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Kkk
2350
j
000
600k
A
50000
o

wow

1600000 G
}
50k
950000

o
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4
o i z 3

Pl -275000 79000 1 161000 12

tooo
oooo
FA -275000 * 71493,2 112200,8 119327,1 80488, t

*11+
wACC)amoPL
1+80488,1=108
=-275000 71493,2 + 11932 t 1 2200,0+
t,
t0L
4
o i z 3

Pl -16000 65000 7 80 75000

ooo
o
T000
CFA 160000 58823,5 61423,8 59292,9 50305.1
VAL =
69845, 3

-
 o l 2 4
3

Pl 275000 79000 13 161000 Izoooo

t0oo
.
PL 65000 75000 80000 tłooo
-160o00
CF 115000 140 62 8 1000 45000

ooo
oo
CFA I I jottt 600 34 30183
15000
2669,6
VAL =
38664

VAL 3
o
Proseto de rcior dimenss pr
WACC =
12,71.-3 40 sit 60%.=7
t.
-;

WACC Y 60 R
9,5
= 14

2it=Yot.Ret60f.
t.Rd
0t.Re+
tRe-Ai
Rt
:lt.
Ru
:6
Re x

B - -3
HiT+.
-R+HRm-R+l
o i z 3

CFG - G 625 1
o13
H790k
20k
CFA Aşok 5 492 7
tok
k
o8k
VAL
=
CD
-A+P
al
Co =
2 F Spreed 4
:
:0,5%.
i5t.
Tok
Tan de Jwo : It
Spreed :
51.

ilul =
5 14 =
Iy
.
f.
12T
C
4-262736 C 2 =

P
x a
-Coxletitullx
Yanos 5 16 trimentres P
-82
a
=1- -
te+M44z
1125
t.
bl
P 18 219,9 ilul :1125

t.
:
La
0 xi :

141
32
-
u.
ms = : 1 4 9 3 5,7
P-J1
s -1
i I ilul -
8, 36
14110-71
8
l1+
otrimentres

M 58 = x 8,36 124 845,0

8-
myx
14935 =
it
am

C ^ - C 3

C 3 -
P x a
q
arr tir t
.t1u1=
(3=18219,9 ti = 137890
5t
x
Mo =
124845,8
-C1-C3
cl

n presticoes volor puestyc Lo

0
Smo : x
-

It : 16 18219,9-250 41518, 46
:16xP-to
x
k:
L

A i

3
verdas 36600 72300 strimentres

Izz 241 mês

00
ool
SFI 18300 36150
,TM
so itooo 34000

p 39900 74450
VISF
-So
5

Ep = ER I
I,i5
=
13
Nan --0 t
it
pop
.
.
.
R -
- 5%.

Van 2,71.
prego --
.
Efeitor combinados --
Tt x +1 2 = 31.
.
oit.-
i7f.)
1,3
l5x
 A 1

so liooo 34000

Ov 26600 ¥ 2 300

Mên 12200 24100

s 18300 36150

p 39900 t

4yjo
6

30 13 12
o20
cp 6500 k
Rz 8
ook
ontrocopiteis stook

div zuok

prenios lbok
CP

-blook
3
1
1 3 1 20 2 1
Panivo =
240 : Yook

ktl60k
Outro lip stook
Reservas Buok -6 - 4
o0k
-24ok
ok
CN -
blook
o

V
 turre ER 2021

Ql
1 -51500 -48 700
Joo0
coeficiete dectualizaá -

37800

o 1 Z

11 lllltIittfl
l1tr1trt.10
)
s 0,894 0, 801

15000 -

51454 -69266

VALD :
115000-- =-5720
J1454-69266
l 2

-48700
-37800
755
oo
1
ll1xlltffft
CA t
4
0,89
75 ro Ht 404
0
-

VALD =- 1904
E preferivel levaro mejócio cté co
fim
UALDL
dz
ilial
pq 3 sa 12 trimentrs

aos
co 4
ok
TJAM 3%.

ili O 25%. 36 meses

totl
2l
,
Cuênlia 6 veses

J YOK X x -

G00
6
0125
t.
6
Niprestaçõs 30

1
1925
t
A 3
-1-11+0,25 =
28,87
t.130
o
1

to xA P
:1385
:
u
P
3o
1
2

A /
11 10,47 =

I
r2)
t
latgett.
12-
1,81
CD 11,81 1385= 16360
:
x
3.

