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Advisor(s)
Abstract(s)
O presente trabalho encontra-se no âmbito da Dissertação de Mestrado e consiste no estudo e avaliação do impacto de um projeto de investimento na continuidade de uma empresa já existente, para uma nova zona geográfica (concelho de Oeiras) com a adaptação e alargamento da área de atuação da mesma: atualmente clínica médica e, futuramente, clínica médica e estética, cujo seu nome fictício será ClinicXPTO.
O estudo foi realizado segundo quatro óticas: a empresa atualmente, a empresa sob o ponto de vista previsional, o projeto e a empresa com o projeto. A partir daqui, foi possível responder à pergunta inicial: será económica e financeiramente viável a implementação deste projeto?
A empresa começará a implementar o projeto em meados de dezembro de 2020, sendo o início da sua atividade em 2021, tendo o projeto de investimento uma vida útil de oito anos. Prevê-se um total de investimento no montante de, aproximadamente, 676.000€ - tendo uma estrutura de capital de 38% em capital próprio e 62% por capital alheio.
Para o efeito elaborou-se o correspondente mapa de cash flows sob uma ótica económica (Ru= 10,36%) e sob uma ótica financeira (WACC= 6,61%) tendo em consideração o mapa de serviço da dívida.
Concluiu-se então que, a partir do método Discounted Cash Flow, a implemetação deste projeto conduziria a uma incrementação no VAL@Ru de 161.022€ e, posteriormente, no VALA de 174.856€.
A implementação deste projeto é de todo exequível e melhora o desempenho da empresa, favorecendo diversos rácios e aumentando a lucratividade da empresa.
The present work, made for the Master's Dissertation, aims to study and evaluate the impact of an investment project on the continuity of an existing company. The main purpose is to establish the company in a new geographical area (in Oeiras, Lisbon) with the adaptation and enlargement of its work - currently a medical clinic and in the future a medical and aesthetic clinic, whose fictitious name will be ClinicXPTO. The study was carried out according to four perspectives: the company actual state, the economical predictive state, the project itself and the whole company within the project. It was initially possible to answer the question: “Will the implementation of this project be economically and financially viable?” The company will begin to implement the project in mid-December 2020, with the beginning of its activity in 2021. With the investment project having a useful life of eight years, a total investment of approximately € 676,000 is expected - with a capital structure of 38% in equity and 62% in debt. The corresponding cash flow map was prepared from an economic perspective (Ru = 10,36%) and from a financial perspective (WACC = 6,61%) taking into perspective the debt service map. Using the Discounted Cash Flow method, the conclusion is that the implementation of this project would lead to an increase in the VAL@Ru of 161.022€ and subsequently in the VALA of 174.856€. The implementation of this project is completely viable and improves the company's performance, favoring several ratios and increasing the company's profitability.
The present work, made for the Master's Dissertation, aims to study and evaluate the impact of an investment project on the continuity of an existing company. The main purpose is to establish the company in a new geographical area (in Oeiras, Lisbon) with the adaptation and enlargement of its work - currently a medical clinic and in the future a medical and aesthetic clinic, whose fictitious name will be ClinicXPTO. The study was carried out according to four perspectives: the company actual state, the economical predictive state, the project itself and the whole company within the project. It was initially possible to answer the question: “Will the implementation of this project be economically and financially viable?” The company will begin to implement the project in mid-December 2020, with the beginning of its activity in 2021. With the investment project having a useful life of eight years, a total investment of approximately € 676,000 is expected - with a capital structure of 38% in equity and 62% in debt. The corresponding cash flow map was prepared from an economic perspective (Ru = 10,36%) and from a financial perspective (WACC = 6,61%) taking into perspective the debt service map. Using the Discounted Cash Flow method, the conclusion is that the implementation of this project would lead to an increase in the VAL@Ru of 161.022€ and subsequently in the VALA of 174.856€. The implementation of this project is completely viable and improves the company's performance, favoring several ratios and increasing the company's profitability.
Description
Mestrado em Análise Financeira
Keywords
Projeto de investimento Viabilidade de expansão Saúde Linha atual Linha do projeto Investment project Expansion feasibility Health Current line Project line
Citation
Pires, C. J. G. S. (2020) O impacto do projeto de investimento na continuidade da empresa – Clinicxpto, Lda (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15277