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Fonderia Di Torino Essay

1133 words - 5 pages

CEAG – Disciplina: Avaliação de Empresas (Valuation) - Profº João Carlos Douat
Alunos: Carlos Lima Campos, Mariana Yukie Miyazaki e Sergio Varella Petti
Estudo de Caso: Fonderia Di Torino S.P.A.

1. Cenário

A empresa Fonderia di Torino, fabricante de peças de fundição, quer investir em uma máquina automática de modelagem, chamada Vulcan Mold-Maker, para substituir a máquina semi-automática. A máquina antiga exige mais mão-de-obra e é mais prejudicial à saúde dos trabalhadores enquanto que a nova máquina é mais produtiva e eficiente. No entanto, o maior impedimento para a compra da nova máquina é o acordo entre a companhia e a união dos trabalhadores pois com a aquisição, 24 ...view middle of the document...

Desta forma, se consideramos o payback descontado, que é um indicador mais robusto pois leva em consideração o valor do dinheiro no tempo, não faz sentido aprovar o projeto.

* Taxa interna de retorno (TIR) x Custo médio ponderado de capital (WACC)

A taxa interna de retorno (TIR) é definida como a taxa de desconto de um investimento que torna seu valor presente líquido nulo, ou seja, que faz com que o projeto pague o investimento inicial quando considerado o valor do dinheiro no tempo. O projeto é viável se a TIR for maior que o custo de capital que a empresa utilizou para investir no projeto.
Tanto o valor do WACC quanto o valor da TIR já foram dados:

WACC | TIR (0% inflação) | TIR (3% inflação) |
9,86% | 13,01% | 14,96% |

Observamos uma taxa interna de retorno (TIR) do projeto é superior ao custo médio ponderado de capital (WACC). Desta forma, faz sentido aprovar o projeto.

* Valor presente líquido (VPL)

Para o cálculo do VPL foi utilizado o custo médio ponderado de capital de 9,86% para trazer a valor presente o incremento do fluxo de caixa:

A soma dos incrementos do fluxo de caixa (ano 1 ao ano 8) é superior ao investimento inicial (ano 0), em ambos os cenários de inflação. Desta forma, o projeto se mostra viável quando analisamos o VPL.

3. Avaliação da viabilidade do projeto considerando outros fatores

Além das técnicas de análise de investimento, foram consideradas o resultado da negociação com a união dos trabalhadores e também, outros cenários que possam interferir na tomada de decisão para aquisição da nova máquina.

A. Negociação com a união dos trabalhadores

Um ponto importante a considerar na compra da nova máquina é o resultado da negociação com a união. Com a aquisição da nova máquina, 24 trabalhadores que operam a máquina atual, não serão mais necessários pois a Vulcan-Mold Maker é totalmente automática e só necessita de dois operadores qualificados.
Se Francesca Cerini conseguir negociar com a união e contratar estes trabalhadores como zeladores a €4.13/hora (única posição que há vagas dentro da empresa), o projeto nunca iria atingir o payback e o VPL do projeto seria negativo:

Custo dos zeladores por ano = 24 funcionários x 4,13/hora x 8 horas/dia x 210 dias/ano
Custo dos zeladores por ano = € 166.521,60

No cenário de 0% de inflação, o incremento do fluxo de caixa fica positivo...

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