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Abstract(s)
A presente tese, elaborada para conclusão do Mestrado em Finanças, foi conduzida em ambiente organizacional na Triple A Capital & Finance, uma empresa especializada em avaliação de empresas, bem como em processos de fusão e aquisição. O objetivo deste relatório é apresentar a avaliação da empresa Alpha utilizando o modelo Discounted Cash Flow (DCF). Para isso, foram obtidas previsões de rendimentos e gastos junto da administração da empresa para um período de cinco anos, permitindo, assim, a determinação do Free Cash Flow to Firm. Alpha é caracterizada como sendo uma pequena e média empresa (PME) que pertence ao setor metalomecânico e que conta atualmente com 26 trabalhadores no quadro. Em termos financeiros, a empresa fechou o ano de 2021 com um ativo total corrigido de 3 745 540 euros e um EBITDA de 231 032 euros. Em relação ao modelo utilizado (DCF), este permitiu uma análise completa e detalhada dos aspetos financeiros da empresa, e os resultados obtidos serão fundamentais para tomadas de decisões estratégicas futuras. Com base neste modelo, o valor do Enterprise Value foi estimado em 4 241 228 euros e o Equity Value em 1 120 630 euros. Para a obtenção destes resultados a contribuição da perspetiva de crescimento de vendas foi fulcral, sendo que a partir do 5º ano não se prevê crescimento dado a baixa perspetiva do setor. Por fim, e de forma a dar robustez ao presente relatório foi elaborada uma análise de sensibilidade onde se alterou certas variáveis como crescimento das vendas, taxa de juro sem risco e política salarial de forma a compreender o impacto na avaliação da empresa.
This dissertation represents the culmination of the Master's degree in Finance and was conducted in an organizational setting at Triple A Capital & Finance, a company specializing in company valuation, as well as merger and acquisition processes. The objective of this report is to present the evaluation of Alpha company using the Discounted Cash Flow model (DCF). To do so, revenue and expense forecasts were obtained from the company's management for a five-year period, allowing for the determination of Free Cash Flow to Firm. Alpha is characterized as a small and medium-sized enterprise (SME) in the metal mechanic sector, currently employing 26 workers. The company closed the year 2021 with a total adjusted asset of 3 745 540 euros and an EBITDA of 231 032 euros. Regarding the model used (DCF) it allowed for a complete and detailed analysis of the company's financial aspects, and the results obtained will be fundamental for future strategic decision-making. Based on this model, the Enterprise Value was estimated at 4 241 228 euros and the Equity Value at 1 120 630 euros. To achieve these results, the contribution of the sales growth perspective was crucial, and from the 5th year on, no growth is expected due to the low outlook of the sector. In order to give robustness to this report, a sensitivity analysis was carried out, where certain variables such as sales growth, risk-free interest rate, and salary policy were changed in order to understand their impact on the company's valuation.
This dissertation represents the culmination of the Master's degree in Finance and was conducted in an organizational setting at Triple A Capital & Finance, a company specializing in company valuation, as well as merger and acquisition processes. The objective of this report is to present the evaluation of Alpha company using the Discounted Cash Flow model (DCF). To do so, revenue and expense forecasts were obtained from the company's management for a five-year period, allowing for the determination of Free Cash Flow to Firm. Alpha is characterized as a small and medium-sized enterprise (SME) in the metal mechanic sector, currently employing 26 workers. The company closed the year 2021 with a total adjusted asset of 3 745 540 euros and an EBITDA of 231 032 euros. Regarding the model used (DCF) it allowed for a complete and detailed analysis of the company's financial aspects, and the results obtained will be fundamental for future strategic decision-making. Based on this model, the Enterprise Value was estimated at 4 241 228 euros and the Equity Value at 1 120 630 euros. To achieve these results, the contribution of the sales growth perspective was crucial, and from the 5th year on, no growth is expected due to the low outlook of the sector. In order to give robustness to this report, a sensitivity analysis was carried out, where certain variables such as sales growth, risk-free interest rate, and salary policy were changed in order to understand their impact on the company's valuation.
Description
Keywords
Avaliação Discounted cash flows Free cash flow to firm Valuation