The model of the deducted flow of box is come back toward verification of economic wealth and maximizao of the value of the company. This express model the value of company when deducting the present value the estimate of future flows of box. The future flows of box then are deducted to one attractiveness tax that reflects the cost of chance of the capital suppliers (shareholding and deserving). For the determination of the value of market of an organization they exist component basic as the box flows, the minimum tax of attractiveness (discounting tax), the horizon of time of the projections and the risk. The use of these components will become through a practical case on the basis of the Appraisal Economic-Financier of the company Paranapanema s.a., made for BB Banco de Investimento s.a., contracted for Vale s.a. (ofertante) for ends of Offers Voluntary Public of Acquisition of Aes (OPA), published in 30/07/2010, having as A PARANAPANEMA s.a. 3,1 BREVE HISTRICO A Paranapanema s.a., Brazilian company dates reference 31 of March of 2010.

3, with headquarters and domicile in the city of Days D? Avila, state of the Bahia, in the way of copper n 300 is leader in the fine copper production in Brazil. The company is listed and registered in level 1 of corporative governana of the BM& FBovespa. Its assets consist of smelter/copper refinery and three plants for the production of products downstream of copper. It also possesss 99.09% of participation in the capital of the Cibrafrtil (fertilizing fosfatados). Currently it is an operational holding that acts in the division has covered, with focus in the marks Caraba (Branch office Bahia) and Eluma (Branch office So Paulo and Espirito Santo) and in the fertilizer division in the Bahia. Graph 1 – Shareholding structure the organizacional of Paranapanema s.a. Source: Paranapanema s.a. 3,2 FLOWS OF BOX the box flows, in operational terms, are the base for evaluation of a company, where if they exclude the financial expenditures (flows of remuneration of the capital of third).