1. 12.16 Planilha em R$ MM Nominais CONSOLIDADO 87.3% 17.1% 20.1% 23.3% 21.4% 20.9% 19.7% 16.8% 13.7% 11.9% 11.5% 11.6%
Aliquotas DRE 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Receita Líquida 380.906 713.501 194.205 202.250 214.689 224.119 835.263 228.569 242.651 258.413 273.192 1,002.826 1,236.459 1,500.854 1,814.980 2,171.874 2,536.879 2,885.242 3,227.898 3,600.094 4,017.567
CPV 169.451 326.882 89.354 97.148 110.448 105.493 402.443 100.478 108.179 126.442 127.108 462.207 532.735 636.825 758.467 893.807 1,028.132 1,151.574 1,268.956 1,394.098 1,532.520
Lucro Bruto 211.455 386.619 104.851 105.102 104.241 118.626 432.820 128.091 134.473 131.971 146.085 540.619 703.724 864.029 1,056.514 1,278.066 1,508.747 1,733.668 1,958.943 2,205.996 2,485.047
Despesas Operacionais 139.005 223.711 55.091 57.393 62.374 60.475 235.333 63.771 68.662 72.928 76.929 282.291 365.538 439.860 528.148 628.446 731.024 828.929 925.232 1,029.832 1,147.147
Vendas 46.929 84.128 20.908 23.777 24.333 25.219 94.237 28.043 30.444 32.421 34.275 125.183 168.057 203.993 246.688 295.197 344.807 392.156 438.729 489.317 546.059
Administrativas 89.084 135.141 32.698 32.128 36.567 33.530 134.923 34.172 36.658 38.942 41.083 150.855 191.151 229.460 274.974 326.684 379.570 430.045 479.692 533.620 594.108
Dep & Amortização 2.992 4.442 1.485 1.488 1.474 1.726 6.173 1.556 1.561 1.566 1.570 6.253 6.329 6.407 6.486 6.566 6.646 6.728 6.811 6.894 6.979
Outras - - - - - - - - - - - - -
EBIT 72.450 162.908 49.760 47.709 41.867 58.151 197.487 64.320 65.810 59.043 69.156 258.329 338.186 424.169 528.366 649.620 777.723 904.739 1,033.711 1,176.164 1,337.901
Resultado Financeiro 16.317 25.006 3.264 4.186 6.332 3.896 17.678 5.200 52.850 7.954 8.849 74.853 45.501 63.995 87.096 115.763 150.655 191.990 239.813 294.589 357.227
Receita Financeira 19.545 30.361 5.204 5.969 8.613 6.370 26.156 7.559 8.547 9.423 10.340 35.869 51.685 70.550 94.045 123.129 158.463 200.266 248.586 303.888 367.084
Desp. Financeira (13.234) (38.047) (1.940) (1.783) (25.789) (19.431) (48.943) (2.359) 44.303 (1.469) (1.491) 38.984 (6.184) (6.555) (6.949) (7.366) (7.808) (8.276) (8.773) (9.299) (9.857)
Juros sobre Capital Próprio 10.006 32.692 - - 23.508 16.957 40.465 - - - - - - - - - -
Resultado Não operacional - - - - - (1.072) (1.072) (1.030) - - - (1.030) - - - - - - - - -
Equivalência Patrimonial - - (1.072) (1.072) (1.030) (1.030) - - - - - - - - -
Saldo Não Operacional - - - - - - - - - - - - -
LAIR 88.767 187.914 53.024 51.895 48.199 60.975 214.093 68.490 118.661 66.996 78.005 332.152 383.687 488.164 615.461 765.383 928.378 1,096.729 1,273.524 1,470.753 1,695.127
25.0% IR e CS 26.381 41.048 14.304 11.500 2.343 10.283 38.430 24.837 29.665 16.749 19.501 90.753 95.922 122.041 153.865 191.346 232.095 274.182 318.381 367.688 423.782
Participações - - 0.945 0.945 1.269 1.269 - - - - - - - - -
