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O presente trabalho, sobre a forma de estudo de caso, tem como objetivo a quantificação do valor criado por um investimento realizado pela empresa R, num software de controlo de gestão, designado por On!Track.
O conceito de valor de mercado está presente em todas as decisões financeiras de uma empresa. Considerando que os seus gestores têm como principal objetivo a criação de valor para os seus acionistas, irão tomar decisões cujos resultados tenham um impacto positivo no seu valor de mercado.
O objetivo deste estudo de caso é aplicar os modelos de avaliação por Discount Cash Flow a um caso de investimento real e quantificar o valor criado para os acionistas. Tendo em conta as características da estrutura da empresa e os dados disponíveis, foram selecionados os seguintes modelos: free cash flow to firm (FCFF) and compressed adjusted present value (CAPV).
Após a aplicação de ambos os modelos, foi possível concluir que o investimento, no software On!Track, acrescentou valor à empresa estudada. O valor criado pelo software difere de um modelo para o outro e, pode ser quantificado em 16,616.28€ e 15,807.41€ por FCFF e CAPV, respetivamente.
Tendo em consideração o peso da dívida e do capital próprio sobre o total de capital investido, nas previsões efetuadas, foi possível observar o seu rácio, de aproximadamente 50%, se mantém estável ao longo dos anos observados. Por esta razão, sendo a estrutura de capitais estável, o modelo mais robusto para este estudo de caso é o FCFF.
The following assignment takes the form of a case study with the objective of quantifying the value created by a firm’s investment in a control management software, designated On!Track. The concept of market value is present in every financial decision taken by a firm. As firm’s managers main objective is to create value for the shareholders, they will attempt to make decisions whose results will have a positive impact in the firm’s market value. This assignment’s objective is to apply the Discount Cash flow valuation method to a real investment and quantify the value created for its shareholders. Taking into account the firm’s structure and available data, the following models were selected: free cash flow to firm (FCFF) and compressed adjusted present value (CAPV). After applying both models it is concluded that investing in On!Track software adds value to the firm. The value created by the software differs from one model to the other and it can be quantified by 16,616.28€ and 15,807.41€ by FCFF and CAPV respectively. Considering the weight of debt and equity on the total invested capital, in the forecasts made, it is possible to observe that its ratio, of approximately 50%, is relatively stable for the analysed period. For this reason, having a stable capital structure, it is considered that the FCFF is more appropriate for this case study.
The following assignment takes the form of a case study with the objective of quantifying the value created by a firm’s investment in a control management software, designated On!Track. The concept of market value is present in every financial decision taken by a firm. As firm’s managers main objective is to create value for the shareholders, they will attempt to make decisions whose results will have a positive impact in the firm’s market value. This assignment’s objective is to apply the Discount Cash flow valuation method to a real investment and quantify the value created for its shareholders. Taking into account the firm’s structure and available data, the following models were selected: free cash flow to firm (FCFF) and compressed adjusted present value (CAPV). After applying both models it is concluded that investing in On!Track software adds value to the firm. The value created by the software differs from one model to the other and it can be quantified by 16,616.28€ and 15,807.41€ by FCFF and CAPV respectively. Considering the weight of debt and equity on the total invested capital, in the forecasts made, it is possible to observe that its ratio, of approximately 50%, is relatively stable for the analysed period. For this reason, having a stable capital structure, it is considered that the FCFF is more appropriate for this case study.
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Valor de mercado Avaliação Discount Cash Flow On!Track Market value Valuation