Valor de Empresa: Uma Abordagem do Fluxo de Caixa Descontado

Abstract

    This article analyzes the enterprise's valuation process, emphasizing the concepts of value and price, valuation, and pointing the most used methodology in the empiric field, the Discounted Cash Flow. The study is classified as an explanatory research, of the quasi experiment type. Using a hypothetical example, the concepts of the company's valuation process are analyzed and explained. It was verified that the measurement by economic benefits offers important subsidies for the valuation of a business. In the process of measurement the perpetuity concept is included. The use of this concept makes the process of a business valuation easier. However, the correct definition of the variables used is important, because in general the perpetuity is a considerable part of the enterprise's value. In the calculation of the enterprise's global value, the Weighted Average Cost of Capital (WACC) was used as the discount tax of the future benefits, according to the literature consulted. However, it was verified that is better to use the shareholder's opportunist cost in the calculation of shareholder's value, because the WACC has inside the outsiders' capital cost.