Lucro Líquido 62.386 146.866 38.720 40.395 45.856 49.747 174.718 42.384 88.995 50.247 58.504 240.131 287.765 366.123 461.596 574.037 696.284 822.547 955.143 1,103.065 1,271.345
Reversão de Juros sobre Capital Próprio (10.006) 32.692 - - 23.508 16.957 40.465 - - - - - - - - - - - - - -
Lucro Líquido Ajustado 52.380 179.558 38.720 40.395 69.364 66.704 215.183 42.384 88.995 50.247 58.504 240.131 287.765 366.123 461.596 574.037 696.284 822.547 955.143 1,103.065 1,271.345
Growth % 242.8% 19.8% 37.4% 19.8% 27.2% 26.1% 24.4% 21.3% 18.1% 16.1% 15.5% 15.3%
FLUXO DE CAIXA 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Caixa Inicial 193.099 538.703 132.698 175.404 202.260 176.102 132.698 207.831 245.626 283.264 325.054 207.831 139.371 118.815 93.602 64.425 32.725 0.222 (32.245) (66.555) (104.501)
EBIT 72.450 162.908 49.760 47.709 41.867 58.151 197.487 64.320 65.810 59.043 69.156 258.329 338.186 424.169 528.366 649.620 777.723 904.739 1,033.711 1,176.164 1,337.901
27% (+) Depreciação e Amortização 2.992 4.442 1.485 1.488 1.474 1.726 6.173 1.556 1.738 1.743 1.748 6.785 7.047 7.133 7.221 7.310 7.400 7.491 7.583 7.676 7.770
EBITDA 75.442 167.350 51.245 49.197 43.341 59.877 203.660 64.565 67.548 60.786 70.904 265.114 345.233 431.302 535.587 656.930 785.123 912.230 1,041.293 1,183.840 1,345.671
(-) CAPEX manutenção 2.105 7.491 1.566 1.340 1.521 2.500 6.927 2.482 1.825 1.830 1.836 7.124 7.399 7.490 7.582 7.675 7.770 7.865 7.962 8.060 8.159
0 (-) CAPEX aumento de capacidade - -
(-) Necessidades de Giro - (11.136) (7.826) (17.201) (14.182) 8.722 (30.487) 26.204 3.481 6.277 1.822 37.784 11.047 14.719 17.600 18.932 18.425 16.951 17.213 19.113 21.225
25% (-) IR/CS sobre EBIT 20.614 48.900 12.440 11.927 16.344 18.777 59.488 16.080 16.453 14.761 17.289 64.582 84.546 106.042 132.091 162.405 194.431 226.185 258.428 294.041 334.475
(-) Participações - - - - - 0.95 0.95 1.27 - - - 1.27 - - - - - - - - -
(+)Saldo Não Operacional - - - - - - - - - - - - - - - - - - - - -
0% (+) Diminuição no RLP - - - - - - - - - - - - - - - - - - -
FCF 52.723 122.095 45.065 53.131 39.658 28.933 166.787 18.530 45.790 37.918 49.958 154.354 242.240 303.052 378.313 467.917 564.497 661.229 757.691 862.626 981.812
Mínimo Resultado Financeiro 21.306 19.594 2.466 3.062 3.228 3.418 11.798 4.218 5.060 5.861 6.703 22.729 37.738 55.902 78.756 107.227 141.989 183.279 231.202 286.209 349.188
100% Dividendos/JCP Pagos - (174.718) (240.131) (240.131) (287.765) (366.123) (461.596) (574.037) (696.284) (822.547) (955.143) (1,103.065) (1,271.345)
Ajuste IR/CS (5.767) 7.852 (1.864) 0.427 14.001 8.494 21.058 (8.757) (13.213) (1.988) (2.212) (26.170) (11.375) (15.999) (21.774) (28.941) (37.664) (47.997) (59.953) (73.647) (89.307)
Subscrição
Novos Emprestimos/Amortização CP
Novos Emprestimos/Amortização LP
Entrada/Saída total do caixa 68.262 149.541 45.667 56.620 56.887 40.845 24.925 13.991 37.638 41.790 (185.683) (89.218) (19.162) (23.168) (26.300) (27.834) (27.462) (26.035) (26.203) (27.877) (29.652)
