Avaliação de Empresas

Basic knowledge in general accounting and finance.

The following teaching methodologies are used in this curricular unit: 1) Verbal methods (say), making use of the following educational resources: Exposition, Explanation and Dialogue; 2) Intuitive Methodologies (show), making use of the following educational resources: Demo, Audiovisual Texts and Writings; 3) Active methodologies (do), making use of the following educational resources: Group Work, Case Studies.

The Companies Evaluation and Restructuring Course presents the student with the fundamental concepts for corporate valuation, business strategies valuations and the shareholders value creation and the issue of mergers, acquisitions and corporate restructuring developed and exploited essentially practical perspective. The aim is for students to identify the different types of concepts and value of the company, identify the main problems in the evaluation of companies dominate the forecasting techniques of the main variables in the models based on the time value of money, characterize and apply the main methods evaluation of companies, critically analyze the processes of mergers, acquisitions and corporate restructuring and analyze shareholders value creation and their metrics.

1. Fundamentals of company valuation 

1.1. Key value definitions

1.2. Fundamental assumptions of company valuation

1.3. Due diligence

2. Business valuation methods and models

3. Static perspectives

3.1. Equity optics (asset-based approach)

3.2. Market comparison optics (market approach)

3.2.1. PER or P / E ratio as a valuation method

3.2.2. The PBV ratio

3.2.3. Evaluation by PS

3.2.4. Assessments based on the concept of enterprise value

4. The Cost of Capital

4.1. Estimated cost of equity by CAPM

4.2. Typology of capital costs

5. Perspective and future time value of money

5.1. Perspective of dividends: the Gordon and Shapiro model

5.2 Company value based on the future growth opportunities

5.3. Valuation models using the discounted cash flows

6. The Economic Value Added (EVA) model and the Market Value Added (MVA)

7. The companies restructuring processes, either through judicial or extrajudicial means.

8. The acquisition of credits (and their reduction), creating value for companies in difficulties.

NAO

– Ferreira, D. (2017). Fusões, Aquisições, Cisões e Outras Reestruturações de Empresas: Abordagem Estratégica e Organizacional. Rei dos Livros.

– Mota, A.G., Nunes, J.P, & Ferreira, M.A. (2006). Finanças Empresariais – Teoria e Prática (2ª Ed.). Publisher Team.

– Neves, J.C. (2002). Avaliação de Empresas e Negócios. Mc-Graw Hill.

– Neves, J.C. (2012). Análise e Relato Financeiro – Uma Visão Integrada de Gestão. Texto Editora.

– Pinho, C., Tavares, S. (2012). Análise Financeira e Mercados (2ª Ed.). Áreas Editora.

– Tournier, J.C., Tournier, J.B. (2002). A avaliação da empresa. Bertrand Editora.