STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY

Detalhes bibliográficos
Autor(a) principal: Oliveira, Tatiana Barros Pinheiro
Data de Publicação: 2015
Outros Autores: Oliveira, Marcos Roberto Gois
Tipo de documento: Artigo
Idioma: por
Título da fonte: Contextus (Fortaleza. Online)
Texto Completo: http://periodicos.ufc.br/contextus/article/view/597
Resumo: This study is mainly aimed to determine whether there is synergy in a case of Merger and Acquisition (M & A), whose case study was the company TOTVS S/A. For this, it was used the method of discounted cash flow, in order to check the value of the company before and after the merger, and thus calculate the value of synergy. Associated with this technique was introduced the stochastic analysis from the Monte Carlo simulation, in order to assess the effect of economic fluctuations on firm value. As a result it was observed that there was a positive synergy resulting from the merger studied and simulated fluctuations in the economy, while decreasing the value of the company, secured almost 100% sure that there would be positive synergy in the case of the merger in study: TOTVS and Logo center.
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spelling STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDYENFOQUE ESTOCÁSTICO EN LA EVALUACIÓN DE PROCESO ECONÓMICOFINANCIERO DE LAS FUSIONES Y ADQUISICIONES - F & A: ESTUDIO DE CASO DE TOTVS S/AABORDAGEM ESTOCÁSTICA NA AVALIAÇÃO ECONÔMICO-FINANCEIRA DO PROCESSO DE FUSÕES & AQUISIÇÕES – F&A: ESTUDO DE CASO DA TOTVS S/AMergers and acquisitions. Discounted cash flow. Monte Carlo simulation and synergy. Valuation.Fusiones y adquisiciones. Flujo de caja descontado. Simulación de Monte Carlo. Sinergia. ValuationFusões e aquisições. Fluxo de caixa descontado. Simulação Monte Carlo. Sinergia. Valuation.This study is mainly aimed to determine whether there is synergy in a case of Merger and Acquisition (M & A), whose case study was the company TOTVS S/A. For this, it was used the method of discounted cash flow, in order to check the value of the company before and after the merger, and thus calculate the value of synergy. Associated with this technique was introduced the stochastic analysis from the Monte Carlo simulation, in order to assess the effect of economic fluctuations on firm value. As a result it was observed that there was a positive synergy resulting from the merger studied and simulated fluctuations in the economy, while decreasing the value of the company, secured almost 100% sure that there would be positive synergy in the case of the merger in study: TOTVS and Logo center.El estudio objetiva comprobar si el proceso de fusión, generar valor para la empresa que compra por medio de la determinación de una función de distribución de probabilidad de ocurrencia de la sinergia en una empresa cuyo capital es activo intangible, en este caso, el TOTVS S/A. Por tanto, se utilizó el método del flujo de caja actualizado, con el objetivo de controlar el valor antes y después de la fusión y calcular el valor de la sinergia. Asociado con esta técnica fue introducido a la simulación de Monte Carlo, con el objetivo de evaluar el efecto de las fluctuaciones de la economía en el valor de la empresa. Como resultado se observó que había una sinergia positiva resultante de la fusión, ya que las oscilaciones son simuladas en la economía, a pesar de disminuir el valor de la empresa, con casi el 100% de certeza que sinergia positiva.O presente estudo objetiva verificar se o processo de fusão ou aquisição gera valor à empresa compradora envolvida por meio da determinação de uma função de distribuição de probabilidade de ocorrência de sinergia em um caso de Fusão e Aquisição (F&A) de uma empresa cujo capital prioritário é intangível, nesse caso a TOTVS S/A. Para tanto, utilizou-se da metodologia de fluxo de caixa descontado, com o intuito de verificar o valor da empresa antes e depois da fusão, e assim calcular o valor da sinergia. Associada a essa técnica foi introduzida a Simulação Monte Carlo, com o objetivo de avaliar o efeito das oscilações da economia no valor da empresa. Como resultado observou-se que houve uma sinergia positiva decorrente da fusão e que as oscilações simuladas na economia, apesar de diminuir o valor da empresa, garantiram com quase 100% de certeza que haveria sinergia positiva no caso da fusão.FEAAC/UFC2015-12-17info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa empíricaapplication/pdfapplication/vnd.openxmlformats-officedocument.wordprocessingml.documenthttp://periodicos.ufc.br/contextus/article/view/59710.19094/contextus.v13i3.597Contextus - Contemporary Journal of Economics and Management; Vol 13 No 3: sep/dec 201; 32 - 56Contextus – Revista Contemporánea de Economía y Gestión; Vol. 13 Núm. 3: sep/dic 2015; 32 - 56Contextus – Revista Contemporânea de Economia e Gestão; v. 13 n. 3: set/dez 2015; 32 - 562178-92581678-2089reponame:Contextus (Fortaleza. Online)instname:Universidade Federal do Ceará (UFC)instacron:UFCporhttp://periodicos.ufc.br/contextus/article/view/597/72533http://periodicos.ufc.br/contextus/article/view/597/98227Copyright (c) 2015 Revista: apenas para a 1a. publicaçãohttps://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessOliveira, Tatiana Barros PinheiroOliveira, Marcos Roberto Gois2021-11-22T12:10:35Zoai:periodicos.ufc:article/32246Revistahttp://periodicos.ufc.br/contextusPUBhttp://periodicos.ufc.br/contextus/oairevistacontextus@ufc.br2178-92581678-2089opendoar:2021-11-22T12:10:35Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)false
dc.title.none.fl_str_mv STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
ENFOQUE ESTOCÁSTICO EN LA EVALUACIÓN DE PROCESO ECONÓMICOFINANCIERO DE LAS FUSIONES Y ADQUISICIONES - F & A: ESTUDIO DE CASO DE TOTVS S/A
ABORDAGEM ESTOCÁSTICA NA AVALIAÇÃO ECONÔMICO-FINANCEIRA DO PROCESSO DE FUSÕES & AQUISIÇÕES – F&A: ESTUDO DE CASO DA TOTVS S/A
title STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
spellingShingle STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
Oliveira, Tatiana Barros Pinheiro
Mergers and acquisitions. Discounted cash flow. Monte Carlo simulation and synergy. Valuation.