Caixa Final 538.703 132.698 175.404 202.260 176.102 207.831 207.831 245.626 283.264 325.054 139.371 139.371 118.815 93.602 64.425 32.725 0.222 (32.245) (66.555) (104.501) (146.467)
Diferença Ativo-Passivo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BALANÇO PATRIMONIAL 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Ativo Circulante 628.415 194.019 241.649 261.933 238.143 284.706 284.706 360.544 406.604 466.391 282.957 282.957 284.560 291.863 301.391 311.033 318.376 322.124 324.282 326.653 329.264
Caixa 538.703 132.698 175.404 202.260 176.102 207.831 207.831 245.626 283.264 325.054 139.371 139.371 118.815 93.602 64.425 32.725 0.222 (32.245) (66.555) (104.501) (146.467)
Clientes 43.490 18.488 16.931 14.987 12.208 14.405 14.405 25.636 27.215 28.983 30.641 30.641 37.412 45.282 54.760 65.068 75.251 84.789 94.592 105.546 117.785
Estoques 0.742 0.355 0.210 0.514 0.652 0.784 0.784 0.598 0.644 0.753 0.756 0.756 0.860 1.025 1.220 1.428 1.627 1.806 1.984 2.181 2.397
Outros 45.480 42.478 49.104 44.172 49.181 61.686 61.686 88.684 95.481 111.601 112.188 112.188 127.473 151.954 180.986 211.812 241.276 267.775 294.260 323.427 355.548
Ativo RLP 67.777 194.840 194.491 187.475 184.448 180.699 180.699 179.334 182.451 185.637 188.894 188.894 202.655 217.673 234.063 251.950 271.471 292.774 316.024 341.396 369.087
Indexados 34.161 156.197 155.496 147.884 144.095 143.035 143.035 141.109 144.226 147.412 150.669 150.669 164.430 179.448 195.838 213.725 233.246 254.549 277.799 303.171 330.862
Outros 33.616 38.643 38.995 39.591 40.353 37.664 37.664 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225
Permanente 518.883 524.104 524.663 525.239 526.117 527.853 527.853 528.316 528.403 528.490 528.577 528.577 528.930 529.286 529.648 530.013 530.383 530.758 531.137 531.520 531.909
Imobilizado 21.275 26.732 27.111 27.798 24.097 26.114 26.114 28.407 28.494 28.581 28.668 28.668 29.021 29.377 29.739 30.104 30.474 30.849 31.228 31.611 32.000
(-)Depreciação Acumulada (13.108) (15.581) (15.886) (16.607) (14.726) (15.220) (15.220) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733) (15.733)
Imobilizado Líquido 8.167 11.151 11.225 11.191 9.371 10.894 10.894 12.674 12.761 12.848 12.935 12.935 13.288 13.644 14.006 14.371 14.741 15.116 15.495 15.878 16.267
Investimentos 0.018 0.758 0.758 0.758 0.580 0.438 0.438 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353 0.353
Intangível 510.698 512.195 512.680 513.290 516.166 516.521 516.521 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289 515.289
Ativo/Passivo Total 1,215.075 912.963 960.803 974.647 948.708 993.258 993.258 1,068.194 1,117.458 1,180.518 1,000.428 1,000.428 1,016.145 1,038.823 1,065.102 1,092.997 1,120.230 1,145.656 1,171.442 1,199.569 1,230.260
Passivo Circulante 309.770 143.916 164.299 136.538 132.181 151.614 151.614 183.681 143.949 156.762 158.299 158.299 174.016 196.694 222.973 250.868 278.101 303.527 329.313 357.440 388.131
