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O presente relatório de estágio é o resultado do estágio realizado na Triple A – Capital & Finance, no âmbito do trabalho final de mestrado, o qual integrei o departamento de advisory e tive oportunidade de participar na avaliação financeira de diversas empresas. O objetivo do relatório é apresentar o processo de avaliação financeira da empresa ABC, utilizando dados reais. A empresa iniciou a sua atividade em 2018 e atua no setor fabricação de estruturas de construções metálicas. Em 2021 a empresa apresentou um volume de negócios de €2,7 milhões, um EBITDA de €178,7 milhares e a Dívida e o Capital Próprio ascenderam a €1,3 milhões e €1,2 milhões cada. Metodologicamente a avaliação foi efetuada tendo por base o modelo Discounted Cash Flow to Firm (DCFF), complementada por uma análise de sensibilidade aos principais pressupostos. A análise permitiu estimar um valor de mercado dos Capitais Próprios de aproximadamente €2,5 milhões (cenário base), assente no pressuposto de (i) um forte crescimento da margem bruta (+16,3%) que não é acompanhado pelas despesas operacionais (efeito escala) e (ii) uma redução gradual das necessidades de fundo de maneio.
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.
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.
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Avaliação de empresas Discounted cash flow Free cash flow to firm Valor da empresa Valor do capital próprio Enterprise valuation Firm value Equity value