Perpetuidade Valor VC

g 6.50% Valor Perp

WACC 12.00% Valor das ope
Caixa
G da receita 15% Dívida bruta
Margem bruta 32% Dívida líquida
Margem operacional 15% Valor do equity
Ações emitidas
Preço alvo

DRE e fluxo de caixa livre

histórico

1 2 3 4
Receita líquida 672,873 743,462 765,506 973,150
(-) CPV 483,236 537,083 556,808 674,321
Lucro Bruto 189,637 206,379 208,698 298,829
Despesas operacionais 138,372 160,331 104,205 191,961
EBIT 51,265 46,048 104,493 106,868

34% NOPAT 33,835 30,392 68,965 70,533

CAPEX 27,198 48,520 40,337 43,541
Depreciação 30,255 33,286 33,548 36,847
Investimento em K -19,818 22,938 30,148 117,141
Investimento líquido -22,875 38,172 36,937 123,835
FCLE 56,710 -7,780 32,028 -53,302

Balanço patrimonial - ativo

histórico
1 2 3 4
Ativo circulante operaciona 500,033 472,841 596,440 611,692
Contas a receber 196,572 208,417 255,695 237,448
 Estoques 264,587 241,891 300,547 344,878
Outros 38,874 22,533 40,198 29,366

Variação do ACO -27,192 123,599 15,252

Ativo não circulante oper 294,879 310,113 316,902 323,596

Imobilizado + Intangível 294,879 310,113 316,902 323,596
Dep + Amort 30,255 33,286 33,548 36,847
Taxa de D + A 11.3% 10.8% 11.6%
CAPEX líquido 15,234 6,789 6,694

Balanço patrimonial - passivo

histórico
1 2 3 4
Passivo circulante operacio 171,215 192,682 151,451 228,064
50% Fornecedores 150,953 172,034 127,172 207,909
Impostos a pagar 20,262 20,648 24,279 20,155

Variação do PCO 21,467 -41,231 76,613

Geração de CG 21,467 -41,231 76,613

 472,231 25.9%
1,353,791 74.1%
1,826,022 100.0%
113,000
530,000
417,000
1,409,022
73,334
19.21

estimado

parâmetros
5 histórico 1 do histórico 2 projeção 1 2 3
1,301,308 17.93% 30.38% 10% 1,431,439 1,574,583 1,732,041
880,171 973,378 1,070,716 1,177,788
421,137 30.11% 32.36% 32% 458,060 503,866 554,253
222,588 16.81% 17.10% 243,345 267,679 294,447
198,549 13.30% 15.26% 15% 214,716 236,187 259,806

131,042 141,712 155,884 171,472

113,928 80,000 50,000 40,000
42,672 46,198 50,153 50,135
81,573 -89,825 62,615 68,876
152,829 -56,023 62,462 58,742
-21,787 197,735 93,421 112,730

estimado
5 histórico 1 projeção 1 2 3
927,813 811,998 893,198 982,518
322,938 91 80 313,740 345,114 379,625
511,327 212 160 426,686 469,355 516,291
93,548 5.04% 5.00% 71,572 78,729 86,602

316,121 -115,815 81,200 89,320

394,852 428,654 428,502 418,367

394,852 428,654 428,502 418,367
42,672 11.7% 11.7% 11.7%
13.2% 11.7% 11.7% 46,198 50,153 50,135
71,256 33,802 -153 -10,135

estimado
5 histórico 1 projeção 1 2 3
211,838 185,848 204,433 224,877
187,008 155 111 150,063 165,069 181,576
24,830 2.47% 2.50% 35,786 39,365 43,301

-16,226 -25,990 18,585 20,443

-16,226
mado

4 5
1,905,245 2,095,770
1,295,567 1,425,123
609,678 670,646
323,892 356,281
285,787 314,365

188,619 207,481
50,000 50,000
48,949 49,072
75,764 83,341
76,815 84,269 PERP
111,804 123,213 2,385,843

mado
4 5
1,080,770 1,188,847
417,588 459,347
 567,920 624,712
95,262 104,788

98,252 108,077

419,418 420,346
419,418 420,346
11.7% 11.7%
48,949 49,072
1,051 928

mado
4 5
247,364 272,101
199,733 219,707
47,631 52,394

22,488 24,736