
23 Mar Investidores – Que dimensão de empresas procuram?
Segmentos de Mercado na Ótica dos Investidores
Os principais investidores em empresas não cotadas, quer sejam financeiros ou estratégicos, focam-se no fator dimensão na hora de avançarem com as transações.
Dependendo do volume de negócios, valor dos seus ativos ou número de trabalhadores, as empresas podem ser classificadas em diferentes categorias. Na liderança desta lista está o chamado middle market, que tende a merecer a atenção de grande parte dos investidores internacionais, fundos de private equity ou mesmo bancos de investimento.
Apesar de não existirem limites universalmente aceites para definir o middle market, este segmento compreenderá empresas com uma faturação anual entre EUR 5 milhões e EUR 500 milhões.
Os investidores, tendem ainda a subcategorizar o middle market em:
- lower middle market (EUR 5 – 50 milhões);
- middle market (EUR 50 – 100 milhões);
- upper middle market (EUR 100-500 milhões).
O Mercado Português
No mercado português imperam as Micro, Pequenas e Médias Empresas, que representavam em 2016, segundo os dados do Banco de Portugal, 99,8% do número de empresas que constituíam o nosso tecido empresarial. Do total de empresas que entregam a declaração fiscal em 2016 (390.477) destacam-se largamente as microempresas (89,9% do total). Estas empresas, apesar de contribuírem de forma preponderante para a economia, não suscitam, à partida, tanto interesse da parte dos investidores.
Restam as classes de dimensão das Pequenas, Médias e Grandes Empresas, algumas das quais enquadráveis no lower middle market e que poderão ser um alvo potencial para os investidores.
De acordo com os critérios já explicitados que definem o middle market, o mercado português, tinha no final de 2016 cerca de 7.800 empresas neste segmento, sendo, no universo destas, a sua maioria, integrada no limite inferior do middle market (lower middle market).
Conclui-se assim que a dimensão média das empresas do mercado português é reduzida, logo, menos atrativa para os investidores que procuram tickets de investimento mais elevados. Não raras as vezes, no âmbito da nossa atividade, somos contactados por investidores com interesse na aquisição de empresas com volumes de negócios ou níveis de rentabilidade operacional difíceis de encontrar no universo das PME portuguesas. Não obstante, o número de Fusões & Aquisições tem vindo a aumentar, com as operações de empresas de maiores dimensões a assumirem quase sempre um maior destaque.
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