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{"sheet":"Exhib 2","index":1,"n_rows":108,"n_cols":20,"rows_kept":108,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,"Tablet Project. P&L and Balance sheet Forecast"]
[]
[null,null,null,null,"Laptop",null,null,null,"Tablet Forecast"]
[null,"P & L (mill €)",null,"Hypothesis",2023,null,2025,{"$f":"G4+1","v":2026},{"$f":"H4+1","v":2027},{"$f":"I4+1","v":2028},{"$f":"J4+1","v":2029},null,null,"Base","Worst ","Best"]
[null,"Sales",{"$f":"200","v":200},"(1)",200,null,{"$f":"C5","v":200},{"$f":"G5*(1+H19)","v":220.00000000000003},{"$f":"H5*(1+I19)","v":242.00000000000006},{"$f":"I5*(1+J19)","v":266.2000000000001},{"$f":"J5*(1+K19)","v":266.2000000000001},null,null,200,150,250]
[null,"CGS",null,null,162,null,{"$f":"(G5-G7)","v":160},{"$f":"(H5-H7)","v":178.20000000000002},{"$f":"(I5-I7)","v":198.44000000000005},{"$f":"(J5-J7)","v":220.94600000000008},{"$f":"(K5-K7)","v":226.2700000000001}]
[null,"Gross Margin",null,"(2)",{"$f":"E5-E6","v":38},null,{"$f":"G5*G20","v":40},{"$f":"H5*H20","v":41.800000000000004},{"$f":"I5*I20","v":43.560000000000009},{"$f":"J5*J20","v":45.254000000000012},{"$f":"K5*K20","v":39.930000000000014}]
[null,"Sales expenses",0.05,null,{"$f":"C$8*E5","v":10},null,{"$f":"$C8*G5","v":10},{"$f":"$C8*H5","v":11.000000000000002},{"$f":"$C8*I5","v":12.100000000000003},{"$f":"$C8*J5","v":13.310000000000006},{"$f":"$C8*K5","v":13.310000000000006}]
[null,"Opex or Overhead",8,"(3)",8,null,{"$f":"C9","v":8},{"$f":"G9*(1+H21)","v":8.24},{"$f":"H9*(1+I21)","v":8.4871999999999996},{"$f":"I9*(1+J21)","v":8.741816},{"$f":"J9*(1+K21)","v":9.0040704800000011}]
[null,"EBITDA",null,null,{"$f":"E7-E8-E9","v":20},null,{"$f":"G7-G8-G9","v":22},{"$f":"H7-H8-H9","v":22.560000000000002},{"$f":"I7-I8-I9","v":22.972800000000007},{"$f":"J7-J8-J9","v":23.202184000000006},{"$f":"K7-K8-K9","v":17.615929520000009}]
[null,"Depreciation",2,"(3)",5,null,{"$f":"C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2}]
[null,"EBIT ",null,null,{"$f":"E10-E11","v":15},null,{"$f":"G10-G11","v":20},{"$f":"H10-H11","v":20.560000000000002},{"$f":"I10-I11","v":20.972800000000007},{"$f":"J10-J11","v":21.202184000000006},{"$f":"K10-K11","v":15.615929520000009}]
[null,"Financial expenses",0.05,"(4)",2.5,null,{"$f":"$C13*F36","v":0.60000000000000009},{"$f":"$C13*G36","v":2.0500000000000003},{"$f":"$C13*H36","v":2.0600000000000005},{"$f":"$C13*I36","v":2.0860000000000007},{"$f":"$C13*J36","v":2.1296000000000013}]
[null,"EBT",null,null,{"$f":"E12-E13","v":12.5},null,{"$f":"G12-G13","v":19.399999999999999},{"$f":"H12-H13","v":18.510000000000002},{"$f":"I12-I13","v":18.912800000000004},{"$f":"J12-J13","v":19.116184000000004},{"$f":"K12-K13","v":13.486329520000007}]
[null,"Taxes",0.25,"(4)",{"$f":"C15*E14","v":3.125},null,{"$f":"$C$15*G14","v":4.8499999999999996},{"$f":"$C$15*H14","v":4.6275000000000004},{"$f":"$C$15*I14","v":4.7282000000000011},{"$f":"$C$15*J14","v":4.779046000000001},{"$f":"$C$15*K14","v":3.3715823800000018}]
[null,"Net Income NI",null,null,{"$f":"E14-E15","v":9.375},null,{"$f":"G14-G15","v":14.549999999999999},{"$f":"H14-H15","v":13.8825},{"$f":"I14-I15","v":14.184600000000003},{"$f":"J14-J15","v":14.337138000000003},{"$f":"K14-K15","v":10.114747140000006}]
[]
[null,"Ratios of the P&L",null,null,null,null,null,null,"Hypothesis (in bold and green)",null,null,null,null,"Base","Worst ","Best"]
[null,"Sales growth",0.1,"(1)",0.16412852208294407,null,"na",{"$f":"C19","v":0.1},{"$f":"H19","v":0.1},{"$f":"I19","v":0.1},0,null,null,0.1,0,0.15]
[null,"Gross margin / Sales",-0.01,"(2)",{"$f":"E7/E5","v":0.19},null,0.2,{"$f":"G20+$C20","v":0.19},{"$f":"H20+$C20","v":0.18},{"$f":"I20+$C20","v":0.16999999999999998},0.15,null,null,-0.01,-0.02,0]
[null,"Increase of Opex",0.03,"(3)",0.05,null,{"$f":"C21","v":0.03},{"$f":"G21","v":0.03},{"$f":"H21","v":0.03},{"$f":"I21","v":0.03},{"$f":"J21","v":0.03}]
[null,"Opex / Sales",null,null,null,null,{"$f":"G9/G5","v":0.04},{"$f":"H9/H5","v":3.7454545454545449E-2},{"$f":"I9/I5","v":3.5071074380165282E-2},{"$f":"J9/J5","v":3.2839278737791119E-2}]
[null,"EBITDA / Sales",null,null,{"$f":"E10/E5","v":0.1},null,{"$f":"G10/G5","v":0.11},{"$f":"H10/H5","v":0.10254545454545454},{"$f":"I10/I5","v":9.4928925619834709E-2},{"$f":"J10/J5","v":8.7160721262208848E-2},"Average"]
[null,"ROS (Net Income / Sales)",null,null,{"$f":"E16/E5","v":4.6875E-2},null,{"$f":"G16/G5","v":7.2749999999999995E-2},{"$f":"H16/H5","v":6.3102272727272715E-2},{"$f":"I16/I5","v":5.8614049586776858E-2},{"$f":"J16/J5","v":5.3858519909842216E-2},{"$f":"AVERAGE(G24:K24)","v":6.2081210555972946E-2}]
[null,"ROE ( NI / Equity)",null,null,{"$f":"E16/(E37-E16)","v":0.21008403361344538},null,{"$f":"G16/G37","v":0.64523281596452331},{"$f":"H16/H37","v":0.3810471419748851},{"$f":"I16/I37","v":0.28023335987245424},{"$f":"J16/J37","v":0.22072675227134528},{"$f":"AVERAGE(G25:K25)","v":0.38181001752080196},null,null,null,null,null,"ROE =","ROS x","Turnover","x Levarage"]
[null,"ROA (EBIT / Net assets)",null,null,{"$f":"E12/E32","v":0.189873417721519},null,{"$f":"G12/G32","v":0.33333333333333331},{"$f":"H12/H32","v":0.32125000000000004},{"$f":"I12/I32","v":0.30661988304093574},{"$f":"J12/J32","v":0.28948913162206441},{"$f":"AVERAGE(G26:K26)","v":0.31267308699908336},null,null,null,null,"Year 1",{"$f":"R26*S26*T26","v":0.64523281596452331},{"$f":"G24","v":7.2749999999999995E-2},{"$f":"G5/G32","v":3.3333333333333335},{"$f":"G32/G37","v":2.6607538802660757}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Year 4",{"$f":"R27*S27*T27","v":0.22072675227134528},{"$f":"J24","v":5.3858519909842216E-2},{"$f":"J5/J32","v":3.6346258874931734},{"$f":"J32/J37","v":1.1275630698646641}]
[null,null,null,null,{"$f":"E3","v":"Laptop"},null,null,{"$f":"I3","v":"Tablet Forecast"}]
[null,"Balance  (Mill €)",null,"Hypothesis",{"$f":"E4","v":2023},{"$f":"E29+1","v":2024},{"$f":"G4","v":2025},{"$f":"H4","v":2026},{"$f":"I4","v":2027},{"$f":"J4","v":2028}]
[null,"NFO",0.2,"(5)",29,0,{"$f":"$C30*G5","v":40},{"$f":"$C30*H5","v":44.000000000000007},{"$f":"$C30*I5","v":48.400000000000013},{"$f":"$C30*J5","v":53.240000000000023}]
[null,"FA, fixed assets net",2,"(5)",50,20,{"$f":"F31-G11+$C31","v":20},{"$f":"G31-H11+$C31","v":20},{"$f":"H31-I11+$C31","v":20},{"$f":"I31-J11+$C31","v":20}]
[null,"NA, net assets",null,null,{"$f":"E30+E31","v":79},20,60,64,68.400000000000006,73.240000000000023]
[]
[null,"D-S debt short term",0.8,"(6)",25,{"$f":"$C$34*F30","v":0},{"$f":"$C$34*G30","v":32},{"$f":"$C$34*H30","v":35.20000000000001},{"$f":"$C$34*I30","v":38.720000000000013},{"$f":"$C$34*J30","v":42.59200000000002}]
[null,"D-L debt long term",4,"years",0,12,{"$f":"F35-($F$35/$C$35)","v":9},{"$f":"G35-($F$35/$C$35)","v":6},{"$f":"H35-($F$35/$C$35)","v":3},{"$f":"I35-($F$35/$C$35)","v":0}]
[null,"D,  Total Debt",null,null,{"$f":"E34+E35","v":25},12,41,41.20000000000001,41.720000000000013,42.59200000000002]
[null,"E, Equity",null,"(7)",54,{"$f":"20-F35","v":8},{"$f":"F37+G16","v":22.549999999999997},{"$f":"G37+H16","v":36.432499999999997},{"$f":"H37+I16","v":50.617100000000001},{"$f":"I37+J16","v":64.954238000000004}]
[null,"Financing",null,null,{"$f":"E36+E37","v":79},{"$f":"F37+F36","v":20},{"$f":"G37+G36","v":63.55},{"$f":"H37+H36","v":77.632500000000007},{"$f":"I37+I36","v":92.337100000000021},{"$f":"J37+J36","v":107.54623800000002}]
[null,"Cash surplus (+)",null,"(8)",{"$f":"E38-E32","v":0},{"$f":"F38-F32","v":0},3.5499999999999972,13.632500000000007,23.937100000000015,34.306237999999993]
[null,"Cash flow for the shareholder",null,"(8)",null,{"$f":"-(F37-F39)","v":-8},{"$f":"G39-F39","v":3.5499999999999972},{"$f":"H39-G39","v":10.08250000000001},{"$f":"I39-H39","v":10.304600000000008},{"$f":"J39-I39","v":10.369137999999978}]
[]
[]
[null,"Guidelines for the P&L and Balance sheet Forecast"]
[null,"All the hypothesis are written in bold and green."]
["(1)","Sales. Base scenario 200. Pessimistic 150. Optimistic 250."]
["(1)","Sales growth: 10% base scenario, 0% pessimistic, 15% optimistic."]
["(2) ","Gross margin / Sales. Base scenario, 1% decrease per year; Pessimistic -2%; Optimistic 0%."]
["(3) ","Opex (8M€), increase with inflation of 3%. Depreciation, constant figure,  2M€ per year."]
["(4)","Interests: 5% of total debt of previous year (long and short term). Tax rate 25%."]
["(5)","NFO =  20% of Sales.  FA constant (new investment = depreciation). New investment = 2 (cell C30)."]
["(5)","FA of previous year - depreciation + capex. "]
["(6)","Debt short tem = percentaje of NFO. In the base case 100%. You coudl change it. Long term debt paid back in 4 years"]
["(7)","Equity:  initial equity of 8 + net income of the year. No dividends paid. You may modify the initial equity and debt"]
["(8)","Cash we will have in the balance sheet. The increase of cash from one year to the other is the cash flow for the shareholder. "]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept 2022"]
[null,null,null,null,null,"Tablet Project. CF Calculation. Return and Risks. "]
[]
[null,null,null,null,null,{"$f":"F29","v":2024},{"$f":"G29","v":2025},{"$f":"H29","v":2026},{"$f":"I29","v":2027},{"$f":"J29","v":2028}]
[null,"CF shareholder. Calculation",null,null,null,{"$f":"F72","v":0},{"$f":"G72","v":1},{"$f":"H72","v":2},{"$f":"I72","v":3},{"$f":"J72","v":4},null,null,"Perpetuity"]
[null,"± Variation of NA, net assets",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,"K","g"]
[null,"± Variation of Debt",null,"(2)",null,{"$f":"F36","v":12},{"$f":"G36-F36","v":29},{"$f":"H36-G36","v":0.20000000000000995},{"$f":"I36-H36","v":0.52000000000000313},{"$f":"J36-I36","v":0.87200000000000699},null,null,0.2,0]
[null,"+ Net Income",null,null,null,null,{"$f":"G16","v":14.549999999999999},{"$f":"H16","v":13.8825},{"$f":"I16","v":14.184600000000003},{"$f":"J16","v":14.337138000000003},null,null,"Net Income",{"$f":"K16","v":10.114747140000006}]
[null,"Final Value",null,null,null,null,null,null,null,{"$f":"K68","v":30.648000000000003}]
[null,"CF shareholder",null,"(3)",null,{"$f":"SUM(F62:F64)","v":-8},{"$f":"SUM(G62:G64)","v":3.5499999999999989},{"$f":"SUM(H62:H64)","v":10.08250000000001},{"$f":"SUM(I62:I64)","v":10.304600000000001},{"$f":"SUM(J62:J65)","v":41.017137999999996},null,null,"Perpetuity =",{"$f":"N64/(M63-N63)","v":50.573735700000029}]
[]
[null,"Final value using perpetuity",null,{"$f":"K16/D69","v":50.573735700000029},null,"Final value if we sell the net assets at book value ",null,null,null,null,{"$f":"J32-J34","v":30.648000000000003}]
[null,"CF shareholder, PV with","Ke  =",0.2,"PV = ",{"$f":"NPV(D69,G66:J66)","v":35.704021026234578},"NPV = ",{"$f":"F69+F66","v":27.704021026234578},"IRR =",{"$f":"IRR(F66:J66)","v":1.0142747359938173}]
[]
[]
[null,"FCF Calculation",null,null,null,0,1,2,3,4,null,null,"Perpetuity"]
[null,"± Variation of NA, net assets",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,"K","g"]
[null,"+EBIT (1-t)",null,null,null,null,{"$f":"G12*(1-$C$15)","v":15},{"$f":"H12*(1-$C$15)","v":15.420000000000002},{"$f":"I12*(1-$C$15)","v":15.729600000000005},{"$f":"J12*(1-$C$15)","v":15.901638000000005},null,null,0.2,0]
[null,"Final Value",null,null,null,null,null,null,null,{"$f":"J32","v":73.240000000000023},null,null,"EBIT (1-t)",{"$f":"K12*(1-C15)","v":11.711947140000007}]
[null,"FCF or CF of the assets",null,null,null,{"$f":"F73+F74","v":-20},{"$f":"G73+G74","v":-25},{"$f":"H73+H74","v":11.420000000000002},{"$f":"I73+I74","v":11.329599999999999},{"$f":"J73+J74+J75","v":84.301638000000011},null,null,"Perpetuity =",{"$f":"N75/(M74-N74)","v":58.559735700000033}]
[null,null,null,null,null,null,null,null,"IRR =",{"$f":"IRR(F76:J76)","v":0.32341544713584214}]
[]
[null,null,null,{"$f":"20%","v":0.2}]
[null,"Risks. Sensitivity Analysis."]
[]
[null,null,"Biggest Risk (4)"]
[null,"Scenarios","Base","Worst","Best","Range",null,null,null,"Worst & Best case (5)"]
[null,"Leves of Sales",200,150,250,null,null,"Scenarios",null,"IRR"]
[null,"IRR shareholder",1.01,0.6,1.44,{"$f":"E85-D85","v":0.84},null,"Worst",null,0.39]
[null,"Growth of Sales",0.1,0,0.15,null,null,"Base",null,1.01]
[null,"IRR shareholder",{"$f":"C85","v":1.01},0.89,1.07,{"$f":"E87-D87","v":0.18000000000000005},null,"Best",null,1.62]
[null,"Decline of Margin",-0.01,-0.02,0,null,null,"Range",null,{"$f":"J87-J85","v":1.23}]
[null,"IRR shareholder",{"$f":"C85","v":1.01},0.89,1.1299999999999999,{"$f":"E89-D89","v":0.23999999999999988}]
[null,null,null,null,null,null,null,"IRR  and Level of Equity vs Debt  (6)"]
[null,null,null,null,null,null,null,"Equity",null,"TIR"]
[null,null,null,null,null,null,null,"15M€",null,0.7]
[null,null,null,null,null,null,null,"10M€",null,0.89]
[null,null,null,null,null,null,null,"8M€",null,1.01]
[null,null,null,null,null,null,null,"5M€",null,1.32]
[]
[null,"Guidelines for the  Calculation of CF and Risks Analysis"]
["(1)","From the balance sheet (row 32). Net asset last year - NA this year. Negative sign means investment or negative CF."]