Px = 41550
30
530- 41550- =
1550
Lo
JT - J
+ 56
= 2150
30
Qß

imu zook
Tanc anort 201.
.
Periodo Tanos

Anmal 40 2- ook xlot

.
k
IRC 201

Mais volion :
Voom Ucant =
20
.
k
Q 40 x =
5
=
look
k
Vcont - =0
:Vo-Q-zook
cook
Vcom- 20-0-
ok
l
importo 20 x 20 :
4000
t.
k
VRLsano -20 16
k-4000
=
k
 Qy

T -
5 TIR 34, 52
j u ro

s
t.
ot.
EF lano -

s
15

k
)
300
Engrstino - s
15 5

k:
t.
k
copital tino - Gook 300 5

k:
ot.
s
Q x = K

I
-600
25%. 50

al 3 y

fik
2

Rl llok 165 zrok

k
EF lök ijk i ijk

5k
Q rjok sjok ljok sok

CFE zyok 275 330 3

k
ttk
k
}1
i
4
o 2

CFE 240 275 330 375

k
k
k
k
ctino book
Frraneio bok

vrctino X

Ur
moneio -60
k
CFG - 180 k 2k 330 37+
book
k
k-t--60k)
I H
343+
600
34,54 ( 34,52%.10+
.)""
34,74 2+5 180(
17 ( 1+
f.)";
H+
LATJY 3+435.
LA "1-0
,T2.)
11+34,72.)
34,52.)
2330
xx
X -- URCE
=ITO
-
I50
cl O l 2 z
4

CFE 24 275 330 315

k
k
ok
k
crino book
Fncreio bok

vrltino X

VR
moneio -60

k
CFG - 18 25 k 330 375
bo0k
k
ok
k-t-X-Cok)
IY H

3T
N
vTKtlJOK

:J85k
CFGH - look ( zu 385 k
ItIH.)"223k
1k
book
162
k
VAL=-600+ 162 +223+ 241+385 =4

i2k
Fundo Maneio t LF = 60 t Go = 660k
0k
k
CL WACC

CA -3 4 45 TY
de
=
2+.

Y
Jy
660
ook
H
.
t.x
.
k
CP = 360 55%. 16 55%. X 16 = 9
t.
t.
y.
k
llt .
Qx
l

CFE 250

k
Q sok
I sok
EF 25
k
R
271 =

:250k-150k-Jok-25k
 Q
6
Alfo Bete
Verdas 1 1
zoo
zo
si zoo 300

mês loo Rooliz R Äzoliz

26,7
SF i 19
o
5o
p Roo 50-200
+1
1520 t
10-300
l 1410
15o
Encue EN 2021

Q
.
WACC =

11,5%.
Pa
l z 3 4
o

CFG tzk l IjTk ko

5
-285k
3k
CFA 285 64574 I Iil 67934,4

8it
k
15023
-285 ( 11,+7.)0
et
VAL =19349

PL
L
o z 3

CFG - k6 t G

3k
9k
ijok
6k
CFA - J 5308 56990,5 6
4708,T
407 60,
t,t
ijoK
VAL =
5554
t
PlePZ
4
o i 2 3

LFG lik ttk 76 42

k
135k
k
CFA 9865, 61935, 54826, 3 27173,8
A
t
135k
VAL= 18 801

VALSO P posque opresete 3 rentabilidde

1
 Qz

ilal sem :4 Co T =8,161.

.JUOAE
t.
.
:Yook
al
J x Yt x 2 =
32
1=4o0k
.
k
}1
CD =800
k
1
prestações
o
Arojut :8,11
.
u f
.
P 18,11 - 98632, 76
.Book
I :
-Coty-4i5s
Arilt
.
CD 4,51 98632, 76 439095
5
= =
x
 Q z

Rt =
2%. Ru 5%. B = 2,44

-Rt=
RE 5 +2 =
14,20%. -3 60%. -3
8,52
:2,444
t.
RD > YO 13,9-0,54 1140

x100
-
-3

%.
al =
13, 45%. S

/ben.
WACC - -3
13,91. fincel
sloot
13,9
z

x11-21fl
51 :
10,626 olbem

-fixcel
O i
23
CFG - Trok 625 look
k
lo90K
CFA -690 44+761 481762 683518
k
VAL =- 76960

I WACCSTIR 1- 13,9 )11, 5

t.
t.
 Qu
1.

