telecom itália - rafael - david - josé
TRANSCRIPT
Balanço Indicadores de Actividade
Demonstração de Resultados Indicadores de Liquidez
Demonstração de Fluxos de Caixa Indicadores Bolsistas
Indicadores de Rendibilidade Kwacc e Estrutura de Capitais
Indicadores de Estrutura FCFF e FCFE
Contas e Pressupostos
Estimação do g
Estimação FCFF
Projecções
Fontes
Rafael José Moreira
José Pedro Santos
David Pedro
Realizado por
Realizado por
100402084
100402026
060402054
Total Non-current assets
Total Current assets
Total assets
Total Equity
of a non-financial nature
of a financial nature
Current financial assets
Investments
Equity and Liabilities
Equity
Equity attributable to owners of the Parent
Non-controlling interests
Non-current financial liabilities
Non-current liabilities
Assets
Non-current assets
Intangible assets
Goodwill
Other intangible assets
Current assets sub-total
Discontinued operations/Non-current assets held for sale
Inventories
Trade and miscellaneous receivables and other current assets
Current income tax receivables
Other non-current assets
Investments in associates and joint ventures accounted for using the equity method
Other investments
Non-current financial assets
Miscellaneous receivables and other non-current assets
Deferred tax assets
Current assets
Tangible assets
Property, plant and equipment owned
Assets held under finance leases
BALANÇO
Total Non-current liabilities
Total Current Liabilities
Total Liabilities
Total Equity and liabilities
Trade and miscellaneous payables and other current liabilities
Current income tax payables
Current liabilities sub-total
Liabilities directly associated with Discontinued operations/Non-current assets held for sale
of a financial nature
of a non-financial nature
Employee benefits
Deferred tax liabilities
Provisions
Miscellaneous payables and other non-current liabilities
Current liabilities
Current financial liabilities
Voltar ao índice
millions of euros
(a)
Securities other than investments, financial receivables and other current financial assets
Financial receivables and other current financial assets
Cash and cash equivalents
(b)
(a+b)
( c)
of a non-financial nature
of a financial nature
Current financial assets
Investments
Equity and Liabilities
Equity
Equity attributable to owners of the Parent
Non-controlling interests
Non-current financial liabilities
Non-current liabilities
Assets
Non-current assets
Intangible assets
Goodwill
Other intangible assets
Current assets sub-total
Discontinued operations/Non-current assets held for sale
Inventories
Trade and miscellaneous receivables and other current assets
Current income tax receivables
Other non-current assets
Investments in associates and joint ventures accounted for using the equity method
Other investments
Non-current financial assets
Miscellaneous receivables and other non-current assets
Deferred tax assets
Current assets
Tangible assets
Property, plant and equipment owned
Assets held under finance leases
(d)
( e)
(f=d+e)
(c+f)