["(2)","From the balance sheet (row 36).Debt last year - Debt this year. Negative sign means we pay debt back.  Negative CF."]
["(3)","CF the shareholder will receive. The numbers must coincide with those of row 40, calculated from the cash in the balance sheet."]
["(4)","We calculate the IRR when size of sales changes and the other variable remain constant. "]
[null,"Same analysis for sales growth and margin decline."]
[null,"The main risk is Level of Sales, as could seen in the Range."]
[null,"Use the button Base Scenario to put the variables back to the base scenario"]
["(5)","IRR of the shareholder if everything goes very well, very bad or according to the base scenario. "]
["(6)","IRR of the shareholder if we invest 15, 10 or 5 million of equity (the rest is Debt). "]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K57","v":"© E.M. Abascal. Sept 2022"}]

{"sheet":"Questions","index":2,"n_rows":73,"n_cols":5,"rows_kept":73,"cut":false,"hidden":true,"merged":[[10,3,11,3]]}
[null,"Self-testing exercises to perform after the investment project and decision module is finished."]
[null,"One of the results of the Operational Finance module is that you end up learning accounting: that is, you can see with more clarity how each transaction is posted to the PyG balance sheet and account."]
[null,"To ensure this is the case, answer the following questionnaire. Write your answers in columns C,D, E (below)."]
[null,"If there is a single answer, write in column C. If there are multiple columns, use columns D and E."]
[null,"Check your answers by clicking on the 2 in the top left corner; or click \"+\" above column J. "]
[null,"Columns G, H, I with the correct answers will be displayed."]
[null,"For auto-qualifying to work, you have to use the exact word (as indicated in the notes included in the cells)"]
[null,"In case technical words are not required to respond, answer T/F"]
[null,"If you have doubts build your own examples to clarify."]
[null,"© IESE. E.M. Abascal 2017. Version 6/8/23"]
[null,null,"ANSWER","Your Mark","CORRECT "]
[null,"QUESTIONS","T o F",null,"ANSWER"]
[1,"Net Assets (NA) = Net Fixed Assets + Capex. T or F?",null,{"$f":"IF(C13=E13,1,0)","v":0},"F"]
[2,"Net assets are always financed with equity + debt. T or F?",null,0,"T"]
[3,"The DCF formula says that if you pay the price P and have expected CF to receive during future years 1 to n, you would obtain the IRR return. T or F?",null,0,"T"]
[4,"Project with an expected CF of €10/year. Initial investment of €100. If you want to get an IRR >10%, you must pay less than €100at the beginning. T or F?",null,0,"T"]
[5,"The first step for the analysis of investment projects is the calculation of the FCF. T or F?",null,0,"F"]
[6,"If the project promises good profitability, it must be done, even if the business is mediocre. T or F?",null,0,"F"]
[7,"You usually won't need the P&L and balance sheet of the project because these data is already included in the cash flow calculation. T or F?",null,0,"F"]
[8,"As a general rule, we don't invest in businesses we don't like or understand. T or F?",null,0,"T"]
[9,"We like the business, but not the P&L forecast and balance sheets. The normal thing is not to invest. T or F?",null,0,"T"]
[10,"The key factors and almost the only ones for the investment decision are the expected IRR and the perceived risk. T or F?",null,0,"F"]
[11,"The number of years of the forecast always coincides with the number of years of the project, if known. T or F?",null,0,"T"]
[12,"The FCF = EBIT − Var AN + Var Debt. T or F?",null,0,"F"]
[13,"Meaning of the FCF. CF produced by the assets without considering the financing. T or F?",null,0,"T"]
[14,"Equity CF can be calculated exclusively from balance sheet numbers. T or F?",null,0,"T"]
[15,"The FCF is a totally real figure that coincides with what is in cash at the end of the year. T or F?",null,0,"F"]
[16,"With the ECF we can also see the return that comes exclusively from the asset (and not from the financing). It is enough to write 0 debt on the balance sheet. T or F?",null,0,"T"]
[17,"In most projects the final CF is not very relevant. T or F?",null,0,"F"]
[18,"Most of the time the value of the perpetuity does not affect the profitability of the project because the perpetuity will be received in year 10 and money received 10 years from now has little value today. T or F?",null,0,"F"]
[19,"The perpetuity is usually calculated as Recurring Profit / (K − g). T or F?",null,0,"T"]
[20,"From the value of the perpetuity we subtract the outstanding debt in the year in which the perpetuity is supposedly received. T or F?",null,0,"T"]
[21,"We could assume that the project continues with the same level of debt after year 10, in which case the debt does not have to be subtracted from the perpetuity value. T or F?",null,0,"T"]
[22,"The IRR allows you to compare projects of the same duration and size but with different CF sequence. T or F?",null,0,"T"]
[23,"The IRR allows you to compare projects, whatever their duration or size; you will always choose the one with the highest IRR. T or F?",null,0,"F"]
[24,"If the expected CF are very similar each year, the simple return (CF / Investment) is a reasonable approximation to the IRR (and easier to calculate), only if the project lasts many years or, if it is short, you recover the initial investment at the end. T or F?",null,0,"T"]
[25,"In a project, you should not include previous cash flows (sunk costs). T or F?",null,0,"T"]
[26,"In the P&L forecast of a project it you must include a certain percentage of the general expenses of the company (salaries of the board, etc.), since someone must pay them. T or F?",null,0,"F"]
[27,"You make household cleaning products. Your portfolio has more than a hundred products and references. Competition is fierce, with many new product launches each year. Every year you launch about twenty new products. The controller maintains a cost accounting system whereby 1% of all fixed costs (the CEO's salary, for example) are charged to each product. You are evaluating the possibility of launching a new product. You must include the 1% charge as an expense (negative CF) of the project. T or F?",null,0,"F"]
[28,"Same situation as before. It is necessary to include the cannibalization that the new product will produce in other products of the company. T or F?",null,0,"F"]
[29,"For project C you use an old machine with a book value of 20, which has no other alternative use. This machine must be included as an initial investment. T or F?",null,0,"F"]
[30,"In project H you use an old machine with a book value of 20, which has no alternative use. The amortization of this machine must be included as a project expense in the P&L. T or F?",null,0,"T"]
[31,"Projects A and B have the same expected profitability. Most of A's profitability comes from a big final CF at the end. Without considering other factors, we could say that project A is riskier than project B. T or F?",null,0,"T"]
[32,"The investment decision is based on the perceived risk of the project, and therefore there is no need to quantify the risk. T or F?",null,0,"F"]
[33,"To identify the most relevant risks, we calculate the IRR of the project in the three scenarios of each risk variable (base, optimal and worst). The higher the range, the higher the risk. T or F?",null,0,"T"]
[34,"In our risk analysis we have assumed that the probability of the scenarios worst and best are the same, when in reality it does not have to be so. T or F?",null,0,"T"]
[35,"The sources of risk will always come from the variability in EBIT and financial expenses. T or F?",null,0,"F"]
[36,"Non-quantitative criteria should not influence investment decisions, precisely because they are not quantifiable. T or F?",null,0,"F"]
[37,"If there is inflation, the ECF will increase and your project will give a higher IRR and will be more attractive. T or F?",null,0,"F"]
[38,"If there is inflation, the nominal return of the project rises, the real one falls and the risk increases. T or F?",null,0,"T"]
[39,"A project developed in Europe in 2023. The expected IRR for the shareholder is 15% in the base scenario, 5% in the bad scenario and 20% in the optimistic one. It was therefore a high risk project. T or F?",null,0,"F"]
[40,"You have invested 2 million in land to build a hotel. A new legislation does not allow you to build the hotel. You can now sell the land and get 1 million. But you can also invest another million and build a golf course, which will give 0.2 million a year for many years. Your required return K is 10%. The expected return on golf is 0.2/3 < K. You shouldn't do the golf course. T or F?",null,0,"F"]
[]
[null,"TOTAL QUALIFICATION OBTAINED",null,{"$f":"SUM(D13:D52)","v":0}]
[null,"Maximum rating possible",null,40]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"?"]

{"sheet":"Exh 4 DONE","index":3,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,"DEC Project DEC. DONE"]
[null,"All assumptions in bold and green. See the explanatory notes inside each cell."]
[null,"P & L (mill €)","Assumptions",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Worst","Best"]
[null,"Sales",400,null,{"$f":"C4","v":400},{"$f":"E4*(1+F17)","v":412},{"$f":"F4*(1+G17)","v":424.36},{"$f":"G4*(1+H17)","v":437.0908},{"$f":"H4*(1+I17)","v":450.20352400000002},null,null,400,300,500]
[null,"CGS",null,null,{"$f":"E4-E6","v":300},{"$f":"F4-F6","v":313.12},326.75720000000001,340.93082400000003,355.66078396]
[null,"Gross Margin",null,null,{"$f":"E4*E18","v":100},{"$f":"F4*F18","v":98.88},{"$f":"G4*G18","v":97.602800000000002},{"$f":"H4*H18","v":96.159975999999986},{"$f":"I4*I18","v":94.542740039999984}]
[null,"Opex or Overhead",20,null,{"$f":"C7","v":20},{"$f":"E7*(1+F19)","v":20.6},{"$f":"F7*(1+G19)","v":21.218000000000004},{"$f":"G7*(1+H19)","v":21.854540000000004},{"$f":"H7*(1+I19)","v":22.510176200000004}]
[null,"EBITDA",null,null,{"$f":"E6-E7","v":80},{"$f":"F6-F7","v":78.28},{"$f":"G6-G7","v":76.384799999999998},{"$f":"H6-H7","v":74.305435999999986},{"$f":"I6-I7","v":72.03256383999998}]
[null,"Depreciation",40,null,{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40}]
[null,"EBIT ",null,null,{"$f":"E8-E9","v":40},{"$f":"F8-F9","v":38.28},{"$f":"G8-G9","v":36.384799999999998},{"$f":"H8-H9","v":34.305435999999986},{"$f":"I8-I9","v":32.03256383999998}]
[null,"Financial expenses",0.05,null,{"$f":"$C11*D33","v":7.5},{"$f":"$C11*E33","v":9.2000000000000011},{"$f":"$C11*F33","v":7.7960000000000012},{"$f":"$C11*G33","v":6.3948800000000006},{"$f":"$C11*H33","v":4.9967264}]
[null,"EBT",null,null,{"$f":"E10-E11","v":32.5},{"$f":"F10-F11","v":29.08},{"$f":"G10-G11","v":28.588799999999999},{"$f":"H10-H11","v":27.910555999999985},{"$f":"I10-I11","v":27.03583743999998}]
[null,"Taxes",0.2,null,{"$f":"C13*E12","v":6.5},{"$f":"$C$13*F12","v":5.8159999999999998},{"$f":"$C$13*G12","v":5.7177600000000002},{"$f":"$C$13*H12","v":5.5821111999999973},{"$f":"$C$13*I12","v":5.4071674879999962},"Total"]
[null,"Net Income NI",null,null,{"$f":"E12-E13","v":26},{"$f":"F12-F13","v":23.263999999999999},{"$f":"G12-G13","v":22.871040000000001},{"$f":"H12-H13","v":22.328444799999989},{"$f":"I12-I13","v":21.628669951999985},{"$f":"SUM(E14:I14)","v":116.09215475199997}]
[]
[null,"Ratios of the P&L",null,null,null,null,null,null,null,"Media",null,"Base","Worst","Best"]
[null,"Sales growth",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Gross margin / Sales",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Increase of Opex",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA / Sales",null,null,{"$f":"E8/E4","v":0.2},{"$f":"F8/F4","v":0.19},{"$f":"G8/G4","v":0.18},{"$f":"H8/H4","v":0.16999999999999996},{"$f":"I8/I4","v":0.15999999999999995},{"$f":"AVERAGE(E20:J20)","v":0.17999999999999997}]
[null,"ROS (Net Income / Sales)",null,null,{"$f":"E14/E4","v":6.5000000000000002E-2},{"$f":"F14/F4","v":5.6466019417475727E-2},{"$f":"G14/G4","v":5.3895371854086153E-2},{"$f":"H14/H4","v":5.1084225062618546E-2},{"$f":"I14/I4","v":4.8041982789988079E-2},{"$f":"AVERAGE(F21:J21)","v":5.2371899781042133E-2}]
[null,"ROE ( NI / Equity)",null,null,{"$f":"E14/D34","v":0.52},{"$f":"F14/E34","v":0.30610526315789471},{"$f":"G14/F34","v":0.2914845024469821},{"$f":"H14/G34","v":0.26991547781147479},{"$f":"I14/H34","v":0.24930617331755764},{"$f":"AVERAGE(E22:J22)","v":0.3273622833467818}]
[null,"ROA (EBIT / Net assets)",null,null,{"$f":"E10/E29","v":0.16666666666666666},{"$f":"F10/E29","v":0.1595},{"$f":"G10/F29","v":0.17976679841897231},{"$f":"H10/G29","v":0.2080731476539375},{"$f":"I10/H29","v":0.25139716222554132},{"$f":"AVERAGE(F23:J23)","v":0.19968427707461278}]
[null,"Dividends paid",0.8,null,0,{"$f":"$C$24*E14","v":20.8},{"$f":"$C$24*F14","v":18.6112},18.296832000000002,17.862755839999991,{"$f":"SUM(E24:I24)","v":75.570787839999994}]
[]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Assumptions"},{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NFO",0.2,null,{"$f":"$C27*E4","v":80},{"$f":"$C27*F4","v":82.4},{"$f":"$C27*G4","v":84.872000000000014},{"$f":"$C27*H4","v":87.41816},0]
[null,"FA, fixed assets net",0,200,{"$f":"D28-E9+$C28","v":160},{"$f":"E28-F9+$C28","v":120},{"$f":"F28-G9+$C28","v":80},{"$f":"G28-H9+$C28","v":40},0]
[null,"NA, net assets",null,{"$f":"D27+D28","v":200},240,202.4,164.87200000000001,127.41816,0]
[]
[null,"D-S Line of credit",0.8,null,{"$f":"$C31*E27","v":64},{"$f":"$C31*F27","v":65.92},67.897600000000011,69.934528,0]
[null,"D-L Loan",5,{"$f":"D29-D34","v":150},{"$f":"D32-($D$32/$C$32)","v":120},{"$f":"E32-($D$32/$C$32)","v":90},{"$f":"F32-($D$32/$C$32)","v":60},{"$f":"G32-($D$32/$C$32)","v":30},0]
[null,"D,  Total Debt ",null,{"$f":"D31+D32","v":150},{"$f":"E31+E32","v":184},155.92000000000002,127.89760000000001,99.934528,0]
[null,"E, Equity",null,50,{"$f":"D34+E14-E24","v":76},{"$f":"E34+F14-F24","v":78.463999999999999},{"$f":"F34+G14-G24","v":82.723839999999996},{"$f":"G34+H14-H24","v":86.755452799999972},{"$f":"H34+I14-I24","v":90.521366911999962}]
[null,"Financing",null,{"$f":"D33+D34","v":200},{"$f":"E33+E34","v":260},234.38400000000001,210.62144000000001,186.68998079999997,90.521366911999962]
[null,null,"Cash surplus (+) or credit needed (-)",{"$f":"D35-D29","v":0},20,31.984000000000009,45.749439999999993,59.271820799999972,90.521366911999962,"Total"]
[null,null,"Cash flow for the shareholder",null,{"$f":"E36-D36+E24","v":20},{"$f":"F36-E36+F24","v":32.784000000000006},{"$f":"G36-F36+G24","v":32.376639999999981},{"$f":"H36-G36+H24","v":31.819212799999981},{"$f":"I36-H36+I24","v":49.112301951999981},{"$f":"SUM(E37:I37)","v":166.09215475199994}]
[]
[null,"CF shareholder. Calculation",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuity"]
[null,"± Variation of NA, net assets",null,-200,-40,37.599999999999994,37.527999999999992,37.453840000000014,127.41816,null,null,null,"K","g"]
[null,"± Variation of Debt",null,{"$f":"D33","v":150},{"$f":"E33-D33","v":34},{"$f":"F33-E33","v":-28.079999999999984},-28.022400000000005,-27.963072000000011,-99.934528,null,null,null,0.2,0]
[null,"+ Net Income",null,{"$f":"D14","v":0},26,23.263999999999999,22.871040000000001,22.328444799999989,21.628669951999985,"Total",null,null,"Net Income",{"$f":"I14","v":21.628669951999985}]
[null,"CF shareholder",null,{"$f":"SUM(D40:D42)","v":-50},20,32.784000000000006,32.376639999999988,31.819212799999992,49.112301951999981,{"$f":"SUM(E43:I43)","v":166.09215475199997},null,null,"Perpetuity =",{"$f":"N42/(M41-N41)","v":108.14334975999992}]
[]
[null,null,null,"IRR =",{"$f":"IRR(D43:I43)","v":0.50292300900235754},null,null,"IRR of the assets =",0.19]
[]
[null,"Risks. Sensitivity Analysis.","Base","Worst","Best","Range",null,null,"no need to calculate"]
[null,"Level of Sales",400,300,500,null,null,"K  =",0.2]
[null,"IRR Shareholder",0.5,0.11,0.85,{"$f":"(E49-D49)*100","v":74},null,"PV  = ",{"$f":"NPV(I48,E43:I43)","v":93.251861059670773}]
[null,"Growth of Sales",0.03,0,0.06,null,null,"NPV  = ",{"$f":"I49+D43","v":43.251861059670773}]
[null,"IRR Shareholder",{"$f":"C49","v":0.5},0.45,0.55000000000000004,{"$f":"(E51-D51)*100","v":10.000000000000004}]
[null,"Margin decline",-0.01,-0.02,0,null,null,"IIR and level of Debt"]
[null,"IRR Shareholder",{"$f":"C51","v":0.5},0.41,0.57999999999999996,{"$f":"(E53-D53)*100","v":17},null,"Equity",null,"IRR"]
[null,"Increase of Opex",0.03,0.06,0,null,null,"75% o 150M€",null,0.23]
[null,"IRR Shareholder",{"$f":"C53","v":0.5},0.49,0.52,{"$f":"(E55-D55)*100","v":3.0000000000000027},null,"50% o 100M€",null,0.31]
[null,"IRR, in Base, Worst & Best scenarios",{"$f":"C55","v":0.5},-0.19,0.98,{"$f":"(E56-D56)*100","v":117},null,"25% o 50M€",null,0.5]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"If you want to do more calculations you can calculate the FCF. You will see that the FCF = Equity CF, if the debt is 0."]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuity"]
[null,"FCF Calculation",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variation of NA, net assets",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":-40},{"$f":"E29-F29","v":37.599999999999994},{"$f":"F29-G29","v":37.527999999999992},{"$f":"G29-H29","v":37.453840000000014},{"$f":"H29-I29","v":127.41816},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":32},{"$f":"F10*(1-$C$13)","v":30.624000000000002},29.107839999999999,27.44434879999999,25.626051071999985,null,null,"EBIT",{"$f":"I10*(1-C13)","v":25.626051071999985}]
[null,"FCF or CF of the assets",null,{"$f":"D64+D65","v":-200},-8,68.22399999999999,66.635839999999988,64.8981888,153.044211072,null,null,"Perpetuity =",{"$f":"M65/(L64-M64)","v":128.13025535999992}]
[]
[null,null,null,null,null,null,"TIR =",{"$f":"IRR(D66:I66)","v":0.15250760952373832}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]

{"sheet":"Exh 4 TO DO","index":4,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,"DEC Project DEC. TO DO"]
[null,"All assumptions in bold and green. See the explanatory notes inside each cell."]
