Compra

Dados
Valor do Ativo
Valor do Ativo bruto
Vida til
Contrato de locao
Depreciao linear mensal
IR
Tarifa de aluguel
Custo Servio
Custo das Vendas

16,000
25,700
36 meses
36 meses
444
34.0%
1,221
5.00% * 0.95 do Valor do Ativo c/ impostos
244
20.00% da Tarifa
305
25.00% da tarifa

Fluxo de Caixa
ms
Receita
Custos/Despesas
EBITDA
Depreciao
EBIT
Juros
EBT
IR (34%)
LL
(+) Depreciao
(-) Investimento M&E
(-) Invetimento C.G.
Fluxo de Caixa Livre
TIR
VPL
TMA

0
0
0
0
0
0
0
0
0
0
0
(16,000)
0
(16,000)

1
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

2
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

3
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

4
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

5
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

6
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

21.88% a.a.
1,593
14.00% a.a.

EVA

Capital Empregado

ms

0
0

1
16,000

2
15,556

3
15,111

4
14,667

5
14,222

6
13,778

1. Clculo do NOPLAT
Receita
Custos/Despesas Op.+Depreciao
Resultado Operacional
IR Ajustado
NOPLAT

0
0
0
0
0

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

2. Clculo do Custo de Capital

Custo da dvida*(1 - t)
Custo do Capital Prprio
Custo de Capital

0
0
0

0
176
176

0
171
171

0
166
166

0
161
161

0
156
156

0
151
151

EVA
VP do EVA

0
1,593

(26)

(21)

(16)

(11)

(6)

(1)

'======================================================
Material Desenvolvido por Leonel Molero Pereira
Para crticas, sugestes e autorizao de uso: leonelmp@aleae.com.br
www.aleae.com.br
'======================================================

7
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

8
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

9
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

10
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

11
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

12
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

13
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

14
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

15
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

7
13,333

8
12,889

9
12,444

10
12,000

11
11,556

12
11,111

13
10,667

14
10,222

15
9,778

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

0
146
146

0
142
142

0
137
137

0
132
132

0
127
127

0
122
122

0
117
117

0
112
112

0
107
107

13

18

23

28

33

38

42

16
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

17
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

18
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

19
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

20
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

21
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

22
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

23
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

24
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

16
9,333

17
8,889

18
8,444

19
8,000

20
7,556

21
7,111

22
6,667

23
6,222

24
5,778

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

0
102
102

0
98
98

0
93
93

0
88
88

0
83
83

0
78
78

0
73
73

0
68
68

0
63
63

47

52

57

62

67

72

77

81

86

25
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

26
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

27
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

28
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

29
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

30
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

31
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

32
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

33
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

25
5,333

26
4,889

27
4,444

28
4,000

29
3,556

30
3,111

31
2,667

32
2,222

33
1,778

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

0
59
59

0
54
54

0
49
49

0
44
44

0
39
39

0
34
34

0
29
29

0
24
24

0
20
20

91

96

101

106

111

116

121

125

130

34
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

35
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

36
1,221
(549)
671
(444)
227
0
227
(77)
150
444
0
0
594

34
1,333

35
889

36
444

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

1,221
(994)
227
(77)
150

0
15
15

0
10
10

0
5
5

135

140

145

Leasing
Dados
Valor do Ativo
Valor do Ativo c/ impostos
Vida til
Contrato de locao
IR
Tarifa de aluguel
Parcela Leasing mensal
Custo Servio
Custo das Vendas

16,000
25,700
36 meses
36 meses
34.0%
1,221
5.00%
624
3.90%
244
20.00%
305
25.00%

2.78%

* 0.95 do Valor do Ativo c/ impostos

do Valor do Ativo
da Tarifa
da tarifa

Fluxo de Caixa
ms
Receita
Custos/Despesas
Leasing Operacional
EBITDA
Depreciao
EBIT
Juros
EBT
IR (34%)
LL
(+) Depreciao
(-) Investimento M&E
(-) Invetimento C.G.
Fluxo de Caixa Livre

VPL
TMA

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

2
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

3
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

4
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

5
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

6
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

1
0

2
0

3
0

4
0

5
0

6
0

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

926
14.00% a.a.

EVA
ms
Capital Empregado

0
0

1. Clculo do NOPLAT
Receita
Custos/Despesas Op.
Resultado Operacional
IR Ajustado
NOPLAT

0
0
0
0
0

2. Clculo do Custo de Capital

Custo da dvida*(1 - t)
Custo do Capital Prprio

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Custo de Capital
EVA
VP do EVA

0
926

31

31

31

31

31

31

EVA 2
EVA
Capital Empregado

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

1. Clculo do NOPLAT
Receita
Custos/Despesas Op.
Resultado Operacional
IR Ajustado
NOPLAT

0
0
0
0
0

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

2. Clculo do Custo de Capital

Custo da dvida*(1 - t)
Custo do Capital Prprio
Custo de Capital

0
0
0

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

0
926

31

31

31

31

31

31

EVA
VP do EVA

'=====================================================================================
Aleae Consultoria Empresarial - Rua Joo Loureno, 683, 10 andar Vila Nova Conceio
So Paulo - SP Tel/Fax: +55 11 3845-8759 www.aleae.com.br
'=====================================================================================

7
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

8
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

9
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

10
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

11
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

12
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

13
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

14
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

15
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

7
0

8
0

9
0

10
0

11
0

12
0

13
0

14
0

15
0

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

31

31

31

31

31

31

31

31

31

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

31

31

31

31

31

31

31

31

31

=================

=================

16
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

17
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

18
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

19
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

20
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

21
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

22
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

23
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

24
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

16
0

17
0

18
0

19
0

20
0

21
0

22
0

23
0

24
0

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

31

31

31

31

31

31

31

31

31

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

31

31

31

31

31

31

31

31

31

25
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

26
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

27
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

28
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

29
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

30
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

31
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

32
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

33
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

25
0

26
0

27
0

28
0

29
0

30
0

31
0

32
0

33
0

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

31

31

31

31

31

31

31

31

31

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

0
#REF!

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

412
0
412

31

31

31

31

31

31

31

31

31

34
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

35
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

36
1,221
(549)
(624)
47
0
47
0
47
(16)
31
0
0
0
31

34
0

35
0

36
0

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

1,221
(1,173)
47
(16)
31

0
0

0
0

0
0

31

31

31

0
#REF!

0
#REF!

0
#REF!

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

1,221
(549)
671
(228)
443

412
0
412

412
0
412

412
0
412

31

31

31

Dados
Valor do Ativo
IR
Depreciao linear mensal
Parcela do Leasing
TMA

ms
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

16,000
34%
444
624
14.00% a.a.

VPL Leasing
(12,193)

VPL Compra
(11,526)

Diferena
666

Opo de Leasing
Opo de Comprar
Ben. Fiscal
Ben. Fiscal
Parc. Leasing
Fl. Caixa
Depreciao Depreciao
Leasing
0
0
0
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151
(624)
212
(412)
(444)
151

'====================================================================================
Aleae Consultoria Empresarial - Rua Joo Loureno, 683, 10 andar Vila Nova Conceio
So Paulo - SP Tel/Fax: +55 11 3845-8759 www.aleae.com.br
'====================================================================================

o de Comprar
Fl. Caixa
(16,000)
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151

=========================

=========================