Manual de Avaliação Financeira

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Bojan Radojicic robojan.gumroad.com Repost
THE VALUATION 
HANDBOOK
Financial history 
without anomalies
Amount and trending 
of net income
Selling the product 
across the globe
Industry entry 
barriers
Sales channels 
diversification
Key personnel 
expertise
Sales stability and 
scalability
Level and trending in 
churn rate
Revenue 
transferability
Ability for workforce 
replacement
Overall business 
sustainability
Intellectual property 
protection level
Total addressable 
market trending
Predictability of cash 
flows 
Macroeconomic 
factors
Innovative 
technology use
PROCESS
Define the 
prupose
Gather info
Choose 
valuation 
method
Perform 
financial 
analysis
Adjsut 
financials
Determine 
discount rate
Appply 
mehtodology
Consider 
additional 
factors
Sensitivity 
analysis
VALUATION PURPOSE
Selling business
Buying business
Fundraising
Litigations
Financial reporting 
requirements
Capital gain tax base 
calculation
Internal decision making
Divorce reasons
Partnerships restructuring
VALUATION SUBJECT
Business
Project or startup
Real Estate
Intangible assets
Financial instruments
Databases
Customer relationships
Technology
Software
Brand
3 VALUATION APPROACHES
Income approach Market approach Cost approach
This approach is 
based on the idea that 
the value of a 
company is directly 
related to its ability to 
generate income.
This approach assumes 
that the value of a 
company is closely 
related to the prices of 
comparable companies 
in the market. 
This approach is based 
on the principle that the 
value of a company is 
equal to the sum of 
assets less the sum of its 
liabilities. 
11 VALUATION METODS
1. Net book value method
2. Replacement cost method
3. Reproduction cost method
1. Discounted cash flow method
2. Capitalization of earnings 
method
3. Excess Earnings Method
4. Relief from royalty method
1. Valuation by multiple method
2. Market price method
3. Comparable companies 
method
4. Precedent transaction method
WACC calculation Amount
Risk-free rate 2.0%
Equity risk premium 4.72%
Unlevered industry Beta 0.81
Gearing (ND / E) 56.4%
Relevered industry beta 1.15
Sub-total 7.4%
Size premium 0.5%
Country risk premium 0.5%
Specific risk premium 0.7%
Cost of equity 9.1%
Cost of debt pre tax 3.58%
Cost of debt pre tax 3.6%
Corporate tax rate 25.50%
Cost of Debt after tax 2.7%
Gearing (ND / EV) 36.0%
WACC 6.8%
WACC=Ke* E/(D+E)+Kd* 
D/(D+E)
Ke – Cost of equity
E (Equity) – the market value of 
equity
Kd (Cost of debt after tax) – gross 
cost of debt minus tax savings
D (Debt) – the market value of 
debt
D+E – enterprise value
WACC
VALUATION DRIVERS
1. Price-to-Earnings (P/E) 
Ratio
2. Price-to-Sales (P/S) Ratio
3. Price-to-Book (P/B) Ratio
4. Enterprise Value-to-EBITDA 
Ratio
5. Price-to-Cash Flow (P/CF) 
Ratio
6. Dividend Yield
MULTIPLES
PROJECT EVALUATION
TERMINAL VALUE
13,286 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50%
4.52% 35,723 39,653 44,698 51,411 60,784 74,787 97,978 143,810
5.52% 27,809 30,175 33,065 36,672 41,303 47,465 56,068 68,921
6.52% 22,462 23,997 25,810 27,984 30,638 33,951 38,205 43,866
7.52% 18,644 19,693 20,904 22,315 23,981 25,980 28,420 31,466
8.52% 15,805 16,551 17,396 18,362 19,475 20,774 22,307 24,146
9.52% 13,628 14,175 14,786 15,473 16,251 17,140 18,165 19,361
10.52% 11,918 12,328 12,782 13,286 13,849 14,482 15,199 16,018
11.52% 10,547 10,861 11,205 11,584 12,002 12,467 12,986 13,569
12.52% 9,430 9,674 9,940 10,230 10,548 10,897 11,283 11,711
13.52% 8,506 8,699 8,907 9,133 9,379 9,646 9,940 10,262
14.52% 7,732 7,886 8,052 8,231 8,423 8,632 8,859 9,106
15.52% 7,077 7,202 7,335 7,478 7,631 7,796 7,974 8,168
16.52% 6,518 6,619 6,728 6,843 6,966 7,098 7,240 7,393
Long term CF growth rate
WACC
SENSITIVITY ANALYSIS
EVA
CFn * (1 + g)
(WACC – g)
• TV – Undiscounted Terminal 
Value
• CFn – Cash Flow in the last 
year of projections
• g – growth rate
• WACC – discount rate
• n – number of periods for 
projections
TV = 
Free cash flow
EBIT + Tax + Non-cash items add 
backs +(-) NWC change - CAPEX
Discounted cash flow
DCF = (CF/(1+r) ) + (CF/(1+r) ) + 
(CF/(1+r) )
CF = Cash Flow in the Period
r = the interest rate or discount rate
n = the period number
EVA = NOPAT - (Invested Capital 
* WACC)
NOPAT – net operating profit 
after tax
Discounted Cash Flows 2024 2025 2026 2027 2028
EBIT 1,938 1,589 1,655 2,019 2,372 
Tax (286) (232) (241) (295) (346)
Non-cash items added back 317 549 692 514 527 
Net Working capital adjustments (1,193) (169) (215) (240) (272)
CAPEX adjustments (750) (1,050) (450) (150) (150)
Free Cash Flow 27 687 1,440 1,849 2,131 
Discount factor - DF 1.105 1.222 1.350 1.492 1.649 
DCF 24 563 1,067 1,239 1,292 
DISCOUNTED CASH FLOWS
Valuation
Cumulated DCF 4,859 
Terminal Value 14,507 
Discounted Terminal Value 8,796 
DCF value of operations 13,656 
Non-operating assets adjustments 1,379 
Enterprise value 15,035 
Financial liabilities (700)
Interest bearing debt (700)
Debt equivalents (165)
Hybrid claims and non controlling interests
(225)
Equity value 13,945
NPV 2025 2026 2027 2028 2029 2030 2031 2032 2033 Terminal
Total inflow 300,000 330,000 363,000 399,300 439,230 483,153 531,468 584,615 643,077 2,450,303 
Discount factor 1.2070 1.3260 1.4568 1.6005 1.7583 1.9317 2.1222 2.3315 2.5615 2.8141 
Present value of total inflow 248,556 248,867 249,179 249,492 249,804 250,118 250,431 250,745 251,059 870,732 
Total outflow (407,225) (227,685) (250,191) (274,948) (302,180) (332,135) (365,086) (401,333) (441,203) 0 
Discount factor 1.2070 1.3260 1.4568 1.6005 1.7583 1.9317 2.1222 2.3315 2.5615 2.8141 
Present value of total outflow (337,394) (171,707) (171,742) (171,793) (171,860) (171,939) (172,031) (172,134) (172,247) 0 
Discounting factor
DF = (1+ DR)
DR – discounted rate
n = projection year – starting year