Taxa de desconto na avaliação de ativos intangíveis

Abstract

The paper aims to analyze the models of estimation of discount rates in the evaluation of intangible assets in the context of application of evaluation method of discounted cash flows. The paper is developed in several phases. Firstly the work
focuses its attention on the importance of evaluating intangible assets, since a large proportion of the market value of certain companies (especially companies in Information Technology, Pharmaceutical, Service Delivery and Consumer Goods ( Cailbano-Sánchez, 2000)) is due to intangible assets. It also analyzes the reasons behind the valuation of intangible assets, including financial reasons, accounting, tax and management of the brand. Further expose the methods of valuation of intangibles. Given the large number of existing intangible assets (Madhami-Mehta, 2008), the work has focused only on the discount rates for valuation of brands. Thus the methods are the Income Approach, Cost Approach and the Market Approach, which highlights the Income Approach, which considers the future of the intangible benefits, this is, the cash flows that Brand can generate in the future and risk associated with these cash flows. In the third part, the work focuses on the analysis of estimation models of discount rates from the perspective of equity and total capital, it also analyzes the circumstances under which these fees are used. Since these rates may not reflect the true risk of the cash flows of the brand, it becomes crucial to analyze models that adjust the WACC to reflect the true risk of the brand, including the WARA, the Future Brand and Model Advanced Brand Valuation Model. The latter, estimates of risk indicators and assigns a score mark and turn the score in the discount rate. Consideration was also the Interbrand Discounted Cash Flow Model using the methodology of previous models but which calculates the discount rate based on an inverse relation with multiple estimated in terms of brand strength. Another model is the Brand Finance Model, which estimates a discount rate through an adaptation of the CAPM to evaluate brands. The author of the study recommends, given the great subjectivity in assigning points to risk factors of brand, future research of accurate description of what the risk factors of risk and Brand objectives methods of allocating g points to these factors risk that accurately reflect the risk of cash flows of the brand.

Date of Award	2011
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)