[null,"P & L (mill €)","Assumptions",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Worst","Best"]
[null,"Sales",400,null,{"$f":"C4","v":400},null,null,null,null,null,null,400,300,500]
[null,"CGS"]
[null,"Gross Margin"]
[null,"Opex or Overhead",20]
[null,"EBITDA"]
[null,"Depreciation",40]
[null,"EBIT "]
[null,"Financial expenses",0.05]
[null,"EBT"]
[null,"Taxes",0.2,null,null,null,null,null,null,"Total"]
[null,"Net Income NI",null,null,null,null,null,null,null,{"$f":"SUM(E14:I14)","v":0}]
[]
[null,"Ratios of the P&L",null,null,null,null,null,null,null,"Media",null,"Base","Worst","Best"]
[null,"Sales growth",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Gross margin / Sales",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Increase of Opex",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA / Sales"]
[null,"ROS (Net Income / Sales)"]
[null,"ROE ( NI / Equity)"]
[null,"ROA (EBIT / Net assets)"]
[null,"Dividends paid",0.8,null,null,null,null,null,null,{"$f":"SUM(E24:I24)","v":0}]
[]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Assumptions"},{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NFO",0.2]
[null,"FA, fixed assets net",0,200]
[null,"NA, net assets",null,{"$f":"D27+D28","v":200}]
[]
[null,"D-S Line of credit",0.8]
[null,"D-L Loan",5,{"$f":"D29-D34","v":150}]
[null,"D,  Total Debt ",null,{"$f":"D31+D32","v":150}]
[null,"E, Equity",null,50]
[null,"Financing",null,{"$f":"D33+D34","v":200}]
[null,null,"Cash surplus (+) or credit needed (-)",{"$f":"D35-D29","v":0},null,null,null,null,null,"Total"]
[null,null,"Cash flow for the shareholder",null,null,null,null,null,null,{"$f":"SUM(E37:I37)","v":0}]
[]
[null,"CF shareholder. Calculation",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuity"]
[null,"± Variation of NA, net assets",null,null,null,null,null,null,null,null,null,null,"K","g"]
[null,"± Variation of Debt",null,null,null,null,null,null,null,null,null,null,0.2,0]
[null,"+ Net Income",null,null,null,null,null,null,null,"Total",null,null,"Net Income",{"$f":"I14","v":0}]
[null,"CF shareholder",null,null,null,null,null,null,null,{"$f":"SUM(E43:I43)","v":0},null,null,"Perpetuity =",{"$f":"N42/(M41-N41)","v":0}]
[]
[null,null,null,"IRR =",{"$f":"IRR(D43:I43)","v":{"$error":"#NUM!"}},null,null,"IRR of the assets ="]
[]
[null,"Risks. Sensitivity Analysis.","Base","Worst","Best","Range",null,null,"no need to calculate"]
[null,"Level of Sales",400,300,500,null,null,"K  =",0.2]
[null,"IRR Shareholder",null,null,null,{"$f":"(E49-D49)*100","v":0},null,"PV  = ",{"$f":"NPV(I48,E43:I43)","v":0}]
[null,"Growth of Sales",0.03,0,0.06,null,null,"NPV  = ",{"$f":"I49+D43","v":0}]
[null,"IRR Shareholder",null,null,null,{"$f":"(E51-D51)*100","v":0}]
[null,"Margin decline",-0.01,-0.02,0,null,null,"IIR and level of Debt"]
[null,"IRR Shareholder",null,null,null,{"$f":"(E53-D53)*100","v":0},null,"Equity",null,"IRR"]
[null,"Increase of Opex",0.03,0.06,0,null,null,"75% o 150M€"]
[null,"IRR Shareholder",null,null,null,{"$f":"(E55-D55)*100","v":0},null,"50% o 100M€"]
[null,"IRR, in Base, Worst & Best scenarios",null,null,null,{"$f":"(E56-D56)*100","v":0},null,"25% o 50M€"]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"If you want to do more calculations you can calculate the FCF. You will see that the FCF = Equity CF, if the debt is 0."]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuity"]
[null,"FCF Calculation",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variation of NA, net assets",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":200},{"$f":"E29-F29","v":0},{"$f":"F29-G29","v":0},{"$f":"G29-H29","v":0},{"$f":"H29-I29","v":0},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":0},{"$f":"F10*(1-$C$13)","v":0},0,0,0,null,null,"EBIT",{"$f":"I10*(1-C13)","v":0}]
[null,"FCF or CF of the assets",null,{"$f":"D64+D65","v":-200},200,0,0,0,0,null,null,"Perpetuity =",{"$f":"M65/(L64-M64)","v":0}]
[]
[null,null,null,null,null,null,"TIR =",{"$f":"IRR(D66:I66)","v":0}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]

{"sheet":"Anex 2","index":5,"n_rows":108,"n_cols":20,"rows_kept":108,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,"Proyecto Tablets. Previsión de Cta. Rdos y Balance"]
[]
[null,null,null,null,"Laptops",null,null,null,"Tablets Previsión"]
[null,"Cta Rdos (mill €)",null,"Hipótesis",2023,null,2025,{"$f":"G4+1","v":2026},{"$f":"H4+1","v":2027},{"$f":"I4+1","v":2028},{"$f":"J4+1","v":2029},null,null,"Base","Peor ","Mejor"]
[null,"Ventas",{"$f":"200","v":200},"(1)",200,null,{"$f":"C5","v":200},{"$f":"G5*(1+H19)","v":220.00000000000003},{"$f":"H5*(1+I19)","v":242.00000000000006},{"$f":"I5*(1+J19)","v":266.2000000000001},{"$f":"J5*(1+K19)","v":266.2000000000001},null,null,200,150,250]
[null,"CMV",null,null,162,null,{"$f":"(G5-G7)","v":160},{"$f":"(H5-H7)","v":178.20000000000002},{"$f":"(I5-I7)","v":198.44000000000005},{"$f":"(J5-J7)","v":220.94600000000008},{"$f":"(K5-K7)","v":226.2700000000001}]
[null,"Margen bruto",null,"(2)",{"$f":"E5-E6","v":38},null,{"$f":"G5*G20","v":40},{"$f":"H5*H20","v":41.800000000000004},{"$f":"I5*I20","v":43.560000000000009},{"$f":"J5*J20","v":45.254000000000012},{"$f":"K5*K20","v":39.930000000000014}]
[null,"Gastos de ventas",0.05,null,{"$f":"C$8*E5","v":10},null,{"$f":"$C8*G5","v":10},{"$f":"$C8*H5","v":11.000000000000002},{"$f":"$C8*I5","v":12.100000000000003},{"$f":"$C8*J5","v":13.310000000000006},{"$f":"$C8*K5","v":13.310000000000006}]
[null,"Opex",8,"(3)",8,null,{"$f":"C9","v":8},{"$f":"G9*(1+H21)","v":8.24},{"$f":"H9*(1+I21)","v":8.4871999999999996},{"$f":"I9*(1+J21)","v":8.741816},{"$f":"J9*(1+K21)","v":9.0040704800000011}]
[null,"EBITDA",null,null,{"$f":"E7-E8-E9","v":20},null,{"$f":"G7-G8-G9","v":22},{"$f":"H7-H8-H9","v":22.560000000000002},{"$f":"I7-I8-I9","v":22.972800000000007},{"$f":"J7-J8-J9","v":23.202184000000006},{"$f":"K7-K8-K9","v":17.615929520000009}]
[null,"Amortización",2,"(3)",5,null,{"$f":"C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2}]
[null,"EBIT ",null,null,{"$f":"E10-E11","v":15},null,{"$f":"G10-G11","v":20},{"$f":"H10-H11","v":20.560000000000002},{"$f":"I10-I11","v":20.972800000000007},{"$f":"J10-J11","v":21.202184000000006},{"$f":"K10-K11","v":15.615929520000009}]
[null,"Gastos financieros",0.05,"(4)",2.5,null,{"$f":"$C13*F36","v":0.60000000000000009},{"$f":"$C13*G36","v":2.0500000000000003},{"$f":"$C13*H36","v":2.0600000000000005},{"$f":"$C13*I36","v":2.0860000000000007},{"$f":"$C13*J36","v":2.1296000000000013}]
[null,"EBT",null,null,{"$f":"E12-E13","v":12.5},null,{"$f":"G12-G13","v":19.399999999999999},{"$f":"H12-H13","v":18.510000000000002},{"$f":"I12-I13","v":18.912800000000004},{"$f":"J12-J13","v":19.116184000000004},{"$f":"K12-K13","v":13.486329520000007}]
[null,"Impuestos",0.25,"(4)",{"$f":"C15*E14","v":3.125},null,{"$f":"$C$15*G14","v":4.8499999999999996},{"$f":"$C$15*H14","v":4.6275000000000004},{"$f":"$C$15*I14","v":4.7282000000000011},{"$f":"$C$15*J14","v":4.779046000000001},{"$f":"$C$15*K14","v":3.3715823800000018}]
[null,"BN, Beneficio neto",null,null,{"$f":"E14-E15","v":9.375},null,{"$f":"G14-G15","v":14.549999999999999},{"$f":"H14-H15","v":13.8825},{"$f":"I14-I15","v":14.184600000000003},{"$f":"J14-J15","v":14.337138000000003},{"$f":"K14-K15","v":10.114747140000006}]
[]
[null,"Ratios de Cuenta de Resultados",null,null,null,null,null,null,"Hipótesis (en negrita y verde)",null,null,null,null,"Base","Peor ","Mejor"]
[null,"Crecimiento de ventas",0.1,"(1)","nd",null,"nd",{"$f":"C19","v":0.1},{"$f":"H19","v":0.1},{"$f":"I19","v":0.1},0,null,null,0.1,0,0.15]
[null,"Margen bruto / Ventas",-0.01,"(2)",{"$f":"E7/E5","v":0.19},null,0.2,{"$f":"G20+$C20","v":0.19},{"$f":"H20+$C20","v":0.18},{"$f":"I20+$C20","v":0.16999999999999998},0.15,null,null,-0.01,-0.02,0]
[null,"Incremento de Opex",0.03,"(3)",0.05,null,{"$f":"C21","v":0.03},{"$f":"G21","v":0.03},{"$f":"H21","v":0.03},{"$f":"I21","v":0.03},{"$f":"J21","v":0.03}]
[null,"Opex / Ventas",null,null,{"$f":"E9/E5","v":0.04},null,{"$f":"G9/G5","v":0.04},{"$f":"H9/H5","v":3.7454545454545449E-2},{"$f":"I9/I5","v":3.5071074380165282E-2},{"$f":"J9/J5","v":3.2839278737791119E-2}]
[null,"EBITDA / Ventas",null,null,{"$f":"E10/E5","v":0.1},null,{"$f":"G10/G5","v":0.11},{"$f":"H10/H5","v":0.10254545454545454},{"$f":"I10/I5","v":9.4928925619834709E-2},{"$f":"J10/J5","v":8.7160721262208848E-2},"Media"]
[null,"ROS (Beneficio / Ventas)",null,null,{"$f":"E16/E5","v":4.6875E-2},null,{"$f":"G16/G5","v":7.2749999999999995E-2},{"$f":"H16/H5","v":6.3102272727272715E-2},{"$f":"I16/I5","v":5.8614049586776858E-2},{"$f":"J16/J5","v":5.3858519909842216E-2},{"$f":"AVERAGE(G24:K24)","v":6.2081210555972946E-2}]
[null,"ROE (Beneficio / Equity)",null,null,{"$f":"E16/(E37-E16)","v":0.21008403361344538},null,{"$f":"G16/G37","v":0.64523281596452331},{"$f":"H16/H37","v":0.3810471419748851},{"$f":"I16/I37","v":0.28023335987245424},{"$f":"J16/J37","v":0.22072675227134528},{"$f":"AVERAGE(G25:K25)","v":0.38181001752080196},null,null,null,null,null,"ROE =","ROS x","Turnover","x Levarage"]
[null,"RONA (EBIT / Activo neto)",null,null,{"$f":"E12/E32","v":0.189873417721519},null,{"$f":"G12/G32","v":0.33333333333333331},{"$f":"H12/H32","v":0.32125000000000004},{"$f":"I12/I32","v":0.30661988304093574},{"$f":"J12/J32","v":0.28948913162206441},{"$f":"AVERAGE(G26:K26)","v":0.31267308699908336},null,null,null,null,"Year 1",{"$f":"R26*S26*T26","v":0.64523281596452331},{"$f":"G24","v":7.2749999999999995E-2},{"$f":"G5/G32","v":3.3333333333333335},{"$f":"G32/G37","v":2.6607538802660757}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Year 4",{"$f":"R27*S27*T27","v":0.22072675227134528},{"$f":"J24","v":5.3858519909842216E-2},{"$f":"J5/J32","v":3.6346258874931734},{"$f":"J32/J37","v":1.1275630698646641}]
[null,null,null,null,{"$f":"E3","v":"Laptops"},null,null,{"$f":"I3","v":"Tablets Previsión"}]
[null,"Balance  (Mill €)",null,"Hipótesis",{"$f":"E4","v":2023},2024,{"$f":"G4","v":2025},{"$f":"H4","v":2026},{"$f":"I4","v":2027},{"$f":"J4","v":2028}]
[null,"NOF",0.2,"(5)",29,0,{"$f":"$C30*G5","v":40},{"$f":"$C30*H5","v":44.000000000000007},{"$f":"$C30*I5","v":48.400000000000013},{"$f":"$C30*J5","v":53.240000000000023}]
[null,"AF, activo fijo neto",2,"(5)",50,20,{"$f":"F31-G11+$C31","v":20},{"$f":"G31-H11+$C31","v":20},{"$f":"H31-I11+$C31","v":20},{"$f":"I31-J11+$C31","v":20}]
[null,"AN, activo neto",null,null,{"$f":"E30+E31","v":79},20,60,64,68.400000000000006,73.240000000000023]
[null,null,null,null,null,null,null,null,null,null,"Media"]
[null,"D-C,  Deuda a corto",0.8,"(6)",25,{"$f":"$C$34*F30","v":0},{"$f":"$C$34*G30","v":32},{"$f":"$C$34*H30","v":35.20000000000001},{"$f":"$C$34*I30","v":38.720000000000013},{"$f":"$C$34*J30","v":42.59200000000002},{"$f":"AVERAGE(F34:J34)","v":29.702400000000011}]
[null,"D-L, Deuda a largo",4,"años",0,12,{"$f":"F35-($F$35/$C$35)","v":9},{"$f":"G35-($F$35/$C$35)","v":6},{"$f":"H35-($F$35/$C$35)","v":3},{"$f":"I35-($F$35/$C$35)","v":0},{"$f":"AVERAGE(F35:J35)","v":6}]
[null,"D, Deuda total",null,null,{"$f":"E34+E35","v":25},12,41,41.20000000000001,41.720000000000013,42.59200000000002]
[null,"E, Equity o Patrimonio",null,"(7)",54,{"$f":"20-F35","v":8},{"$f":"F37+G16","v":22.549999999999997},{"$f":"G37+H16","v":36.432499999999997},{"$f":"H37+I16","v":50.617100000000001},{"$f":"I37+J16","v":64.954238000000004},{"$f":"AVERAGE(F37:J37)","v":36.510767599999994}]
[null,"Financiación",null,null,{"$f":"+E34+E35+E37","v":79},{"$f":"F36+F37","v":20},{"$f":"G36+G37","v":63.55},{"$f":"H36+H37","v":77.632500000000007},{"$f":"I36+I37","v":92.337100000000021},{"$f":"J36+J37","v":107.54623800000002}]
[null,"Caja excedente (+)",null,"(8)",{"$f":"E38-E32","v":0},0,3.5499999999999972,13.632500000000007,23.937100000000015,34.306237999999993]
[null,"Cash flow anual para accionista",null,"(8)",null,{"$f":"-(F37-F39)","v":-8},{"$f":"G39-F39","v":3.5499999999999972},{"$f":"H39-G39","v":10.08250000000001},{"$f":"I39-H39","v":10.304600000000008},{"$f":"J39-I39","v":10.369137999999978}]
[]
[]
[null,"Directrices para la previsión de Cta. Rdos y Balances"]
[null,"Todas las hipótesis en negrita y verde."]
