ESTIMATIVA DO CUSTO MÉDIO PONDERADO DE CAPITAL EM COOPERATIVAS AGROPECUÁRIAS: APLICAÇÕES DO MODELO DE ASWATH DAMODARAN

The purpose of this article is to estimate the weighted average cost of capital of an agricultural cooperative located in the northwestern region of the State of Parana, Brazil, using the Aswath Damodaran model. The method used was bibliographical research, to build a theoretical support for the article, as well as documental research, with the purpose of extracting data from the financial statements – balance sheet and statement of surplus for the year – of the cooperative that is the object of this case study. The results obtained lead to the conclusion that the weighted average cost of the cooperative being examined was 14.94% per annum in the fiscal year 2002. Such rate was comprised of the cost of owned funds adjusted to the risk of the activities of the cooperative, the value of which reached 11.58% per annum, and the net cost of third parties’ funds, at a rate of 19.05% per annum. It becomes evident that the greatest impact on the weighted average cost of capital resulted from the use of funds raised through currency exchange transactions (24.99%) at a cost of 58.31% per annum. It can be verified that such transactions accounted for 67.92% of the total cost of third parties’ funds.