Valuation de uma empresa do setor de utilities por meio de direcionadores de valor e múltiplos

Abstract

This work was conceived with the proposal to study the generation of future economic value of company denominated with the pseudonym of Y from the period from 2015 to 2018 projected for 2019 to 2023. At this core, this research aimed to suggest financial policies so that it is directed towards the aggregation of the value of the common shares. With regard to the methodology, a qualitative research was carried out and in terms of the purposes, a descriptive research was carried out, as well as the means, documental research, through the collection of secondary data published on the Balance Sheet and Income Statement in the newspaper "MG", on B3's website and investing.com, on an annual basis. A data-driven worksheet was used that was then analyzed to demonstrate if the organization is creating or destroying current and future economic value. Thus, by the factor capitalization / revenue of the sector, a concession of 10 years from 2019 of company Y can be traded at R$131,330,870.00. For the cash flow discounted by the ROCE during the period from 2015 to 2018, considering the perpetuity, the negotiation would be from R$ 220,332,810.00. In addition to these methods, the value of company Y was calculated by the revenue x factor EVA / factor Ibovespa future considering parent company, for R$ 175,139,340.00 and, without parent company, for R$ 183,116,810.00.To start creating economic value in the proportion of 0.01%, a hypothesis would be the reduction of 42.31% of CSP, 50% of expenses related to the operation, renegotiation of debts with suppliers, reduction of 72.76% of fixed assets, investment in human resources to enable improvements in the quality of service provided to direct the company in the way of creation of future value, maximization of shareholder wealth and continuity in the market in a sustainable way.