CFs 180 k
Preço
alvo s
150
custo 3 150 4 60

ot.:
x
Qo 111 - 2000
T0-601
:o0k
2

Quantidide -7
2100

Preso 150
-s
315
150 : RAI :315-126- 180 9000
kt
.42100 =

CV - 60 2100 =126
X
k
CF -
r80k
3

zavo
vendas -> 2100 t 50%. = 3150 RT x 3150
=1
CV - 60 3150 =189 k
x
CF - l tlot =
K
.
80k
8k
RAI 85 468,5
:
85468,5 = Mx 3150. 89 1=149,99
k-198k
Q
5
CFE -250
k
= 251
:250-150-50-21

RAI =
25 x IiC = 31.
25
K
=RLXIRC
 66

A 1}

si 200 304

verdas 12 I
oo
5zo
lwês loo 126,6
St 19
o
150

p 1150 1410

K
2OOti5W-20o
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dd

z
-
5 |

3 -
c
)
4 c 630000 8

t.x
=252000
-
)
5

x
252000 x 2 =52920

H.
5. 3)
Qß

al
ilal :
4,2%.
iliut =0, 35%.

durasão Itanos :
15
=180 meses
XIL
-
P
-933,9192
arouigert
:

I +11 133,84

tO3If.):
.
.prt.
933,9192 - 1 1 33, 84 1. n =
125000
w
s
{1
VT x 168 105, 46
180
:
=933,9192
JT 46- 125000 =
43105, 46
=168105,
cl
5 -360 weses
ano
960:0,35%. :
1-80-60, 11 =98,2
tO,351.)
0,5
y.
( : 98,1
x 933,9192: 91702,8
D60
M 125000-91+02,0 =

3329 18
60
:
t,
Az
N WW +

t
counuwo -1
M

4jk
Populcçc 1135. -3
1, 3

y.
Ann Preç litt -3
- -2,89

IHTX1,65
-
o

%
.
rendimento 1,8 lot
1,25- 2,25

.x
t.-7
Elasticidade preço - 1
1,
65

Elasticidale rendimeto -3
1,25

consuno estinado INtal = 145 (1 1 1+11+2,25%)-

x/1-2,09t.
t1,3t.
kx
=
145853

Preo =
7,5 1,0175 : 7,63
x
VC N x = II €
7,63
=
13042
45853
Qß
al
Fo 000
:4500
Tanconeal amost : 1174100
= N

4,29%.
Q X M

4,19y.=643050
-4500000
Qsanos : 3215 200
Qx5-
VR cont
:1284t50
Umercedo =
1750 000

Mainvalic =
150000-1284750 =
465250

IRC -3
97702,5
->21.
VRLCF Umercido 16

T2500
-IRC=
-
FM :125
k
lmp : 65
k
URL FM :6
ok
URL =
Itiztoo
inventimento

}
l
o i 2 z L J

ICF 45
ook
FM 125
k
VRCF - 1652,5
k
UR FM -
bok
CFI 4500 125 o o o 112,5
k
k
k
 Qu

Ho HHk 8 65 yok

śjk
k
o l 2 3

VALF 76681 683 25248

to
.

CNW
VAURL qs 3609

5ooLltWAcc)
Vnecupencvl It
7k
VALD :
76681-68370-28856 -
3093
A7+K-
Hn lijk 85 yok
k
o 1 2

VACF 76233 L
8152
VAURL 4021

virecuperável lijk

VALD = I 76233-32.74 =
6593
15k
Q
5
cask flow Periódico oneal quivalente

CFPAELAL = VALI WACCTarON JIWALC

(1- =6503,/2

LA
)
CFPAEL 8
3I:
TT6
Opacs polo prozeto B
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i al
-
i -
} )

3 -

d
)
4- dl

r
-d)
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vendas - >
1 885 000 €

CVn s
6, 35 €

PUn -
12,70 €

Quantidale verdid -3
148425
MS -7
6%.

