Avalin resp cap8

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Avalin resp cap8

  1. 1. Avalição de Investimentos Adriano Leal Bruni (albruni@minhasaulas.com.br) Respostas do livro Capítulo 7 www.MinhasAulas.com.br
  2. 2. TMA Respostas: VFL PBS 0.77 VPL 6.00 VUL PBD 0.77 TIR 30.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (20.00) (20.00) (20.00) (20.00) 1 26.00 6.00 0.77 26.00 6.00 2 6.00 - 6.00 3 6.00 - 6.00 4 6.00 - 6.00 5 6.00 - 6.00 6 6.00 - 6.00 7 6.00 - 6.00 8 6.00 - 6.00 9 6.00 - 6.00 10 6.00 - 6.00 Soma
  3. 3. 6.00 6.00 1.30 PBD 0.77
  4. 4. TMA Respostas: VFL PBS 0.80 VPL 200.00 VUL PBD 0.80 TIR 25.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (800.00) (800.00) (800.00) (800.00) 1 1,000.00 200.00 0.80 1,000.00 200.00 2 200.00 - 200.00 3 200.00 - 200.00 4 200.00 - 200.00 5 200.00 - 200.00 6 200.00 - 200.00 7 200.00 - 200.00 8 200.00 - 200.00 9 200.00 - 200.00 10 200.00 - 200.00 Soma
  5. 5. 200.00 200.00 1.25 PBD 0.80
  6. 6. TMA Respostas: VFL PBS 0.82 VPL 20.00 VUL PBD 0.82 TIR 22.2222% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (90.00) (90.00) (90.00) (90.00) 1 110.00 20.00 0.82 110.00 20.00 2 20.00 - 20.00 3 20.00 - 20.00 4 20.00 - 20.00 5 20.00 - 20.00 6 20.00 - 20.00 7 20.00 - 20.00 8 20.00 - 20.00 9 20.00 - 20.00 10 20.00 - 20.00 Soma
  7. 7. 20.00 20.00 1.22 PBD 0.82
  8. 8. TMA Respostas: VFL PBS 1.54 VPL 12.00 VUL PBD 1.54 TIR 30.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (20.00) (20.00) (20.00) (20.00) 1 6.00 (14.00) 1.00 6.00 (14.00) 2 26.00 12.00 0.54 26.00 12.00 3 12.00 - 12.00 4 12.00 - 12.00 5 12.00 - 12.00 6 12.00 - 12.00 7 12.00 - 12.00 8 12.00 - 12.00 9 12.00 - 12.00 10 12.00 - 12.00 Soma
  9. 9. 12.00 6.00 1.60 PBD 1.00 0.54
  10. 10. TMA Respostas: VFL PBS 3.63 VPL 5,098.00 VUL PBD 3.63 TIR 4.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (50,000.00) (50,000.00) (50,000.00) (50,000.00) 1 13,774.50 (36,225.50) 1.00 13,774.50 (36,225.50) 2 13,774.50 (22,451.00) 1.00 13,774.50 (22,451.00) 3 13,774.50 (8,676.50) 1.00 13,774.50 (8,676.50) 4 13,774.50 5,098.00 0.63 13,774.50 5,098.00 5 5,098.00 - 5,098.00 6 5,098.00 - 5,098.00 7 5,098.00 - 5,098.00 8 5,098.00 - 5,098.00 9 5,098.00 - 5,098.00 10 5,098.00 - 5,098.00 Soma
  11. 11. 5,098.00 1,274.50 1.10 PBD 1.00 1.00 1.00 0.63
  12. 12. TMA Respostas: VFL PBS 4.62 VPL 23,831.38 VUL PBD 4.62 TIR 8.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (80,000.00) (80,000.00) (80,000.00) (80,000.00) 1 17,305.23 (62,694.77) 1.00 17,305.23 (62,694.77) 2 17,305.23 (45,389.54) 1.00 17,305.23 (45,389.54) 3 17,305.23 (28,084.31) 1.00 17,305.23 (28,084.31) 4 17,305.23 (10,779.08) 1.00 17,305.23 (10,779.08) 5 17,305.23 6,526.15 0.62 17,305.23 6,526.15 6 17,305.23 23,831.38 17,305.23 23,831.38 7 23,831.38 - 23,831.38 8 23,831.38 - 23,831.38 9 23,831.38 - 23,831.38 10 23,831.38 - 23,831.38 Soma
