Avaliação de empresas pelo método de fluxo de caixa descontado: o caso da Marcopolo S.A.

Abstract

This paper aims to carry out an economic-financial analysis of Marcopolo S.A., a public company listed in B3 under the tickers POMO3 and POMO4. The study is based on the set of financial statements provided by the company,by projecting such accounts for the next 5 years and also during perpetuity. For this investigation, it was chosen the discounted cash flow method, which brings the potencial cash flows generation to present value. In order to find the fair value of the company`s shares, both the firm value and the equity value were approached by. Thus, the WACC (Weighted Average Cost of Capital) methodology was used, so that it was possible to find an appropriate discout rate with the risk attributed to the firm`s cash flow. Knowing the firm value of the company, therefore, the net debt of the last period was substracted to find the equity value. Despite finding itself on a difficult situation, if the company continues with good projects and resumes its returns on these investments, Marcopolo S.A.`s shares tend to appreciate a lot over the next few years. It was concluded that, at the current price level, the shares are unvalued, representing a great acquisition opportunity.