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Relatório de estágio no grupo Algarve Partners - análise da viabilidade económica e financeira da fusão entre empresas de serviços financeiros
| Name: | Description: | Size: | Format: | |
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| 2.65 MB | Adobe PDF |
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Abstract(s)
Este trabalho final foi realizado no âmbito do Mestrado em Finanças, na modalidade de Relatório de Estágio, integrando um Estudo de Caso. O estágio teve como principal objetivo avaliar a fusão entre duas empresas prestadoras de serviços financeiros, sendo a avaliação de empresas o foco central deste estudo. A avaliação de empresas é um processo subjetivo, no qual o valor depende das expectativas do analista e da metodologia utilizada. Embora não haja um valor exato, a avaliação é fundamental tanto a nível interno como a nível externo. Entre os métodos mais utilizados destacam-se os cash-flows atualizados, a análise de múltiplos e as opções reais. No caso específico deste relatório, a fusão foi avaliada com base no método dos cash-flows atualizados, dada a sua robustez e capacidade de estimar o valor presente de fluxos de caixa futuros. A fusão entre empresas envolve a análise das sinergias geradas pela integração das operações, como a redução de custos e o aumento de eficiência. Durante o estágio, foi conduzida uma análise de sensibilidade e risco para prever o impacto de variações em fatores chave, como o volume de negócios e os custos operacionais, no valor da nova entidade e identificar vulnerabilidades no processo de fusão. O relatório pretende, assim, apresentar uma avaliação detalhada da fusão, aplicada ao contexto prático do estágio, utilizando metodologias amplamente reconhecidas na área financeira.
This final project was carried out as part of the Master's in Finance, in the form of an Internship Report, integrating a Case Study. The internship's main objective was to evaluate the merger between two financial service providers, with the company valuation process being the central focus of this study. Company valuation is a subjective process, where the value depends on the analyst's expectations and the methodology used. Although there is no exact value, valuation is essential both internally and externally. Among the most commonly used methods are discounted cash flows, multiples analysis, and real options. In the specific case of this report, the merger was evaluated based on the discounted cash flow method, due to its robustness and ability to estimate the present value of future cash flows. The merger between companies involves analyzing the synergies generated by the integration of operations, such as cost reduction and increased efficiency. During the internship, a sensitivity and risk analysis was conducted to predict the impact of variations in key factors, such as business volume and operational costs, on the value of the new entity and to identify vulnerabilities in the merger process. Thus, the report aims to present a detailed evaluation of the merger, applied to the practical context of the internship, using widely recognized methodologies in the financial field.
This final project was carried out as part of the Master's in Finance, in the form of an Internship Report, integrating a Case Study. The internship's main objective was to evaluate the merger between two financial service providers, with the company valuation process being the central focus of this study. Company valuation is a subjective process, where the value depends on the analyst's expectations and the methodology used. Although there is no exact value, valuation is essential both internally and externally. Among the most commonly used methods are discounted cash flows, multiples analysis, and real options. In the specific case of this report, the merger was evaluated based on the discounted cash flow method, due to its robustness and ability to estimate the present value of future cash flows. The merger between companies involves analyzing the synergies generated by the integration of operations, such as cost reduction and increased efficiency. During the internship, a sensitivity and risk analysis was conducted to predict the impact of variations in key factors, such as business volume and operational costs, on the value of the new entity and to identify vulnerabilities in the merger process. Thus, the report aims to present a detailed evaluation of the merger, applied to the practical context of the internship, using widely recognized methodologies in the financial field.
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Keywords
Fusões Projetos de Investimento Cash-Flow Atualizados Avaliação de Empresas