,823,000 1,617,000
Imobilizado 10,010,000 10,040,000 5,694,000 5,334,000
Intangiveis e agio 73,457,000 75,695,000 68,154,000 67,133,000
Outros ativos 28,227,000 31,072,000 26,791,000 24,042,000

PASSIVO
Passivo e patrimonio liq 152,186,000 155,971,000 132,001,000 127,243,000
Passivo total 131,201,000 135,244,000 113,006,000 105,222,000
Passivo Circulante 37,701,000 39,869,000 33,619,000 31,505,000
Fornecedores CP 4,896,000 4,908,000 3,955,000 4,051,000
Financiamento CP 10,177,000 8,540,000 7,761,000 5,634,000
Outros Passivos CP 22,628,000 26,421,000 21,903,000 21,820,000
Obrigacoes LP 57,981,000 57,929,000 44,917,000 46,189,000
Impostos Diferidos LP 0 0 0 0
Outras Obrigac Diversas 35,519,000 37,446,000 34,470,000 27,528,000
Patrim liq consolidado 20,985,000 20,726,000 18,996,000 22,021,000
Part acionistas minorit 144,000 129,000 95,000 77,000
Patrimonio liquido 20,841,000 20,597,000 18,901,000 21,944,000
Capital preferencial 0 0 0 0
Cap ordinario e adicion 55,895,000 56,556,000 57,319,000 58,343,000
Lucros acumulados 162,954,000 162,717,000 154,209,000 149,825,000
Other equity -198,010,000 -198,676,000 -192,626,000 -186,224,000

QTD ACOES
Total de acoes outstand 885,637 891,057 896,800 904,126

DIVERSOS
Reclassif (inibe subtrac Não Não Não Não
Data do Balanco 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Data de divulgacao (desta apr 2/25/2020 2/23/2021 2/22/2022 2/28/2023
Ultimo processamento feito pe 2/27/2020 2/24/2021 2/23/2022 3/1/2023
Indice usado para gerar valore - - - -
Formato do balanco US Indust US Indust US Indust US Indust
Consolidado Sim Sim Sim Sim
Tipo de documento 10-K 10-K 10-K 10-K