XC-750 Investment 2,680,000

Previous Study (doesnt count) 45,000

Additional Sales (year 1-10) 10,150,000
Decrease sales Year 0 - 5,010,000
COGS 1
Additional inventory (-year0 and +year 10) 1,120,000
Additional SG&A (1-10) 1,970,000
Receivables of new sales (over sales) 0
payables of new sales (over COGS) 0
Marginal corporate tax rate 0
Depreciation straigth line method 0

Sales - 5,010,000
COGS -
Gross Profit - 5,010,000
SGNA
R&D -
Depreciation
EBIT - 5,010,000
Income Tax (35%) 1,753,500
Unlevered net Income - 3,256,500

Sales - 5,010,000
COGS
Gross Profit - 5,010,000
SGNA
R&D
Depreciation
EBIT - 5,010,000
Income Tax (35%) 1,753,500
Unlevered net Income - 3,256,500
FCF
Depreciation
Capital Expenditures - 2,680,000
Increases in NWC - 1,120,000
FCF: - 7,056,500

NWC
Inventory 1,120,000
Recievables
Payables
NWC 1,120,000

WACC 0
NPV - 2,324,531

Worst Case
-

Sales - 5,010,000
COGS -
Gross Profit - 5,010,000
SGNA
R&D
Depreciation
EBIT - 5,010,000
Income Tax (35%) 1,753,500
Unlevered net Income - 3,256,500
FCF
Depreciation
Capital Expenditures - 2,680,000
Increases in NWC - 1,120,000
FCF: - 7,056,500

NWC
Inventory 1,120,000
Recievables
Payables
NWC 1,120,000

WACC 0
NPV - 4,315,511

Best Case
-

Sales - 5,010,000
COGS -
Gross Profit - 5,010,000
SGNA
R&D
Depreciation
EBIT - 5,010,000
Income Tax (35%) 1,753,500
Unlevered net Income - 3,256,500
FCF
Depreciation
Capital Expenditures - 2,680,000
Increases in NWC - 1,120,000
FCF: - 7,056,500

NWC
Inventory 1,120,000
Recievables
Payables
NWC 1,120,000

WACC 0
NPV - 333,551

Sales - 5,010,000
COGS
Gross Profit - 5,010,000
SGNA
R&D
Depreciation
EBIT - 5,010,000
Income Tax (35%) 1,753,500
Unlevered net Income - 3,256,500
FCF
Depreciation
Capital Expenditures - 3,930,000
Increases in NWC - 1,120,000
FCF: - 8,306,500

NWC
Inventory 1,120,000
Recievables
Payables
NWC 1,120,000

WACC 0
NPV - 2,342,580

Deveria ter ao menos um faturamento anual de R$11.677.577 anualmente, conforme osolução do Solver, considerando uma
 1 2 3 4 5 6 7

10,150,000 10,150,000 10,150,000 10,150,000 10,150,000 10,150,000 10,150,000

7,206,500 7,206,500 7,206,500 7,206,500 7,206,500 7,206,500 7,206,500
2,943,500 2,943,500 2,943,500 2,943,500 2,943,500 2,943,500 2,943,500
- 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000

705,500 705,500 705,500 705,500 705,500 705,500 705,500
- 246,925 - 246,925 - 246,925 - 246,925 - 246,925 - 246,925 - 246,925
458,575 458,575 458,575 458,575 458,575 458,575 458,575

1 2 3 4 5 6 7

10,150,000 10,150,000 10,150,000 10,150,000 10,150,000 10,150,000 10,150,000

7,206,500 7,206,500 7,206,500 7,206,500 7,206,500 7,206,500 7,206,500
2,943,500 2,943,500 2,943,500 2,943,500 2,943,500 2,943,500 2,943,500
- 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000

705,500 705,500 705,500 705,500 705,500 705,500 705,500
- 246,925 - 246,925 - 246,925 - 246,925 - 246,925 - 246,925 - 246,925
458,575 458,575 458,575 458,575 458,575 458,575 458,575

268,000 268,000 268,000 268,000 268,000 268,000 268,000

- 801,850
- 75,275 726,575 726,575 726,575 726,575 726,575 726,575

1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500 1,522,500

- 720,650 - 720,650 - 720,650 - 720,650 - 720,650 - 720,650 - 720,650
801,850

1 2 3 4 5 6 7

8,200,000 8,200,000 8,200,000 8,200,000 8,200,000 8,200,000 8,200,000

5,822,000 5,822,000 5,822,000 5,822,000 5,822,000 5,822,000 5,822,000
2,378,000 2,378,000 2,378,000 2,378,000 2,378,000 2,378,000 2,378,000
- 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000