  13. 13. 23,831.38 3,971.90 1.30 PBD 1.00 1.00 1.00 1.00 0.62
  14. 14. TMA Respostas: VFL PBS 5.76 VPL 67,531.74 VUL PBD 5.76 TIR 10.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (120,000.00) (120,000.00) (120,000.00) (120,000.00) 1 20,836.86 (99,163.14) 1.00 20,836.86 (99,163.14) 2 20,836.86 (78,326.28) 1.00 20,836.86 (78,326.28) 3 20,836.86 (57,489.42) 1.00 20,836.86 (57,489.42) 4 20,836.86 (36,652.56) 1.00 20,836.86 (36,652.56) 5 20,836.86 (15,815.70) 1.00 20,836.86 (15,815.70) 6 20,836.86 5,021.16 0.76 20,836.86 5,021.16 7 20,836.86 25,858.02 20,836.86 25,858.02 8 20,836.86 46,694.88 20,836.86 46,694.88 9 20,836.86 67,531.74 20,836.86 67,531.74 10 67,531.74 - 67,531.74 Soma
  15. 15. 67,531.74 7,503.53 1.56 PBD 1.00 1.00 1.00 1.00 1.00 0.76
  16. 16. TMA Respostas: VFL PBS 2.62 VPL 8,589.30 VUL PBD 2.62 TIR 7.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (60,000.00) (60,000.00) (60,000.00) (60,000.00) 1 22,863.10 (37,136.90) 1.00 22,863.10 (37,136.90) 2 22,863.10 (14,273.80) 1.00 22,863.10 (14,273.80) 3 22,863.10 8,589.30 0.62 22,863.10 8,589.30 4 8,589.30 - 8,589.30 5 8,589.30 - 8,589.30 6 8,589.30 - 8,589.30 7 8,589.30 - 8,589.30 8 8,589.30 - 8,589.30 9 8,589.30 - 8,589.30 10 8,589.30 - 8,589.30 Soma
  17. 17. 8,589.30 2,863.10 1.14 PBD 1.00 1.00 0.62
  18. 18. TMA Respostas: VFL PBS 6.21 VPL 172,972.56 VUL PBD 6.21 TIR 6.0000% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (600,000.00) (600,000.00) (600,000.00) (600,000.00) 1 96,621.57 (503,378.43) 1.00 96,621.57 (503,378.43) 2 96,621.57 (406,756.86) 1.00 96,621.57 (406,756.86) 3 96,621.57 (310,135.29) 1.00 96,621.57 (310,135.29) 4 96,621.57 (213,513.72) 1.00 96,621.57 (213,513.72) 5 96,621.57 (116,892.15) 1.00 96,621.57 (116,892.15) 6 96,621.57 (20,270.58) 1.00 96,621.57 (20,270.58) 7 96,621.57 76,350.99 0.21 96,621.57 76,350.99 8 96,621.57 172,972.56 96,621.57 172,972.56 9 172,972.56 - 172,972.56 10 172,972.56 - 172,972.56 Soma
  19. 19. 172,972.56 21,621.57 1.29 PBD 1.00 1.00 1.00 1.00 1.00 1.00 0.21
  20. 20. TMA Respostas: VFL PBS 3.61 VPL (27.90) VUL PBD 3.61 TIR 11.9975% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 72.10 72.10 72.10 72.10 1 (20.00) 52.10 1.00 (20.00) 52.10 2 (20.00) 32.10 1.00 (20.00) 32.10 3 (20.00) 12.10 1.00 (20.00) 12.10 4 (20.00) (7.90) 0.61 (20.00) (7.90) 5 (20.00) (27.90) (20.00) (27.90) 6 (27.90) - (27.90) 7 (27.90) - (27.90) 8 (27.90) - (27.90) 9 (27.90) - (27.90) 10 (27.90) - (27.90) Soma
  21. 21. (27.90) (5.58) 1.39 PBD 1.00 1.00 1.00 0.61
  22. 22. 10% 8 20% -12 Dif 10% -20 Resp: 14.00%
  23. 23. Ano FC 0 (800.00) tma vpl 1 250.00 0% 582.81 700.00 2 156.25 5% 423.41 600.00 3 976.56 10% 290.11 15% 177.64 500.00 20% 81.98 400.00 25% (0.00) 300.00 30% (70.74) 200.00 35% (132.17) 100.00 40% (185.82) - (100.00) (200.00) (300.00) 0% 5% 10% 15% 20% 25% 30%
