Avaliação de empresas

: estudo de caso

Abstract

This document constitutes master's degree final work in finance and is the result of work done over the stage in the organizational environment. The study focuses on best practices and review of the major valuation models that, in the current state of the art, may be used during the valuation process. Valuation is linked to a set of expectations, necessarily subjective exercise, but it is an essential tool for making sensible decision. In recent years there has been a clear trend toward more formal, explicit and institutionalized methods. The Triple A - Capital & Finance based its valuation process into two main methods - discounted cash flow and multiples. The literature review allows understand the reason for that chose but also demonstrate that models based on options in some contexts, have superior results to models. Following the methodologies of Triple A - Capital & Finance reached a valuation for the company in question. If there is no “exact value “when valuation a given society, we can estimate the “enterprise value “. In addition to the valuation of the company, the purpose of this report was not only noted the advantages of the use of options, but also proves it through its application. This is, in fact, one of the limitations of the work that was not possible because the information made available to me. In the near future, I consider important to look into and develop a valuation model for the Triple A - Capital & Finance, I have question related with regard to uncertainty and flexibility. One of the methods presented better characteristics in this context, due to its simplicity, is the method of decision tree.

Date of Award	28 Jul 2014
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)