Trabalho Final FGV

Determine os Fluxos de Caixa Relevantes
Data 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Número de Veículos 1,000.00 1,050.00 1,102.50 1,157.63 1,215.51 1,276.28 1,340.10
Preço de Pedágio 10.00 10.30 10.61 10.93 11.26 11.59 11.94
Faturamento 10,000.00 10,815.00 11,696.42 12,649.68 13,680.63 14,795.60 16,001.44
2.00 2.06 2.12 2.19 2.25 2.32 2.39
Custo Var 2,000.00 2,163.00 2,339.28 2,529.94 2,736.13 2,959.12 3,200.29
Custo Fixo 3,000.00 3,090.00 3,182.70 3,278.18 3,376.53 3,477.82 3,582.16
LAJIR 5,000.00 5,562.00 6,174.44 6,841.56 7,567.98 8,358.66 9,219.00
Juros
LAIR 5,000.00 5,562.00 6,174.44 6,841.56 7,567.98 8,358.66 9,219.00
IR 1,200.00 1,334.88 1,481.87 1,641.98 1,816.31 2,006.08 2,212.56
Lucro Líquido 3,800.00 4,227.12 4,692.57 5,199.59 5,751.66 6,352.58 7,006.44
Reinvestimentos
Dividendos 3,800.00 4,227.12 4,692.57 5,199.59 5,751.66 6,352.58 7,006.44
Avaliação do Valor Presente do Projeto de Privatização

VP 2,968.75 2,580.03 2,237.59 1,937.00 1,673.95 1,444.41 1,244.59
∑VP 16,868.41
Decisão do Investimento = VPL

Investimento 6,000.00
VPL 10,868.41
8.00 9.00 10.00 Veículos 1000 Cresciment 5%
1,407.10 1,477.46 1,551.33 Preço 10 3%
12.30 12.67 13.05 Custo Fixo 3000 3%
17,305.56 18,715.96 20,241.31 Custo Var 2 3%
2.46 2.53 2.61
3,461.11 3,743.19 4,048.26 CAPM 28%
3,689.62 3,800.31 3,914.32
10,154.83 11,172.46 12,278.73 ir 24%
10,154.83 11,172.46 12,278.73

