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Comparação entre o market value added e o discounted cash flow : o caso da Coca-Cola Co.
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Resumo(s)
O presente trabalho propõe-se realizar a comparação entre dois métodos distintos de avaliação de empresas - Discounted Cash Flow (DCF) e o Market Value Added (MVA), demonstrando a aplicabilidade destes dois modelos de avaliação no caso da Coca-Cola Co.
É possível verificar que o disposto na literatura não é consensual. Da mesma maneira que há autores que defendem a utilização do DCF, existem outros que aconselham a utilização do MVA. Dada a falta de concordância em relação aos mencionados métodos, este trabalho pretende, também, contribuir para o presente debate.
Para tal, foi realizada uma análise estratégica e financeira da empresa e do setor com base nos dados financeiros disponíveis relativos ao período de 2014 a 2018 e foram estimados os Free Cash-Flows (FCF) e o Economic Value Added (EVA©) para 2019-2023. Deste modo, foi possível estimar o valor da empresa pelos métodos do DCF e do MVA
Os resultados obtidos nos dois métodos foram comparados entre si concluindo-se que os mesmo não coincidem, apesar do apresentado na literatura. Além disso, estes resultados foram comparados com o valor de mercado das ações da Coca-cola, Co. a 31 de dezembro de 2018 e apontaram para uma melhor estimação por parte do DCF em relação ao MVA.
This paper proposes to compare two different companies? valuation methods - the Discounted Cash Flow Method (DCF) and the Market Value Added (MVA), demonstrating the applicability of these two valuation models in the case of Coca-Cola, Co.. It?s possible to verify that the statements in the literature are not consensual. At the same time that some authors defend the use of DCF, there are others who advise the use of MVA. Given the lack of agreement in relation to the aforementioned methods, this work also intends to contribute to the present debate. To this end, a strategic and financial analysis of the company and the sector was carried out based on the available financial data for the period from 2014 to 2018 and Free Cash-Flows (FCF) and Economic Value Added (EVA ©) were estimated for 2019 to 2023. In this way, it was possible to estimate the company's value using the DCF and MVA methods. The results obtained in both methods were compared with each other, concluding that they do not coincide, despite the arguments presented on the literature. In addition, these results were compared to the market value of Coca-Cola, Co.'s shares at December 31st, 2018 and pointed a better estimation from the DCF relatively to the MVA.
This paper proposes to compare two different companies? valuation methods - the Discounted Cash Flow Method (DCF) and the Market Value Added (MVA), demonstrating the applicability of these two valuation models in the case of Coca-Cola, Co.. It?s possible to verify that the statements in the literature are not consensual. At the same time that some authors defend the use of DCF, there are others who advise the use of MVA. Given the lack of agreement in relation to the aforementioned methods, this work also intends to contribute to the present debate. To this end, a strategic and financial analysis of the company and the sector was carried out based on the available financial data for the period from 2014 to 2018 and Free Cash-Flows (FCF) and Economic Value Added (EVA ©) were estimated for 2019 to 2023. In this way, it was possible to estimate the company's value using the DCF and MVA methods. The results obtained in both methods were compared with each other, concluding that they do not coincide, despite the arguments presented on the literature. In addition, these results were compared to the market value of Coca-Cola, Co.'s shares at December 31st, 2018 and pointed a better estimation from the DCF relatively to the MVA.
Descrição
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Coca-Cola Co. Valor de Mercado Free Cash Flow Market Value Added Economic Value Added Performance Demonstrações financeiras previsionais WACC Evaluation Market Value Forecasted Financial Statements
Contexto Educativo
Citação
Correia, Jossline Jesus (2019). "Comparação entre o market value added e o discounted cash flow : o caso da Coca-Cola Co.". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão