Evaluation of Companies (Valuation): the discounted cash flow applied to electric energy transmission companies / AVALIAÇÃO DE EMPRESAS (VALUATION): O FLUXO DE CAIXA DESCONTADO APLICADO A EMPRESAS TRANSMISSORAS DE ENERGIA ELÉTRICA

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

Among the different methodologies, that exist for the evaluation of companies, which are being analyzed in the present studies, it was shown, in practical terms, what the literature has been reaffirming: the vast majority of valuation processes is being made by means of the application of the methodology of the discounted cash flow. Since the privatization process of the electric sector, including its recent reform, from 1998 onwards, one of the sectors that has mostly attracted investments in Brazil, has been the transmission of electric energy. The transmission concessions are sold in auctions, by the regulating authority, for the lowest transmission tariff offered, demanding complex financial calculations. Thus, from the auctions of 1999 onwards, the frequent utilization of the discounted cash flow has been observed in the financial modeling to overcome successfully competing proposals in auctions. The present study has the objective to identify the principal aspects related to an electric energy transmission company, culminating in the analysis of a practical comparison of an acquisition process of five transmission companies, applying the methodology of the discounted cash flow. The parameters of the WACC, adopted by the ANEEL in the first periodic revision of the transmission companies (in process), were used, in a pioneering fashion, in order to compare the value of the company established by the market with the value of the company evaluated and established by the regulating authority, verifying its correlation and adherence.

ASSUNTO(S)

wacc evaluation of enterprises and discounted cash flow administracao administração de empresas empresas - avaliação valuation

ACESSO AO ARTIGO

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