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Métodos de avaliação de empresas: estudo de caso a uma PME do setor da cortiça
| Name: | Description: | Size: | Format: | |
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| 2.4 MB | Adobe PDF |
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Abstract(s)
O presente relatório de estágio foi realizado no âmbito do mestrado em Gestão, abordando a
temática dos métodos de avaliação de empresas. Este estudo teve como principal objetivo a
determinação do valor de uma empresa utilizando 4 métodos de avaliação distintos,
percebendo as diferenças obtidas na estimativa do valor da empresa. Para além disso, teve
também como objetivo a implementação de um novo método de avaliação de empresas no
processo de avaliação utilizado na entidade de acolhimento.
Para atingir estes objetivos, a metodologia utilizada foi um estudo de caso aplicado a uma
empresa portuguesa de capital fechado, nomeadamente a uma pequena e média empresa
(PME), que atua no setor da cortiça. Esta avaliação foi realizada com o objetivo de venda.
Deste modo, para estimar o valor da empresa serão utilizados os métodos de avaliação do
valor patrimonial líquido ajustado, do múltiplo do EBITDA, dos Free Cash Flow to Firm
(FCFF) e do método baseado no valor económico adicionado (EVA), sendo que este último
corresponde ao novo método implementado nos processos de avaliação utilizados na
entidade de acolhimento.
Após a aplicação deste estudo de caso, obteve-se um valor médio para a empresa de
5 885 805€. Com a realização deste estudo, foi possível perceber que a estimativa de valor
da empresa utilizando os métodos dos FCFF e do EVA é superior ao valor obtido através da
utilização dos outros dois métodos. A implementação do novo método permitiu adicionar à
avaliação a perceção de criação de valor ao longo do tempo por parte da empresa, permitindo
também perceber se a rendibilidade dos capitais investidos previstos supera os seus custos
This internship report was done to obtain the master's degree in Management, addressing the theme of companies valuation methods. This study was as main goal the purpose of defining the value of a company by using 4 distinct valuation methods, understanding the differences given by estimating the companies value. Therefore, another goal was considered, the implementation of a new companies valuation method implemented in the evaluation processes used in the hosting company. To achieve these goals, the methodology use was a case study applied to a privately-held Portuguese company, namely, a small and medium-sized enterprises (SME) in which, her core business is cork. This valuation was done with the intent of selling. Therefore, to estimate the company value, there will be used valuation methods of his Adjusted Net Asset Value, EBITDA Multiple, Free Cash Flow to Firm (FCFF) and the Economic Value Added (EVA). This last one, corresponds to the new companies valuation method implemented in the evaluation processes used in the hosting company. Following the application of this case study, the company obtained an average value of 5 885 805€. After conducting this case study, was possible to understand that the estimated value of the company by using the FCFF and the EVA methods is higher than the values obtained through the other two methods. The implementation of this new method made it possible to add to the valuation the perception of value added over time by the company, bring to the light the possibility to understand if the expected profitability of invested capital exceeds its costs.
This internship report was done to obtain the master's degree in Management, addressing the theme of companies valuation methods. This study was as main goal the purpose of defining the value of a company by using 4 distinct valuation methods, understanding the differences given by estimating the companies value. Therefore, another goal was considered, the implementation of a new companies valuation method implemented in the evaluation processes used in the hosting company. To achieve these goals, the methodology use was a case study applied to a privately-held Portuguese company, namely, a small and medium-sized enterprises (SME) in which, her core business is cork. This valuation was done with the intent of selling. Therefore, to estimate the company value, there will be used valuation methods of his Adjusted Net Asset Value, EBITDA Multiple, Free Cash Flow to Firm (FCFF) and the Economic Value Added (EVA). This last one, corresponds to the new companies valuation method implemented in the evaluation processes used in the hosting company. Following the application of this case study, the company obtained an average value of 5 885 805€. After conducting this case study, was possible to understand that the estimated value of the company by using the FCFF and the EVA methods is higher than the values obtained through the other two methods. The implementation of this new method made it possible to add to the valuation the perception of value added over time by the company, bring to the light the possibility to understand if the expected profitability of invested capital exceeds its costs.
Description
Keywords
Avaliação de empresas Avaliação patrimonial Avaliação relativa Avaliação dos fluxos de caixa atualizados Valor económico adicionado (EVA) Pequenas e médias empresas