Fornecedores 9.011 12.883 13.197 8.359 10.610 9.694 9.694 8.581 9.239 10.798 10.855 10.855 12.334 14.70 17.51 20.49 23.35 25.91 28.47 31.29 34.40
Financiamentos 239.464 100.393 115.413 83.629 71.348 91.044 91.044 119.208 74.535 75.629 76.739 76.739 81.343 86.22 91.40 96.88 102.69 108.86 115.39 122.31 129.65
Outros (Provisões Técnicas) 61.295 30.640 35.689 44.550 50.223 50.876 50.876 55.892 60.176 70.335 70.705 70.705 80.338 95.77 114.06 133.49 152.06 168.76 185.45 203.84 224.08
Passivo ELP 35.034 49.589 57.328 64.530 73.918 77.604 77.604 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101
Financiamentos - - - - - - - - - - - - - - - - - - - - -
Outros 35.034 49.589 57.328 64.530 73.918 77.604 77.604 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101
Patrimônio Líquido 870.271 719.458 739.176 773.579 742.609 764.040 764.040 798.412 887.407 937.655 756.028 756.028 756.028 756.028 756.028 756.028 756.028 756.028 756.028 756.028 756.028
Capital e Reservas 869.608 718.373 702.061 701.565 702.177 762.606 762.606 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550 754.550
Lucro Acumulado 0.663 1.085 37.115 72.014 40.432 1.434 1.434 43.862 132.857 183.105 1.478 1.478 1.478 1.478 1.478 1.478 1.478 1.478 1.478 1.478 1.478
Financeiro 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Aliq. IR Caixa Médio - Paste especial 365.901 335.701 154.051 188.832 189.181 195.787 174.085 237.569 281.490 323.292 367.197 303.297 492.058 720.334 1,007.303 1,364.558 1,800.535 2,318.207 2,918.876 3,608.184 4,397.262
Caixa Médio 365.901 335.701 154.051 188.832 189.181 191.967 170.265 226.729 264.445 304.159 232.213 173.601 129.093 106.209 79.014 48.575 16.473 (16.012) (49.400) (85.528) (125.484)
20% Taxa Juros Nominal 10.0% 10.0% 2.41% 2.41% 2.41% 2.41% 10.0% 2.41% 2.41% 2.41% 2.41% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Receita Financeira sobre o Caixa 29.272 26.856 2.972 3.643 3.649 3.777 13.927 4.583 5.430 6.237 7.084 24.264 39.365 57.627 80.584 109.165 144.043 185.457 233.510 288.655 351.781
Juros sobre RLP - 1.025 1.153 1.097 1.069 4.686 1.061 1.047 1.070 1.093 4.291 4.520 4.933 5.383 5.875 6.412 6.997 7.636 8.334 9.095
Taxa do RLP 3.0% 3.0% 0.7% 0.7% 0.7% 0.7% 3.0% 0.7% 0.7% 0.7% 0.7% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Correção do RLP - 2.050 2.282 2.170 2.114 9.372 2.099 2.071 2.116 2.163 8.582 9.040 9.866 10.767 11.750 12.824 13.995 15.273 16.668 18.190
Indexador do RLP 6.0% 6.0% 1.5% 1.5% 1.5% 1.5% 6.0% 1.5% 1.5% 1.5% 1.5% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
Receita Financeira Total 29.27 29.93 2.97 7.08 6.92 6.96 27.98 7.74 8.55 9.42 10.34 37.14 52.92 72.43 96.73 126.79 163.28 206.45 256.42 313.66 379.07
100.0% Empréstimos R$ CP 239.464 100.393 115.413 83.629 71.348 72.395 72.395 73.457 74.535 75.629 76.739 76.739 81.343 86.224 91.397 96.881 102.694 108.855 115.387 122.310 129.648
