Avaliação de empresas e análise de seus direcionadores de valor: um estudo de caso

• Autor(a) principal: Santos, José Augusto Rodrigues dos
• 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/1156
• topic: CAPM; ROIC; Fluxo de caixa descontado; Lucro econômico; MVA®; Lucro residual; Cadeia de abastecimento; Makro Atacadista S/A; Adminsitracao de empresas -- Estudos de caso; Fluxo de caixa; CAPM; ROIC; Discounted cash flow; Economic profit; MVATM; Residual profit; Supply chain; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA

The purpose of this paper is to analyze the relationship between the strategies implemented by the management and the growth in shareholders wealth. The case study evaluates the Makro Atacadista S/A operation, a private Brazilian branch of a multinational wholesale distributor that operates in the self-service format. The strategy of this Company is based on having an efficient cash management and maximizing its customers results. This work uses different methods of valuation. The most important is the Discounted Cash Flow (DCF) followed by economic profit, MVATM and residual profit. The conclusion presents a comparison among the calculated valuations, its equity and last market value. There is also an evaluation of its strengths and threats based on structural industry analysis theory (Porter, 1986, pg. 22)