Publication
Análise e avaliação de uma PME de serralharia civil do Algarve
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Abstract(s)
A avaliação de empresas é um tema que reveste primordial importância na temática da gestão de empresas em termos gerais e particularmente importante para as empresas sujeitas a avaliação, pois dá-lhes a conhecer o seu valor segundo diversas perspetivas de avaliação, obrigando a realização de diversos estudos, estimativas e planeamento a médio longo prazo, promovendo ainda a reflexão sobre a necessidade de melhorarem alguns aspetos menos positivos do seu funcionamento. Contudo o processo de avaliação é complexo tendo em conta a existência de diversas definições de valor e de modelos de avaliação de empresas.
O objetivo fundamental deste trabalho consiste na avaliação e apuramento do valor de uma PME na área da serralharia civil. A avaliação foi realizada com base em dois modelos, nomeadamente: avaliação pelos capitais próprios (Free Cash Flow to Equity – FCFE) e avaliação pelos capitais totais (Free Cash Flow to Firm – FCFF).
De acordo com os pressupostos o valor da empresa apurado pelo modelo dos capitais próprios (Free Cash Flow to Equity – FCFE) é de 1 813 186€ e o dos capitais totais (Free Cash Flow to Firm – FCFF é de 1 704 499€. Estes valores foram apurados de acordo com o cenário base, ou seja, com valores previsionais próximos da realidade, sem ter em consideração cenários menos otimistas.
Foi analisado o contexto económico e financeiro da empresa nos últimos 5 anos, a fim de identificar os seus pontos fortes, tendo em vista reforçá-los, e identificar as suas fragilidades, de forma a encontrar soluções para contorná-las. Este tipo de análise reveste-se de grande utilidade para a empresa no sentido de esta rever as suas políticas comerciais e carteira de clientes. Sendo uma pequena empresa, com recursos escassos, este trabalho poderá constituir uma ajuda significativa para a definição de um plano de marketing que permita melhorar os serviços prestados e atrair novos clientes. Além disso, a análise aprofundada às contas da empresa e a realização de estimativas para os próximos 5 anos poderá ser muito vantajosa à empresa permitindo uma reflexão sobre a otimização da sua estrutura de capital, de modo a maximizar o seu valor.
É ainda elaborada uma análise de sensibilidade e risco, através da criação de três cenários menos favoráveis, o que permite à empresa consciencializar-se sobre o seu nível de risco.
Palavras-Chaves: Avaliação de empresas, valor, fluxo de caixa atualizado
The valuation of companies is a topic that is of primordial importance in the thematic of company management in general terms and particularly important for companies’ subject to valuation, as it makes them aware of their value according to different valuation perspectives, forcing them to carry out several studies, estimates and medium-long-term planning, also promoting reflection on the need to improve some less positive aspects of its functioning. However, the valuation process is complex given the existence of different value definitions and company valuation models. The main objective of this work is the evaluation and determination of the value of an SME in the area of locksmithing. The valuation was carried out based on two models: Free Cash Flow to Equity (FCFE) and Free Cash Flow to Firm (FCFF). According to the assumptions, the value of the company calculated by the equity model (FCFE) is €1,813,186 and based on total capital (FCFF) is €1,704,499. These values were calculated according to the base scenario, that is, with forecast values close to reality, without considering less optimistic scenarios. The economic and financial context of the company in the last 5 years was analyzed in order to identify its strengths, with a view to strengthening them, and identifying its weaknesses, in order to find solutions to overcome them. This type of analysis is very useful for the company to review its commercial policies and customer base. As a small company, with scarce resources, this work can be of significant help in defining a marketing plan that will improve the services provided and attract new customers. In addition, an in-depth analysis of the company's accounts and making estimates for the next 5 years could be very beneficial to the company, allowing for a reflection on the optimization of its capital structure, in order to maximize its value. A sensitivity and risk analysis are also prepared, through the creation of three less favorable scenarios, which allows the company to become aware of its risk level. Keywords: Business valuation, value, discounted cash flow
The valuation of companies is a topic that is of primordial importance in the thematic of company management in general terms and particularly important for companies’ subject to valuation, as it makes them aware of their value according to different valuation perspectives, forcing them to carry out several studies, estimates and medium-long-term planning, also promoting reflection on the need to improve some less positive aspects of its functioning. However, the valuation process is complex given the existence of different value definitions and company valuation models. The main objective of this work is the evaluation and determination of the value of an SME in the area of locksmithing. The valuation was carried out based on two models: Free Cash Flow to Equity (FCFE) and Free Cash Flow to Firm (FCFF). According to the assumptions, the value of the company calculated by the equity model (FCFE) is €1,813,186 and based on total capital (FCFF) is €1,704,499. These values were calculated according to the base scenario, that is, with forecast values close to reality, without considering less optimistic scenarios. The economic and financial context of the company in the last 5 years was analyzed in order to identify its strengths, with a view to strengthening them, and identifying its weaknesses, in order to find solutions to overcome them. This type of analysis is very useful for the company to review its commercial policies and customer base. As a small company, with scarce resources, this work can be of significant help in defining a marketing plan that will improve the services provided and attract new customers. In addition, an in-depth analysis of the company's accounts and making estimates for the next 5 years could be very beneficial to the company, allowing for a reflection on the optimization of its capital structure, in order to maximize its value. A sensitivity and risk analysis are also prepared, through the creation of three less favorable scenarios, which allows the company to become aware of its risk level. Keywords: Business valuation, value, discounted cash flow
Description
Keywords
Avaliação de empresas Valor Fluxo de caixa atualizado