Forjada pela adversidade

: avaliação financeira de uma empresa do setor metalúrgico

Abstract

This internship report is the result of an internship conducted at Triple A – Capital & Finance, as part of my final master's thesis, where I worked in the advisory department and had the opportunity to participate in the financial valuation of several companies. The objective of this report is to conduct a detailed analysis of one of the companies evaluated during the internship, company ABC, and to demonstrate the valuation process carried out. The company started its activity in 2018 and operates in the manufacturing of metal construction structures sector. In 2021, the company reported a turnover of €2,7 million, an EBITDA of €178,7 thousand, and Debt and Equity of €1,3 million and €1,2 million, respectively. Methodologically, the valuation was performed based on the Discounted Cash Flow to Firm (DCFF) model, complemented by a sensitivity analysis to the key assumptions. The analysis allowed estimating an approximate Equity Value of €2,5 million (base scenario), based on the assumption of (i) a strong gross margin growth (+16,3%) not accompanied by operating expenses (scale effect) and (ii) a gradual reduction of working capital requirements.

Date of Award	6 Jul 2023
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Bernardo de Vasconcelos e Sousa Paula Marques (Supervisor)