Please use this identifier to cite or link to this item: https://repositorio.insper.edu.br/handle/11224/5447
Type: Trabalho de Conclusão de Curso
Title: Comparabilidade dos Métodos de Avaliação de Empresa (a partir da Análise Econômica e Valuation da Via)
Author: Almeida, André Braga Amorim
Advisor: Martins, Eric Aversari
Academic degree: Graduação
Publication Date: 2021
Original Abstract: Modelos de avaliação de empresas têm como o objetivo compreender, através de métodos quantitativos e qualitativos, qual seria o verdadeiro valor do preço da ação de uma determinada empresa, com uma certa margem de erro de controle. Entre vários tipos de modelagem, está o fluxo de caixa descontado, que prediz o valor de uma empresa baseado em seus benefícios econômicos futuros trazidos a valor presente. Por existir mais de um tipo de modelagem, a indecisão por parte de alguns profissionais é evidente. Modelo de Fluxo de Caixa Descontado, Múltiplos, Abordagem Baseada nos Ativos e Opções Reais são os 4 modelos mais famosos da literatura de avaliação de empresas. Esse trabalho visa, a partir da aplicação dos 2 métodos mais usados pelas casas de investimento (Fluxo de Caixa Descontado e o de Múltiplos), comparar os modelos teóricos e mostrar como eles conduzem a resultados diferentes. A empresa em estudo será a Via Varejo (VVAR3), comercializada na bolsa de valores B3 (Brasil, Bolsa, Balcão). Essa empresa, pertence ao setor de varejo e tem foco no e-commerce. Como o período de análise foi feito durante a pandemia do ano de 2020, algumas premissas e suposições serão importantes para o desenvolvimento da análise.
Keywords in original language : Via Varejo
Valuation
Pandemia
Coronavírus
Abstract: Business valuation models aim to understand, through quantitative and qualitative methods, what the true value of a given company's stock price would be, with a certain margin of control error. Among several types of modeling is the discounted cash flow, which predicts the value of a company based on its future economic benefits brought to present value. Because there is more than one type of modeling, indecision on the part of some professionals is evident. Discounted Cash Flow Model, Multiples, Asset Based Approach, and Real Options are the four most famous models in the valuation literature. This work aims, from the application of the 2 most used methods by investment houses (Discounted Cash Flow and Multiple), to compare the theoretical models and show how they lead to different results. The company under study will be Via Varejo (VVAR3), traded on the B3 stock exchange (Brasil, Bolsa, Balcão). This company belongs to the retail sector and focuses on e-commerce. As the analysis period was made during the pandemic of the year 2020, some assumptions and assumptions will be important for the development of the analysis. Business valuation models aim to understand, through quantitative and qualitative methods, what the true value of a given company's stock price would be, with a certain margin of control error. Among several types of modeling is the discounted cash flow, which predicts the value of a company based on its future economic benefits brought to present value. Because there is more than one type of modeling, indecision on the part of some professionals is evident. Discounted Cash Flow Model, Multiples, Asset Based Approach, and Real Options are the four most famous models in the valuation literature. This work aims, from the application of the 2 most used methods by investment houses (Discounted Cash Flow and Multiple), to compare the theoretical models and show how they lead to different results. The company under study will be Via Varejo (VVAR3), traded on the B3 stock exchange (Brasil, Bolsa, Balcão). This company belongs to the retail sector and focuses on e-commerce. As the analysis period was made during the pandemic of the year 2020, some assumptions and assumptions will be important for the development of the analysis.
Keywords (english terms): Via Retail
Business Valuation
Pandemic
Pandemic
Language: Português
CNPq Area: Ciências Sociais Aplicadas
Copyright: TODOS OS DOCUMENTOS DESTA COLEÇÃO PODEM SER ACESSADOS, MANTENDO-SE OS DIREITOS DOS AUTORES PELA CITAÇÃO DA ORIGEM.
Appears in Collections:Graduação em Economia

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