Construção de cenários ao custo de capital próprio a partir do capm adaptado à abordagem bottom-up – estudo de caso no grupo Redecompras.

Abstract

This study presents a case study about the cost of equity for the Grupo Rede Compras. The general objective of the study was to design scenarios the cost of equity of the company Grupo Rede Compras, which is a supermarkets network located in the city of Campina Grande - Paraíba, supported through the CAPM method, adapted to the bottom-up approach. It is about the research as a case study, as for purposes, and documental, as to the means. After frame the company under study as belonging to the consumer non-cyclical sector, the data necessary for implementing CAPM model, adapted to the bottom-up approach, were collected from the site COMDINHEIRO. The primary data treatment was done from the application of linear regression, because the model in question requires statisticians betas (angular coefficients) of the companies listed on the stock exchange that compose the consumer non-cyclical sector. Four possible amount of the cost of equity for the company Grupo Rede Compras were estimated from four alleged debt levels. The results of the study shows that the company has a debt level between 25% and 100%, your Cost of Equity will be around 20%, which does not change much compared to other publicly traded companies in the sector.