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Publication
Avaliação de Empresas e Marcas: Aplicação a um Clube de Futebol
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 2.22 MB | Adobe PDF |
Authors
Abstract(s)
A avaliação de empresas e de marcas no mundo do futebol é fundamental para o sucesso
desportivo e financeiro. Estas avaliações influenciam decisões estratégicas, atraem
investidores e patrocinadores e contribuem para a estabilidade financeira dos clubes. Por
isso, compreender o valor intrínseco de uma empresa e de uma marca capacita todos os
stakeholders a fazerem escolhas estratégicas mais informadas.
A presente dissertação tem como principal objetivo a avaliação do Sporting Clube de
Portugal – Futebol, SAD, posicionado no setor de atividades de clubes desportivos. Com
esse intuito, e por forma a fornecer uma base sólida para decisões de investimento, pretendese
entender qual o valor intrínseco do clube, recorrendo-se a modelos de avaliação de
empresas e de marcas. Acresce ainda que as avaliações foram feitas à data de 30/06/2023,
pelo que qualquer acontecimento que tenha acontecido depois desta data não foi considerado
neste trabalho.
Numa primeira parte é estudada a temática da avaliação de empresas utilizando o reputado
DCF, tendo-se optado pelo método do custo médio que utiliza o fluxo de caixa livre, uma
vez que se pretende não só obter o valor do capital próprio, mas também o valor da entidade.
Para complementar esta análise, recorreu-se ao modelo multivariável de Markham,
evidenciado como o modelo ideal para avaliar clubes de futebol.
No que diz respeito à segunda temática, a avaliação de marcas, utilizou-se o modelo do
rendimento, mais concretamente o método do royalty relief, uma vez que o clube paga
royalties pela utilização da marca. Posteriormente, para se obter mais rigor na análise,
utilizou-se o modelo de mercado, sendo o múltiplo escolhido o P/S ratio.
O estudo é concretizado com uma recomendação de venda/compra, sustentada pela análise
dos resultados obtidos, tanto na avaliação do clube como da marca.
The valuation of companies and brands in the world of football is fundamental to sports and financial success. These valuations influence strategic decisions, attract investors and sponsors, and contribute to the financial stability of clubs. Therefore, understanding the intrinsic value of a company and brand enables all stakeholders to make more informed strategic decisions. The main objective of this dissertation is to value Sporting Clube de Portugal - Futebol, SAD, which is positioned in the sports club sector. To this end, and in order to provide a solid basis for investment decisions, the aim is to understand the intrinsic value of the club, using company and brand valuation models. In addition, the valuations have been performed as at 30 June 2023, so that events after that date have not been considered in this work. The first part deals with the valuation of companies using the well-known discounted cash flow model, opting for the average cost method which uses free cash flow, since the aim is not only to calculate the value of equity but also the value of the entity. This analysis is then complemented by Markham's multivariable model, which has proven to be the ideal model for valuing football clubs. For the second theme brand valuation, the income model was used, more specifically the royalty relief method, as the club pays royalties for the use of the brand. Then, in order to make the analysis more rigorous, the market model was used, and the multiple chosen was the P/S ratio. The study is finalised with a recommendation to sell/buy, supported by the analysis of the results achieved, both in terms of the evaluation of the club and the brand.
The valuation of companies and brands in the world of football is fundamental to sports and financial success. These valuations influence strategic decisions, attract investors and sponsors, and contribute to the financial stability of clubs. Therefore, understanding the intrinsic value of a company and brand enables all stakeholders to make more informed strategic decisions. The main objective of this dissertation is to value Sporting Clube de Portugal - Futebol, SAD, which is positioned in the sports club sector. To this end, and in order to provide a solid basis for investment decisions, the aim is to understand the intrinsic value of the club, using company and brand valuation models. In addition, the valuations have been performed as at 30 June 2023, so that events after that date have not been considered in this work. The first part deals with the valuation of companies using the well-known discounted cash flow model, opting for the average cost method which uses free cash flow, since the aim is not only to calculate the value of equity but also the value of the entity. This analysis is then complemented by Markham's multivariable model, which has proven to be the ideal model for valuing football clubs. For the second theme brand valuation, the income model was used, more specifically the royalty relief method, as the club pays royalties for the use of the brand. Then, in order to make the analysis more rigorous, the market model was used, and the multiple chosen was the P/S ratio. The study is finalised with a recommendation to sell/buy, supported by the analysis of the results achieved, both in terms of the evaluation of the club and the brand.
Description
Keywords
Avaliação de empresas Avaliação de marcas Futebol Sporting SAD