Trade and miscellaneous payables and other current liabilities
Current income tax payables
Current liabilities sub-total
Liabilities directly associated with Discontinued operations/Non-current assets held for sale
of a financial nature
of a non-financial nature
Employee benefits
Deferred tax liabilities
Provisions
Miscellaneous payables and other non-current liabilities
Current liabilities
Current financial liabilities
43,615 0.681% 43,912 -26.193% 32,410 0.000% 32,410 -7.646%
6,284 25.764% 7,903 0.304% 7,927 -15.504% 6,698 -6.241%
49,899 3.840% 51,815 -22.152% 40,337 -3.047% 39,108 -7.405%
13,717 12.073% 15,373 -5.906% 14,465 -11.621% 12,784 -3.794%
1,296 -9.182% 1,177 -13.849% 1,014 -0.789% 1,006 -8.549%
15,013 10.238% 16,550 -6.471% 15,479 -10.912% 13,790 -4.141%
435 -80.460% 85 -23.529% 65 0.000% 65 0.000%
53 -18.868% 43 -9.302% 39 0.000% 39 7.692%
1,119 66.488% 1,863 33.977% 2,496 -0.441% 2,485 -49.457%
893 4.591% 934 60.171% 1,496 -1.203% 1,478 8.728%
1,199 55.379% 1,863 -23.135% 1,432 0.000% 1,432 -27.444%
3,699 29.440% 4,788 15.455% 5,528 -0.525% 5,499 -27.096%
68,611 6.620% 73,153 -16.143% 61,344 -4.804% 58,397 -8.488%
408 -5.147% 387 12.661% 436 -22.477% 338 7.988%
7,447 4.606% 7,790 -10.064% 7,006 -6.180% 6,573 -18.013%
79 67.089% 132 -41.667% 77 0.000% 77 59.740%
39
1,843 -28.595% 1,316 -4.559% 1,256 -6.847% 1,170 39.402%
1,103 -60.290% 438
5,504 0.400% 5,526 34.564% 7,436 -6.576% 6,947 -17.317%
8,450 -13.846% 7,280 19.396% 8,692 -6.615% 8,117 -9.141%
16,423 -5.078% 15,589 3.990% 16,211 -6.823% 15,105 -12.267%
81 586 12.116%
1,152 -66.233% 389 3,508 -18.158%
1,233 -68.451% 389 4,094 -13.825%
17,656 -9.504% 15,978 1.458% 16,211 18.432% 19,199 -12.600%
86,267 3.320% 89,131 -12.988% 77,555 0.053% 77,596 -9.506%
25,952 11.047% 28,819 -32.760% 19,378 0.000% 19,378 -11.957%
1,168 224.572% 3,791 -4.141% 3,634 0.000% 3,634 -14.007%
27,120 20.243% 32,610 -29.433% 23,012 0.000% 23,012 -12.281%
36,797 -6.655% 34,348 -0.748% 34,091 -0.047% 34,075 -8.778%
Variação Variação Variação
2009
Variação
2010 2011 2012
1,075 5.023% 1,129 -22.764% 872 0.000% 872 1.950%
198 418.687% 1,027 -17.429% 848 -57.429% 361 -35.180%
782 9.974% 860 0.349% 863 -16.107% 724 -3.453%
1,084 0.185% 1,086 -3.039% 1,053 -4.938% 1,001 -22.178%
39,936 -3.721% 38,450 -1.880% 37,727 -1.840% 37,033 -9.041%
6,941 -0.850% 6,882 -10.636% 6,150 -0.114% 6,143 -0.391%
11,020 -0.599% 10,954 -3.761% 10,542 -8.110% 9,687 -10.715%
283 -16.961% 235 -47.234% 124 -57.258% 53 -62.264%
18,244 -0.948% 18,071 -6.945% 16,816 -5.548% 15,883 -6.894%
659 23 17.391%
308 1,645 -6.748%
967 1,668 -6.415%
19,211 -5.934% 18,071 -6.945% 16,816 4.371% 17,551 -6.849%
59,147 -4.440% 56,521 -3.500% 54,543 0.075% 54,584 -8.336%
86,267 3.320% 89,131 -12.988% 77,555 0.053% 77,596 -9.506%
29,932
6,280
36,212
12,299
920
13,219
65
42
1,256
1,607
1,039
4,009
53,440
365
5,389
123
1,631
5,744
7,375
13,252
657
2,871
3,528
16,780
70,220
17,061
3,125
20,186
31,084
2013
889
234
699
779
33,685
6,119
8,649
20
14,788
27
1,534
1,561
16,349
50,034
70,220