140,000 140,000 140,000 140,000 140,000 140,000 140,000
- 49,000 - 49,000 - 49,000 - 49,000 - 49,000 - 49,000 - 49,000
91,000 91,000 91,000 91,000 91,000 91,000 91,000

268,000 268,000 268,000 268,000 268,000 268,000 268,000

- 647,800
- 288,800 359,000 359,000 359,000 359,000 359,000 359,000

1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000 1,230,000

- 582,200 - 582,200 - 582,200 - 582,200 - 582,200 - 582,200 - 582,200
647,800

1 2 3 4 5 6 7

12,100,000 12,100,000 12,100,000 12,100,000 12,100,000 12,100,000 12,100,000

8,591,000 8,591,000 8,591,000 8,591,000 8,591,000 8,591,000 8,591,000
3,509,000 3,509,000 3,509,000 3,509,000 3,509,000 3,509,000 3,509,000
- 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000

1,271,000 1,271,000 1,271,000 1,271,000 1,271,000 1,271,000 1,271,000
- 444,850 - 444,850 - 444,850 - 444,850 - 444,850 - 444,850 - 444,850
826,150 826,150 826,150 826,150 826,150 826,150 826,150

268,000 268,000 268,000 268,000 268,000 268,000 268,000

- 955,900
138,250 1,094,150 1,094,150 1,094,150 1,094,150 1,094,150 1,094,150

1,815,000 1,815,000 1,815,000 1,815,000 1,815,000 1,815,000 1,815,000

- 859,100 - 859,100 - 859,100 - 859,100 - 859,100 - 859,100 - 859,100
955,900

1 2 3 4 5 6 7

10,150,000 10,150,000 11,677,577 11,677,577 11,677,577 11,677,577 11,425,783

7,206,500 7,206,500 8,291,080 8,291,080 8,291,080 8,291,080 8,112,306
2,943,500 2,943,500 3,386,497 3,386,497 3,386,497 3,386,497 3,313,477
- 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000 - 268,000

705,500 705,500 1,148,497 1,148,497 1,148,497 1,148,497 1,075,477
- 246,925 - 246,925 - 401,974 - 401,974 - 401,974 - 401,974 - 376,417
458,575 458,575 746,523 746,523 746,523 746,523 699,060

268,000 268,000 268,000 268,000 268,000 268,000 268,000

- 801,850
- 75,275 726,575 1,014,523 1,014,523 1,014,523 1,014,523 967,060

1,522,500 1,522,500 1,751,637 1,751,637 1,751,637 1,751,637 1,713,867

- 720,650 - 720,650 - 829,108 - 829,108 - 829,108 - 829,108 - 811,231
 801,850

o do Solver, considerando uma receita de vendas estável entre o ano 3 e 10.

 8 9 10

10,150,000 10,150,000 10,150,000

7,206,500 7,206,500 7,206,500
2,943,500 2,943,500 2,943,500
- 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000

705,500 705,500 705,500
- 246,925 - 246,925 - 246,925
458,575 458,575 458,575

8 9 10

10,150,000 10,150,000 10,150,000

7,206,500 7,206,500 7,206,500
2,943,500 2,943,500 2,943,500
- 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000

705,500 705,500 705,500
- 246,925 - 246,925 - 246,925
458,575 458,575 458,575 a) Os ganhos incrementais estão destacados na linha Unlevered Inc

268,000 268,000 268,000

1,921,850
726,575 726,575 2,648,425 b) O FCF está definido na linha 43.

- 1,120,000
1,522,500 1,522,500 1,522,500
- 720,650 - 720,650 - 720,650
- 1,921,850

8 9 10

8,200,000 8,200,000 8,200,000

5,822,000 5,822,000 5,822,000
2,378,000 2,378,000 2,378,000
- 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000

140,000 140,000 140,000
- 49,000 - 49,000 - 49,000
91,000 91,000 91,000

268,000 268,000 268,000

1,767,800
359,000 359,000 2,126,800

- 1,120,000
1,230,000 1,230,000 1,230,000
- 582,200 - 582,200 - 582,200
- 1,767,800

8 9 10

12,100,000 12,100,000 12,100,000

8,591,000 8,591,000 8,591,000
3,509,000 3,509,000 3,509,000
- 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000

1,271,000 1,271,000 1,271,000
- 444,850 - 444,850 - 444,850
826,150 826,150 826,150

