Valuation de uma cervejaria artesanal: o caso Holanda

Abstract

This research aimed as a general objective to measure the value of Cervejaria Holanda, an industrial company in the alcoholic beverages segment headquartered in the municipality of Parnamirim/RN. To verify the measurement of value (valuation), the application of Discounted Cash Flow (DCF) was used as a methodology, which is considered by specialists and academics as the most appropriate methodology to estimate the value of a company. Furthermore, this work aims to understand the market of operation, business management and the history of the analyzed company, in order to support adequate assumptions for the projection of the organization's future cash flow. Therefore, in order to minimize risks in the valuation due to the low history of data of the object company, a relative valuation was estimated based on a market multiple ("EV/Sales") with publicly held companies, aiming at a comparison between the adequacy of both methodologies in the brewery value measurement procedure. Finally, an adherence of the fair value found between both company valuation procedures applied in this work was found, moreover an intrinsic relationship was found between the sensitivity of the final value with the cost of capital and the growth in perpetuity, which were fundamental to propose future studies.