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Abstract(s)
No âmbito da conclusão do Mestrado em Auditoria, foi realizada a presente dissertação que pretende demonstrar algumas teorias e práticas mais estudadas e desenvolvidas pelos avaliadores para realizar a avaliação de empresas. Face à competitividade global e à incerteza constante, presente no contexto empresarial, a avaliação do desempenho financeiro tem-se tornado cada vez mais importante, como apoio à tomada de decisão.
Existem vários métodos de avaliação para colmatar as várias diversidades de cada empresa, sendo o Fluxo de Caixa Atualizado o mais usado. Se é verdade que existem diversos modelos alternativos, apresentados por vários autores que sustentam este processo, é importante referir que cada avaliação é única e não há uma fórmula para obter um resultado absoluto.
O objeto de estudo deste trabalho diz respeito a avaliação da empresa Mota-Engil, SGPS, SA, uma empresa presente no PSI 20, principal índice da Euronext Lisbon, desde 2005. Para isso, foram utilizados os dados financeiros presentes nos Relatórios & Contas compreendidos entre 2013 e 2017.
Utilizando os dados históricos e através da aplicação do modelo estatístico regressão linear, obteve-se uma projeção de dados futuros, nomeadamente da Demonstração dos Resultados, para os anos de 2018 a 2020. De forma a verificar se o modelo apresenta um grau de confiança satisfatório, foi efetuado um teste complementar, designado Teste T-Student. Apenas serão aceites as variáveis que apresentam um nível de significância estatístico.
As part of the Masters in Auditing, this dissertation aims to demonstrate some of the most studied theories and practices developed for company’s evaluation. Due to the global competition and uncertainty in the business environment, financial performance assessment has become increasingly important as a support for decision making. There are several evaluation methods to fill the multiple diversities of each company and the Discounted Cash Flow is the most used one. If it is true that there are alternative methods presented by several authors that support this process, it is essential to note that each evaluation is unique, and there is no general formula to obtain an absolute result. The study subject concerns the evaluation of Mota-Engil, SGPS, SA. It is a company present on PSI 20, Euronext Lisbon main index, since 2005. For this work, the Reports & Accounts between 2013 and 2017 were used. Based on data from the past, a linear regression model was used to forecast the values for the years 2018 to 2020 of the Income Statement. A statistical test was also applied (t-student test) to check the validity of the proposed model, in which only are considered variables that are statistically significant.
As part of the Masters in Auditing, this dissertation aims to demonstrate some of the most studied theories and practices developed for company’s evaluation. Due to the global competition and uncertainty in the business environment, financial performance assessment has become increasingly important as a support for decision making. There are several evaluation methods to fill the multiple diversities of each company and the Discounted Cash Flow is the most used one. If it is true that there are alternative methods presented by several authors that support this process, it is essential to note that each evaluation is unique, and there is no general formula to obtain an absolute result. The study subject concerns the evaluation of Mota-Engil, SGPS, SA. It is a company present on PSI 20, Euronext Lisbon main index, since 2005. For this work, the Reports & Accounts between 2013 and 2017 were used. Based on data from the past, a linear regression model was used to forecast the values for the years 2018 to 2020 of the Income Statement. A statistical test was also applied (t-student test) to check the validity of the proposed model, in which only are considered variables that are statistically significant.
Description
Esta versão contém as críticas e sugestões dos elementos do júri.
Keywords
Métodos de avaliação Fluxo de caixa atualizado Regressão linear Projeção de dados futuros