Avaliação de empresas de concessões de rodovias no Brasil

• Autor(a) principal: Cordeiro Filho, Mário
• Data de Publicação: 2009
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://tede2.pucsp.br/handle/handle/1736
• topic: Contrato de concessão; Práticas contábeis; Fluxos de caixa descontados; Fluxos de dividendos descontados; Valor da empresa; Taxa interna de retorno; Concessoes administrativas -- Brasil; Empresas -- Avaliacao; Dividendos; Payback; Concession agreement; Right of concession; Accounting practices; Discounted cash flows; Discounted dividend flows; Enterprise value; Internal rate of return; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The purpose of this dissertation this to the study the problems related to applying valuation methods for highway concessions companies in Brazil. It is justified by the economic importance that this sector is assuming in Brazil with respect to investments in infrastructure that have already been and are going to be made. The highway concession segment in Brazil has expanded since the second half of the 1990s. Until this date there are more than 50 highway concession companies throughout the country, responsible for investment commitments of more of them R$ 10 billion related to improving and expanding the brazilian highway network. The highway concessions are specific purpose entities with a defined service life and holders of a concession right that permits them to commercially exploit segments of highways through charging tolls from the users, in exchange for assuming commitments to provide determined services and to implement investments for improvement and expansion during the concession agreement. In some cases the concession also assumes the commitment of payment of a right of concession to a Granting Authority. In this dissertation the application of valuation methods for companies, based on discounted cash flows, dividend flows, internal rate of return, payback and value multiples such as the ratio between enterprise value and its EBITDA are considered. These methods were used in the valuation of the five highway concessions granted by the Government of the State of São Paulo in the public auction that took place in October 2008. The results of this valuation as well as a critical analysis of the adequacy of the above-mentioned valuation methods are presented in chapter V and the conclusions are presented in chapter VI of this dissertation