268,000 268,000 268,000

2,075,900
1,094,150 1,094,150 3,170,050

- 1,120,000
1,815,000 1,815,000 1,815,000
- 859,100 - 859,100 - 859,100
- 2,075,900

8 9 10

11,425,783 11,425,783 11,425,783

8,112,306 8,112,306 8,112,306
3,313,477 3,313,477 3,313,477
- 1,970,000 - 1,970,000 - 1,970,000

- 268,000 - 268,000 - 268,000

1,075,477 1,075,477 1,075,477
- 376,417 - 376,417 - 376,417
699,060 699,060 699,060

268,000 268,000 268,000

2,022,637
967,060 967,060 2,989,697

- 1,120,000
1,713,867 1,713,867 1,713,867
- 811,231 - 811,231 - 811,231
- 2,022,637
destacados na linha Unlevered Income
Informations and variables
Capital Expenditure Year 0 10% of PPE (Property, Plant, Equipament)
Capital Expenditure Year 1 10% of year 0
Capital expediture Year 2 0.105
Capital expenditure Year 3 0.10605
Capital expenditure Year 4 0.1071105
Capital expenditure Year 5 0.108181605

Product life (Years) 5

Revenue Year 1 3%
Revenue Year 2 3.450% 15%
Revenue Year 3 3.795% 10%
Revenue Year 4 3.985% 5%
Revenue Year 5 4.184% 5%

Operating costs and NWC requirements similar to the company

Depreciation Straightline

IBM's Tax Rate 21%

2022
Sales 30206
PPE 18695
Income from continuing operatio 1156
Depreciation 2407
EBITDA 3563
Profitabillity 11.80%
Depreciation 20.00%

Capital Expenditure Year 0 1,869.50

Capital Expenditure Year 1 187
Capital expediture Year 2 196
Capital expenditure Year 3 198
Capital expenditure Year 4 200
Capital expenditure Year 5 202
Total Asset Value 2,853

NWC
Inventory 71 0.00235052638548633
Payables 213 0.00705157915645898
Receivables 539 0.0178441369264385

Solution
0 1 2
Sales 906 1,042
EBITDA 107 123
Depreciation - 571 - 571
EBIT - 464 - 448
Tax Income - 97 - 94
Unlevered Net Income - 366 - 354
Depreciation 571 571
Capital Expenditure - 1,870 - 187 - 196
NWC - 397 - -
FCF - 2,267 17 21

WACC 12%
NPV -R$ 1,740.00
IRR -27%

Sensitivity analysis
Average NPV Best case
Sales 3% -R$ 1,740 R$ 0
WACC 12% -R$ 1,740 R$ 0
Constant revenue Growth 15%,10%,5%,1%,1% -R$ 1,740 R$ 0

2% revenue
0 1 2
Sales 604 695
EBITDA 71 82
Depreciation -571 -571
EBIT -499 -489
Tax Income -105 -103
Unlevered Net Income -395 -386
Depreciation 571 571
Capital Expenditure -1869.5 -187 -196
NWC -397 0 0
FCF - 2,266.50 -11 -12

WACC 12%
NPV -R$ 1,849.21
IRR -30%

10% WACC

0 1 2
Sales 906 1,042
EBITDA 107 123
Depreciation - 571 - 571
EBIT - 464 - 448
Tax Income - 97 - 94
Unlevered Net Income - 366 - 354
Depreciation 571 571
Capital Expenditure - 1,870 - 187 - 196
NWC - 397 - -
FCF - 2,267 17 21

WACC 10%
NPV -R$ 1,747.41
IRR -27%

0% Revenue growth
- 1 2
Sales 906 906
EBITDA 107 107
Depreciation - 571 - 571
EBIT - 464 - 464
Tax Income - 97 - 97
Unlevered Net Income - 366 - 366
Depreciation 571 571
Capital Expenditure - 1,870 - 187 - 196
NWC - 397 - -
FCF - 2,267 17 8

WACC 12%
NPV -R$ 1,795.85
IRR -29%
 3 4 5
1,146 1,204 1,264 Inventory
 135 142 149 Payables
- 571 - 571 - 571 Receivables
- 435 - 429 - 422 NWC:
- 91 - 90 - 89
- 344 - 339 - 333
571 571 571
- 198 - 200 - 202
- - 397
28 32 432

