| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 2.79 MB | Adobe PDF |
Authors
Abstract(s)
As fusões e aquisições, no contexto de reestruturação de grupos de empresas, são uma
componente fulcral para a sua realização de forma eficiente. Desde há longas décadas, a
reestruturação de empresas, é considerada uma das principais formas de criação de valor e
de riqueza nas sociedades. A avaliação de empresas assume um papel relevante neste tipo
de concentrações. Neste trabalho efetua-se uma revisão bibliográfica dos modelos que
servem de base à avaliação de empresas. Não existe um modelo perfeito, existem sim,
modelos mais adequados mediante o caso em concreto. Cada avaliação é única, implicando
conhecer e estudar bem a empresa, para depois utilizar o melhor método ou métodos que se
adequam à situação. A escolha dos métodos é motivada por modelos teóricos de preços das
ações, bem como orientações práticas na literatura de avaliação (Alford,1992).
O presente trabalho tem como objeto de estudo, o cálculo do valor da avaliação de uma
determinada área de negócio transferida para uma empresa do grupo, consequência da
segunda maior aquisição na história corporativa da casa mãe. A avaliação foi realizada
com base no modelo dos cash flows atualizados, utilizando os valores históricos da
empresa, na ótica do mercado.
Mergers and acquisitions in the context of restructuring of groups of companies, is a key component to its achievement efficiently. Since long decades, the restructuring of companies, is considered one of the main ways of creating value and wealth in societies. The company valuation assumes an important role in this type of concentration. In this paper we make a literature review of models that are the basis for business valuation. There is no perfect model, there are rather more appropriate models on the particular case. Each evaluation is unique, implying know and study the company well, then use the best method or methods that suit the situation. The choice of methods is motivated by theoretical models of stock prices, as well as practical guidance in the evaluation literature (Alford, 1992). This work has as object of study, the evaluation value calculation of a particular business is transferred to a group company, a result of the second largest acquisition in the corporate history of the house mother. The evaluation was based on the model of the updated cash flows, using the historical values of the company, in the view of the market.
Mergers and acquisitions in the context of restructuring of groups of companies, is a key component to its achievement efficiently. Since long decades, the restructuring of companies, is considered one of the main ways of creating value and wealth in societies. The company valuation assumes an important role in this type of concentration. In this paper we make a literature review of models that are the basis for business valuation. There is no perfect model, there are rather more appropriate models on the particular case. Each evaluation is unique, implying know and study the company well, then use the best method or methods that suit the situation. The choice of methods is motivated by theoretical models of stock prices, as well as practical guidance in the evaluation literature (Alford, 1992). This work has as object of study, the evaluation value calculation of a particular business is transferred to a group company, a result of the second largest acquisition in the corporate history of the house mother. The evaluation was based on the model of the updated cash flows, using the historical values of the company, in the view of the market.
Description
Nota: 15 valores
Keywords
Fusão Aquisições Avaliação de empresas Reestruturação de empresas Mergers Company restructuring Company valuation Acquisitions