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Análise e avaliação de uma microempresa no setor da consultoria de negócios: Business Dreams, Lda.
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Orientador(es)
Resumo(s)
O largo número de PME presentes no tecido empresarial português contribui para um mercado com uma elevada concorrência onde existe uma clara necessidade de distinção. Definir estratégias eficientes e saber tirar o máximo proveito das vantagens competitivas torna-se, assim, imperativo para garantir a sustentabilidade e o sucesso de uma empresa. Este estudo centra-se nas diversas práticas de avaliação de empresas bem como nos principais modelos utilizados. A avaliação é um exercício subjetivo, pelo que não existe um valor exato, encontrando-se este condicionado às expetativas do analista e à abordagem eleita pelo mesmo. No entanto, é uma ferramenta fulcral à administração da empresa, bem como a possíveis investidores externos. A revisão da literatura revela a existência de uma imensidão de modelos de avaliação existentes, mas também permite compreender a atual preferência pelas alternativas mais institucionalizadas, explícitas e formais, nomeadamente o método dos cash-flows atualizados, o método dos múltiplos, ou o baseado em opções. O objetivo deste trabalho passa, para além da apresentação da empresa, pela igual determinação do seu valor, recorrendo ao método dos cash-flows atualizados para o efeito. Fruto da conjugação entre a análise à empresa e setor de atividade e à definição dos diversos pressupostos de avaliação para os modelos selecionados, obteve-se a seguinte estimativa para o Valor da Empresa: 1.011.243€ segundo a abordagem dos Capitais Totais (modelo FCFF).
Adicionalmente, procedeu-se a uma análise de sensibilidade e de risco, delineando cenários otimistas e pessimistas, a fim de avaliar o impacto no valor da empresa, de alterações a variáveis fundamentais, tais como, volume de negócios, FSE e condições comerciais.
The large number of small and medium companies (SMC) in Portugal contributes to a highly competitive market where there is a clear need for differentiation, synonymous with survival. Defining efficient strategies and making the most of competitive advantages becomes imperative to ensure the sustainability and success of a company. This study focuses on various business valuation practices as well as the primary and most widely used models in this field. Valuation is a subjective exercise, so there is no exact value, as it is conditioned by the analyst's expectations and the chosen approach. However, it is a crucial tool for company management, as well as potential external investors. The literature review reveals the existence of a multitude of valuation models, but it also helps understand the current preference for more institutionalized, explicit, and formal alternatives, namely the discounted cash-flow method, the multiples method, or the option-based approach. The objective of this report is not only to present the company but also to determine its value using the discounted cash-flow method for this purpose. Through the combination of company and industry analysis and the definition of various valuation assumptions for the selected models, the following estimates for the Company's Value were obtained: €1.011.243 using the Total Capital approach (FCFF model). Additionally, a sensitivity and risk analysis was conducted, outlining optimistic and pessimistic scenarios to assess the impact on the company's value of changes in fundamental variables such as turnover, EBITDA, and trading conditions.
The large number of small and medium companies (SMC) in Portugal contributes to a highly competitive market where there is a clear need for differentiation, synonymous with survival. Defining efficient strategies and making the most of competitive advantages becomes imperative to ensure the sustainability and success of a company. This study focuses on various business valuation practices as well as the primary and most widely used models in this field. Valuation is a subjective exercise, so there is no exact value, as it is conditioned by the analyst's expectations and the chosen approach. However, it is a crucial tool for company management, as well as potential external investors. The literature review reveals the existence of a multitude of valuation models, but it also helps understand the current preference for more institutionalized, explicit, and formal alternatives, namely the discounted cash-flow method, the multiples method, or the option-based approach. The objective of this report is not only to present the company but also to determine its value using the discounted cash-flow method for this purpose. Through the combination of company and industry analysis and the definition of various valuation assumptions for the selected models, the following estimates for the Company's Value were obtained: €1.011.243 using the Total Capital approach (FCFF model). Additionally, a sensitivity and risk analysis was conducted, outlining optimistic and pessimistic scenarios to assess the impact on the company's value of changes in fundamental variables such as turnover, EBITDA, and trading conditions.
Descrição
Palavras-chave
Avaliação de empresas Cash-flows atualizados Valor atual líquido