["(1)","Ventas. Escenario base 200. Pesimista 150. Optimista 250."]
["(1)","Crecimiento ventas: 10% escenario base, 15% optimista y  0% pesimista."]
["(2) ","Margen / Ventas. Escenario base baja un 1% anual. Optimista 0%, pesimista, bajada anual -2%. "]
["(3) ","Gastos generales, aumentan con la inflación, 3% por año.  Amortización, cifra constante, asume que son 2M€ por año."]
["(4)","Intereses, 5% x deuda total (corto y largo) del año anterior. Tasa impositiva = 25%."]
["(5)","NOF =  20% de Ventas. Asumir inversión nueva = amortización, es decir AF constante. Inversión nueva está en celda C31."]
["(5)","AF del año anterior - amortización + capex"]
["(6)","Deuda a corto = porcentaje de  NOF. En el caso baso 80%. Deuda a largo se amortiza en 4 años."]
["(7)","Equity. Escenario base 8M. Podemos modificarlo:subir o bajar deuda y equity. Cada año añadir el beneficio del año. "]
["(8)","Caja que tendremos en el balance. La diferencia de caja de un año a otro es el CF accionista."]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept 2022"]
[null,null,null,null,null,"Proyecto Tablets. Cálculo de CF, Rentabilidad y Riesgos"]
[]
[null,null,null,null,null,{"$f":"F29","v":2024},{"$f":"G29","v":2025},{"$f":"H29","v":2026},{"$f":"I29","v":2027},{"$f":"J29","v":2028}]
[null,"Cálculo del CF accionista",null,null,null,0,1,2,3,4,null,null,"Perpetuity"]
[null,"Variación de activo neto AN",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,"K","g"]
[null,"Variación de Deuda",null,"(2)",null,{"$f":"F36","v":12},{"$f":"G36-F36","v":29},{"$f":"H36-G36","v":0.20000000000000995},{"$f":"I36-H36","v":0.52000000000000313},{"$f":"J36-I36","v":0.87200000000000699},null,null,{"$f":"D69","v":0.2},0]
[null,"Beneficio neto",null,null,null,null,{"$f":"G16","v":14.549999999999999},{"$f":"H16","v":13.8825},{"$f":"I16","v":14.184600000000003},{"$f":"J16","v":14.337138000000003},null,null,"Benef neto",{"$f":"K16","v":10.114747140000006}]
[null,"Valor final VF",null,null,null,null,null,null,null,{"$f":"K68","v":30.648000000000003},null,null,"Perpetuity =",{"$f":"N64/(M63-N63)","v":50.573735700000029}]
[null,"CF accionista",null,"(3)",null,{"$f":"SUM(F62:F64)","v":-8},{"$f":"SUM(G62:G64)","v":3.5499999999999989},{"$f":"SUM(H62:H64)","v":10.08250000000001},{"$f":"SUM(I62:I64)","v":10.304600000000001},{"$f":"SUM(J62:J65)","v":41.017137999999996}]
[]
[null,"Valor final usando perpetuidad",null,null,{"$f":"K16/D69","v":50.573735700000029},"Valor final si vendmos los activos a valor contable",null,null,null,null,{"$f":"J32-J36","v":30.648000000000003}]
[null,"CF accionista, VA con","Ke  =",0.2,"VA = ",{"$f":"NPV(D69,G66:J66)","v":35.704021026234578},"VAN = ",{"$f":"F69+F66","v":27.704021026234578},"TIR =",{"$f":"IRR(F66:J66)","v":1.0142747359938173}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Perpetuity"]
[null,"Cálculo del FCF o CF activo",null,null,null,{"$f":"F61","v":0},{"$f":"G61","v":1},{"$f":"H61","v":2},{"$f":"I61","v":3},{"$f":"J61","v":4},null,null,"K","g"]
[null,"± Variación de AN, activo neto",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,0.2,0]
[null,"+EBIT (1-t)",null,null,null,null,{"$f":"G12*(1-$C$15)","v":15},{"$f":"H12*(1-$C$15)","v":15.420000000000002},{"$f":"I12*(1-$C$15)","v":15.729600000000005},{"$f":"J12*(1-$C$15)","v":15.901638000000005},null,null,"EBIT (1-t)",{"$f":"K12*(1-C15)","v":11.711947140000007}]
[null,"Valor final VF",null,null,null,null,null,null,null,{"$f":"J32","v":73.240000000000023},null,null,"Perpetuity =",{"$f":"N74/(M73-N73)","v":58.559735700000033}]
[null,"FCF o CF del activo",null,null,null,{"$f":"F73+F74","v":-20},{"$f":"G73+G74","v":-25},{"$f":"H73+H74","v":11.420000000000002},{"$f":"I73+I74","v":11.329599999999999},{"$f":"J73+J74+J75","v":84.301638000000011}]
[]
[null,null,null,null,null,null,null,null,"TIR =",{"$f":"IRR(F76:J76)","v":0.32341544713584214}]
[null,null,null,{"$f":"20%","v":0.2}]
[null,"Riesgos. Análisis de Sensibilidad"]
[]
[null,null,"Riesgo Mayor (4)"]
[null,"Escenarios","Base","Peor","Mejor","Rango",null,null,null,"Worst & Best case (5)"]
[null,"Nivel de Ventas",200,150,250,null,null,"Escenarios",null,"TIR"]
[null,"TIR Accionista",1.01,0.6,1.44,{"$f":"E85-D85","v":0.84},null,"Peor",null,0.39]
[null,"Crecimiento g Vtas",0.1,0,0.15,null,null,"Base",null,1.01]
[null,"TIR Accionista",{"$f":"C85","v":1.01},0.89,1.07,{"$f":"E87-D87","v":0.18000000000000005},null,"Mejor",null,1.62]
[null,"Caída de margen",-0.01,-0.02,0,null,null,"Rango",null,{"$f":"J87-J85","v":1.23}]
[null,"TIR Accionista",{"$f":"C85","v":1.01},0.89,1.1299999999999999,{"$f":"E89-D89","v":0.23999999999999988}]
[null,null,null,null,null,null,null,"TIR y Nivel de Equtiy y Deuda (6)"]
[null,null,null,null,null,null,null,"Equity",null,"TIR"]
[null,null,null,null,null,null,null,"15M€",null,0.7]
[null,null,null,null,null,null,null,"10M€",null,0.89]
[null,null,null,null,null,null,null,"8M€",null,1.01]
[null,null,null,null,null,null,null,"5M€",null,1.32]
[]
[null,"Directrices para el cálculo de CF y análisis de riesgos"]
["(1)","Del balance (fila 32). AN año pasado - AN de este año. Signo negativo significa que invertimos, CF negativo."]
["(2)","Del balance (fila 36). Deuda de este año - deuda del año pasado. Signo negativo significa que devolvemos deuda, CF negativo."]
["(3)","CF accionista que recibiremos. Las cifras deben coincidir las de la fila 40 (calculadas a partir de la caja en el balance)."]
["(4)","Calcular TIR accionista, cuando cambian las ventas, y permanecen constantes las otras variables."]
[null,"Mismo análisis para crecimiento de ventas y caída del margen."]
[null,"El riesgo principal es el nivel de ventas como se observa en el Rango."]
[null,"Usar el botón Escenario Base para volver todas las variables al escenario base. "]
["(5)","TIR del accionistasi todo va mal o si todo va bien. "]
["(6)","TIR del accionista si  invertimos, 15, 10 o 5 millones de capital propio o equity."]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K57","v":"© E.M. Abascal. Sept 2022"}]

{"sheet":"Preguntas","index":6,"n_rows":57,"n_cols":5,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[null,"Ejercicios de autocomprobación para realizar una vez acabado el módulo de Análisis de Proyectos de Inversión."]
[null,"Uno de los resultados del módulo de Finanzas Operativas es que uno acaba aprendiendo contabilidad: es decir,  puedes ver con claridad "]
[null,"cómo cada operación se contabiliza en el balance y la cuenta de PyG. "]
[null,"Para asegurar que esto es así, contesta el siguiente cuestionario. Escribe tus respuestas en las columnas C,D, E (aquí abajo)."]
[null,"Si hay una sola respuesta escribe en la columna C. Si hay varias, utiliza las columnas D y E."]
[null,"Comprueba tus respuestas pinchando en el 2 con recuadro de la esquina superior izquierda; o en la cruz con recuadro encima de la columna J. "]
[null,"Se desplegarán las columnas G, H, I con las respuestas correctas."]
[null,"Para que la calificació automática funcione, tienes que usar la palabra exacta (tal como se indica en las notas incluidasen las celdas)"]
[null,"Si no requiere respuesta técnica, dar respuesta binária: V o F."]
[null,"Si tienes dudas construye tus propios ejemplos para aclararte."]
[null,"© IESE. E.M. Abascal 2017. Versión 6/8/23"]
[null,null,"Respuestas","Calificación ","Respuesta"]
["Nº","PREGUNTAS","V o F","Obtenida","correcta"]
[1,"Activo neto (AN) = Activo fijo neto + Capex. ¿V o F?",null,{"$f":"IF(C14=E14,1,0)","v":0},"F"]
[2,"El activo neto está siempre financiado con patrimonio + deuda. ¿V o F?",null,{"$f":"IF(C15=E15,1,0)","v":0},"V"]
[3,"La fórmula de DCF dice que si pagas el precio P y tienes unos CF esperados a recibir durante los años futuros 1 a n, obtendrías la rentabilidad TIR. ¿V o F?",null,0,"V"]
[4,"Proyecto con un CF esperado de 10€/año. Inversión inicial de 100€. Si quieres obtener una TIR >10%, debes pagar menos al principio. ¿V o F?",null,0,"V"]
[5,"El primer paso para el análisis de proyectos de inversión es el cálculo del FCF. ¿V o F?",null,0,"F"]
[6,"Si el proyecto promete una buena rentabilidad hay que hacerlo, aunque el negocio sea mediocre. ¿V o F?",null,0,"F"]
[7,"Habitualmente no necesitarás la P&G y el balance del proyecto porque estos datos ya están incluidos en el cálculo de los flujos de caja. ¿V o F?",null,0,"F"]
[8,"Como regla general, no invertimos en negocios que no nos gustan o no entendemos. ¿V o F?",null,0,"V"]
[9,"El negocio nos gusta, pero no así la previsión de PyG y balances. Lo normal es no invertir. ¿V o F?",null,0,"V"]
[10,"El factor clave y casi el único para la decisión de inversión es la TIR esperada. ¿V o F?",null,0,"F"]
[11,"Lo normal es que el número de años del forecast coincida con el número de años del proyecto ¿V o F?",null,0,"V"]
[12,"El FCF = EBIT − Var AN + Var Deuda.",null,0,"F"]
[13,"Significado del FCF. CF producido por los activos sin tener en cuenta la financiación. ¿V o F?",null,0,"V"]
[14,"EL CF del accionista se puede calcular exclusivamente a partir de los números del balance. ¿V o F?",null,0,"V"]
[15,"EL FCF es una cifra totalmente real que coincide con lo que hay en caja a final de año. ¿V o F?",null,0,"F"]
[16,"Con el CF accionista podemos ver también la rentabilidad que procede exclusivamente del activo (y no de la financiación). Basta con escribir 0 deuda en el balance. ¿V o F?",null,0,"V"]
[17,"En la mayoría de proyectos el CF final no es muy relevante. ¿V o F?",null,0,"F"]
[18,"La mayoría de las veces el valor de la perpetuidad no afecta a la rentabilidad del proyecto porque la perpetuidad se recibirá en el año 10 y el dinero recibido dentro de 10 años tiene poco valor hoy. ¿V o F?",null,0,"F"]
[19,"La perpetuidad para se calcula habitualmente como Beneficio recurrente / (K − g). ¿V o F?",null,0,"V"]
[20,"Al valor de la perpetuidad hay que restarle la deuda viva en el año en que supuestamente se recibe la perpetuidad. ¿V o F?",null,0,"V"]
[21,"Podríamos asumir que el proyecto continúa con el mismo nivel de deuda a partir del año 10, en cuyo caso no hay que restar la deuda al valor de la perpetuidad. ¿V o F?",null,0,"V"]
[22,"La TIR te permite comparar proyectos de igual duración y tamaño pero con distinta cadencia de CF. ¿V o F?",null,0,"V"]
[23,"La TIR te permite comparar proyectos, cualquiera que sea su duración o tamaño; siempre elegirás el de mayor TIR. ¿V o F?",null,0,"F"]
[24," Si los CF esperados son muy similares cada año, la rentabilidad simple (CF / Inversión) es una aproximación razonable a la TIR (y más fácil de calcular), si el proyecto dura muchos años o (si es corto) recuperas al final lo invertido inicialmente. ¿V o F?",null,0,"V"]
[25,"En un proyecto solo deben ser incluidos los CF futuros y específicos del proyecto (CF que son producidos por llevar a cabo el proyecto). ¿V o F?",null,0,"V"]
[26,"En los números de un proyecto es lógico incluir un cierto porcentaje de los gastos generales de la empresa (salarios consejo, etc), pues alguien los tiene que pagar. ¿V o F?",null,0,"F"]
[27,"Fabricas productos de limpieza para el hogar. Tu cartera tiene más de cien productos y referencias. La competencia es feroz, con muchos lanzamientos de productos nuevos cada año. Cada año lanzas cerca de veinte productos nuevos. El controller lleva un sistema de contabilidad de costes por el que un 1 % de todos los costes fijos (el salario del director general, por ejemplo) son cargados a cada producto. Estás evaluando la posibilidad de lanzar un nuevo producto. Debes incluir el cargo del 1 % como gasto (CF negativo) del proyecto. ¿V o F?",null,0,"F"]
[28,"Misma situación que antes. Hay que Incluir la canibalización que el nuevo producto producirá en otros productos de la compañía. ¿V o F?",null,0,"F"]
[29,"Para el proyecto C utilizas una máquina vieja con un valor contable de 20, que no tiene ningún otro uso alternativo. Hay que incluir esta máquina como inversión inicial. ¿V o F?",null,0,"F"]
[30,"En el proyecto H utilizas una máquina vieja con un valor contable de 20, que no tiene ningún otro uso alternativo. Hay que incluir la amortización de esta máquina como gasto del proyecto en la PyG. ¿V o F?",null,0,"V"]
