Comparação dos métodos de avaliação de empresas - valuation

Abstract

The objective of this study is to analyze, based on bibliographical research, the methods of valuation of companies most used in the Brazilian market, with emphasis on the discounted cash flow method (CDF), considering its three approaches, the company, the shareholder and of dividends, and valuation by multiples, describing its premises, applications, main advantages and limitations. Since the market for acquisitions, mergers, split-up of partnerships and organizational restructuring has shown intense global activity in the last decades and for the accomplishment of such operations it was necessary to define the fair value of these businesses. The work was developed based on bibliographical research, with a qualitative approach, for which eight papers published in national journals were selected and analyzed. The results of this study indicate the discounted cash flow as the most used method in the Brazilian market, in any sector and size, due to the ease of manipulation and obtaining the necessary data for the valuation. The valuation by multiples method presented as satisfactory for large and public companies, it is also an excellent indicator to other methods. Regarding the opportunities for future research, we highlight the empirical test of the methods presented in this paper, as well as other methods of valuation, in companies of different sectors of the Brazilian economy.