2.00% Taxa Juros (TJLP) 2.00% 2.00% 0.50% 0.50% 0.50% 0.50% 2.00% 0.50% 0.50% 0.50% 0.50% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Indexador TJLP 6% 6% 1.5% 1.5% 1.5% 1.5% 6% 1.5% 1.5% 1.5% 1.5% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%
0.0% Empréstimos US$ CP - - - - - - - - - - - - - - - - - - - - -
Taxa Juros
Indexador US$
100.0% Empréstimos R$ LP - - - - - - - - - - - - - - - - - - - - -
Taxa Juros (TJLP) 2.0% 2.0% 0.5% 0.5% 0.5% 0.5% 2.0% 0.5% 0.5% 0.5% 0.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Indexador TJLP 6.0% 6.0% 1.5% 1.5% 1.5% 1.5% 6.0% 1.5% 1.5% 1.5% 1.5% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
0.0% Empréstimos US$ LP - - - - - - - - - - - - - - - - - - - - -
Taxa Juros
Indexador US$
Despesa Financeira Total (Caixa) 0.506 0.581 0.421 0.359 2.128 0.365 0.370 0.375 0.381 1.535 1.627 1.724 1.828 1.938 2.054 2.177 2.308 2.446 2.593
Necessidades de Giro 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
(+) Clientes 43.490 18.488 16.931 14.987 12.208 14.405 14.405 25.636 27.215 28.983 30.641 30.641 37.412 45.282 54.760 65.068 75.251 84.789 94.592 105.546 117.785
(+) Estoques (Almoxarifado) 0.742 0.355 0.210 0.514 0.652 0.784 0.784 0.598 0.644 0.753 0.756 0.756 0.860 1.025 1.220 1.428 1.627 1.806 1.984 2.181 2.397
(+) Outros CP 45.480 42.478 49.104 44.172 49.181 61.686 61.686 88.684 95.481 111.601 112.188 112.188 127.473 151.954 180.986 211.812 241.276 267.775 294.260 323.427 355.548
(+) Outros LP 33.616 38.643 38.995 39.591 40.353 37.664 37.664 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225 38.225
(-) Fornecedores 9.011 12.883 13.197 8.359 10.610 9.694 9.694 8.581 9.239 10.798 10.855 10.855 12.334 14.703 17.512 20.495 23.346 25.910 28.472 31.295 34.403
(-) Outros CP 61.295 30.640 35.689 44.550 50.223 50.876 50.876 55.892 60.176 70.335 70.705 70.705 80.338 95.767 114.064 133.492 152.061 168.762 185.454 203.836 224.080
(-) Outros LP 35.034 49.589 57.328 64.530 73.918 77.604 77.604 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101 86.101
Recursos no Giro 17.988 6.852 (0.974) (18.175) (32.357) (23.635) (23.635) 2.569 6.050 12.327 14.149 14.149 25.196 39.914 57.514 76.446 94.871 111.822 129.034 148.147 169.372
Necessidades Adicionais de Giro (11.136) (7.826) (17.201) (14.182) 8.722 (30.487) 26.204 3.481 6.277 1.822 37.784 11.047 14.719 17.600 18.932 18.425 16.951 17.213 19.113 21.225
Prazos 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Clientes 41 9 8 7 5 6 6 10 10 10 10 10 10 10 10 10 10 10 10 10 10
Estoques (Almoxarifado) 2 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Outros Ativos CP 97 47 49 41 40 53 55 79 79 79 79 79 79 79 79 79 79 79 79 79 79
Fornecedores 19 14 13 8 9 8 9 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Outros Passivos CP 130 34 36 41 41 43 46 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Indicadores Operacionais 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Margem Bruta % 55.5% 54.2% 54.0% 52.0% 48.6% 52.9% 51.8% 56.0% 55.4% 51.1% 53.5% 53.9% 56.9% 57.6% 58.2% 58.8% 59.5% 60.1% 60.7% 61.3% 61.9%
