Avaliações de Empresas: Importância & Métodos

Avaliações de Empresas

Avaliações de Empresas: Importância & Métodos

Num mercado cada vez mais competitivo, conhecer o valor da empresa é uma vantagem competitiva fundamental para qualquer empresário, quer para sustentar decisões de investimento em situação de captação de capital, quer para a venda da empresa e/ou para avaliação da situação financeira e económica da mesma numa base recorrente.

Sabe-se que o valor da empresa pode ser influenciado e variar em função de fatores macroeconómicos. Assim, deter conhecimento acerca do valor da empresa ajuda o empresário a tomar decisões em momentos críticos, agir de forma rápida e tomar boas decisões de planeamento estratégico. Deste modo, a avaliação deve preferencialmente ser feita periodicamente para que o valor seja atualizado, refletindo as tendências do mercado e as mudanças verificadas na empresa ao longo dos seus exercícios.

O valor de uma empresa não é definido apenas em função dos seus ativos, mas tem também em conta os rendimentos que esta poderá gerar no futuro, assentes no seu potencial de crescimento e no que se perspetiva ser a conjuntura do mercado. Assim, para se obter a valorização de uma empresa, é possível recorrer-se a diversos métodos. A HMBO combina três métodos cumulativamente:

  • Um dos métodos preferenciais para a avaliação de PME, como as que constituem 99,9% do tecido empresarial português, é o método dos cash-flows descontados. Este é o método de avaliação de empresas mais aceite, já que além de considerar os anos históricos da empresa e os seus ativos atuais, permite analisar a capacidade futura de geração de riqueza da empresa num período de tempo que geralmente varia entre 5 e 10 anos. Assim, e porque as empresas são organismos dinâmicos, quanto maior for o seu potencial de gerar valor no futuro, maior será também o seu valor.

 

  • Outro método a referir é o dos múltiplos de mercado, que não é aconselhável que se analise individualmente, consiste determinação do valor da empresa pela comparação com empresas com atividades semelhantes, normalmente cotadas em Bolsa, através da informação recolhida acerca das transações internacionais ocorridas por empresas pertencentes ao mesmo setor, de onde se extraem os múltiplos médios de mercado.

 

  • Por fim, o método patrimonial, que considera o valor dos ativos da empresa ao atual valor de mercado, tais como imóveis, equipamentos, stock, entre outros. Ao ativo são descontadas as dívidas e obrigações financeiras. Note-se que o valor da empresa apurado por este método não tem em conta a capacidade geração de riqueza futura da empresa e, por isso, é geralmente menor do que o valor calculado pelos dois métodos supracitados.

 

Com base nestes métodos, no conhecimento do mercado atual e na expectativa do panorama de mercado no futuro, considera-se de suma importância a realização da avaliação da empresa, por forma a aumentar o seu potencial competitivo na medida em que o gestor ao saber com maior exatidão quais os impactos que as suas estratégias terão no negócio poderá melhor alocar os seus recursos. Além das decisões mais pontuais e estratégicas, a avaliação da empresa funciona também como uma ferramenta para gerir o negócio com mais eficiência.

Joana Lobo, Consultora Corporate Finance

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