Medidas de criação de valor

: abordagens discounted cash flow e residual income na mensuração do valor

Abstract

Value and the appropriate way to determine it are topics of main importance in Management, be it at the moment of investment decisions in assets, in merger and acquisition operations of other companies, or even in the evaluation of the management’s performance in a company. In this article a comparative study is developed on several approaches to valuing a company, starting with a literature review of the theory concerning the different methods that exist. Focusing the quantitative analysis on the differences, similarities and results obtained by the approaches Discounted Cash Flow and Residual Income, both models are applied with comparable assumptions on cost of capital and growth, to a sample of financial data of listed companies, of a specific industry (European automotive companies). The results obtained are then compared between methods and with the market share price of the companies used in the sample. In the final part of the article some discussion is presented concerning the exactness of the value estimates of both approaches, which leads to other related investigation opportunities.

Date of Award	28 Nov 2017
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor)