03/23/2014

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Perpetuidade Value The value of the perpetuity, in the methodology of evaluation of companies is calculated by the relation enters the flow of available operational box and the cost of capital (WACC), considering, also, that the box flows grow to a constant tax g, defining, thus, the expression below, known in financial literature as model of Gordon. (4) Where: PVp is the value of the perpetuity; FCOD is the flow of available operational box; WACC is the total cost of capital; g is the constant tax of growth. In the appraisal of the company Paranapanema s.a. a nominal tax was considered of growth in the period of perpetuity of 4,7% to the year. 4 O VALOR ECONMICO DE A PARANAPANEMA s.a. In accordance with the beddings, methodology and parameters used until here, can be defined the result of the economic value of the company Paranapanema S.A, for the method of the flow of deducted box, as presented for the finding of BB Banco de Investimento s.a., summarized below: Summary of the Evaluation (R$ a thousand) Date Base of the Avaliao31/3/2010 Present Value of the Flows of Caixa1.161.477 Terminal1.698.572 Value Nominal Growth in Perpetuidade4.70% Present Value of the Terminal485.677 Value Total Value of Company (EV) 1.647.154 (+) Lquido210.521 Box (-) Parcelamento Balance Tributary (125.177) Value for the Acionistas1.732.498 Number of Action ON (a thousand) 319,177 Price Just for Action ON (5,43 R$) Table 6? Result of the Evaluation for the method of the FCD of the company Paranapanema s.a. Source: BB Banco de Investimento s.a. (2010) O Valor Econmico (EV) was calculated through the basic structure of evaluation of companies for the method of the FCD, projecting the flows of box of operational nature, enclosing a first horizon of time of 10 (ten) years and another horizon of known time as perpetuity, calculated...
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Governments Well analyzed, political freedom is a fable imagined by Governments to numb to their constituencies. Napoleon Bonaparte A through the entire history of our human race, has been fighting for freedom. How many beings have died, succumbed in trying to achieve it, assure their generations to live in freedom. However, 21st century still freedom is being threatened, lives in many countries where freedom not manifests itself, rather than the autocratismo is the dominant, where it restricts him, prevents him from that is of and be watchful against those who want to live democratically. . You know, as expressed to those who fully identify with it, that the concept of freedom is generally defined by opposition to determinism, to the coercion, force, which according to the circumstances, are regarded as absolute or relative limitations of freedom. In this case, freedom is the fundamental and determinism. Accessory, the subordinate. Everyone is entitled to freedom, nobody us the You can stifle, recalled that the problem of freedom has been one of the capital problems of philosophy and has been reason for wars. To the extent that guarantees freedom, there will be a true democratic, respecting coexistence, union, committed to delivering our efforts, knowledge for progress, which is manifested through the conquest of freedom and this as anyone, CITES him supports various manifestations of various aspects, so it can be expressed in a simple way, as the faculty that recognizes every mangovern the inside of his soul, his conscience pursuant to its exclusive, own and personal belief of the meaning attributed to the universe that surrounds it and the position that consequentially wants to assume. Says, the man, in his dealings with the world that surrounds him and himself resorts to two behaviors: a, which consists of giving a sense, interpret it in knows...