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Abstract(s)
A presente Tese Final de Mestrado (TFM) enquadra-se no estágio realizado na empresa Triple A – Capital & Finance e analisa as principais dificuldades encontradas na avaliação de empresas do tipo Start-Up e PMEs, procurando também encontrar as metodologias e práticas mais apropriadas para estas.
Esta análise é feita por revisão da literatura relevante aos métodos considerados “tradicionais” (Método DCF, Método de Análise Relativa e Método Net Assets Value) e suas respetivas limitações, que se revelam principalmente ao nível da aplicabilidade a empresas jovens e de crescimento elevado, e de seguida são analisadas metodologias destinadas a colmatar estas falhas (Modelos de Opções Reais, Método Venture Capital, Método First Chicago, e métricas de Avaliação de E-Businesses) que por sua vez também apresentam limitações. As suas forças e fraquezas são sintetizadas num quadro comparativo. As vantagens e aplicabilidade dos modelos são evidenciadas nas avaliações financeiras produzidas ao longo do estágio, que são descritas em detalhe, e confirmam na sua maioria a literatura apresentada.
Os resultados deste estudo apontam que os métodos tradicionais continuam a ser os mais encontrados no “arsenal” de uma consultora financeira, independentemente das características da empresa, com destaque para o Método DCF que prima pela sua flexibilidade e adaptabilidade e para o Método Net Assets Value que, no caso de empresas inoperativas, continua a ser insubstituível. Métodos mais recentes como o Método Venture Capital e métricas de avaliação de E-Businesses também já demonstram a sua utilidade, sendo aplicados em conjunto com o Método de Análise Relativa. Por outro lado, os Modelos de Opções Reais apesar de possuírem eco no meio académico, ainda não têm aplicação no contexto empresarial devido à sua complexidade e compreensão matemática necessária, em especial para o cálculo das volatilidades.
This Final Master Thesis is based on an internship at Triple A - Capital & Finance and analyzes the main difficulties encountered in the valuation of Start-Up companies and SMEs, and researches for the most appropriate methodologies and practices for these. This analysis is done by reviewing the literature relevant to the methods considered "traditional" (DCF Method, Relative Analysis Method and Net Assets Value Method) and their respective limitations, which mainly concern the applicability to young and high growth companies, followed by methodologies to address these shortcomings (Real Option Models, Venture Capital Method, First Chicago Method, and E-Businesses Evaluation metrics), which in turn also have limitations. Their strengths and weaknesses are summarized in a comparative table. The advantages and applicability of the models are evidenced in the financial valuations produced during the internship, which are described in detail, and mostly confirm the literature presented. The results of this study indicate that traditional methods continue to be the most found in the “arsenal” of a financial consultant, regardless of the characteristics of the company, highlighting the DCF Method that excels by its flexibility and adaptability and to the Net Assets Value Method that, in the case of inoperative companies, remains irreplaceable. More recent methods such as the Venture Capital Method and evaluation metrics of E-Businesses have already demonstrated their usefulness and are applied together with the Relative Analysis Method. On the other hand, the Real Options Models, although they have an echo in the academic environment, still do not have application in the business context due to its complexity and the mathematical understanding it requires, especially for the calculation of the volatilities.
This Final Master Thesis is based on an internship at Triple A - Capital & Finance and analyzes the main difficulties encountered in the valuation of Start-Up companies and SMEs, and researches for the most appropriate methodologies and practices for these. This analysis is done by reviewing the literature relevant to the methods considered "traditional" (DCF Method, Relative Analysis Method and Net Assets Value Method) and their respective limitations, which mainly concern the applicability to young and high growth companies, followed by methodologies to address these shortcomings (Real Option Models, Venture Capital Method, First Chicago Method, and E-Businesses Evaluation metrics), which in turn also have limitations. Their strengths and weaknesses are summarized in a comparative table. The advantages and applicability of the models are evidenced in the financial valuations produced during the internship, which are described in detail, and mostly confirm the literature presented. The results of this study indicate that traditional methods continue to be the most found in the “arsenal” of a financial consultant, regardless of the characteristics of the company, highlighting the DCF Method that excels by its flexibility and adaptability and to the Net Assets Value Method that, in the case of inoperative companies, remains irreplaceable. More recent methods such as the Venture Capital Method and evaluation metrics of E-Businesses have already demonstrated their usefulness and are applied together with the Relative Analysis Method. On the other hand, the Real Options Models, although they have an echo in the academic environment, still do not have application in the business context due to its complexity and the mathematical understanding it requires, especially for the calculation of the volatilities.
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Keywords
Avaliação Start-Up PME DCF Opções reais Valuation SME Real options Venture capital