Avaliação de empresas de prestação de serviço público (Public Utilities) no Brasil: um estudo dos direcionadores de valor através da análise das demonstrações financeiras

• Ano de defesa: 2012
• Autor(a) principal: Aline Rabelo Assis
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Infraestrutura; Avaliação de empresas; Prestadores de serviço público; Análise das informações contábeis; Empresas Avaliação; Administração financeira
• Link de acesso: http://hdl.handle.net/1843/BUBD-9AEHC5

Infrastructure provision is an essential factor to sustain the economic growth of a country, as well as poverty mitigation. This sector presents specific characteristics that distinguish it from other economic sectors, such as being a natural and regulated monopoly, the relatively stable demand, the intensive capital expenditures and the long term return. Once these characteristics can bias the valuation, this study investigates the relevant accounting ratios that impact on a valuation of public utilities companies in Brazil. The research applies the residual income valuation proposed by Ohlson (1995) and the decomposition of value drivers of this model, proposed by Nissin e Penman (2001). The statistic procedure employed was data panel analysis, for the period between 2004 e 2010, for the firms in the sectors of sanitation, energy distribution and telecommunications in Brazil, Through the accounting ratios analysis, the results of the study confirm the peculiarities of infrastructure industries, with evidences of low rate of return on shareholders equity (ROE), reduced protit margins, capital intensive investments and high financial leverage. The return on shareholders equity (ROE) varies for each segment, which can he explained by the characteristics that involves each business. By using ROE decomposition in operational and financial ratios, it was possible to investigate and infer that the operational aspects diverge between the sectors. The regressions allow to affirm that the valuation process of public utility companies requires to be distinct to each sector studied. Moreover, ROE and shareholders equity of telecommunications sector did not present any statistically significant operational or financial variable, suggesting that other variables must be investigated to comprehend the value generation process and profitability of this sector.