[31,"Los proyectos A y B tienen la misma rentabilidad esperada. La mayor parte de la rentabilidad de A proviene de un CF final grande al final. Sin considerar otros factores, podríamos decir que el proyecto A tiene mayor riesgo que el B. ¿V o F?",null,0,"V"]
[32,"Lo que cuenta en la decisión es el riesgo percibido, y por tanto no hace falta cuantificar el riesgo. ¿V o F?",null,0,"F"]
[33,"Para identificar los riesgos más relevantes calculamos la TIR del proyecto en los tres escenarios de esa variable (base, óptimo y pésimo). A mayor rango, mayor riesgo. ¿V o F?",null,0,"V"]
[34,"En nuestro análisis de riesgo hemos asumido que la probabilidad del escenario y óptimo es la misma, cuando en la realidad no tiene porque ser así. ¿V o F?",null,0,"V"]
[35,"Las fuentes de riesgo siempre vendrán de la variabilidad en el EBIT, el capex y los gastos financieros. ¿V o F?",null,0,"F"]
[36,"Los criterios no cuantitativos no deberían influir en las decisiones de inversión, precisamente por que no son cuantificables. ¿V o F?",null,0,"F"]
[37,"Si hay inflación, el CF accionista aumentará y tu proyecto dará mayor TIR y será más atractivo. ¿V o F?",null,0,"F"]
[38,"Si hay inflación, la rentabilidad nominal del proyecto sube, la real baja y el riesgo aumenta.  ¿V o F?",null,0,"V"]
[39,"Un proyecto desarrollado en Europa en 2023. La TIR esperada para el accionista es del 15 % en el escenario base, 5 % en el malo y 20 % en el optimista. Se trato pues de un proyecto de alto riesgo. ¿V o F?",null,0,"F"]
[40,"Has invertido 2 millones en un terreno para construir un hotel. Una nueva legislación no te permite construir el hotel. Puedes vender ahora el terreno y obtener 1 millón. Pero también puedes invertir otro millón y construir un campo de golf, que dará 0,2 millones al año durante muchos años. Tu rentabilidad exigida K es del 10 %. La rentabilidad esperada del golf es de 0,2/3 < K. No deberías hacer el campo de golf. ¿V o F?",null,0,"F"]
[]
[]
[null,"TOTAL CALIFICACION OBTENIDA",null,{"$f":"SUM(D14:D53)","v":0}]
[null,"Máxima calificación posible",null,40]

{"sheet":"Anex 4 HECHO","index":7,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Proyecto DEC. HECHO"]
[null,"Todas las hipótesis en negrita y verde. Ver las notas explicativas dentro de cada celda. "]
[null,"Cta. Rdos (mill €)","Hipótesis",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Worst","Best"]
[null,"Ventas",400,null,{"$f":"C4","v":400},{"$f":"E4*(1+F17)","v":412},{"$f":"F4*(1+G17)","v":424.36},{"$f":"G4*(1+H17)","v":437.0908},{"$f":"H4*(1+I17)","v":450.20352400000002},null,null,400,300,500]
[null,"CMV",null,null,{"$f":"E4-E6","v":300},{"$f":"F4-F6","v":313.12},326.75720000000001,340.93082400000003,355.66078396]
[null,"Margen bruto",null,null,{"$f":"E4*E18","v":100},{"$f":"F4*F18","v":98.88},{"$f":"G4*G18","v":97.602800000000002},{"$f":"H4*H18","v":96.159975999999986},{"$f":"I4*I18","v":94.542740039999984}]
[null,"Gastos Generales (Opex)",20,null,{"$f":"C7","v":20},{"$f":"E7*(1+F19)","v":20.6},{"$f":"F7*(1+G19)","v":21.218000000000004},{"$f":"G7*(1+H19)","v":21.854540000000004},{"$f":"H7*(1+I19)","v":22.510176200000004}]
[null,"EBITDA",null,null,{"$f":"E6-E7","v":80},{"$f":"F6-F7","v":78.28},{"$f":"G6-G7","v":76.384799999999998},{"$f":"H6-H7","v":74.305435999999986},{"$f":"I6-I7","v":72.03256383999998}]
[null,"Amortización",40,null,{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40}]
[null,"EBIT ",null,null,{"$f":"E8-E9","v":40},{"$f":"F8-F9","v":38.28},{"$f":"G8-G9","v":36.384799999999998},{"$f":"H8-H9","v":34.305435999999986},{"$f":"I8-I9","v":32.03256383999998}]
[null,"Gastos financieros, neto",0.05,null,{"$f":"$C11*D33","v":7.5},{"$f":"$C11*E33","v":9.2000000000000011},{"$f":"$C11*F33","v":7.7960000000000012},{"$f":"$C11*G33","v":6.3948800000000006},{"$f":"$C11*H33","v":4.9967264}]
[null,"EBT",null,null,{"$f":"E10-E11","v":32.5},{"$f":"F10-F11","v":29.08},{"$f":"G10-G11","v":28.588799999999999},{"$f":"H10-H11","v":27.910555999999985},{"$f":"I10-I11","v":27.03583743999998}]
[null,"Impuestos",0.2,null,{"$f":"C13*E12","v":6.5},{"$f":"$C$13*F12","v":5.8159999999999998},{"$f":"$C$13*G12","v":5.7177600000000002},{"$f":"$C$13*H12","v":5.5821111999999973},{"$f":"$C$13*I12","v":5.4071674879999962},"Total"]
[null,"BN, Beneficio neto",null,null,{"$f":"E12-E13","v":26},{"$f":"F12-F13","v":23.263999999999999},{"$f":"G12-G13","v":22.871040000000001},{"$f":"H12-H13","v":22.328444799999989},{"$f":"I12-I13","v":21.628669951999985},{"$f":"SUM(E14:I14)","v":116.09215475199997}]
[]
[null,"Ratios de Cuenta de Resultados",null,null,null,null,null,null,null,"Media",null,"Base","Worst","Best"]
[null,"Crecimiento de ventas",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Margen bruto / Ventas",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Incremento de GG",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA /Ventas",null,null,{"$f":"E8/E4","v":0.2},{"$f":"F8/F4","v":0.19},{"$f":"G8/G4","v":0.18},{"$f":"H8/H4","v":0.16999999999999996},{"$f":"I8/I4","v":0.15999999999999995},{"$f":"AVERAGE(E20:J20)","v":0.17999999999999997}]
[null,"ROS (Beneficio/Ventas)",null,null,{"$f":"E14/E4","v":6.5000000000000002E-2},{"$f":"F14/F4","v":5.6466019417475727E-2},{"$f":"G14/G4","v":5.3895371854086153E-2},{"$f":"H14/H4","v":5.1084225062618546E-2},{"$f":"I14/I4","v":4.8041982789988079E-2},{"$f":"AVERAGE(F21:J21)","v":5.2371899781042133E-2}]
[null,"ROE (Beneficio / Equity)",null,null,{"$f":"E14/D34","v":0.52},{"$f":"F14/E34","v":0.30610526315789471},{"$f":"G14/F34","v":0.2914845024469821},{"$f":"H14/G34","v":0.26991547781147479},{"$f":"I14/H34","v":0.24930617331755764},{"$f":"AVERAGE(E22:J22)","v":0.3273622833467818}]
[null,"ROA (EBIT / Activo neto)",null,null,{"$f":"E10/E29","v":0.16666666666666666},{"$f":"F10/E29","v":0.1595},{"$f":"G10/F29","v":0.17976679841897231},{"$f":"H10/G29","v":0.2080731476539375},{"$f":"I10/H29","v":0.25139716222554132},{"$f":"AVERAGE(F23:J23)","v":0.19968427707461278}]
[null,"Dividendos pagados",0.8,null,0,{"$f":"$C$24*E14","v":20.8},{"$f":"$C$24*F14","v":18.6112},18.296832000000002,17.862755839999991,{"$f":"SUM(E24:I24)","v":75.570787839999994}]
[]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Hipótesis"},{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NOF",0.2,null,{"$f":"$C27*E4","v":80},{"$f":"$C27*F4","v":82.4},{"$f":"$C27*G4","v":84.872000000000014},{"$f":"$C27*H4","v":87.41816},0]
[null,"AF, activo fijo neto",0,200,{"$f":"D28-E9+$C28","v":160},{"$f":"E28-F9+$C28","v":120},{"$f":"F28-G9+$C28","v":80},{"$f":"G28-H9+$C28","v":40},0]
[null,"AN, activo neto",null,{"$f":"D27+D28","v":200},240,202.4,164.87200000000001,127.41816,0]
[]
[null,"D-C Línea de crédito",0.8,null,{"$f":"$C31*E27","v":64},{"$f":"$C31*F27","v":65.92},67.897600000000011,69.934528,0]
[null,"D-L Préstamo",5,{"$f":"D29-D34","v":150},{"$f":"D32-($D$32/$C$32)","v":120},{"$f":"E32-($D$32/$C$32)","v":90},{"$f":"F32-($D$32/$C$32)","v":60},{"$f":"G32-($D$32/$C$32)","v":30},0]
[null,"D,  Deuda total",null,{"$f":"D31+D32","v":150},{"$f":"E31+E32","v":184},155.92000000000002,127.89760000000001,99.934528,0]
[null,"E, Equity o Patrimonio",null,50,{"$f":"D34+E14-E24","v":76},{"$f":"E34+F14-F24","v":78.463999999999999},{"$f":"F34+G14-G24","v":82.723839999999996},{"$f":"G34+H14-H24","v":86.755452799999972},{"$f":"H34+I14-I24","v":90.521366911999962}]
[null,"Financiación",null,{"$f":"D33+D34","v":200},{"$f":"E33+E34","v":260},234.38400000000001,210.62144000000001,186.68998079999997,90.521366911999962]
[null,null,"Caja excedente (+) o crédito necesario (-)",{"$f":"D35-D29","v":0},20,31.984000000000009,45.749439999999993,59.271820799999972,90.521366911999962,"Total"]
[null,null,"Cash flow anual para accionista",null,{"$f":"E36-D36+E24","v":20},{"$f":"F36-E36+F24","v":32.784000000000006},{"$f":"G36-F36+G24","v":32.376639999999981},{"$f":"H36-G36+H24","v":31.819212799999981},{"$f":"I36-H36+I24","v":49.112301951999981},{"$f":"SUM(E37:I37)","v":166.09215475199994}]
[]
[null,"Cálculo del CF accionista",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuity"]
[null,"± Variación de AN, activo neto",null,-200,-40,37.599999999999994,37.527999999999992,37.453840000000014,127.41816,null,null,null,"K","g"]
[null,"± Variación de Deuda",null,{"$f":"D33","v":150},{"$f":"E33-D33","v":34},{"$f":"F33-E33","v":-28.079999999999984},-28.022400000000005,-27.963072000000011,-99.934528,null,null,null,0.2,0]
[null,"+Beneficio neto",null,{"$f":"D14","v":0},26,23.263999999999999,22.871040000000001,22.328444799999989,21.628669951999985,"Total",null,null,"Benef neto",{"$f":"I14","v":21.628669951999985}]
[null,"CF accionista",null,{"$f":"SUM(D40:D42)","v":-50},20,32.784000000000006,32.376639999999988,31.819212799999992,49.112301951999981,{"$f":"SUM(E43:I43)","v":166.09215475199997},null,null,"Perpetuity =",{"$f":"N42/(M41-N41)","v":108.14334975999992}]
[]
[null,null,null,"TIR =",{"$f":"IRR(D43:I43)","v":0.50292300900235754},null,null,"TIR del activo =",0.19]
[]
[null,"Riesgos. Análisis de Sensibilidad","Base","Malo","Bueno","Rango",null,null,"No hace falta calcularlo"]
[null,"Nivel de Ventas",400,300,500,null,null,"K  =",0.2]
[null,"TIR Accionista",0.5,0.11,0.85,{"$f":"(E49-D49)*100","v":74},null,"VA  = ",{"$f":"NPV(I48,E43:I43)","v":93.251861059670773}]
[null,"Crecimiento Ventas g",0.03,0,0.06,null,null,"VAN  = ",{"$f":"I49+D43","v":43.251861059670773}]
[null,"TIR Accionista",{"$f":"C49","v":0.5},0.45,0.55000000000000004,{"$f":"(E51-D51)*100","v":10.000000000000004}]
[null,"Caída de margen",-0.01,-0.02,0,null,null,"TIR y Deuda"]
[null,"TIR Accionista",{"$f":"C51","v":0.5},0.41,0.57999999999999996,{"$f":"(E53-D53)*100","v":17},null,"Equity",null,"TIR"]
[null,"Crecimiento de Opex",0.03,0.06,0,null,null,"75% o 150M€",null,0.23]
[null,"TIR Accionista",{"$f":"C53","v":0.5},0.49,0.52,{"$f":"(E55-D55)*100","v":3.0000000000000027},null,"50% o 100M€",null,0.31]
[null,"TIR, en Base, Worst & Best",{"$f":"C55","v":0.5},-0.19,0.98,{"$f":"(E56-D56)*100","v":117},null,"25% o 50M€",null,0.5]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"Si quieres hacer más cálculos puedes calcular el FCF. Verás que el FCF = CF acci, si la deuda es 0. "]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuity"]
[null,"Cálculo del FCF o CF activo",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variación de AN, activo neto",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":-40},{"$f":"E29-F29","v":37.599999999999994},{"$f":"F29-G29","v":37.527999999999992},{"$f":"G29-H29","v":37.453840000000014},{"$f":"H29-I29","v":127.41816},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":32},{"$f":"F10*(1-$C$13)","v":30.624000000000002},29.107839999999999,27.44434879999999,25.626051071999985,null,null,"EBIT",{"$f":"I10","v":32.03256383999998}]
[null,"FCF o CF del activo",null,{"$f":"D64+D65","v":-200},-8,68.22399999999999,66.635839999999988,64.8981888,153.044211072,null,null,"Perpetuity =",{"$f":"M65/(L64-M64)","v":160.16281919999989}]
[]
[null,"FCF. VA con","Ka  =",0.2,"VA = ",{"$f":"NPV(D68,E66:I66)","v":172.07590632716048},"TIR =",{"$f":"IRR(D66:I66)","v":0.15250760952373832},"VAN = ",{"$f":"F68+D66","v":-27.924093672839518}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]

{"sheet":"Anex 4 HACER","index":8,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Proyecto DEC. HACER"]
[null,"Todas las hipótesis en negrita y verde. Ver las notas explicativas dentro de cada celda. "]
[null,"Cta. Rdos (mill €)","Hipótesis",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Worst","Best"]
[null,"Ventas",400,null,{"$f":"C4","v":400},null,null,null,null,null,null,400,300,500]
[null,"CMV"]
[null,"Margen bruto"]
[null,"Gastos Generales (Opex)",20]
[null,"EBITDA"]
[null,"Amortización",40]
[null,"EBIT "]
[null,"Gastos financieros, neto",0.05]
[null,"EBT"]
[null,"Impuestos",0.2,null,null,null,null,null,null,"Total"]
[null,"BN, Beneficio neto",null,null,null,null,null,null,null,{"$f":"SUM(E14:I14)","v":0}]
[]
[null,"Ratios de Cuenta de Resultados",null,null,null,null,null,null,null,"Media",null,"Base","Worst","Best"]
[null,"Crecimiento de ventas",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Margen bruto / Ventas",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Incremento de GG",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA /Ventas"]
[null,"ROS (Beneficio/Ventas)"]
[null,"ROE (Beneficio / Equity)"]
