Estudo da análise preços de negociação de empresas comparativamente à avaliação de empresas por opções reais: estudo de caso de empresas do setor de telecomunicações

• Autor(a) principal: Kuronuma, Alexandre Maurício
• Data de Publicação: 2006
• 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/1139
• topic: Avaliação de empresas; Opções reais; Finanças; Setor de telecomunicações; BCP Telecomunicacoes; BSE Telecomunicacoes; Empresas -- Avaliacao; Telecomunicacao -- Brasil.; Valuation; Real option; Finantial; Telecommunications sector; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA

The purpose of this report is to analyze the use of the real option theory in the valuation of companies compared to the actual values of deals in the telecommunications sector in Brazil. This study focused on the case of two mobile phone companies formed by the sale of the license concessions of the B band in 1997: BCP Telecomunicações and BSE Telecomunicações. These companies had been evaluated using eighteen different scenarios created by the combination of three variables (volatility, free tax of risk and the cost of the debt), using the call option model of Black and Scholes. The results shown that although both companies present negative values for its real equity in December, 31 - 2002, the companies had presented a positive value for the real option model, showing the effectiveness of this methodology in companies valuation. As a result of our analysis, we concluded that the use of real options valuation is a viable alternative if compared with the traditional valuation methodologies