  24. 24. % 20% 25% 30% 35% 40% 45%
  25. 25. A soma a valor presente dos fluxos dos anos 1 e 2 deve ser igual a 500 500 = 330/1,1 + x/(1,1^2) x = 200 x 1,1^2 = 242.00
  26. 26. a) 180-100(1+i) = 30 i= 50% b) A Tir é a taxa de rentabilidade da operação 80.00%
  27. 27. TMA Respostas: VFL PBS 2.25 VPL (150.00) VUL PBD 2.25 TIR 11.4179% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 650.00 650.00 650.00 650.00 1 (240.00) 410.00 1.00 (240.00) 410.00 2 (360.00) 50.00 1.00 (360.00) 50.00 3 (200.00) (150.00) 0.25 (200.00) (150.00) 4 (150.00) - (150.00) 5 (150.00) - (150.00) 6 (150.00) - (150.00) 7 (150.00) - (150.00) 8 (150.00) - (150.00) 9 (150.00) - (150.00) 10 (150.00) - (150.00) Soma
  28. 28. (150.00) (50.00) 1.23 PBD 1.00 1.00 0.25
  29. 29. TMA Respostas: VFL 10% PBS 2.50 VPL 75.53 VUL PBD 2.94 TIR 40.3858% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (60.00) (60.00) (60.00) (60.00) 1 20.00 (40.00) 1.00 18.18 (41.82) 2 25.00 (15.00) 1.00 20.66 (21.16) 3 30.00 15.00 0.50 22.54 1.38 4 35.00 50.00 23.91 25.29 5 40.00 90.00 24.84 50.12 6 45.00 135.00 25.40 75.53 7 135.00 - 75.53 8 135.00 - 75.53 9 135.00 - 75.53 10 135.00 - 75.53 Soma
  30. 30. 133.80 17.34 2.26 PBD 1.00 1.00 0.94
  31. 31. TMA Respostas: VFL PBS 1.78 VPL 240.00 VUL PBD 1.78 TIR 58.0963% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (75.00) (75.00) (75.00) (75.00) 1 40.00 (35.00) 1.00 40.00 (35.00) 2 45.00 10.00 0.78 45.00 10.00 3 50.00 60.00 50.00 60.00 4 55.00 115.00 55.00 115.00 5 60.00 175.00 60.00 175.00 6 65.00 240.00 65.00 240.00 7 240.00 - 240.00 8 240.00 - 240.00 9 240.00 - 240.00 10 240.00 - 240.00 Soma
  32. 32. 240.00 40.00 4.20 PBD 1.00 0.78
  33. 33. TMA Respostas: VFL PBS 1.67 VPL 160.00 VUL PBD 1.67 TIR 60.1253% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 (50.00) (50.00) (50.00) (50.00) 1 30.00 (20.00) 1.00 30.00 (20.00) 2 30.00 10.00 0.67 30.00 10.00 3 30.00 40.00 30.00 40.00 4 40.00 80.00 40.00 80.00 5 40.00 120.00 40.00 120.00 6 40.00 160.00 40.00 160.00 7 160.00 - 160.00 8 160.00 - 160.00 9 160.00 - 160.00 10 160.00 - 160.00 Soma
  34. 34. 160.00 26.67 4.20 PBD 1.00 0.67
  35. 35. TMA Respostas: VFL 12% PBS - VPL 132.29 VUL PBD - TIR 24.0381% IL Ano FC Saldo Simples PBS VP (FC) Saldo Desc 0 - - - - 1 180.00 180.00 - 160.71 160.71 2 100.00 280.00 79.72 240.43 3 50.00 330.00 35.59 276.02 4 (1,800.00) (1,470.00) (1,143.93) (867.91) 5 600.00 (870.00) 340.46 (527.45) 6 500.00 (370.00) 253.32 (274.14) 7 400.00 30.00 180.94 (93.20) 8 300.00 330.00 121.16 27.97 9 200.00 530.00 72.12 100.09 10 100.00 630.00 32.20 132.29 Soma Step 5% 140 132.29 0% 132.29 120 5% 132.29 10% 132.29 100 15% 132.29 20% 132.29 25% 132.29 80 30% 132.29 35% 132.29 60 40% 132.29 45% 132.29 40 50% 132.29 55% 132.29 20 60% 132.29 65% 132.29 0 70% 132.29 0% 10% 20% 30% 40% 50% 60% 70
