Csn (companhia siderurgica nacional

TRABALHO DE FINANÇAS - CSN ROE=LUCRO LÍQUIDO/PL
ROE=2.005.282/0=0%
ROE=1.167.525/6.124.144=0,19 ou 19,06%
ROE=2.922.350/7.542.261=0,39 ou 38,75%
ROE=5.774.149/6.662.589=0,87 ou 86,67%
ROE=2.598.665/5.510.433=0,47 ou 47,16% ROI=NOPAT/INVESTIMENTO
INVESTIMENTO=PL+PASSIVO ONEROSO
NOPAT=[LAIR+DESPESAS FINANCEIRAS]*(1-IR)
INVEST.=0+8.798.505=8.798.505
NOPAT=[2.874.597+1.225.033]*(1-0,34)=2.705.755,80
ROI=2.705.755,80/8.798.505=0,31 ou 30,75%
INVEST.=6.124.144+9.424.928=15.549.072
NOPAT=[1.687.005+885.123]*(1-0,34)=1.697.604,48
ROI=1.697.604,48/15.549.072=0,11 ou 10,92%
INVEST.=7.542.261+8.752.092=16.294.353
NOPAT=[3.936.886+568.429]*(1-0,34)=2.973.507,90
ROI=2.973.507,90/16.294.353=0,18 ou 18,25%
INVEST.=6.662.589+11.634.720=18.297.309
NOPAT=[6.728.948+3.847.449]*(1-0,34)=6.980.422,02
ROI=6.980.422,02/18.297.309=0,38 ou 38,15%
INVEST.=5.510.433+14.363.476=19.873.909
NOPAT=[3.289.723+2.044.186]*(1-0,34)=3.520.379,94
ROI=3.520.379,94/19.873.909=0,18 ou 17,71% ROA=LUCRO LÍQUIDO/ATIVO TOTAL
ROA=2.705.755,80/24.245.857=0,11 ou 11,16%
ROA=1.697.604,48/25.027.925=0,07 ou 6,78%
ROA=2.973.507,90/27.045.454=0,11 ou 10,99%
ROA=6.980.422,02/31.497.439=0,22 ou 22,16%
ROA=3.520.379,94/29.167.224=0,12 ou 12,07% Ki=DESPESAS FINANCEIRAS/PASSIVO ONEROSO
Ki=1.225.033/8.798.505=0,14 ou 13,92%
Ki=885.123/9.424.928=0,09 ou 9,39%
Ki=568.429/8.752.092=0,06 ou 6,49%
Ki=3.847.449/11.634.720=0,33 ou 33,07%
Ki=2.044.186/14.363.476=0,14 ou 13,95% Ke=Rf+B(Rm-Rf)
Ke=9,18+1,1(27,7-9,18)=29,55%
Ke=8,23+1,1(32,93-8,23)=35,40%
Ke=7,63+1,1(43,65-7,63)=47,25%
Ke=7,88+1,1(-41,22-7,88)=-46,13%
Ke=6,92+1,1(82,66-6,92)=90,23%

PONDERAÇÃO
Pke=PL/INVESTIMENTO
Pki=PASSIVO ONEROSO/INVESTIMENTO
WACC=(Ki*Pki)+(Ke*Pke)
Pki=0/8.798.505=0
Pke=8.798.505/8.798.505=1
WACC=(0,14*0)+(0,29*1)=0,29%
Pki=0,09/15.549.072=0,00000001%
Pke=9.424.928/15.549.072=0,61%
WACC=(0,09*0,00000001)+(0,35*0,61)=0,21%