Margem EBIT % 19.0% 22.8% 25.6% 23.6% 19.5% 25.9% 23.6% 28.1% 27.1% 22.8% 25.3% 25.8% 27.4% 28.3% 29.1% 29.9% 30.7% 31.4% 32.0% 32.7% 33.3%
Margem EBITDA % 19.8% 23.5% 26.4% 24.3% 20.2% 26.7% 24.4% 28.2% 27.8% 23.5% 26.0% 26.4% 27.9% 28.7% 29.5% 30.2% 30.9% 31.6% 32.3% 32.9% 33.5%
NOPLAT 46.069 121.860 35.456 36.209 39.524 46.923 158.112 38.214 36.145 42.294 49.655 166.307 242.264 302.128 374.500 458.274 545.628 630.557 715.330 808.476 914.119
Capital Operacional Investido 538.271 541.144 541.264 531.245 526.745 543.720 543.720 578.408 581.976 588.340 590.249 590.249 601.649 616.724 634.685 653.982 672.777 690.102 707.694 727.191 748.804
ROIC % 8.6% 22.5% 26.2% 27.3% 30.0% 34.5% 29.1% 26.4% 24.8% 28.8% 33.6% 28.2% 40.3% 49.0% 59.0% 70.1% 81.1% 91.4% 101.1% 111.2% 122.1%
ROE % 6.0% 25.0% 21.0% 20.9% 37.4% 34.9% 28.2% 21.2% 40.1% 21.4% 31.0% 31.8% 38.1% 48.4% 61.1% 75.9% 92.1% 108.8% 126.3% 145.9% 168.2%
Dividendos/JCP R$ 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Pay-out
Dividendos Propostos
Avaliação R$ MM - Nominal 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
FCF 154.354 242.240 303.052 378.313 467.917 564.497 661.229 757.691 862.626 981.812
Fator de desconto 1.00 1.14 1.29 1.47 1.67 1.90 2.16 2.45 2.79
FCF descontado 242.24 266.30 292.22 317.86 337.38 347.87 351.04 352.15 352.20
WACC 2009 2010 1 TRI 2 TRI 3 TRI 4 TRI 2011 1 TRI 2 TRI 3 TRI 4 TRI 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Cost of Equity R$ 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8%
6.0% Risk Free US$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
6.0% Risk Premium US$ 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%
Beta 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3
Cost of Debt R$ 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1%
Aliq. IR % Equity/Total 100% 100% 100% 100% 99% 98% 97% 97% 96% 100%
25% WACC 13.8% 13.8% 13.8% 13.8% 13.7% 13.7% 13.6% 13.6% 13.5% 13.8%
45% Soma dos FCF 2,859.258
55% (+)Perpetuidade 3,539.09
100% EV 6,398.348
(-)Dívida Líquida (62.633)
(+) Investimentos -
Valor de Mercado Calculado 6,460.981
Valor de Mercado Atual 5,456.398
Pré-split Quantidade de Ações 531.295
36.48 Valor Calculado por Ação R$ 12.16
Valor Atual da Ação R$ 10.27
Diferença % 18.41%
Múltiplos
P/E 12 22.7x
P/E 13 19.0x
P/E 14 14.9x
P/E 15 11.8x
P/E 16 9.5x
EV/EBITDA 12 20.3x
EV/EBITDA 13 15.6x
EV/EBITDA 14 12.5x
EV/EBITDA 15 10.1x
EV/EBITDA 16 8.2x
Dív Líq/EBITDA 12 -0.2x
Dív Líq/EBITDA 13 -0.1x
Dív Líq/EBITDA 14 0.0x
Dív Líq/EBITDA 15 0.1x
Dív Líq/EBITDA 16 0.3x
P/BV 12 7.2x
P/BV 13 7.2x
P/BV 14 7.2x
P/BV 15 7.2x
P/BV 16 7.2x
Dividend Yield 12 4.4%
Dividend Yield 13 5.3%
Dividend Yield 14 6.7%
Dividend Yield 15 8.5%
Dividend Yield 16 10.5%