Métricas de gestão baseada em valor na análise de viabilidade econômico-financeira em projetos de urbanização: um estudo de caso em uma empresa de Fortaleza-Ce

Abstract

In the civil construction segment, more precisely in allotment segment, the development of new projects is treated as a key item for the continuity of the company's business. In this sense, the investment analysis of these projects has the role of providing investors with information, so that they can make the decision to undertake. This work discusses the elaboration of a investment analysis model in one project, with the construction of simulation scenarios considering the change of two key variables for the business i) Use of equity or use of equity and third-party capital and ii) Variation in customer payment terms. In addition to traditional investment analysis metrics (NPV and IRR), we sought to associate these models with residual income measurement metrics (EVA and CVA), with the main objective of presenting the impacts on the economic and financial feasibility analysis of this project, considering the effects caused by changing variables in the studied models. Regarding the methodological aspects, a descriptive methodology was used, in the case study format, with a quantitative approach. The research was based on the study of a cash flow of a project in the elaboration phase of a medium-sized company following subdivisions headquartered in Fortaleza, in the state of Ceará. As for the results, the research showed that the quantitative investigation of the collected data shows a disparity between the metrics, making the investor better understand the reflexes of the cost of capital to finance their clients and the cost of money over time.