[null,"ROA (EBIT / Activo neto)"]
[null,"Dividendos pagados",0.8]
[]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Hipótesis"},{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NOF",0.2]
[null,"AF, activo fijo neto",0,200]
[null,"AN, activo neto",null,{"$f":"D27+D28","v":200}]
[]
[null,"D-C Línea de crédito",0.8]
[null,"D-L Préstamo",5,{"$f":"D29-D34","v":150}]
[null,"D,  Deuda total",null,{"$f":"D31+D32","v":150}]
[null,"E, Equity o Patrimonio",null,50]
[null,"Financiación",null,{"$f":"D33+D34","v":200}]
[null,null,"Caja excedente (+) o crédito necesario (-)",{"$f":"D35-D29","v":0},null,null,null,null,null,"Total"]
[null,null,"Cash flow anual para accionista",null,null,null,null,null,null,{"$f":"SUM(E37:I37)","v":0}]
[]
[null,"Cálculo del CF accionista",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuity"]
[null,"± Variación de AN, activo neto",null,null,null,null,null,null,null,null,null,null,"K","g"]
[null,"± Variación de Deuda",null,null,null,null,null,null,null,null,null,null,0.2,0]
[null,"+Beneficio neto",null,null,null,null,null,null,null,"Total",null,null,"Benef neto",{"$f":"I14","v":0}]
[null,"CF accionista",null,null,null,null,null,null,null,{"$f":"SUM(E43:I43)","v":0},null,null,"Perpetuity =",{"$f":"N42/(M41-N41)","v":0}]
[]
[null,null,null,"TIR =",{"$f":"IRR(D43:I43)","v":{"$error":"#NUM!"}},null,null,"TIR del activo ="]
[]
[null,"Riesgos. Análisis de Sensibilidad","Base","Malo","Bueno","Rango",null,null,"No hace falta calcularlo"]
[null,"Nivel de Ventas",400,300,500,null,null,"K  =",0.2]
[null,"TIR Accionista",null,null,null,{"$f":"(E49-D49)*100","v":0},null,"VA  = ",{"$f":"NPV(I48,E43:I43)","v":0}]
[null,"Crecimiento Ventas g",0.03,0,0.06,null,null,"VAN  = ",{"$f":"I49+D43","v":0}]
[null,"TIR Accionista",null,null,null,{"$f":"(E51-D51)*100","v":0}]
[null,"Caída de margen",-0.01,-0.02,0,null,null,"TIR y Deuda"]
[null,"TIR Accionista",null,null,null,{"$f":"(E53-D53)*100","v":0},null,"Equity",null,"TIR"]
[null,"Crecimiento de Opex",0.03,0.06,0,null,null,"75% o 150M€"]
[null,"TIR Accionista",null,null,null,{"$f":"(E55-D55)*100","v":0},null,"50% o 100M€"]
[null,"TIR, en Base, Worst & Best",{"$f":"C55","v":0},-0.19,0.98,{"$f":"(E56-D56)*100","v":117},null,"25% o 50M€"]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"Si quieres hacer más cálculos puedes calcular el FCF. Verás que el FCF = CF acci, si la deuda es 0. "]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuity"]
[null,"Cálculo del FCF o CF activo",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variación de AN, activo neto",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":200},{"$f":"E29-F29","v":0},{"$f":"F29-G29","v":0},{"$f":"G29-H29","v":0},{"$f":"H29-I29","v":0},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":0},{"$f":"F10*(1-$C$13)","v":0},0,0,0,null,null,"EBIT",{"$f":"I10","v":0}]
[null,"FCF o CF del activo",null,{"$f":"D64+D65","v":-200},200,0,0,0,0,null,null,"Perpetuity =",{"$f":"M65/(L64-M64)","v":0}]
[]
[null,"FCF. VA con","Ka  =",0.2,"VA = ",{"$f":"NPV(D68,E66:I66)","v":166.66666666666669},"TIR =",{"$f":"IRR(D66:I66)","v":0},"VAN = ",{"$f":"F68+D66","v":-33.333333333333314}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]

{"sheet":"Anexo 2 PT","index":9,"n_rows":108,"n_cols":20,"rows_kept":108,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,"Projeto Tablets. Previsão do DRE e do Balanço"]
[]
[null,null,null,null,"Laptops",null,null,null,"Previsão Tablets"]
[null,"DRE (milhões €)",null,"Hipóteses",2023,null,2025,{"$f":"G4+1","v":2026},{"$f":"H4+1","v":2027},{"$f":"I4+1","v":2028},{"$f":"J4+1","v":2029},null,null,"Base","Pior","Melhor"]
[null,"Vendas",{"$f":"200","v":200},"(1)",200,null,{"$f":"C5","v":200},{"$f":"G5*(1+H19)","v":220.00000000000003},{"$f":"H5*(1+I19)","v":242.00000000000006},{"$f":"I5*(1+J19)","v":266.2000000000001},{"$f":"J5*(1+K19)","v":266.2000000000001},null,null,200,150,250]
[null,"CMV",null,null,162,null,{"$f":"(G5-G7)","v":160},{"$f":"(H5-H7)","v":178.20000000000002},{"$f":"(I5-I7)","v":198.44000000000005},{"$f":"(J5-J7)","v":220.94600000000008},{"$f":"(K5-K7)","v":226.2700000000001}]
[null,"Margem bruta",null,"(2)",{"$f":"E5-E6","v":38},null,{"$f":"G5*G20","v":40},{"$f":"H5*H20","v":41.800000000000004},{"$f":"I5*I20","v":43.560000000000009},{"$f":"J5*J20","v":45.254000000000012},{"$f":"K5*K20","v":39.930000000000014}]
[null,"Despesas de vendas",0.05,null,{"$f":"C$8*E5","v":10},null,{"$f":"$C8*G5","v":10},{"$f":"$C8*H5","v":11.000000000000002},{"$f":"$C8*I5","v":12.100000000000003},{"$f":"$C8*J5","v":13.310000000000006},{"$f":"$C8*K5","v":13.310000000000006}]
[null,"Opex",8,"(3)",8,null,{"$f":"C9","v":8},{"$f":"G9*(1+H21)","v":8.24},{"$f":"H9*(1+I21)","v":8.4871999999999996},{"$f":"I9*(1+J21)","v":8.741816},{"$f":"J9*(1+K21)","v":9.0040704800000011}]
[null,"EBITDA",null,null,{"$f":"E7-E8-E9","v":20},null,{"$f":"G7-G8-G9","v":22},{"$f":"H7-H8-H9","v":22.560000000000002},{"$f":"I7-I8-I9","v":22.972800000000007},{"$f":"J7-J8-J9","v":23.202184000000006},{"$f":"K7-K8-K9","v":17.615929520000009}]
[null,"Depreciação",2,"(3)",5,null,{"$f":"C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2},{"$f":"$C11","v":2}]
[null,"EBIT",null,null,{"$f":"E10-E11","v":15},null,{"$f":"G10-G11","v":20},{"$f":"H10-H11","v":20.560000000000002},{"$f":"I10-I11","v":20.972800000000007},{"$f":"J10-J11","v":21.202184000000006},{"$f":"K10-K11","v":15.615929520000009}]
[null,"Despesas financeiras",0.05,"(4)",2.5,null,{"$f":"$C13*F36","v":0.60000000000000009},{"$f":"$C13*G36","v":2.0500000000000003},{"$f":"$C13*H36","v":2.0600000000000005},{"$f":"$C13*I36","v":2.0860000000000007},{"$f":"$C13*J36","v":2.1296000000000013}]
[null,"EBT",null,null,{"$f":"E12-E13","v":12.5},null,{"$f":"G12-G13","v":19.399999999999999},{"$f":"H12-H13","v":18.510000000000002},{"$f":"I12-I13","v":18.912800000000004},{"$f":"J12-J13","v":19.116184000000004},{"$f":"K12-K13","v":13.486329520000007}]
[null,"Impostos",0.25,"(4)",{"$f":"C15*E14","v":3.125},null,{"$f":"$C$15*G14","v":4.8499999999999996},{"$f":"$C$15*H14","v":4.6275000000000004},{"$f":"$C$15*I14","v":4.7282000000000011},{"$f":"$C$15*J14","v":4.779046000000001},{"$f":"$C$15*K14","v":3.3715823800000018}]
[null,"LL, Lucro líquido",null,null,{"$f":"E14-E15","v":9.375},null,{"$f":"G14-G15","v":14.549999999999999},{"$f":"H14-H15","v":13.8825},{"$f":"I14-I15","v":14.184600000000003},{"$f":"J14-J15","v":14.337138000000003},{"$f":"K14-K15","v":10.114747140000006}]
[]
[null,"Índices do DRE",null,null,null,null,null,null,"Hipóteses (em negrito verde)",null,null,null,null,{"$f":"N4","v":"Base"},{"$f":"O4","v":"Pior"},{"$f":"P4","v":"Melhor"}]
[null,"Crescimento vendas",0.1,"(1)","nd",null,"nd",{"$f":"C19","v":0.1},{"$f":"H19","v":0.1},{"$f":"I19","v":0.1},0,null,null,0.1,0,0.15]
[null,"Margem bruta/Vendas",-0.01,"(2)",{"$f":"E7/E5","v":0.19},null,0.2,{"$f":"G20+$C20","v":0.19},{"$f":"H20+$C20","v":0.18},{"$f":"I20+$C20","v":0.16999999999999998},0.15,null,null,-0.01,-0.02,0]
[null,"Incremento de Opex",0.03,"(3)",0.05,null,{"$f":"C21","v":0.03},{"$f":"G21","v":0.03},{"$f":"H21","v":0.03},{"$f":"I21","v":0.03},{"$f":"J21","v":0.03}]
[null,"Opex / Vendas",null,null,{"$f":"E9/E5","v":0.04},null,{"$f":"G9/G5","v":0.04},{"$f":"H9/H5","v":3.7454545454545449E-2},{"$f":"I9/I5","v":3.5071074380165282E-2},{"$f":"J9/J5","v":3.2839278737791119E-2}]
[null,"EBITDA / Vendas",null,null,{"$f":"E10/E5","v":0.1},null,{"$f":"G10/G5","v":0.11},{"$f":"H10/H5","v":0.10254545454545454},{"$f":"I10/I5","v":9.4928925619834709E-2},{"$f":"J10/J5","v":8.7160721262208848E-2},"Media"]
[null,"ROS (Lucro / Vendas)",null,null,{"$f":"E16/E5","v":4.6875E-2},null,{"$f":"G16/G5","v":7.2749999999999995E-2},{"$f":"H16/H5","v":6.3102272727272715E-2},{"$f":"I16/I5","v":5.8614049586776858E-2},{"$f":"J16/J5","v":5.3858519909842216E-2},{"$f":"AVERAGE(G24:K24)","v":6.2081210555972946E-2}]
[null,"ROE (Lucro / Capital próprio)",null,null,{"$f":"E16/(E37-E16)","v":0.21008403361344538},null,{"$f":"G16/G37","v":0.64523281596452331},{"$f":"H16/H37","v":0.3810471419748851},{"$f":"I16/I37","v":0.28023335987245424},{"$f":"J16/J37","v":0.22072675227134528},{"$f":"AVERAGE(G25:K25)","v":0.38181001752080196},null,null,null,null,null,"ROE =","ROS x","Turnover","x Levarage"]
[null,"RONA (EBIT / Ativo líquido)",null,null,{"$f":"E12/E32","v":0.189873417721519},null,{"$f":"G12/G32","v":0.33333333333333331},{"$f":"H12/H32","v":0.32125000000000004},{"$f":"I12/I32","v":0.30661988304093574},{"$f":"J12/J32","v":0.28948913162206441},{"$f":"AVERAGE(G26:K26)","v":0.31267308699908336},null,null,null,null,"Ano 1",{"$f":"R26*S26*T26","v":0.64523281596452331},{"$f":"G24","v":7.2749999999999995E-2},{"$f":"G5/G32","v":3.3333333333333335},{"$f":"G32/G37","v":2.6607538802660757}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ano 4",{"$f":"R27*S27*T27","v":0.22072675227134528},{"$f":"J24","v":5.3858519909842216E-2},{"$f":"J5/J32","v":3.6346258874931734},{"$f":"J32/J37","v":1.1275630698646641}]
[null,null,null,null,{"$f":"E3","v":"Laptops"},null,null,{"$f":"I3","v":"Previsão Tablets"}]
[null,"Balanço  (Mill €)",null,"Hipótesis",{"$f":"E4","v":2023},2024,{"$f":"G4","v":2025},{"$f":"H4","v":2026},{"$f":"I4","v":2027},{"$f":"J4","v":2028}]
[null,"NOF",0.2,"(5)",29,0,{"$f":"$C30*G5","v":40},{"$f":"$C30*H5","v":44.000000000000007},{"$f":"$C30*I5","v":48.400000000000013},{"$f":"$C30*J5","v":53.240000000000023}]
[null,"AF, ativo fixo líquido",2,"(5)",50,20,{"$f":"F31-G11+$C31","v":20},{"$f":"G31-H11+$C31","v":20},{"$f":"H31-I11+$C31","v":20},{"$f":"I31-J11+$C31","v":20}]
[null,"AL, ativo líquido",null,null,{"$f":"E30+E31","v":79},20,60,64,68.400000000000006,73.240000000000023]
[null,null,null,null,null,null,null,null,null,null,"Media"]
[null,"D-C, Dívida de curto prazo",0.8,"(6)",25,{"$f":"$C$34*F30","v":0},{"$f":"$C$34*G30","v":32},{"$f":"$C$34*H30","v":35.20000000000001},{"$f":"$C$34*I30","v":38.720000000000013},{"$f":"$C$34*J30","v":42.59200000000002},{"$f":"AVERAGE(F34:J34)","v":29.702400000000011}]
[null,"D-L, Dívida de longo prazo",4,"anos",0,12,{"$f":"F35-($F$35/$C$35)","v":9},{"$f":"G35-($F$35/$C$35)","v":6},{"$f":"H35-($F$35/$C$35)","v":3},{"$f":"I35-($F$35/$C$35)","v":0},{"$f":"AVERAGE(F35:J35)","v":6}]
[null,"D, Dívida total",null,null,{"$f":"E34+E35","v":25},12,41,41.20000000000001,41.720000000000013,42.59200000000002]
[null,"PL, Patrimônio Líquido",null,"(7)",54,{"$f":"20-F35","v":8},{"$f":"F37+G16","v":22.549999999999997},{"$f":"G37+H16","v":36.432499999999997},{"$f":"H37+I16","v":50.617100000000001},{"$f":"I37+J16","v":64.954238000000004},{"$f":"AVERAGE(F37:J37)","v":36.510767599999994}]
[null,"Financiamento",null,null,{"$f":"+E34+E35+E37","v":79},{"$f":"F36+F37","v":20},{"$f":"G36+G37","v":63.55},{"$f":"H36+H37","v":77.632500000000007},{"$f":"I36+I37","v":92.337100000000021},{"$f":"J36+J37","v":107.54623800000002}]
[null,"Caixa excedente (+)",null,"(8)",{"$f":"E38-E32","v":0},0,3.5499999999999972,13.632500000000007,23.937100000000015,34.306237999999993]
[null,"Fluxo de caixa anual para o acion.",null,"(8)",null,{"$f":"-(F37-F39)","v":-8},{"$f":"G39-F39","v":3.5499999999999972},{"$f":"H39-G39","v":10.08250000000001},{"$f":"I39-H39","v":10.304600000000008},{"$f":"J39-I39","v":10.369137999999978}]
[]
[]
[null,"Diretrizes para a previsão de DRE e Balanços"]
[null,"Todas as hipóteses em negrito e verde."]
["(1)","Vendas. Cenário base 200. Pessimista 150. Otimista 250."]
["(1)","Crescimento das vendas: 10% no cenário base, 15% no otimista e 0% no pessimista."]
["(2) ","Margem / Vendas. Cenário base reduz 1% anualmente. Otimista 0%, pessimismo, redução anual de -2%."]
["(3) ","Despesas gerais, aumentam com a inflação, 3% ao ano. Amortização, valor constante, assume-se €2M por ano."]
["(4)","Juros, 5% x dívida total (curto e longo prazo) do ano anterior. Taxa de imposto = 25%."]
["(5)","NOF = 20% das Vendas. Novo investimento = amortização, ou seja, AF constante. Novo investimento =2 (célula C31)."]
["(5)","AF do ano anterior - amortização + capex"]
["(6)","Dívida de curto prazo = percentual do NOF. No caso base 80%. Dívida de longo prazo é amortizada em 4 anos."]
["(7)","Equity. Cenário base 8M. Podemos modificá-lo: aumentar ou reduzir dívida e equity. A cada ano, adicionar o lucro do ano."]
