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O Trabalho Final de Mestrado em Finanças, efetuado na modalidade de Relatório de Estágio, tem como objetivo apresentar uma parte significativa das atividades desenvolvidas durante o estágio na Triple A - Capital & Finance e obter a real valorização da empresa do estudo de caso. Por questões de confidencialidade, o nome da empresa é fictício, denominando-se por Wine Company S.A. Com o intuito de avaliar a empresa foram consideradas duas metodologias de avaliação - Discounted Cash Flow, através do Free Cash Flow to Firm e Avaliação Relativa, por meio do uso dos Múltiplos - uma vez que, estas foram as metodologias utilizadas no relatório de avaliação solicitado pela empresa. Em primeiro lugar, realizou-se uma revisão de literatura sobre os mencionados métodos de avaliação e dos outros restantes sistematizados por Damodaran (2006). De seguida, estabeleceu-se a ligação entre os conceitos da revisão de literatura com as respetivas metodologias de avaliação e dados fornecidos pela empresa. Deste modo, concluiu-se que a valorização da empresa Wine Company S.A. era similar nas duas metodologias, aproximadamente nove milhões e setecentos mil euros, sabendo-se que não existe um valor exato neste tipo de avaliações. Por último, considerou-se o método de Discounted Cash Flow como o principal modelo de avaliação, por se enquadrar melhor na tipologia do negócio, e utilizou-se a Avaliação Relativa como metodologia comparativa. Para este estudo, foram utilizados os dados fornecidos pela empresa, a informação presente na revisão de literatura e, ainda, o know-how da Triple A.
This master's degree final work in Finance, carried out in the form of an Internship Report, aims to present part of the work developed in the internship made at Triple A - Capital & Finance and to obtain the real valuation of the company present in this case study. For confidentiality reasons, the company name is fictitious, and it's called Wine Company S.A. To value the company, two valuation approaches were used, the Discounted Cash Flow method, through the Free Cash Flow to Firm, and the Relative Valuation, using Multiples, since they were the methodologies used in the valuation report requested by the company. Initially, to assess the methodology that was best suited for the business of the company under study, a literature review was carried out on the valuation methods mentioned previously and the ones systematized by Damodaran (2006). Then, a consolidation was made between the concepts of the literature review, with the respective valuation methodologies and the data provided by the company. We obtained a company value for Wine Company S.A., similar in both methodologies. Knowing that there isn’t a perfect model to arrive at an exact value when it comes to valuation, weighting results obtained we can say that the company value is roughly nine million and seven hundred thousand euros. Finally, using information provided by the company, in the literature review and the know-how of Triple A - Capital & Finance, we considered that the Discounted Cash Flow method was the one that best fitted the business typology, but still used the Relative Valuation as a comparative methodology.
This master's degree final work in Finance, carried out in the form of an Internship Report, aims to present part of the work developed in the internship made at Triple A - Capital & Finance and to obtain the real valuation of the company present in this case study. For confidentiality reasons, the company name is fictitious, and it's called Wine Company S.A. To value the company, two valuation approaches were used, the Discounted Cash Flow method, through the Free Cash Flow to Firm, and the Relative Valuation, using Multiples, since they were the methodologies used in the valuation report requested by the company. Initially, to assess the methodology that was best suited for the business of the company under study, a literature review was carried out on the valuation methods mentioned previously and the ones systematized by Damodaran (2006). Then, a consolidation was made between the concepts of the literature review, with the respective valuation methodologies and the data provided by the company. We obtained a company value for Wine Company S.A., similar in both methodologies. Knowing that there isn’t a perfect model to arrive at an exact value when it comes to valuation, weighting results obtained we can say that the company value is roughly nine million and seven hundred thousand euros. Finally, using information provided by the company, in the literature review and the know-how of Triple A - Capital & Finance, we considered that the Discounted Cash Flow method was the one that best fitted the business typology, but still used the Relative Valuation as a comparative methodology.
Description
Keywords
Avaliação Discounted cash flow Avaliação relativa Avaliação baseada em ativos Valuation Relative valuation Asset-based valuation