Métodos de Valuation aplicados no cálculo de valor da empresa TAESA S.A

Abstract

The present study aims to present an economic and financial analysis of the valuation of companies, through the discounted cash flow method and market multiples and to estimate the fair value of the shares of the company TAESA SA (Transmissora Aliança de Energia Elétrica SA), one of the leaders in the electricity transmission sector in Brazil. For this, a survey of the theoretical framework was initially carried out, presenting the fundamentals of valuation of companies (Valuation) and the methodologies used in the calculation of valuations, such as the Discounted Cash Flow method and the Market Multiples method. In addition, the panorama of the electricity sector in Brazil was also presented, as well as the characteristics of the company studied and the accounting structures of the company that were used to perform the evaluation calculations. As a result obtained by the valuation model, we obtain a value of BRL 25,249 MM (twenty-five thousand, two hundred and forty-nine billion) and a fair share price of BRL 38.50 using the Discounted Cash Flow Method. The EV/EBITDA Multiples indicator, on the other hand, presents a result of 3.92x, indicating that it may take approximately 4 years for the company's operating profit to pay for the investment made to buy it.