Voltar ao índice
millions of euros
26,894 2.517% 27,571
280 -8.929% 255
27,174 2.399% 27,826
-11,480 -0.845% -11,383
-3,734 7.686% -4,021
-1,345 5.725% -1,422
-15 800.000% -135
515 6.214% 547
-5,551 -0.072% -5,547
-59 -118.644% 11
-12 425.000% -63
5,493 5.826% 5,813
-51 -666.667% 289
2,561 20.305% 3,081
-4,731 8.962% -5,155
3,339 23.600% 4,127
-1,121 -51.115% -548
2,218 61.362% 3,579
1,596 123.810% 3,572
Owners of the Parent 1,581 97.407% 3,121
Non-controlling interests 15 2906.667% 451
-7-622 -98.875%
11,41211,115 2.672%
9967 47.761%
Other operating expenses
Employee benefits expenses
Acquisition of goods and services
Total operating revenues and other income
Other income
Gains (losses) on disposals of non-current assets
Depreciation and amortization
Operating profit before depreciation and amortization,
capital gains (losses) and impairment reversals (losses) on
non-current assets (EBITDA)
Internally generated assets
Change in inventories
Operating profit (loss) (EBIT)
Attributable to:
Profit (loss) for the year
Profit (loss) from Discontinued operations/Non-current assets
held for sale
Profit (loss) from continuing operations
Income tax expense
Profit (loss) before tax from continuing operations
Finance expenses
Finance income
Other income (expenses) from investments
Share of profits (losses) of associates and joint ventures
accounted for using the equity method
Revenues
Impairment reversals (losses) on non-current assets
DEMONTRAÇÃO DE RESULTADOS
Variação
2009 2010
8.654% 29,957 -14.013% 25,759 -9.131% 23,407
17.255% 299 -4.682% 285 13.684% 324
8.733% 30,256 -13.921% 26,044 -8.881% 23,731
12.967% -12,859 -12.209% -11,289 -8.079% -10,377
-0.721% -3,992 -16.508% -3,333 -7.381% -3,087
30.731% -1,859 -20.710% -1,474 -10.583% -1,318
-141.481% 56 -107.143% -4 -1300.000% 48
4.022% 569 2.109% 581 -6.540% 543
-0.919% -5,496 -14.683% -4,689 -2.900% -4,553
-72.727% 3 1633.333% 52 -257.692% -82
11579.365% -7,358 -43.205% -4,179 -47.667% -2,187
-111.698% -680 -351.324% 1,709 59.040% 2,718
-94.464% 16 -87.500% 2 -250.000% -3
-20.026% 2,464 -19.521% 1,983 1.009% 2,003
-12.629% -4,504 -11.612% -3,981 5.149% -4,186
-166.465% -2,743 -89.318% -293 -281.570% 532
193.796% -1,610 -32.547% -1,086 2.302% -1,111
-221.626% -4,353 -68.321% -1,379 -58.013% -579
-222.228% -4,366 -70.751% -1,277 -81.363% -238
-254.149% -4,811 -66.182% -1,627 -58.574% -674
-1.330% 445 -21.348% 350 24.571% 436
341102-13 234.314%-884.615%85.714%
9,54010,52512,171 -13.524% -9.359%6.651%
-6-39 -84.615%-139.394% -100.000%
2012 2013
VariaçãoVariaçãoVariação
2011
Cash flows from (used in) investing activities
Cash flows from (used in) financing activities
Cash flows from (used in) discontinued operations/non-current assets held for sale
Aggregate cash flows
Acquisition of control of subsidiaries or other businesses, net of cash acquired
Acquisitions/disposals of other investments
Change in financial receivables and other financial assets
Proceeds from sale that result in a loss of control of subsidiaries or other businesses, net of cash disposed of