["(8)","Caixa que teremos no balanço. A diferença de caixa de um ano para o outro é o FC do acionista."]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept 2022"]
[null,null,null,null,null,"Projeto Tablets. Cálculo dos FC, Retorno e Riscos"]
[]
[null,null,null,null,null,{"$f":"F29","v":2024},{"$f":"G29","v":2025},{"$f":"H29","v":2026},{"$f":"I29","v":2027},{"$f":"J29","v":2028}]
[null,"Cálculo do FC acionista",null,null,null,0,1,2,3,4,null,null,null,"Perpetuity"]
[null,"Variação de ativo líquido AL",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,null,"K","g"]
[null,"Variação da Dívida",null,"(2)",null,{"$f":"F36","v":12},{"$f":"G36-F36","v":29},{"$f":"H36-G36","v":0.20000000000000995},{"$f":"I36-H36","v":0.52000000000000313},{"$f":"J36-I36","v":0.87200000000000699},null,null,null,{"$f":"D69","v":0.2},0]
[null,"Lucro líquido",null,null,null,null,{"$f":"G16","v":14.549999999999999},{"$f":"H16","v":13.8825},{"$f":"I16","v":14.184600000000003},{"$f":"J16","v":14.337138000000003},null,null,null,"Benef neto",{"$f":"K16","v":10.114747140000006}]
[null,"Valor final VF",null,null,null,null,null,null,null,{"$f":"K68","v":30.648000000000003},null,null,null,"Perpetuity =",{"$f":"O64/(N63-O63)","v":50.573735700000029}]
[null,"FC acionista",null,"(3)",null,{"$f":"SUM(F62:F64)","v":-8},{"$f":"SUM(G62:G64)","v":3.5499999999999989},{"$f":"SUM(H62:H64)","v":10.08250000000001},{"$f":"SUM(I62:I64)","v":10.304600000000001},{"$f":"SUM(J62:J65)","v":41.017137999999996}]
[]
[null,"Valor final usando perpetuidade",null,null,{"$f":"K16/D69","v":50.573735700000029},"Valor final se vendemos os ativos (valor contábil)",null,null,null,null,{"$f":"J32-J36","v":30.648000000000003}]
[null,"FC acionista, VP com","Ke  =",0.2,"VP = ",{"$f":"NPV(D69,G66:J66)","v":35.704021026234578},"VPL = ",{"$f":"F69+F66","v":27.704021026234578},"TIR =",{"$f":"IRR(F66:J66)","v":1.0142747359938173}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Perpetuity"]
[null,"Cálculo do FCF ou FC ativo",null,null,null,{"$f":"F61","v":0},{"$f":"G61","v":1},{"$f":"H61","v":2},{"$f":"I61","v":3},{"$f":"J61","v":4},null,null,null,"K","g"]
[null,"± Variação de AL, ativo líquido",null,"(1)",null,{"$f":"-F32","v":-20},{"$f":"F32-G32","v":-40},{"$f":"G32-H32","v":-4},{"$f":"H32-I32","v":-4.4000000000000057},{"$f":"I32-J32","v":-4.8400000000000176},null,null,null,0.2,0]
[null,"EBIT (1-t)",null,null,null,null,{"$f":"G12*(1-$C$15)","v":15},{"$f":"H12*(1-$C$15)","v":15.420000000000002},{"$f":"I12*(1-$C$15)","v":15.729600000000005},{"$f":"J12*(1-$C$15)","v":15.901638000000005},null,null,null,"EBIT (1-t)",{"$f":"K12*(1-C15)","v":11.711947140000007}]
[null,"Valor final VF",null,null,null,null,null,null,null,{"$f":"J32","v":73.240000000000023},null,null,null,"Perpetuity =",{"$f":"O74/(N73-O73)","v":58.559735700000033}]
[null,"FCF ou FC do ativo",null,null,null,{"$f":"F73+F74","v":-20},{"$f":"G73+G74","v":-25},{"$f":"H73+H74","v":11.420000000000002},{"$f":"I73+I74","v":11.329599999999999},{"$f":"J73+J74+J75","v":84.301638000000011}]
[]
[null,null,null,null,null,null,null,null,"TIR =",{"$f":"IRR(F76:J76)","v":0.32341544713584214}]
[null,null,null,{"$f":"20%","v":0.2}]
[null,"Riscos: Análise de Sensibilidade"]
[]
[null,null,"Riesgo Mayor (4)"]
[null,"Cenários","Base","Pior","Melhor","Intervalo",null,null,null,"Pior e Melhor Cenários (5)"]
[null,"Nivel de Vendas",200,150,250,null,null,"Cenários",null,"TIR"]
[null,"TIR Acionista",1.01,0.6,1.44,{"$f":"E85-D85","v":0.84},null,"Pior",null,0.39]
[null,"Crecimento g Vendas",0.1,0,0.15,null,null,"Base",null,1.01]
[null,"TIR Acionista",{"$f":"C85","v":1.01},0.89,1.07,{"$f":"E87-D87","v":0.18000000000000005},null,"Melhor",null,1.62]
[null,"Queda de Margem",-0.01,-0.02,0,null,null,"Intervalo",null,{"$f":"J87-J85","v":1.23}]
[null,"TIR Acionista",{"$f":"C85","v":1.01},0.89,1.1299999999999999,{"$f":"E89-D89","v":0.23999999999999988}]
[null,null,null,null,null,null,null,"TIR e Nível de PL e Dívida (6)"]
[null,null,null,null,null,null,null,"PL",null,"TIR"]
[null,null,null,null,null,null,null,"€15M",null,0.7]
[null,null,null,null,null,null,null,"€10M",null,0.89]
[null,null,null,null,null,null,null,"€8M",null,1.01]
[null,null,null,null,null,null,null,"€5M",null,1.32]
[]
[null,"Diretrizes para o cálculo de FC e análise de riscos"]
["(1)","Do balanço (linha 32). AN do ano passado - AN deste ano. Sinal negativo significa que investimos, FC negativo."]
["(2)","Do balanço (linha 36). Dívida deste ano - dívida do ano passado. Sinal negativo = devolução de dívida, FC negativo."]
["(3)","FC acionista que receberemos. Os números devem coincidir com os da linha 40 (calculados a partir do caixa no balanço)."]
["(4)","Calcular TIR acionista, quando as vendas mudam e as outras variáveis permanecem constantes."]
[null,"Mesmo análise para crescimento de vendas e queda da margem."]
[null,"O principal risco é o nível de vendas, como observado no Rango."]
[null,"Usar o botão Cenário Base para retornar todas as variáveis ao cenário base."]
["(5)","TIR do acionista se tudo der errado ou se tudo der certo."]
["(6)","TIR do acionista se investirmos, 15, 10 ou 5 milhões de capital próprio ou equity."]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K57","v":"© E.M. Abascal. Sept 2022"}]

{"sheet":"Perguntas","index":10,"n_rows":57,"n_cols":5,"rows_kept":57,"cut":false,"hidden":true,"merged":[[2,1,2,4]]}
[null,"Exercícios de autoavaliação para realizar uma vez concluído o módulo de Análise de Projetos de Investimento."]
[]
[null,"Um dos resultados do módulo de Finanças Operacionais é que você acaba aprendendo contabilidade: ou seja, você pode ver com clareza como cada operação é contabilizada no balanço e na demonstração de resultados (DRE)."]
[null,"Para assegurar que isso é assim, responda ao seguinte questionário. Escreva suas respostas nas colunas C, D, E (abaixo)."]
[null,"Se houver uma única resposta, escreva na coluna C. Se houver várias, utilize as colunas D e E."]
[null,"Verifique suas respostas clicando no número 2 com o quadro no canto superior esquerdo; ou no X com o quadro acima da coluna J."]
[null,"As colunas G, H, I se expandirão com as respostas corretas."]
[null,"Para que a classificação automática funcione, você deve usar a palavra exata (como indicado nas notas incluídas nas células)."]
[null,"Se não for necessária uma resposta técnica, dê uma resposta binária: V ou F."]
[null,"Se tiver dúvidas, construa seus próprios exemplos para esclarecimento."]
[null,"© IESE. E.M. Abascal 2017. Versión 6/8/23"]
[null,null,"Respostas","Pontuação","Resposta "]
["Nº","PERGUNTAS","V ou F","Obtida","correta"]
[1,"Ativo líquido (AL) = Ativo fixo líquido + Capex. V ou F?",null,{"$f":"IF(C14=E14,1,0)","v":0},"F"]
[2,"O ativo líquido está sempre financiado com patrimônio + dívida. V ou F?",null,0,"V"]
[3,"A fórmula de DFC diz que se você pagar o preço P e tiver um fluxo de caixa esperado a ser recebido nos anos futuros de 1 a n, você obterá a rentabilidade TIR. V ou F?",null,0,"V"]
[4,"Projeto com um fluxo de caixa esperado de € 10/ano. Investimento inicial de €100. Se você quiser obter uma TIR >10%, deve pagar menos no início. V ou F?",null,0,"V"]
[5,"O primeiro passo para a análise de projetos de investimento é o cálculo do FCF. V ou F?",null,0,"F"]
[6,"Se o projeto promete boa rentabilidade, deve ser feito, mesmo que o negócio seja medíocre. V ou F?",null,0,"F"]
[7,"Normalmente você não precisará do DRE e do balanço do projeto porque esses dados já estão incluídos no cálculo dos fluxos de caixa. V ou F?",null,0,"F"]
[8,"Como regra geral, não investimos em negócios que não gostamos ou que não entendemos. V ou F?",null,0,"V"]
[9,"Gostamos do negócio, mas não das previsões do DRE e balanços. O normal é não investir. V ou F?",null,0,"V"]
[10,"O fator chave e quase o único para a decisão de investimento é a TIR esperada. V ou F?",null,0,"F"]
[11,"O normal é que o número de anos da previsão coincida com o número de anos do projeto. V ou F?",null,0,"V"]
[12,"O FCF = EBIT − Variação de AL + Variação de Dívida.",null,0,"F"]
[13,"Significado do FCF: Fluxo de Caixa gerado pelos ativos sem considerar o financiamento. V ou F?",null,0,"V"]
[14,"O fluxo de caixa do acionista pode ser calculado exclusivamente a partir dos números do balanço. V ou F?",null,0,"V"]
[15,"O FCF é um número totalmente real que coincide com o que há no caixa ao final do ano. V ou F?",null,0,"F"]
[16,"Com o fluxo de caixa do acionista, também podemos ver a rentabilidade que vem exclusivamente dos ativos (e não do financiamento). Basta escrever 0 de dívida no balanço. V ou F?",null,0,"V"]
[17,"Na maioria dos projetos, o fluxo de caixa final não é muito relevante. V ou F?",null,0,"F"]
[18,"A maior parte das vezes, o valor da perpetuidade não afeta a rentabilidade do projeto, pois a perpetuidade será recebida no ano 10, e o dinheiro recebido em 10 anos tem pouco valor hoje. V ou F?",null,0,"F"]
[19,"A perpetuidade geralmente é calculada como Lucro recorrente / (K − g). V ou F?",null,0,"V"]
[20,"Do valor da perpetuidade, devemos subtrair a dívida viva no ano em que supostamente se recebe a perpetuidade. V ou F?",null,0,"V"]
[21,"Podemos assumir que o projeto continua com o mesmo nível de dívida a partir do ano 10, e nesse caso não precisamos subtrair a dívida do valor da perpetuidade. V ou F?",null,0,"V"]
[22,"A TIR permite comparar projetos de igual duração e tamanho, mas com diferentes padrões de fluxo de caixa. V ou F?",null,0,"V"]
[23,"A TIR permite comparar projetos, independentemente de sua duração ou tamanho; sempre escolherá o de maior TIR. V ou F?",null,0,"F"]
[24,"Se os fluxos de caixa esperados forem muito semelhantes a cada ano, a rentabilidade simples (FC / Investimento) é uma aproximação razoável à TIR (e mais fácil de calcular), desde que o projeto tenha muitos anos ou, se for curto, recupere o investimento inicial ao final. V ou F?",null,0,"V"]
[25,"Em um projeto, apenas os fluxos de caixa futuros e específicos do projeto devem ser incluídos (fluxos de caixa gerados pela execução do projeto). V ou F?",null,0,"V"]
[26,"Nos números de um projeto, é lógico incluir uma certa porcentagem das despesas gerais da empresa (salários do conselho, etc.), pois alguém tem que pagá-las. V ou F?",null,0,"F"]
[27,"Você fabrica produtos de limpeza para o lar. Seu portfólio tem mais de cem produtos e referências. A concorrência é feroz, com muitos lançamentos de novos produtos a cada ano. Todos os anos, você lança cerca de vinte novos produtos. O controlador usa um sistema de contabilidade de custos, no qual 1% de todos os custos fixos (por exemplo, o salário do diretor-geral) é alocado para cada produto. Você está avaliando a possibilidade de lançar um novo produto. Deve incluir o custo de 1% como despesa (fluxo de caixa negativo) do projeto. V ou F?",null,0,"F"]
[28,"Mesma situação anterior. A canibalização que o novo produto causará em outros produtos da empresa deve ser incluída. V ou F?",null,0,"F"]
[29,"Para o projeto C, você usa uma máquina antiga com um valor contábil de 20, que não tem outro uso alternativo. Esta máquina deve ser incluída como investimento inicial. V ou F?",null,0,"F"]
[30,"No projeto H, você usa uma máquina antiga com um valor contábil de 20, que não tem outro uso alternativo. A depreciação dessa máquina deve ser incluída como despesa do projeto no DRE. V ou F?",null,0,"V"]
[31,"Os projetos A e B têm a mesma rentabilidade esperada. A maior parte da rentabilidade de A vem de um grande fluxo de caixa final. Sem considerar outros fatores, podemos dizer que o projeto A tem mais risco do que o B. V ou F?",null,0,"V"]
[32,"O que importa na decisão é o risco percebido e, portanto, não é necessário quantificar o risco. V ou F?",null,0,"F"]
[33,"Para identificar os riscos mais relevantes, calculamos a TIR do projeto nos três cenários dessa variável (base, ótimo e pessimista). Quanto maior o intervalo, maior o risco. V ou F?",null,0,"V"]
[34,"Em nossa análise de risco, assumimos que a probabilidade dos cenários otimista e pessimista é a mesma, o que na realidade pode não ser verdade. V ou F?",null,0,"V"]
[35,"As fontes de risco sempre virão da variabilidade no EBIT, capex e despesas financeiras. V ou F?",null,0,"F"]
[36,"Critérios não quantitativos não devem influenciar as decisões de investimento, precisamente porque não são quantificáveis. V ou F?",null,0,"F"]
[37,"Se houver inflação, o fluxo de caixa do acionista aumentará e seu projeto terá maior TIR e será mais atraente. V ou F?",null,0,"F"]
[38,"Se houver inflação, a rentabilidade nominal do projeto aumenta, mas a real diminui, e o risco aumenta. V ou F?",null,0,"V"]
[39,"Um projeto desenvolvido na Europa em 2023. A TIR esperada para o acionista é de 15% no cenário base, 5% no pessimista e 20% no otimista. Portanto, é um projeto de alto risco. V ou F?",null,0,"F"]
[40,"Você investiu 2 milhões em um terreno para construir um hotel. Nova legislação impede a construção do hotel. Você pode vender o terreno agora e receber 1 milhão. Mas também pode investir outro milhão e construir um campo de golfe, que gerará 0,2 milhões por ano durante muitos anos. Sua TIR exigida (K) é de 10%. A TIR esperada do campo de golfe é de 0,2/3 < K. Você não deve fazer o campo de golfe. V ou F?",null,0,"F"]
[]
[]
[null,"PONTUAÇÃO TOTAL OBTIDA",null,{"$f":"SUM(D14:D53)","v":0}]
[null,"Máximo pontuação possível",null,40]

{"sheet":"Anexo 4 FEITO","index":11,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,"Projeto DEC - FEITO"]
[null,"Todas as hipóteses em negrito e verde. Veja as notas explicativas dentro de cada célula."]