Fusiones y adquisiciones. Flujo de caja descontado. Simulación de Monte Carlo. Sinergia. Valuation
Fusões e aquisições. Fluxo de caixa descontado. Simulação Monte Carlo. Sinergia. Valuation.
title_short STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
title_full STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
title_fullStr STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
title_full_unstemmed STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
title_sort STOCHASTIC APPROACH IN FINANCIAL AND ECONOMIC EVALUATION OF THE PROCESS OF MERGERS AND ACQUISITIONS – M & A: THE TOTVS’S CASE STUDY
author Oliveira, Tatiana Barros Pinheiro
author_facet Oliveira, Tatiana Barros Pinheiro
Oliveira, Marcos Roberto Gois
author_role author
author2 Oliveira, Marcos Roberto Gois
author2_role author
dc.contributor.author.fl_str_mv Oliveira, Tatiana Barros Pinheiro
Oliveira, Marcos Roberto Gois
dc.subject.por.fl_str_mv Mergers and acquisitions. Discounted cash flow. Monte Carlo simulation and synergy. Valuation.
Fusiones y adquisiciones. Flujo de caja descontado. Simulación de Monte Carlo. Sinergia. Valuation
Fusões e aquisições. Fluxo de caixa descontado. Simulação Monte Carlo. Sinergia. Valuation.
topic Mergers and acquisitions. Discounted cash flow. Monte Carlo simulation and synergy. Valuation.
Fusiones y adquisiciones. Flujo de caja descontado. Simulación de Monte Carlo. Sinergia. Valuation
Fusões e aquisições. Fluxo de caixa descontado. Simulação Monte Carlo. Sinergia. Valuation.
description This study is mainly aimed to determine whether there is synergy in a case of Merger and Acquisition (M & A), whose case study was the company TOTVS S/A. For this, it was used the method of discounted cash flow, in order to check the value of the company before and after the merger, and thus calculate the value of synergy. Associated with this technique was introduced the stochastic analysis from the Monte Carlo simulation, in order to assess the effect of economic fluctuations on firm value. As a result it was observed that there was a positive synergy resulting from the merger studied and simulated fluctuations in the economy, while decreasing the value of the company, secured almost 100% sure that there would be positive synergy in the case of the merger in study: TOTVS and Logo center.
publishDate 2015
dc.date.none.fl_str_mv 2015-12-17
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Pesquisa empírica
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://periodicos.ufc.br/contextus/article/view/597
10.19094/contextus.v13i3.597
url http://periodicos.ufc.br/contextus/article/view/597
identifier_str_mv 10.19094/contextus.v13i3.597
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv http://periodicos.ufc.br/contextus/article/view/597/72533
http://periodicos.ufc.br/contextus/article/view/597/98227
dc.rights.driver.fl_str_mv Copyright (c) 2015 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2015 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/vnd.openxmlformats-officedocument.wordprocessingml.document
dc.publisher.none.fl_str_mv FEAAC/UFC
publisher.none.fl_str_mv FEAAC/UFC
dc.source.none.fl_str_mv Contextus - Contemporary Journal of Economics and Management; Vol 13 No 3: sep/dec 201; 32 - 56
Contextus – Revista Contemporánea de Economía y Gestión; Vol. 13 Núm. 3: sep/dic 2015; 32 - 56
Contextus – Revista Contemporânea de Economia e Gestão; v. 13 n. 3: set/dez 2015; 32 - 56
2178-9258
1678-2089
reponame:Contextus (Fortaleza. Online)
instname:Universidade Federal do Ceará (UFC)
instacron:UFC
instname_str Universidade Federal do Ceará (UFC)
instacron_str UFC
institution UFC
reponame_str Contextus (Fortaleza. Online)
collection Contextus (Fortaleza. Online)
repository.name.fl_str_mv Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)
repository.mail.fl_str_mv revistacontextus@ufc.br
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