Proceeds from sale/repayments of intangible, tangible and other noncurrent assets
Net cash and cash equivalents arrising from the acquisition of the control of the Sofora Group - Argentina
Net cash and cash equivalents at beginning of the year
Net foreign exchange differences on net cash and cash equivalents
Net cash and cash equivalents at end of the year
Changes in ownership interests in consolidated subsidiaries
Cash flows from financing activities:
Change in current financial liabilities and other
Proceeds from non-current financial liabilities (including current portion)
Repayments of non-current financial liabilities (including current portion)
Share capital proceeds/reimbursements (including subsidiaries)
Dividends paid
Net change in current income tax receivables/payables
Net change in miscellaneous receivables/payables and other assets/liabilities
Cash flows from investing activities:
Total purchase of intangible and tangible assets on an accrual basis
Total purchase of intangible and tangible assets on a cash basis
Cash flows from (used in) operating activities
Change in trade payables
Cash flows from operating activities:
Profit (loss) from continuing operations
Adjustments for:
Depreciation and amortization
Impairment losses (reversals) on non-current assets (including investments)
Net change in deferred tax assets and liabilities
Losses (gains) realized on disposals of non-current assets (including investments)
Share of losses (profits) of associates and joint ventures accounted for using the equity method
Change in provisions for employee benefits
Change in inventories
Change in trade receivables and net amounts due from customers on construction contracts
DEMONSTRAÇÃO DE FLUXOS DE CAIXA
Voltar ao índice
millions of euros
2,218 61.36% 3,579 -221.63%
5,551 -0.07% 5,547 -0.92%
27 -529.63% -116 -6449.14%
-48 1462.50% -750 -120.80%
55 -174.55% -41 -56.10%
-67 47.76% -99 -139.39%
-173 -142.20% 73 -339.73%
-30 -420.00% 96 -137.50%
336 -96.13% 13 -76.92%
-995 -72.06% -278 -41.01%
-1,170 -85.47% -170 -152.94%
-229 328.38% -981 -111.11%
(a) 5,475 25.53% 6,873 23.85%
Purchase of intangible assets on an accrual basis -2,017 -11.70% -1,781 72.15%
Purchase of tangible assets on an accrual basis -2,526 10.93% -2,802 8.10%
-4,543 0.88% -4,583 32.99%
Change in amounts due to fixed asset suppliers 619 -83.36% 103 440.78%
-3,924 14.17% -4,480 23.62%
-4 16600.00%
392 -100.00%
-6 -683.33% 35 -102.86%
-692 -172.54% 502 -215.54%
-13 -1484.62% 180 -71.67%
66 -15.15% 56 676.79%
(b) -4,569 -27.36% -3,319 89.85%
-1,123 -185.22% 957 41.17%
5,563 -63.92% 2,007 125.36%
-4,260 37.14% -5,842 -9.45%
-11 -100.00%
67 -2079.10%
-1,050 4.10% -1,093 -80.70%
(c) -881 343.13% -3,904 -81.74%
(d) 61 -100.00%
(e=a+b+c+d) 86 -506.98% -350 -528.00%
(f) 5,226 4.94% 5,484 -3.68%
(g) 172 -13.95% 148 -174.32%
(h=e+f+g) 5,484 -3.68% 5,282 26.28%
Acquisition of control of subsidiaries or other businesses, net of cash acquired
Acquisitions/disposals of other investments