[null,"DRE (milhões €)","Hipóteses",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Pior","Melhor"]
[null,"Vendas",400,null,{"$f":"C4","v":400},{"$f":"E4*(1+F17)","v":412},{"$f":"F4*(1+G17)","v":424.36},{"$f":"G4*(1+H17)","v":437.0908},{"$f":"H4*(1+I17)","v":450.20352400000002},null,null,400,300,500]
[null,"CMV",null,null,{"$f":"E4-E6","v":300},{"$f":"F4-F6","v":313.12},{"$f":"G4-G6","v":326.75720000000001},{"$f":"H4-H6","v":340.93082400000003},{"$f":"I4-I6","v":355.66078396}]
[null,"Margem bruta",null,null,{"$f":"E4*E18","v":100},{"$f":"F4*F18","v":98.88},{"$f":"G4*G18","v":97.602800000000002},{"$f":"H4*H18","v":96.159975999999986},{"$f":"I4*I18","v":94.542740039999984}]
[null,"Despesas Gerais (Opex)",20,null,{"$f":"C7","v":20},{"$f":"E7*(1+F19)","v":20.6},{"$f":"F7*(1+G19)","v":21.218000000000004},{"$f":"G7*(1+H19)","v":21.854540000000004},{"$f":"H7*(1+I19)","v":22.510176200000004}]
[null,"EBITDA",null,null,{"$f":"E6-E7","v":80},{"$f":"F6-F7","v":78.28},{"$f":"G6-G7","v":76.384799999999998},{"$f":"H6-H7","v":74.305435999999986},{"$f":"I6-I7","v":72.03256383999998}]
[null,"Depreciação",40,null,{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40},{"$f":"$C9","v":40}]
[null,"EBIT",null,null,{"$f":"E8-E9","v":40},{"$f":"F8-F9","v":38.28},{"$f":"G8-G9","v":36.384799999999998},{"$f":"H8-H9","v":34.305435999999986},{"$f":"I8-I9","v":32.03256383999998}]
[null,"Despesas financeiras, líquidas",0.05,null,{"$f":"$C11*D33","v":7.5},{"$f":"$C11*E33","v":9.2000000000000011},{"$f":"$C11*F33","v":7.7960000000000012},{"$f":"$C11*G33","v":6.3948800000000006},{"$f":"$C11*H33","v":4.9967264}]
[null,"EBT",null,null,{"$f":"E10-E11","v":32.5},{"$f":"F10-F11","v":29.08},{"$f":"G10-G11","v":28.588799999999999},{"$f":"H10-H11","v":27.910555999999985},{"$f":"I10-I11","v":27.03583743999998}]
[null,"Impostos",0.2,null,{"$f":"C13*E12","v":6.5},{"$f":"$C$13*F12","v":5.8159999999999998},{"$f":"$C$13*G12","v":5.7177600000000002},{"$f":"$C$13*H12","v":5.5821111999999973},{"$f":"$C$13*I12","v":5.4071674879999962},"Total"]
[null,"LL, Lucro líquido",null,null,{"$f":"E12-E13","v":26},{"$f":"F12-F13","v":23.263999999999999},{"$f":"G12-G13","v":22.871040000000001},{"$f":"H12-H13","v":22.328444799999989},{"$f":"I12-I13","v":21.628669951999985},{"$f":"SUM(E14:I14)","v":116.09215475199997}]
[]
[null,"Índices do DRE",null,null,null,null,null,null,null,"Média",null,"Base",{"$f":"M3","v":"Pior"},{"$f":"N3","v":"Melhor"}]
[null,"Crescimento de vendas",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Margem bruta / Vendas",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Incremento das Despesas Gerais (GG)",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA / Vendas",null,null,{"$f":"E8/E4","v":0.2},{"$f":"F8/F4","v":0.19},{"$f":"G8/G4","v":0.18},{"$f":"H8/H4","v":0.16999999999999996},{"$f":"I8/I4","v":0.15999999999999995},{"$f":"AVERAGE(E20:J20)","v":0.17999999999999997}]
[null,"ROS (Lucro / Vendas)",null,null,{"$f":"E14/E4","v":6.5000000000000002E-2},{"$f":"F14/F4","v":5.6466019417475727E-2},{"$f":"G14/G4","v":5.3895371854086153E-2},{"$f":"H14/H4","v":5.1084225062618546E-2},{"$f":"I14/I4","v":4.8041982789988079E-2},{"$f":"AVERAGE(F21:J21)","v":5.2371899781042133E-2}]
[null,"ROE (Lucro / Equity)",null,null,{"$f":"E14/D34","v":0.52},{"$f":"F14/E34","v":0.30610526315789471},{"$f":"G14/F34","v":0.2914845024469821},{"$f":"H14/G34","v":0.26991547781147479},{"$f":"I14/H34","v":0.24930617331755764},{"$f":"AVERAGE(E22:J22)","v":0.3273622833467818}]
[null,"ROA (EBIT / Ativo líquido)",null,null,{"$f":"E10/E29","v":0.16666666666666666},{"$f":"F10/E29","v":0.1595},{"$f":"G10/F29","v":0.17976679841897231},{"$f":"H10/G29","v":0.2080731476539375},{"$f":"I10/H29","v":0.25139716222554132},{"$f":"AVERAGE(F23:J23)","v":0.19968427707461278}]
[null,"Dividendos pagos",0.8,null,0,{"$f":"$C$24*E14","v":20.8},{"$f":"$C$24*F14","v":18.6112},{"$f":"$C$24*G14","v":18.296832000000002},{"$f":"$C$24*H14","v":17.862755839999991},{"$f":"SUM(E24:I24)","v":75.570787839999994}]
[]
[null,"Balanço  (Mill €)","Hipóteses",{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NOF",0.2,null,{"$f":"$C27*E4","v":80},{"$f":"$C27*F4","v":82.4},{"$f":"$C27*G4","v":84.872000000000014},{"$f":"$C27*H4","v":87.41816},0]
[null,"AF, ativo fixo líquido",0,200,{"$f":"D28-E9+$C28","v":160},{"$f":"E28-F9+$C28","v":120},{"$f":"F28-G9+$C28","v":80},{"$f":"G28-H9+$C28","v":40},0]
[null,"AL, ativo líquido",null,{"$f":"D27+D28","v":200},240,202.4,164.87200000000001,127.41816,0]
[]
[null,"D-C Linha de crédito",0.8,null,{"$f":"$C31*E27","v":64},{"$f":"$C31*F27","v":65.92},{"$f":"$C31*G27","v":67.897600000000011},{"$f":"$C31*H27","v":69.934528},{"$f":"$C31*I27","v":0}]
[null,"D-L Empréstimo",5,{"$f":"D29-D34","v":150},{"$f":"D32-($D$32/$C$32)","v":120},{"$f":"E32-($D$32/$C$32)","v":90},{"$f":"F32-($D$32/$C$32)","v":60},{"$f":"G32-($D$32/$C$32)","v":30},0]
[null,"D, Dívida total",null,{"$f":"D31+D32","v":150},184,155.92000000000002,127.89760000000001,99.934528,0]
[null,"E, Equity ou PL",null,50,{"$f":"D34+E14-E24","v":76},{"$f":"E34+F14-F24","v":78.463999999999999},{"$f":"F34+G14-G24","v":82.723839999999996},{"$f":"G34+H14-H24","v":86.755452799999972},{"$f":"H34+I14-I24","v":90.521366911999962}]
[null,"Financiamento",null,{"$f":"D33+D34","v":200},260,234.38400000000001,210.62144000000001,186.68998079999997,90.521366911999962]
[null,null,"Caixa excedente (+) ou crédito necessário (-)",{"$f":"D35-D29","v":0},20,31.984000000000009,45.749439999999993,59.271820799999972,90.521366911999962,"Total"]
[null,null,"Fluxo de caixa anual para acionista",null,{"$f":"E36-D36+E24","v":20},{"$f":"F36-E36+F24","v":32.784000000000006},{"$f":"G36-F36+G24","v":32.376639999999981},{"$f":"H36-G36+H24","v":31.819212799999981},{"$f":"I36-H36+I24","v":49.112301951999981},{"$f":"SUM(E37:I37)","v":166.09215475199994}]
[]
[null,"Cálculo do FC acionista",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuity"]
[null,"± Variação de AL, ativo líq.",null,-200,-40,37.599999999999994,37.527999999999992,37.453840000000014,127.41816,null,null,null,"K","g"]
[null,"± Variação de Dívida",null,{"$f":"D33","v":150},{"$f":"E33-D33","v":34},{"$f":"F33-E33","v":-28.079999999999984},{"$f":"G33-F33","v":-28.022400000000005},{"$f":"H33-G33","v":-27.963072000000011},{"$f":"I33-H33","v":-99.934528},null,null,null,0.2,0]
[null,"Lucro Líquido",null,{"$f":"D14","v":0},26,23.263999999999999,22.871040000000001,22.328444799999989,21.628669951999985,"Total",null,null,"Benef neto",{"$f":"I14","v":21.628669951999985}]
[null,"FC acionista",null,{"$f":"SUM(D40:D42)","v":-50},20,32.784000000000006,32.376639999999988,31.819212799999992,49.112301951999981,{"$f":"SUM(E43:I43)","v":166.09215475199997},null,null,"Perpetuity =",{"$f":"N42/(M41-N41)","v":108.14334975999992}]
[]
[null,null,null,"TIR =",{"$f":"IRR(D43:I43)","v":0.50292300900235754},null,null,"TIR do ativo =",0.19]
[]
[null,"Riscos. Análise de Sensibilidade","Base","Pior","Melhor","Intervalo",null,null,"Não é necessário calculá-lo."]
[null,"Nível de Vendas",400,300,500,null,null,"K  =",0.2]
[null,"TIR Acionista",0.5,0.11,0.85,{"$f":"(E49-D49)*100","v":74},null,"VP  = ",{"$f":"NPV(I48,E43:I43)","v":93.251861059670773}]
[null,"Crescimento Vendas g",0.03,0,0.06,null,null,"VPL  = ",{"$f":"I49+D43","v":43.251861059670773}]
[null,"TIR Acionista",{"$f":"C49","v":0.5},0.45,0.55000000000000004,{"$f":"(E51-D51)*100","v":10.000000000000004}]
[null,"Queda de margem",-0.01,-0.02,0,null,null,"TIR e Dívida"]
[null,"TIR Acionista",{"$f":"C51","v":0.5},0.41,0.57999999999999996,{"$f":"(E53-D53)*100","v":17},null,"PL",null,"TIR"]
[null,"Crescimento de Opex",0.03,0.06,0,null,null,"75% ou €150M",null,0.23]
[null,"TIR Acionista",{"$f":"C53","v":0.5},0.49,0.52,{"$f":"(E55-D55)*100","v":3.0000000000000027},null,"50% ou €100M",null,0.31]
[null,"TIR, em Base, Pior & Melhor",{"$f":"C55","v":0.5},-0.19,0.98,{"$f":"(E56-D56)*100","v":117},null,"25% ou €50M",null,0.5]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"Se quiser fazer mais cálculos, você pode calcular o FCF. Você verá que o FCF = FC acion, se a dívida for 0."]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuidade"]
[null,"Cálculo do FCF ou FC do ativo ",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variação do AL, ativo líquido",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":-40},{"$f":"E29-F29","v":37.599999999999994},{"$f":"F29-G29","v":37.527999999999992},{"$f":"G29-H29","v":37.453840000000014},{"$f":"H29-I29","v":127.41816},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":32},{"$f":"F10*(1-$C$13)","v":30.624000000000002},{"$f":"G10*(1-$C$13)","v":29.107839999999999},{"$f":"H10*(1-$C$13)","v":27.44434879999999},{"$f":"I10*(1-$C$13)","v":25.626051071999985},null,null,"EBIT",{"$f":"I10","v":32.03256383999998}]
[null,"FCF ou FC ativo",null,{"$f":"D64+D65","v":-200},-8,68.22399999999999,66.635839999999988,64.8981888,153.044211072,null,null,"Perpetuidade =",{"$f":"M65/(L64-M64)","v":160.16281919999989}]
[]
[null,"FCF. VP con","Ka  =",0.2,"VP = ",{"$f":"NPV(D68,E66:I66)","v":172.07590632716048},"TIR =",{"$f":"IRR(D66:I66)","v":0.15250760952373832},"VPL = ",{"$f":"F68+D66","v":-27.924093672839518}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]

{"sheet":"Anexo 4 FAZER","index":12,"n_rows":76,"n_cols":14,"rows_kept":76,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,"Proyecto DEC. HACER"]
[null,"Todas as hipóteses em negrito e verde. Veja as notas explicativas dentro de cada célula."]
[null,"DRE (milhões €)","Hipóteses",null,2025,{"$f":"E3+1","v":2026},{"$f":"F3+1","v":2027},{"$f":"G3+1","v":2028},{"$f":"H3+1","v":2029},null,null,"Base","Pior","Melhor"]
[null,"Vendas",400,null,{"$f":"C4","v":400},null,null,null,null,null,null,400,300,500]
[null,"CMV"]
[null,"Margem bruta"]
[null,"Despesas Gerais (Opex)",20]
[null,"EBITDA"]
[null,"Depreciação",40]
[null,"EBIT"]
[null,"Despesas financeiras, líquidas",0.05]
[null,"EBT"]
[null,"Impostos",0.2,null,null,null,null,null,null,"Total"]
[null,"LL, Lucro líquido",null,null,null,null,null,null,null,{"$f":"SUM(E14:I14)","v":0}]
[]
[null,"Índices do DRE",null,null,null,null,null,null,null,"Media",null,"Base","Pior","Melhor"]
[null,"Crescimento de vendas",0.03,null,"nd",{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"$C17","v":0.03},{"$f":"AVERAGE(F17:J17)","v":0.03},null,0.03,0,0.06]
[null,"Margem bruta / Vendas",-0.01,null,0.25,{"$f":"E18+$C18","v":0.24},{"$f":"F18+$C18","v":0.22999999999999998},{"$f":"G18+$C18","v":0.21999999999999997},{"$f":"H18+$C18","v":0.20999999999999996},{"$f":"AVERAGE(E18:J18)","v":0.22999999999999998},null,-0.01,-0.02,0]
[null,"Incremento das Despesas Gerais (GG)",0.03,null,"nd",{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"$C19","v":0.03},{"$f":"AVERAGE(F19:J19)","v":0.03},null,0.03,0.06,0]
[null,"EBITDA / Vendas"]
[null,"ROS (Lucro / Vendas)"]
[null,"ROE (Lucro / Equity)"]
[null,"ROA (EBIT / Ativo líquido)"]
[null,"Dividendos pagos",0.8]
[]
[null,"Balanço  (Mill €)","Hipóteses",{"$f":"E26-1","v":2024},{"$f":"E3","v":2025},{"$f":"F3","v":2026},{"$f":"G3","v":2027},{"$f":"H3","v":2028},{"$f":"I3","v":2029}]
[null,"NOF",0.2]
[null,"AF, ativo fixo líquido",0,200]
[null,"AL, ativo líquido",null,{"$f":"D27+D28","v":200}]
[]
[null,"D-C Linha de crédito",0.8]
[null,"D-L Empréstimo",5,{"$f":"D29-D34","v":150}]
[null,"D, Dívida total",null,{"$f":"D31+D32","v":150}]
[null,"E, Equity ou PL",null,50]
[null,"Financiamento",null,{"$f":"D33+D34","v":200}]
[null,null,"Caixa excedente (+) ou crédito necessário (-)",{"$f":"D35-D29","v":0},null,null,null,null,null,"Total"]
[null,null,"Fluxo de caixa anual para acionista",null,null,null,null,null,null,{"$f":"SUM(E37:I37)","v":0}]
[]
[null,"Cálculo do FC acionista",null,{"$f":"D63","v":0},1,2,3,4,5,null,null,null,"Perpetuidade"]
[null,"± Variação de AL, ativo líq.",null,null,null,null,null,null,null,null,null,null,"K","g"]
[null,"± Variação de Dívida",null,null,null,null,null,null,null,null,null,null,0.2,0]
[null,"Lucro Líquido",null,null,null,null,null,null,null,"Total",null,null,"Lucro Líq.",{"$f":"I14","v":0}]
[null,"FC acionista",null,null,null,null,null,null,null,{"$f":"SUM(E43:I43)","v":0},null,null,"Perpetuidade =",{"$f":"N42/(M41-N41)","v":0}]
[]
[null,null,null,"TIR =",{"$f":"IRR(D43:I43)","v":{"$error":"#NUM!"}},null,null,"TIR do ativo ="]
[]
[null,"Riscos. Análise de Sensibilidade","Base","Malo","Bueno","Rango",null,null,"Não é necessário calculá-lo."]
[null,"Nível de Vendas",400,300,500,null,null,"K  =",0.2]
[null,"TIR Acionista",null,null,null,{"$f":"(E49-D49)*100","v":0},null,"VP  = ",{"$f":"NPV(I48,E43:I43)","v":0}]
[null,"Crescimento Vendas g",0.03,0,0.06,null,null,"VPL  = ",{"$f":"I49+D43","v":0}]
[null,"TIR Acionista",null,null,null,{"$f":"(E51-D51)*100","v":0}]
[null,"Queda de margem",-0.01,-0.02,0,null,null,"TIR e Dívida"]
[null,"TIR Acionista",null,null,null,{"$f":"(E53-D53)*100","v":0},null,"PL",null,"TIR"]
[null,"Crescimento de Opex",0.03,0.06,0,null,null,"75% ou €150M"]
[null,"TIR Acionista",null,null,null,{"$f":"(E55-D55)*100","v":0},null,"50% ou €100M"]
[null,"TIR, em Base, Pior & Melhor",{"$f":"C55","v":0},-0.19,0.98,{"$f":"(E56-D56)*100","v":117},null,"25% ou €50M"]
[]
[null,null,null,null,null,null,null,null,null,"© E.M. Abascal. Sept. 2023"]
[]
[null,"Se quiser fazer mais cálculos, você pode calcular o FCF. Você verá que o FCF = FC acion, se a dívida for 0."]
[]
[null,null,null,{"$f":"D26","v":2024},2025,2026,2027,2028,2029,null,null,"Perpetuidade"]
[null,"Cálculo do FCF ou FC do ativo ",null,0,1,2,3,4,5,null,null,"K","g"]
[null,"± Variação do AL, ativo líquido",null,{"$f":"-D29","v":-200},{"$f":"D29-E29","v":200},{"$f":"E29-F29","v":0},{"$f":"F29-G29","v":0},{"$f":"G29-H29","v":0},{"$f":"H29-I29","v":0},null,null,0.2,0]
[null,"+EBIT x (1-t)",null,null,{"$f":"E10*(1-$C$13)","v":0},{"$f":"F10*(1-$C$13)","v":0},{"$f":"G10*(1-$C$13)","v":0},{"$f":"H10*(1-$C$13)","v":0},{"$f":"I10*(1-$C$13)","v":0},null,null,"EBIT",{"$f":"I10","v":0}]
[null,"FCF ou FC ativo",null,{"$f":"D64+D65","v":-200},200,0,0,0,0,null,null,"Perpetuidade =",{"$f":"M65/(L64-M64)","v":0}]
[]
[null,"FCF. VP con","Ka  =",0.2,"VP = ",{"$f":"NPV(D68,E66:I66)","v":166.66666666666669},"TIR =",{"$f":"IRR(D66:I66)","v":0},"VPL = ",{"$f":"F68+D66","v":-33.333333333333314}]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J58","v":"© E.M. Abascal. Sept. 2023"}]