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Reestruturação de empresas: a criação de valor através das fusões e aquisições: um estudo de caso da fusão Zon/Optimus
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Orientador(es)
Resumo(s)
Com o presente estudo pretende-se analisar o processo de reestruturação
que assumiu a forma de aquisição e que envolveu as empresas Optimus e ZON,
identificando as suas causas e efeitos, verificando o desempenho económico-
financeiro das empresas antes e após a fusão e, por fim, apurar a existência ou
não de criação de valor.
Após o desenvolvimento teórico procedeu-se à análise do mercado,
passando-se depois à introdução das empresas fundidas. Posteriormente realizou-
se um diagnóstico estratégico à empresa, sendo este a base para a determinação
de todas as componentes de valor na aplicação do modelo dos discounted cash-
flows. Os resultados sugerem que a integração das duas empresas ainda não se
traduz num conjunto de sinergias, mas prevê-se que o seu contínuo crescimento
reflita essas sinergias no valor da NOS num futuro próximo.
With the present study it is intended to analyze one process of restructuring that took the form of acquisition and which involved Optimus and ZON companies, identifying their causes and effects, checking the economic and financial performance of the companies before and after the merger and, finally, to determinate the existence or not of value creation. After the theoretical development it proceeded to the analysis of the market, moving up to the introduction of the merged companies. Later we held a strategic diagnosis to the company, the latter being the basis for the determination of all components of value in the application of the model of discounted cash-flows. The results suggest that the integration of the two companies still does not translate into a set of synergies, but it is expected that the continuous growth reflects these synergies in the value of the NOS in the near future.
With the present study it is intended to analyze one process of restructuring that took the form of acquisition and which involved Optimus and ZON companies, identifying their causes and effects, checking the economic and financial performance of the companies before and after the merger and, finally, to determinate the existence or not of value creation. After the theoretical development it proceeded to the analysis of the market, moving up to the introduction of the merged companies. Later we held a strategic diagnosis to the company, the latter being the basis for the determination of all components of value in the application of the model of discounted cash-flows. The results suggest that the integration of the two companies still does not translate into a set of synergies, but it is expected that the continuous growth reflects these synergies in the value of the NOS in the near future.
Descrição
Palavras-chave
NOS Optimus ZON Fusão Telecomunicações Discounted Cash-Flows WACC Análise de sensibilidade Merger Electronic communications market Sensitivity analysis