  36. 36. 410.86 23.41 #DIV/0! PBD - 50% 60% 70% 80%
  37. 37. TMA 16.17% Ano 0 1 2 3 4 5 6 7 8 9 10 Soma 3000 Descrição Período 0 Período 1 (+) Receitas 12,000.00 (-) Custos e despesas variáveis (4,200.00) (-) Custos e despesas fixos (exceto depreciação) (1,800.00) (-) Depreciação (1,200.00) = Lucro Operacional Tributável - 4,800.00 (-) IR (1,440.00) = Lucro Líquido Operacional - 3,360.00 (+) Depreciação - 1,200.00 = FCO (Fluxo de Caixa Operacional) - 4,560.00 (+/-) Investimento ou desinvestimentos líquidos em equipamentos (3,600.00) (+/-) Investimentos ou desinvestimentos em capital de giro = FCL (Fluxo de Caixa Livre) (3,600.00) 4,560.00 Cálculo da TMA $ K 3000 0.15 600 0.22 TMA
  38. 38. Respostas: VFL 12,700.15 PBS 0.79 VPL 8,101.48 VUL 3,617.10 PBD 0.92 TIR 124% IL 3.25 FC Saldo Simples PBS VP (FC) Saldo Desc PBD (3,600.00) (3,600.00) (3,600.00) (3,600.00) 4,560.00 960.00 0.79 3,925.39 325.39 0.92 4,924.00 5,884.00 3,648.84 3,974.24 6,470.00 12,354.00 4,127.24 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 12,354.00 - 8,101.48 3200 3500 Período 2 Período 3 12,800.00 14,000.00 (4,480.00) (4,900.00) (1,800.00) (1,800.00) (1,200.00) (1,200.00) 5,320.00 6,100.00 (1,596.00) (1,830.00) 3,724.00 4,270.00 1,200.00 1,200.00 4,924.00 5,470.00 1,000.00 4,924.00 6,470.00 $.K 450 132 582 16.17%
  39. 39. TMA 22.00% Ano 0 1 2 3 4 5 6 7 8 9 10 Soma 3000 Descrição Período 0 Período 1 (+) Receitas 12,000.00 (-) Custos e despesas variáveis (4,200.00) (-) Custos e despesas fixos (exceto depreciação) (1,800.00) (-) Depreciação (1,200.00) = Lucro Operacional Tributável - 4,800.00 (-) IR (1,440.00) = Lucro Líquido Operacional - 3,360.00 (+) Depreciação - 1,200.00 = FCO (Fluxo de Caixa Operacional) - 4,560.00 (+/-) Investimento ou desinvestimentos líquidos em equipamentos (3,600.00) (+/-) Investimentos ou desinvestimentos em capital de giro = FCL (Fluxo de Caixa Livre) (3,600.00) 4,560.00 (+/-) Empréstimo (principal) 3,000.00 (1,000.00) (-) Juros (600.00) (+) Benefício fiscal de juros 180.00 = FCL (Fluxo de Caixa do Sócio) (600.00) 3,140.00 Cálculo da TMA $ K 600 0.22 TMA
  40. 40. Respostas: VFL 13,359.75 PBS 0.19 VPL 7,357.30 VUL 3,602.56 PBD 0.23 TIR 540% IL 13.26 FC Saldo Simples PBS VP (FC) Saldo Desc PBD (600.00) (600.00) (600.00) (600.00) 3,140.00 2,540.00 0.19 2,573.77 1,973.77 0.23 3,644.00 6,184.00 2,448.27 4,422.04 5,330.00 11,514.00 2,935.27 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 11,514.00 - 7,357.30 3200 3500 Período 2 Período 3 12,800.00 14,000.00 (4,480.00) (4,900.00) (1,800.00) (1,800.00) (1,200.00) (1,200.00) 5,320.00 6,100.00 (1,596.00) (1,830.00) 3,724.00 4,270.00 1,200.00 1,200.00 4,924.00 5,470.00 1,000.00 4,924.00 6,470.00 (1,000.00) (1,000.00) (400.00) (200.00) 120.00 60.00 3,644.00 5,330.00 $.K 0 22.00%

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