A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY

Detalhes bibliográficos
Autor(a) principal: Saurin, Valter
Data de Publicação: 2009
Outros Autores: Miranda Lopes, Ana Lúcia, da Costa Junior, Newton Carneiro Affonso
Tipo de documento: Artigo
Idioma: por
Título da fonte: RAM. Revista de Administração Mackenzie
Texto Completo: https://editorarevistas.mackenzie.br/index.php/RAM/article/view/381
Resumo: Among business valuation methodologies, the most widely used models are based on discounted cash flow and residual income methodologies. Each model has its own particular characteristics and supplies different information. But, theoretically, they should give equivalent financial results if the same data base is used. The objective of this study is to determine if there are methodological conflicts among the models when the same basic data is used or if the results are the same. A real case analysis of a public utility company was carried out, using the discounted cash flow and the residual income models, the results were compared to the negotiated price, which was adjusted to represent 100% of equity. The results show great differences among the values themselves and with the sales price of the company under study.KEYWORDSBusiness valuation; Investment valuation; Business valuation methodology; Residual income; Discounted cash flow.
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spelling A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANYComparação dos modelos de avaliação de empresas com base no fluxo de caixa descontado e no lucro residual: estudo de caso de uma empresa de energia elétricaAmong business valuation methodologies, the most widely used models are based on discounted cash flow and residual income methodologies. Each model has its own particular characteristics and supplies different information. But, theoretically, they should give equivalent financial results if the same data base is used. The objective of this study is to determine if there are methodological conflicts among the models when the same basic data is used or if the results are the same. A real case analysis of a public utility company was carried out, using the discounted cash flow and the residual income models, the results were compared to the negotiated price, which was adjusted to represent 100% of equity. The results show great differences among the values themselves and with the sales price of the company under study.KEYWORDSBusiness valuation; Investment valuation; Business valuation methodology; Residual income; Discounted cash flow.Na metodologia de avaliação de empresas destacam-se como clássicos os modelos baseados no fluxo de caixa descontado e no lucro residual. Cada modelo tem suas características e fornece uma informação diferenciada, mas teoricamente devem proporcionar resultados financeiros equivalentes, se for empregada à mesma base de dados. O objetivo deste estudo é verificar se, com a utilização da mesma base de dados, os modelos do fluxo de caixa, descontado e do lucro residual, proporcionam resultados equivalentes ou se existem conflitos metodológicos entre eles. Efetuou-se a análise de um caso real, de uma empresa de utilidade pública, empregando-se o modelo do fluxo de caixa descontado e do lucro residual comparando-se os resultados com o preço negociado, ajustado para representar 100% do capital próprio. Os resultados mostraram diferenças significativas entre os valores calculados e entre estes e o preço de venda da empresa em estudo.PALAVRAS-CHAVES Avaliação de empresas; Avaliação de investimento; Metodologia de avaliação de empresas; Lucro residual; Fluxo de caixa descontado.Editora Mackenzie2009-04-03info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/381Revista de Administração Mackenzie; Vol. 10 No. 1 (2009)Revista de Administração Mackenzie; Vol. 10 Núm. 1 (2009)Revista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 1 (2009)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/381/219Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessSaurin, ValterMiranda Lopes, Ana Lúciada Costa Junior, Newton Carneiro Affonso2011-01-18T13:42:28Zoai:ojs.editorarevistas.mackenzie.br:article/381Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2011-01-18T13:42:28RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false
dc.title.none.fl_str_mv A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
Comparação dos modelos de avaliação de empresas com base no fluxo de caixa descontado e no lucro residual: estudo de caso de uma empresa de energia elétrica
title A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
spellingShingle A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
Saurin, Valter
title_short A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
title_full A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
title_fullStr A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
title_full_unstemmed A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
title_sort A COMPARATIVE STUDY OF DISCOUNTED CASH FLOW AND RESIDUAL INCOME MODELS FOR BUSINESS VALUATION: CASE STUDY OF A POWER ENERGY COMPANY
author Saurin, Valter
author_facet Saurin, Valter
Miranda Lopes, Ana Lúcia
da Costa Junior, Newton Carneiro Affonso
author_role author
author2 Miranda Lopes, Ana Lúcia
da Costa Junior, Newton Carneiro Affonso
author2_role author
author
dc.contributor.author.fl_str_mv Saurin, Valter
Miranda Lopes, Ana Lúcia
da Costa Junior, Newton Carneiro Affonso
description Among business valuation methodologies, the most widely used models are based on discounted cash flow and residual income methodologies. Each model has its own particular characteristics and supplies different information. But, theoretically, they should give equivalent financial results if the same data base is used. The objective of this study is to determine if there are methodological conflicts among the models when the same basic data is used or if the results are the same. A real case analysis of a public utility company was carried out, using the discounted cash flow and the residual income models, the results were compared to the negotiated price, which was adjusted to represent 100% of equity. The results show great differences among the values themselves and with the sales price of the company under study.KEYWORDSBusiness valuation; Investment valuation; Business valuation methodology; Residual income; Discounted cash flow.
publishDate 2009
dc.date.none.fl_str_mv 2009-04-03
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://editorarevistas.mackenzie.br/index.php/RAM/article/view/381
url https://editorarevistas.mackenzie.br/index.php/RAM/article/view/381
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://editorarevistas.mackenzie.br/index.php/RAM/article/view/381/219
dc.rights.driver.fl_str_mv Copyright (c) 2015 Revista de Administração Mackenzie
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2015 Revista de Administração Mackenzie
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Editora Mackenzie
publisher.none.fl_str_mv Editora Mackenzie
dc.source.none.fl_str_mv Revista de Administração Mackenzie; Vol. 10 No. 1 (2009)
Revista de Administração Mackenzie; Vol. 10 Núm. 1 (2009)
Revista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 1 (2009)
1678-6971
1518-6776
reponame:RAM. Revista de Administração Mackenzie
instname:Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron:MACKENZIE
instname_str Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron_str MACKENZIE
institution MACKENZIE
reponame_str RAM. Revista de Administração Mackenzie
collection RAM. Revista de Administração Mackenzie
repository.name.fl_str_mv RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)
repository.mail.fl_str_mv revista.adm@mackenzie.br
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