Change in financial receivables and other financial assets
Proceeds from sale that result in a loss of control of subsidiaries or other businesses, net of cash disposed of
Proceeds from sale/repayments of intangible, tangible and other noncurrent assets
Net cash and cash equivalents arrising from the acquisition of the control of the Sofora Group - Argentina
Changes in ownership interests in consolidated subsidiaries
Cash flows from financing activities:
Change in current financial liabilities and other
Proceeds from non-current financial liabilities (including current portion)
Repayments of non-current financial liabilities (including current portion)
Share capital proceeds/reimbursements (including subsidiaries)
Dividends paid
Net change in current income tax receivables/payables
Net change in miscellaneous receivables/payables and other assets/liabilities
Cash flows from investing activities:
Total purchase of intangible and tangible assets on an accrual basis
Total purchase of intangible and tangible assets on a cash basis
Change in trade payables
Cash flows from operating activities:
Profit (loss) from continuing operations
Adjustments for:
Depreciation and amortization
Impairment losses (reversals) on non-current assets (including investments)
Net change in deferred tax assets and liabilities
Losses (gains) realized on disposals of non-current assets (including investments)
Share of losses (profits) of associates and joint ventures accounted for using the equity method
Change in provisions for employee benefits
Change in inventories
Change in trade receivables and net amounts due from customers on construction contracts
2009 2010
Variação Variação
-4,353 -68.32% -1,379 -58.01% -579
5,496 -14.68% 4,689 -2.90% 4,553
7,365 -43.23% 4,181 -47.45% 2,197
156 78.85% 279 24.37% 347
-18 194.44% -53 -254.72% 82
39 -84.62% 6 -100.00%
-175 30.86% -229 -78.60% -49
-36 -133.33% 12 -291.67% -23
3 27400.00% 825 30.18% 1,074
-164 -49.39% -83 489.16% -489
90 -582.22% -434 -76.04% -104
109 -203.67% -113 137.17% -268
8,512 -9.53% 7,701 -12.47% 6,741
-3,066 -39.63% -1,851 2.38% -1,895
-3,029 -7.96% -2,788 -10.15% -2,505
-6,095 -23.89% -4,639 -5.15% -4,400
557 -111.31% -63 -114.29% 9
-5,538 -15.10% -4,702 -6.61% -4,391
-668 -98.95% -7 14.29% -8
-1 200.00% -3 -100.00%
-580 -206.21% 616 -1.95% 604
51 -21.57% 40 -360.00% -104
435 -82.99% 74 18.92% 88
-6,301 -36.80% -3,982 -4.29% -3,811
1,351 -158.25% -787 126.81% -1,785
4,523 2.06% 4,616 -10.03% 4,153
-5,290 5.46% -5,579 -0.50% -5,551
240 -100.83% -2 -550.00% 9
-1,326 -27.30% -964 -44.29% -537
-211 -100.00% 79
-713 280.93% -2,716 33.73% -3,632
-29 -537.93% 127
1,498 -34.98% 974 -159.03% -575
5,282 26.28% 6,670 10.90% 7,397
-110 124.55% -247 112.96% -526
6,670 10.90% 7,397 -14.88% 6,296
Variação
20132011 2012
Variação
5.873% 118.565% 12.837% -212.412% -14.430%
1.850% 116.618% 4.008% -240.472% -5.630%
5.885% 86.130% 10.954% -273.208% -18.973%
Rendibilidade das Vendas 5.873% 118.565% 12.837% -212.412% -14.430%
