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Advisor(s)
Abstract(s)
O principal objetivo deste Trabalho Final de Mestrado é realizar uma avaliação da Martifer Metallic Constructions tendo por base a sua estratégia corporativa, assente no seu plano de negócios. Em primeiro lugar, é discutida a importância do plano de negócios como uma ferramenta chave no sucesso de uma empresa, sendo também apresentada a estrutura formal do mesmo. Posteriormente, são analisados os três principais métodos de avaliação: modelo dos fluxos de caixa descontados, avaliação relativa e avaliação dos ativos. De seguida, efetuo não só uma análise aos dois setores em que a empresa opera, o setor da construção metálica e o da indústria naval, bem como uma análise macroeconómica das previsões de crescimento das principais economias mundiais antes e depois da crise pandémica atual. Foco-me também na economia portuguesa, em particular por ser o país onde a Martifer Metallic Constructions está sedeada. Dois métodos foram aplicados para a avaliação da empresa: o modelo dos fluxos de caixa descontados usando o WACC e o modelo de avaliação relativa apenas como uma ferramenta de validação. Adicionalmente, uma análise de sensibilidade é efetuada relativamente às variações na taxa WACC e na taxa de crescimento a longo prazo. Através do modelo dos fluxos de caixa descontados, atingiu-se um valor de capitais próprios de 26 545,54 milhares de euros. Por fim, o plano de negócios surge como uma ferramenta crucial na avaliação da empresa através da fundamentação das premissas das previsões futuras. Deste modo, estas previsões incorporam as novas oportunidades de negócio, os riscos, as perspetivas de crescimento e a estratégia estabelecida pela Martifer no seu plano de negócios.
The main purpose of this dissertation is to carry out a valuation of Martifer Metallic Constructions, based on its corporate strategy, which is established in its business plan. Firstly, the importance of the business plan as a key tool in the success of a company is discussed, and its formal structure is also presented. Moreover, the three main valuation methods are analysed: discounted cash flow model, relative valuation and asset valuation. Later, I perform not only an analysis of the two sectors in which the company operates, the metallic construction sector and the naval sector, as well as a macroeconomic analysis of the future growth of the main world economies before and after the current pandemic crisis. I focus on the Portuguese economy in particular, as it is the country where Martifer Metallic Constructions is based. Two methods were applied for the valuation of the company: the discounted cash flow model using the WACC and the relative valuation model only as a validation tool. In addition, a sensitivity analysis was completed to variations on WACC and the terminal growth rate. An equity value of 26 545.54 thousand euros was reached, using the discounted cash flow model. Finally, the business plan emerges as a crucial tool in the valuation of the firm by supporting the assumptions of future forecasts. As such, these forecasts incorporate the new business opportunities, the risks, the growth prospects and the strategy established by Martifer in its business plan.
The main purpose of this dissertation is to carry out a valuation of Martifer Metallic Constructions, based on its corporate strategy, which is established in its business plan. Firstly, the importance of the business plan as a key tool in the success of a company is discussed, and its formal structure is also presented. Moreover, the three main valuation methods are analysed: discounted cash flow model, relative valuation and asset valuation. Later, I perform not only an analysis of the two sectors in which the company operates, the metallic construction sector and the naval sector, as well as a macroeconomic analysis of the future growth of the main world economies before and after the current pandemic crisis. I focus on the Portuguese economy in particular, as it is the country where Martifer Metallic Constructions is based. Two methods were applied for the valuation of the company: the discounted cash flow model using the WACC and the relative valuation model only as a validation tool. In addition, a sensitivity analysis was completed to variations on WACC and the terminal growth rate. An equity value of 26 545.54 thousand euros was reached, using the discounted cash flow model. Finally, the business plan emerges as a crucial tool in the valuation of the firm by supporting the assumptions of future forecasts. As such, these forecasts incorporate the new business opportunities, the risks, the growth prospects and the strategy established by Martifer in its business plan.
Description
Keywords
Plano de negócios Estratégia corporativa Avaliação Modelo dos fluxos de caixa descontados Avaliação relativa Múltiplos Business plan Valuation Corporate strategy WACC Discounted cash flow model Relative valuation Multiples