Best Case NPV Worst case Worst Case NPV

-R$ 1,631 R$ 0 -R$ 1,849
-R$ 1,725 R$ 0 -R$ 1,747
-R$ 1,743 R$ 0 -R$ 1,796

4% revenue
3 4 5 0 1
764 802 843 Sales 1208
90 95 99 EBITDA 143
-571 -571 -571 Depreciation -571
-481 -476 -471 EBIT -428
-101 -100 -99 Tax Income -90
-380 -376 -372 Unlevered Net Income -338
571 571 571 Depreciation 571
-198 -200 -202 Capital Ex -1869.5 -187
0 0 397 NWC -397 0
-7 -6 393 FCF -2266.5 45

WACC 12%
NPV ###
IRR -23%

15% WACC

3 4 5 0
1,146 1,204 1,264 Sales
135 142 149 EBITDA
- 571 - 571 - 571 Depreciation
- 435 - 429 - 422 EBIT
- 91 - 90 - 89 Tax Income
- 344 - 339 - 333 Unlevered Net Income
571 571 571 Depreciation
- 198 - 200 - 202 Capital Expe- 1,870
- - 397 NWC - 397
28 32 432 FCF - 2,267

WACC 15%
NPV -R$ 1,725.21
IRR -27%

10% Revenue growth

3 4 5 - 1
906 906 906 Sales 906
107 107 107 EBITDA - 107
- 571 - 571 - 571 Depreciation - 571
- 464 - 464 - 464 EBIT - 464
- 97 - 97 - 97 Tax Income - 97
- 366 - 366 - 366 Unlevered Net Income- 366
571 571 571 Depreciation 571
- 198 - 200 - 202 Capital Ex - 1,870 - 187
- - 397 NWC - 397 -
6 4 399 FCF - 2,267 17

WACC 12%
NPV ###
IRR -26%
 0 1 2 3 4 5
71
 -213
539
397 -397

2 3 4 5
1389 1528 1605 1685
164 180 189 199
-571 -571 -571 -571
-407 -390 -381 -372
-85 -82 -80 -78
-321 -308 -301 -294
571 571 571 571
-196 -198 -200 -202
0 0 0 397
53 64 69 472

1 2 3 4 5
906 1,042 1,146 1,204 1,264
107 123 135 142 149
- 571 - 571 - 571 - 571 - 571
- 464 - 448 - 435 - 429 - 422
- 97 - 94 - 91 - 90 - 89
- 366 - 354 - 344 - 339 - 333
571 571 571 571 571
- 187 - 196 - 198 - 200 - 202
- - - - 397
17 21 28 32 432

2 3 4 5
997 1,096 1,206 1,327
118 129 142 156
- 571 - 571 - 571 - 571
- 453 - 441 - 428 - 414
- 95 - 93 - 90 - 87
- 358 - 349 - 338 - 327
571 571 571 571
- 196 - 198 - 200 - 202
- - - 397
16 24 32 438
EX 1
0 1 2 3 4 5
Cost Saving 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00
DEP - 100,000.00 - 100,000.00 - 100,000.00 - 100,000.00 - 100,000.00
NOPAT 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00
+ DEP 160,000.00 160,000.00 160,000.00 160,000.00 160,000.00
Capex - 500,000.00
Machine Sold 75,000.00
Tax - 30,000.00

FFCF - 500,000.00 160,000.00 160,000.00 160,000.00 160,000.00 205,000.00

Discount Rate 8%
NPV 169,459.85
IRR 19.70%
0- 500,000.00 - 500,000.00
1 160,000.00 - 340,000.00
2 160,000.00 - 180,000.00
3 160,000.00 - 20,000.00
4 160,000.00 140,000.00
PAYBACK 3.125

EX 2
1.
0 1 2 3 4 5 6
FFCF -300000 8000 8000 8000 8000 8000 8000
WAAC 7%
NPV - 236,458.51

2.
0 1 2 3 4 5 6
COST SAVING 163000 163000 163000 163000 163000 163000
DEP -40000 -40000 -40000 -40000 -40000 -40000
NOPAT 73800 73800 73800 73800 73800 73800
+ DEP 113800 113800 113800 113800 113800 113800
CAPEX -480000
MACHINE SELL 100000
TAX -40000
FFCF -420000 113800 113800 113800 113800 113800 113800
DISCOUNT RATE 7%
NPV 483,877.70
 7 8 9 10 11 12
8000 8000 8000 8000 8000 8000

7 8 9 10 11 12
163000 163000 163000 163000 163000 163000
-40000 -40000 -40000 -40000 -40000 -40000
73800 73800 73800 73800 73800 73800
113800 113800 113800 113800 113800 113800

113800 113800 113800 113800 113800 113800