Rotação do Activo 31.500% -0.891% 31.219% 24.963% 39.012%
Alavancagem 318.094% -14.074% 273.324% 23.304% 337.020%
ROE 5.885% 86.130% 10.954% -273.208% -18.973%
Análise Dupont Sintéctica
Rendibilidade das Vendas
Rendibilidade Financeira (ROE)
Rendibilidade dos Activos (ROA)
INDICADORES DE RENDIBILIDADE201120102009
Variação Variação
Voltar ao índice
-66.021% -4.903% -79.546% -1.003%
-70.767% -1.646% -79.405% -0.339%
-70.751% -5.549% -78.753% -1.179%
-66.021% -4.903% -79.546% -1.003%
-13.967% 33.564% 0.690% 33.795%
0.053% 337.198% 3.163% 347.865%
-70.751% -5.549% -78.753% -1.179%
Variação
20132012
Variação
Autonomia Financeira 31.437% 16.380% 36.587% -18.900% 29.672%
Debt-to-Equity 218.094% -20.528% 173.324% 36.749% 237.020%
Regra de Equilíbrio Financeiro Mínimo 0.977336 -0.609% 0.971389 1.930% 0.990138
INDICADORES DE ESTRUTURA2009
Variação
2010
Variação
2011
Voltar ao índice
-0.053% 29.656% -3.066% 28.747%
0.075% 237.198% 4.497% 247.865%
3.846% 1.028221 -1.960% 1.008065
Variação
2012
Variação
2013
Fundo de Maneio -1,555 34.60% -2,093 -71.09% -605
Variação de Fundo de Maneio -538 1,488
INDICADORES DE ACTIVIDADE2009
Variação
2010
Variação
2011
Voltar ao índice
-372.40% 1,648 -73.85% 431
2,253 -1,217
Variação
2012
Variação
2013
Liquidez Geral 0.919057 -3.79% 0.884179 9.03% 0.964022
Liquidez Reduzida 0.897819 -3.90% 0.862764 8.73% 0.938095
INDICADORES DE LIQUIDEZ2009
Variação
2010
Variação
2011
Voltar ao índice
13.47% 1.093898 -6.17% 1.026362
14.56% 1.07464 -6.57% 1.004037
Variação
2012
Variação
2013
Data dia.mês 13.11 29.12
0.96 14.063% 1.095 -9.589%
Equity millions of euros 21,250.695 -9.463%
Total Shares Issued millions of euros 19,407.028
Dividendos Pagos millions of euros 0
13.441 -54.137%
0.784 -24.705%
0
0.081 97.132%
0
0%
12.329% -188.852%
INDICADORES BOLSISTAS2008
Variação
2009
Variação
Price Earnings Ratio
Cotação
Rendibilidade da Acção
Dividend Yield
Payout Ratio
Earnings per Share
Dividends per Share
Price Book Value
29.12 30.12 28.12 27.12
0.990 -16.061% 0.831 -17.810% 0.683 4.978% 0.717
19,239.743 -16.022% 16,157.100 -17.810% 13,279.542 4.979% 13,940.749
19,434.084 19,442.960 19,442.960 19,443.164
-67 -2079.104% 1,326 -27.300% 964 -44.295% 537
6.165 -154.478% -3.358 143.034% -8.162 153.414% -20.684
0.590 19.004% 0.702 -17.810% 0.577 19.676% 0.691
-0.003 -2078.201% 0.068 -27.300% 0.050 -44.295% 0.028
0.161 -254.079% -0.247 -66.182% -0.084 -58.574% -0.035
-0.021 1183.888% -0.276 114.972% -0.593 34.470% -0.797
-0.348% -2456.702% 8.207% -11.547% 7.259% -46.937% 3.852%
-10.954% -0.252% -10.927% 31.878% -14.410% -159.640% 8.594%
20132010
Variação
2011
Variação
2012
Variação
Voltar ao índice
Nº acções (27-12-2012) (millions of euros) 19,443.164
Cotação (27-12-2012) 0.717
Valor de Mercado do Equity (e) 13,940.749
Valor de mercado da Divida ** (d) 37,230
Total (e+d) 51,170.749
D/E 2.671
Cash (2013) (millions of euros) 6,296
Taxa de imposto efectiva (2013) 40%
Taxa de imposto marginal (2013) 27.5%
Equity Risk Premium *** 7.85%
Taxa isenta de risco *** 4.4%
