Avaliação de empresas na reestruturação e transformação societária-fusões, cisões, incorporações e privatizações

by Linke, Ivanete

Abstract (Summary)
This dissertation presents the results of a research about reestruturação de emprises through acquisitions, fusing, splits, incorporations and privatizations, treats of, as well, about concept of value and concepts concerning business appraisement, methods, technics and appraisementmodels, that ends of with Company Paranaense de Energy ? COPEL´s financial and economical valuation practical analysis, accomplished by services contracted for theGovernment of the State of the Paraná toward this end, wish purpose was to establish the price of reference used in enterprise´s selling negotiation. From that, one configured the research´s major goal, wish is to compare the result of application of different valuation methods for a enterprises with references rating calculated tending COPEL enterprise´s selling. The study develops about four main valuation methods for enterprises: equity value method, discount dividends method, comparative method cash flow discounted method. The December 8th 1998 no. 12,355 State Law, that defined the basis over wish re-structuring and privatization processes should based on, allows 2001 May´s Paraná State appointment the Consortium Diamante, headed by DrKW, for restructure and accomplish COPEL´s privatization. The starting point of the research was based in COPEL´s reports an expert´s reports, Service A consortium reports ( BOOZ ALLEN amp; HAMILTON DO BRASILCONSULTORES LTDA ), from Service B ( CONSÓRCIO DIAMANTE ), Secretaries ad Fazed do Estate of the Paraná and the Court of Accounts. The study has proved the methodology used by consultants was not suitable for this type of asset, in addition to embody countless arbitrariness when choosing major parameters for calculation. The discounts taxapplied to fluxes the recite projected for COPEL, are composed from assemblage of very high risk tax, wish prejudice availed minimum price. In this work, the DFC method was found the most indicated by its theoretical biases and the mostly used in its professional field; that is so this way that DFC method was expressly required by Edictal the Contractual of the Service A e B, for COPEL´s appraisement, and also by consensus of both services contracted for the Government for COPEL´s appraisement, that its the most adequate method to valuate the concerning enterprise; yet not the definitive one. Such method suppose a calculation, named valuation , that starts up from future variables and knows so much one can to validate or not. The mostly referenced authors are: Damodaran (1997), Copeland et al (1993), Falcini (1992)e Neiva (1992). However, others authors was issued and they also helped in developing the referential theoretic picture
This document abstract is also available in Portuguese.
Bibliographical Information:

Advisor:Ernani Ott; Maria Jose Carvalho de Souza Domingues; José Luís de Castro Neto

School:Universidade Regional de Blumenau

School Location:Brazil

Source Type:Master's Thesis

Keywords:methods of evaluation value


Date of Publication:

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