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O presente Trabalho Final de Mestrado foi elaborado na modalidade de relatório de estágio e tem o objetivo de desenvolver um dos principais temas abordados no estágio efetuado na empresa Triple A Capital & Finance: o tema de Valuation. Para tal, o relatório procede a uma revisão literária e a um caso prático onde se tenta apurar o justo valor de uma empresa do setor metalúrgico, detida por um fundo de capital de risco. A triple A Capital & Finance é uma boutique financeira que tem como objetivo dar assessoria financeira aos seus clientes, focando-se nas pequenas e médias empresas. Durante o estágio tive a oportunidade de participar na elaboração de dossiês de avaliações, planos de negócios e de candidaturas a fundos europeus. Este relatório inicia com uma revisão literária de quatro métodos distintos de avaliação: Método por fluxos de caixa descontados (DCF); método de avaliação relativa, também conhecido como método dos múltiplos; método de avaliação contingente e avaliação baseada em valores contabilísticos. De seguida é descrita a metodologia usada na avaliação da empresa alvo de estudo e é apresentada a sua avaliação, usando os métodos dos múltiplos e o método de fluxos de caixa descontados.
This master thesis was developed in the form of an Internship Report, and it has the goal of developing the main topic approached in the company Triple A Capital & Finance: The Topic of VALUATION. For that purpose, this report starts with a literature review and proceeds to develop a case study where it tries to reach a fair value of a company owned by a private equity fund, that operates in the mining sector. Triple A Capital & Finance is a corporate financial boutique that has the objective of providing financial advice to its clients focusing on small and medium companies. During my internship I had the opportunity of participating in the valuation process of companies, business plans and application to European incentive schemes. This Report starts with a literature review and explores four different valuation methods: Discounted cash flows, relative valuation, contingent valuation and accounting valuation. The methodology used in the valuation of the case study company follows the valuation with the discounted cash flows and relative valuation methods.
This master thesis was developed in the form of an Internship Report, and it has the goal of developing the main topic approached in the company Triple A Capital & Finance: The Topic of VALUATION. For that purpose, this report starts with a literature review and proceeds to develop a case study where it tries to reach a fair value of a company owned by a private equity fund, that operates in the mining sector. Triple A Capital & Finance is a corporate financial boutique that has the objective of providing financial advice to its clients focusing on small and medium companies. During my internship I had the opportunity of participating in the valuation process of companies, business plans and application to European incentive schemes. This Report starts with a literature review and explores four different valuation methods: Discounted cash flows, relative valuation, contingent valuation and accounting valuation. The methodology used in the valuation of the case study company follows the valuation with the discounted cash flows and relative valuation methods.
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Keywords
Valuation Fluxos de caixa descontados Avaliação relativa Avaliação contingente Avaliação baseada em valores contabilísticos Valuation Discounted cash flow Relative valuation Contingent valuation Accounting valuation