2.219
0.853
BB
4.00%
8.40%
5.04%
6.09%
KWACC
(millions of euros)
(millions of euros)
(millions of euros)
0.568
Rating 2013 *****
Spread
Kd
Stable Growth Period
High Growth Period
Stable Growth Period
High Growth Period
Bottom up Beta da TI (BL)*
BU
Kd efectivo
Kd (com taxa marginal)
Beta unlevered setor telecom*
Voltar ao índice
We 27.24%
Wd 72.76%
ke 11.09%
ke 8.85%
kd 6.09%
kd 6.09%
kwacc 7.45%
kwacc 6.46%
Estimação do ke (SGP)
Estimação do kwacc (HGP)
Estimação do kd (HGP)
Estimação do kd (SGP)
ESTRUTURAS DE CAPITAIS
Estimação do ke (HGP)
Estimação do kwacc (SGP)
Dados CAPEX Anos EBIT EBIT(1-T)
2009 2009 5,493 3,648.839
Δ% 2010 5,813 5,041.126
2010 2011 -680 -1,079.125
Δ% 2012 1,709 8,043.382
2011 2013 2,718 -2,958.124
Δ%
2012
Δ% Anos EBIT
2013 4,400 2009 5,493
A usar - 2010 5,813
2011 -680
2012 1,709
2013 2,718
Anos EBIT(1-T) ∆FM CAPEX - Amortizações ROA g g
2009 3,648.839 - -1,008 1.85% - -
2010 5,041.126 -538 -964 4.01% -1.19% 3.32%
2011 -1,079.125 1,488 599 -5.63% 10.89% -12.99%
2012 8,043.382 2,253 -50 -1.65% -0.45% 0.05%
Tx Reinvestimento EBIT
-
27.39%
-193.40%
-29.79%
-
FCFF e FCFE
Passivo Financeiro
44,397
-153
-50
599
-964
-7.133%
41,230
-2.399%
40,241
0%
40,241
-7.482%
37,230 -1,008
CAPEX - Amortizações
ou
T: taxa efectiva de imposto
33.57%
13.28%
-58.69%
-370.65%
208.83%
40.00%
4,639
6,095
4,583
4,543
2013 -2,958.124 -1,217 -153 -0.34% -0.16% -9.51%46.31%
Voltar ao índice
∆FM FCFF
- -
-538 6,543.126
1488 -3,166.125
2253 5,840.382
-1217 -1,588.124
Mediana 2,126.129
∆FM ∆D FCFE
- - -
-538 -3,167 4,148
1,488 -989 -3,756
2,253 0 -494
-1,217 -3,011 1,077
Mediana 291.500
-153
-50
599
-964
-1,008
CAPEX - Amortizações
CAPEX - Amortizações
-1,008
-964
599
-50
-153
2009 2010 2011 2012 2013
26,894 27,571 29,957 25,759 23,407
5,493 5,813 -680 1,709 2,718
20.42% 21.08% -2.27% 6.63% 11.61%
3,339 4,127 -2,743 -293 532
27.50% 27.50% 27.50% 27.50% 27.50%
33.57% 13.28% -58.69% -370.65% 208.83%
0 -538 1,488 2,253 -1,217
15,013 16,550 15,479 13,790 13,219
5,551 5,547 5,496 4,689 4,553
4,543 4,583 6,095 4,639 4,400
-1,008 -964 599 -50 -153
27,120 32,610 23,012 23,012 20,186
44,397 41,230 40,241 40,241 37,230
5,484 5,282 6,670 7,397 6,296
CONTAS E PRESUPOSTOS
Receitas (Vendas/Prest. Serviços)
Resultado Operacional / EBIT
Margem EBIT
Despesas com impostos
Resultado antes impostos
Taxa de imposto marginal
Taxa de imposto efectiva
Caixa e Equivalentes
Variação Fundo de Maneio
Activos Fixos
Amortizações
Capex
Investimento Liquido:
Total Capital Próprio
Dívida
Voltar ao índice
Média Δ Média A usar 2009
26,717.60 -2.61% ∆ FM 0
3,010.60 -18.43% CAPEX Liq. -1,008
EBIT(1-T) 3,648.839
11.50% -15.33% 11.50% Tx Reinvestimento -27.63%
-34.73% -100.92% 40%
2009
397.20 -61.28% Net Income 1,596
Invested Capital 86,267
14,810.20 -2.42% ROA 1.85%
5,167.20 -3.86%
4,852.00 -0.59%
-315.20 -54.25%
25,188.00 -5.51%
40,667.80 -3.52% 2009
Tx Reinvestimento -27.63%
6,225.80 2.61% ROA 1.85%
EBIT on Assets 6.37%
g
Taxa de Crescimento Global da Empresa
Taxa de reinvestimento do EBIT = *(∆FM + CAPEX liquido)/EBIT(1