CV - CUnx Quart =
942498
s
al
No Und 1 11+ Vo 1 11+6 =1778302

-1885000
:
1

t.1
S
CF :
Vo
l l -
i
f =
889 15 1 €
+t83o2
-b5F.+I
1-tpun
sl cl
verdas 1885000 vendas 2

o1z500
CF 8 89 1 5 1
CF 850235
941498 Lu Iilz
50
Cu

EF Y EF 42500
2500
RAI 10 851 RAI 8 J
15
Ik -

22 78 Rl 6726
RL 8572 Nü Rcé inferion
porque
 Q
4
al O
l
z
3

I katik 1287

t5
CF

25k
Viderinvertimeto zzok liz

-
--

,5k
Tone 8 zzok 115 lo I

0Zz25
9310
tyo
y.
VAL =-18
t2+J
o ^ 2

ktiik 12877

J
CF
Videninvestineto Hititk --

Ton 8 li 118055 oyo

X.
3
7ik
VAL =110958

}1
I 3
o z

CF I katjk 128775
25k
viderinvestimeto n li

-
Yoss
7,5k
Tcnc 8 X li 1

OZzz5
1o
5t4o
.
VAL = O

VAL = n1.) u 32+ 2+5

-L1-37
:
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1 al
.
31. s 4.45

5,5
-
2,2%.
L
-
cl 56 5
x 6250
5 20 :

x
t.
3 . d
1
9 - 1
l
.

5
b
/
 Ql
N N +

f
verdas fjk
preço 22, 5€ 5 2, 65 25
13,

f.
populiá IHt --) lilt

.
.
perdimeto 2, l 2,025

135
TY.
conmno estimido t alatrint Jxlntzozst

5k11+6-13,25
-

)
=67998

bl
N Ntf

verdas fjk 8 2500

f 5,3 %
preço 5€

ì
22, 2
2,65
.
populcá IHt --3 lily
.
.
perdimeto 2,5 1135 3,3+5
y.
conmno estimado :
82 500

tikfetula lt 3,375. 1.1

1et-lxI1+
11 t l :82500 11 4=
0,0
53
O
5135
8384
1tul
deveric
Logo o

prego res 22,05€

 N +

Fik

t
verdas
preço 22, 5€ 5 2,65 25
13,

y.
populcá I lt -> lilt

.
.
perdimeto 2 113+ 3,375

itt.
conruno estimado t (1+ xlatrilf 1

t-13,25
-

5k
xInt202st)
= 6

t1lo
Vverdan 1687500
:
t Ioy
.
1856 250
Qz

I 7 800 000
=
Q %. Q aneal =
975000
=
12,5

Yurca Q -
5850000
:baros
6mos
VR -
2 250 000 URC =
1950000 I

-Q6
FM Mcisvalias - 300 UR C

k
-VR
=165k
imp IRC z
63 tualias x %.
21

k
:llok
IRC U RL -218 UR

t000
:21.
-IRC
FM - = 55

k
tup
VRLt =2241000
55k
 IC F to
8

0k
Qumal 975000
total 5 850000 * lo

Urcont K

50000
vr 2250000

tualias 300 000

IRc 63000

Vr 2187000

URFM 55
k
VRL L
242000
Qz

30 anos -7 360 weses

ia 1. i :
0, 35 %.
4,2
121
A
360, 0135
=
1- =
204,5

t10,35f.
t.
35
o t.
,
P lo 1 11 t = Co
1 204.5 lo 150 000
=
=
a
33,52576
})
JT x 360 -
=

Co
=733,52576
IHOGGE
cl
9240,0,35%.
:

I : 162,187
.oest."
Cizo =

162,187 t 52576 =
118968,6
x
33,
penalizaçá 1 b Ht =1189,
6
2o+
t.
-s
.
Total Cco Pendlijy 160158
:
: + :
 i ilnu 0,35 M 12=360 P t

:
35,52576
t.
=4.2+.
1:
=30x
360

12
A" : 104,49
,0
sit.
I

1ro35t.
-204,49 P
CD 150000 :
X
hl
5 = 360 - LD
=IIYO
360
aP
T
69
cl
M =120
=10x12
- 1360-1201

A I- =
162, 19
360-120
-thtop
o
35
t.
,
CD IGCXP
118968 = :

