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COMPARATIVE STUDY ABOUT THE METHODS OF COMPANIES EVALUATION FOR DETERMINATION OF THE BUSINESS VALUE: AN APPROACH AMONG DISCOUNTED CASH FLOW, RELATIVE EVALUATION, PATRIMONIAL METHOD, MODEL OF EVA/MVA AND MODEL OF THE REAL OPTIONS
Última alteração: 2015-01-15
Resumo
The need for models of evaluation that best demonstrate the true value of the assets of companies won the emphasis extent that investors choose those who will bring them the greatest return. In this context, this study aims to promote a comparison of the results achieved by the application of five models of evaluation of companies. They are: discounted cash flow, on assessment, method property, the model EVA / AMM and model of real options. The search for answers to the problemhas been through research with descriptive quantitative approach. It was concluded that the method of discounted cash flow can be applied to almost any situation, although it is based on projections, which in certain situations may not materialise. The method of assessment on or by multiple, is a simple method regarding other methods and easily understood. The accrual accounting method is easy to implement, but is not recommended for companies whose assets measured by accounting principles differ greatly from its securities market or that have significant goodwill. The methods and EVA AMM are defined as management philosophies concentrated in value. The method of real options it is the application of concepts of the financial market in the decisions of investments and implementation of projects in the context of decision-making, but the method requires a large amount of information which makes it difficult to implement.
Palavras-chave
Methods of Evaluation; Value of the business; Enterprises
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