2010 2011 2012 2013
0 1,488 2,253 0
-964 599 -50 -153 61
5,041.126 -1,079.125 8,043.382 -2,958.124 Média 2,539.22
-19.12% -193.40% 27.39% 5.17% Média Geo 15.75%
8.50% 46.51% -22.22%
30.78% 243.23% -81.12%
2010 2011 2012 2013
3,572 -4,366 -1,277 -238
89,131 77,555 77,596 70,220
4.01% -5.63% -1.65% -0.34%
2010 2011 2012 2013 Mediana Média
-19.12% -193.40% 27.39% 5.17% -19.12% -41.52%
4.01% -5.63% -1.65% -0.34% -0.34% -0.35%
6.52% -0.88% 2.20% 3.87% 3.87% 3.62%
-1.25% 1.70% 0.60% 0.20% 0.40% 0.31%
Taxa de Crescimento Global da Empresa
Taxa de reinvestimento do EBIT = *(∆FM + CAPEX liquido)/EBIT(1-T)] (T efectiva)
ROA= Net income/Invested Capital
EBIT On Assets = EBIT/Assets
Δ % 64.30%
Tx a usar
16.28%
3.62%
0.20%
HGP
Ano 2014 2015 2016 2017 2018 2019 2020
EBIT On Assets 4.45% 5.47% 6.73% 8.28% 10.18% 12.52% 15.40% kwacc HGP 7.45%
Tx Reinvestimento 15.75% 20.81% 27.50% 23.08% 18.13% 12.30% 4.39%
g (HGP) 0.70% 1.14% 1.85% 1.91% 1.85% 1.54% 0.68%
SGP kwacc SGP 6.46%
EBIT On Assets 6.46%
Tx Reinvestimento 34.92%
g (SGP) 2.26%
ESTIMAÇÃO DO g
Voltar ao índice
Ano 2013 2014 2015 2016 2017
EBIT (1-T) 2,539.220 2,557.010 2,586.129 2,633.996 2,684.321
ΔFM 0 0 0 0 0
Investimento Líquido -153 60.750 61.442 62.579 61.383
FCFF 2,692.220 2,496.260 2,524.687 2,571.417 2,622.937
ESTIMAÇÃO DOS FFCF's
Voltar ao índice
2018 2019 2020 2021
2,709.100 2,729.971 2,739.206 2,739.206
0 0 0 0
60.250 59.322 58.920 58.920
2,648.850 2,670.649 2,680.286 2,680.286
Ano 2013
g
FCFF 2,692.220
Ano 2014
FCFF 2,496.260
Kwacc 7.45%
Valor Actualizado 2,323.108
FCFF 2021
2,680.286
FCFF 2014/2020 Actualizado
16,951.601
Enterprise Value
58,359.136
Firm Value
59,990.136
Equity Value
22,760.136
PROJECÇÕES
Estimação dos FCFF's
Valor Actualizado dos FCFF's Futuros
Potencial Valorização/Desvalorização
HPG
Valor Residual
Estimativa Equity Value
Estimativa Firm Value
Estimativa Enterprise Value
Estimativa do Valor por Acção
2014 2015 2016 2017
0.70% 1.14% 1.85% 1.91%
2,496.260 2,524.687 2,571.417 2,622.937
2015 2016 2017 2018
2,524.687 2,571.417 2,622.937 2,648.850
7.45% 7.45% 7.45% 7.45%
2,349.563 2,393.051 2,440.998 2,465.113
g Kwacc(SPG) Kwacc(HPG) VR
2.26% 6.46% 7.45% 63,738.613
VR Actualizado Enterprise Value
41,407.535 58,359.136
VMAEE Firm Value
1,631 59,990.136
Dívida Equity Value
37,230.000 22,760.136
Nº Acções Valor Acção
19,443.164 1.171
63.26%
HPG
Valor por Acção Atual
0.717
Voltar ao índice
SPG
2018 2019 2020 2021
1.85% 1.54% 0.68% 2.26%
2,648.850 2,670.649 2,680.286 2,680.286
2019 2020
2,670.649 2,680.286
7.45% 7.45%
2,485.400 2,494.368 16,951.601
HPG
TOTAL
Valor por Acção Atual
0.717
VR Actualizado
41,407.535
www.telecomitalia.com
www.investopedia.com
www.sigarra.fep.up.pt (slides da disciplina Finanças Empresariais)
FONTES
www.bloomberg.com
www.nyse.com
www.damodaran.com
www.netcoag.com
Voltar ao índice
www.telecomitalia.com
www.investopedia.com
www.sigarra.fep.up.pt (slides da disciplina Finanças Empresariais)
www.bloomberg.com
www.nyse.com
www.damodaran.com
www.netcoag.com