Peralizaçá -
11896% t I
=

12015+
18968x1t.
Q
4
VAL 1 paros 11- Wace liwacc
Lat
)
PA

17699
:
2996,49
:
t."
PB
E

:.-
I
VALA AELAL X A 10,+. 1- 15695 = FAELALX 5,24 1-) FAELAL
:
8;
-299
 Q
5
o i z WACC =

I1,5t.
CF -

rok Yuk
vridesinu çok -
-

URLF -

- 25

k
CFA gok 44843 32174
) 5C

283
vRLA zo 1

o9
VAL =
90 - -
T

126
K-44843-52283
o l

CF 4
ok
vrldeninu 55
k
URLF 2
śk
CFA śjk 35874 58 295
)
VRLA 2242
n
VAL J =-3295
5K-58295
=

Fim do rejurdo ano

(1
tl,st.1"
25000 : 20109
 tucne ER 2022

Qr
l

=
a

il L
21
1+6,i6t0t.)E.1:
4,5 54 prestaçõn J J 250 x =

t500
anos =

6:
x0,51.
6
....
A 54; 0,7 :
1- L
-47, 22

5%.
t.
P 250000 C
Y 5294,2
:
2=L
,
}1
Jt Pa 7500 :43386
5y-250K+
:
cl
CD3 = P xAz 0,7
t.
4,
Alia :

=
1-( 26,56
lto,t.I5t.
7t.
CD 22,56 5194,2 =
119452,3
X
3:
Moutante diquidan T
I
3
a
7
9726
-
15452,?:
 prstiga
dl a s C

NV cDinicio Tr no Amant
I i 1250
5ok
(

l
2 25
ok
\
ll
i
}

ll cl
y

ll ç

!.
7
ll

d-7b
""
t ta 4044,2 5294, 2
Bax Juno
-tc
8 245955,78 1229, 78 4064,4 JZq

4,L
h
241 891,4 1209,46 4084, 7
5 294, 2

Juno =

0,5%.

Prestaące : 5 2 9 4, 2
Qz

al

nvmll
Total gartos B A ArK

5k
36k
RAI 14 75 75

k
k
k
Tone 21. RL 59250 59250

Amort
lmp
EF

CFE

}
l
VRFM

=33k-3k
Irvest FM 33 VRLF 120
k

k
=40
k
.
VRL -
45

ok
CFI 250 283 o o -450
k
k
k
cl
CFG -250 123250 123250 ujok
k-106940
d 67608 86562
97382 280932
'WACC=I,TFEATURA
VAL =53248
t
CF 250 203
k
k
Invent A C 251556 =
501556
5Ok
IR /501556 =

1,0617
=532487
Qz
o l z

URLD ajk
CFA 44052 31050 467+5
J
URLA 15525

VALD : 95 - 44052-46575 =
4373
k
O ^

VRLD 6
jk
CFA 35242 52863
)
VRLA 17621

VALD =65 =
12137
k-52863
 Q
4
(
416602: LH +1264650+ 295882- au
t13+.1"
ut
391
$-361 321 =- + 0,64 10,60) 1-7 4=550000

n
o I Z y
3

CFE 2 O 350 450

k
k
t0k
CFl n

Vr n x

60t.
CFI h @ -

nx6Ot.
CFG h złok 1 2 350 4 nx

60y.
-

jok
k
-
y

CFGA
-

u 217391 264650 295882 0,6

u/1tisf.)
VAL -
416602

}1

rit 04
=
304 k 1.22
=
1+
so
391
50 k 391 k
- =
-
k
rirz
lntrifl 350

c
)
350 =
1,4 ujo =
1, 29

25
-

350
o
Q 5

invent took l

Vatil Ilm loavos - lot amort 2

s
,
VRF o
3

durecá invert taros

y

Amontizcçözltaal lx 2 4
x
490 J

k
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preço 2
133,25

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preço 12 € Iln €
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3 €

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2019
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2
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C F :
3 5 00 K

Prego -200€ P = 3700 K

-30434
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CUM -
85 € 1200-851

vilor :
30434 200 -
6087
X
k
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Il F 10 14

Qanral 125

M
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IRC 52.5
k
vk 1447500

VRFML l
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