2,437.16 2,681.39 2,946.90
7,717.67 8,491.07 9,331.84
7,717.67 8,491.07 9,331.84
ão
1,071.04 920.60 790.44
FATORES DE JUROS DE VALOR PRESENTE PARA $1 DESCONTADO EM i% PARA PERÍODOS
Período/
Taxa 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346 0.9259 0.9174 0.9091 0.9009 0.8929 0.8850 0.8772 0.8696 0.8621 0.8547 0.8475 0.8403 0.8333
2 0.9803 0.9612 0.9426 0.9246 0.9070 0.8900 0.8734 0.8573 0.8417 0.8264 0.8116 0.7972 0.7831 0.7695 0.7561 0.7432 0.7305 0.7182 0.7062 0.6944
3 0.9706 0.9423 0.9151 0.8890 0.8638 0.8396 0.8163 0.7938 0.7722 0.7513 0.7312 0.7118 0.6931 0.6750 0.6575 0.6407 0.6244 0.6086 0.5934 0.5787
4 0.9610 0.9238 0.8885 0.8548 0.8227 0.7921 0.7629 0.7350 0.7084 0.6830 0.6587 0.6355 0.6133 0.5921 0.5718 0.5523 0.5337 0.5158 0.4987 0.4823
5 0.9515 0.9057 0.8626 0.8219 0.7835 0.7473 0.7130 0.6806 0.6499 0.6209 0.5935 0.5674 0.5428 0.5194 0.4972 0.4761 0.4561 0.4371 0.4190 0.4019
6 0.9420 0.8880 0.8375 0.7903 0.7462 0.7050 0.6663 0.6302 0.5963 0.5645 0.5346 0.5066 0.4803 0.4556 0.4323 0.4104 0.3898 0.3704 0.3521 0.3349
7 0.9327 0.8706 0.8131 0.7599 0.7107 0.6651 0.6227 0.5835 0.5470 0.5132 0.4817 0.4523 0.4251 0.3996 0.3759 0.3538 0.3332 0.3139 0.2959 0.2791
8 0.9235 0.8535 0.7894 0.7307 0.6768 0.6274 0.5820 0.5403 0.5019 0.4665 0.4339 0.4039 0.3762 0.3506 0.3269 0.3050 0.2848 0.2660 0.2487 0.2326
9 0.9143 0.8368 0.7664 0.7026 0.6446 0.5919 0.5439 0.5002 0.4604 0.4241 0.3909 0.3606 0.3329 0.3075 0.2843 0.2630 0.2434 0.2255 0.2090 0.1938
10 0.9053 0.8203 0.7441 0.6756 0.6139 0.5584 0.5083 0.4632 0.4224 0.3855 0.3522 0.3220 0.2946 0.2697 0.2472 0.2267 0.2080 0.1911 0.1756 0.1615
11 0.8963 0.8043 0.7224 0.6496 0.5847 0.5268 0.4751 0.4289 0.3875 0.3505 0.3173 0.2875 0.2607 0.2366 0.2149 0.1954 0.1778 0.1619 0.1476 0.1346
12 0.8874 0.7885 0.7014 0.6246 0.5568 0.4970 0.4440 0.3971 0.3555 0.3186 0.2858 0.2567 0.2307 0.2076 0.1869 0.1685 0.1520 0.1372 0.1240 0.1122
13 0.8787 0.7730 0.6810 0.6006 0.5303 0.4688 0.4150 0.3677 0.3262 0.2897 0.2575 0.2292 0.2042 0.1821 0.1625 0.1452 0.1299 0.1163 0.1042 0.0935
14 0.8700 0.7579 0.6611 0.5775 0.5051 0.4423 0.3878 0.3405 0.2992 0.2633 0.2320 0.2046 0.1807 0.1597 0.1413 0.1252 0.1110 0.0985 0.0876 0.0779
15 0.8613 0.7430 0.6419 0.5553 0.4810 0.4173 0.3624 0.3152 0.2745 0.2394 0.2090 0.1827 0.1599 0.1401 0.1229 0.1079 0.0949 0.0835 0.0736 0.0649
Período/
Taxa 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 40%
1 0.8264 0.8197 0.8130 0.8065 0.8000 0.7937 0.7874 0.7813 0.7752 0.7692 0.7634 0.7576 0.7519 0.7463 0.7407 0.7353 0.7299 0.7246 0.7194 0.7143
2 0.6830 0.6719 0.6610 0.6504 0.6400 0.6299 0.6200 0.6104 0.6009 0.5917 0.5827 0.5739 0.5653 0.5569 0.5487 0.5407 0.5328 0.5251 0.5176 0.5102
3 0.5645 0.5507 0.5374 0.5245 0.5120 0.4999 0.4882 0.4768 0.4658 0.4552 0.4448 0.4348 0.4251 0.4156 0.4064 0.3975 0.3889 0.3805 0.3724 0.3644
4 0.4665 0.4514 0.4369 0.4230 0.4096 0.3968 0.3844 0.3725 0.3611 0.3501 0.3396 0.3294 0.3196 0.3102 0.3011 0.2923 0.2839 0.2757 0.2679 0.2603
5 0.3855 0.3700 0.3552 0.3411 0.3277 0.3149 0.3027 0.2910 0.2799 0.2693 0.2592 0.2495 0.2403 0.2315 0.2230 0.2149 0.2072 0.1998 0.1927 0.1859
6 0.3186 0.3033 0.2888 0.2751 0.2621 0.2499 0.2383 0.2274 0.2170 0.2072 0.1979 0.1890 0.1807 0.1727 0.1652 0.1580 0.1512 0.1448 0.1386 0.1328
7 0.2633 0.2486 0.2348 0.2218 0.2097 0.1983 0.1877 0.1776 0.1682 0.1594 0.1510 0.1432 0.1358 0.1289 0.1224 0.1162 0.1104 0.1049 0.0997 0.0949
8 0.2176 0.2038 0.1909 0.1789 0.1678 0.1574 0.1478 0.1388 0.1304 0.1226 0.1153 0.1085 0.1021 0.0962 0.0906 0.0854 0.0806 0.0760 0.0718 0.0678
9 0.1799 0.1670 0.1552 0.1443 0.1342 0.1249 0.1164 0.1084 0.1011 0.0943 0.0880 0.0822 0.0768 0.0718 0.0671 0.0628 0.0588 0.0551 0.0516 0.0484
10 0.1486 0.1369 0.1262 0.1164 0.1074 0.0992 0.0916 0.0847 0.0784 0.0725 0.0672 0.0623 0.0577 0.0536 0.0497 0.0462 0.0429 0.0399 0.0371 0.0346
11 0.1228 0.1122 0.1026 0.0938 0.0859 0.0787 0.0721 0.0662 0.0607 0.0558 0.0513 0.0472 0.0434 0.0400 0.0368 0.0340 0.0313 0.0289 0.0267 0.0247
12 0.1015 0.0920 0.0834 0.0757 0.0687 0.0625 0.0568 0.0517 0.0471 0.0429 0.0392 0.0357 0.0326 0.0298 0.0273 0.0250 0.0229 0.0210 0.0192 0.0176
13 0.0839 0.0754 0.0678 0.0610 0.0550 0.0496 0.0447 0.0404 0.0365 0.0330 0.0299 0.0271 0.0245 0.0223 0.0202 0.0184 0.0167 0.0152 0.0138 0.0126
14 0.0693 0.0618 0.0551 0.0492 0.0440 0.0393 0.0352 0.0316 0.0283 0.0254 0.0228 0.0205 0.0185 0.0166 0.0150 0.0135 0.0122 0.0110 0.0099 0.0090
15 0.0573 0.0507 0.0448 0.0397 0.0352 0.0312 0.0277 0.0247 0.0219 0.0195 0.0174 0.0155 0.0139 0.0124 0.0111 0.0099 0.0089 0.0080 0.0072 0.0064

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Determine os Fluxos de Caixa Relevantes

Data 1.00 2.00 3.00 4.00 5.00 6.00 7.00

Avaliação do Valor Presente do Projeto de Privatização

Decisão do Investimento = VPL

10,154.83 11,172.46 12,278.73

7,717.67 8,491.07 9,331.84

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