Taesa S.A. – uma análise por valuation
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Tipo
TCC
Data de publicação
2022-12-13
Periódico
Citações (Scopus)
Autores
Silva, Gabriel de Godoi da
Orientador
Oliveira, Silvia Franco de
Título da Revista
ISSN da Revista
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Resumo
Este trabalho teve como objetivo estimar o valor justo de uma empresa de energia elétrica, no caso, a TAESA S.A., sendo esse um valor de referência para negociações futuras no mercado acionário. Para o desenvolvimento do trabalho foram obtidas as demonstrações financeiras da empresa entre os anos de 2018 a 2022, disponíveis no site da empresa. A avaliação ocorreu através do método do fluxo de caixa descontado, baseando-se nos indicadores históricos da empresa e da economia. O valor justo da ação é de R$26,66 enquanto o valor de mercado é de R$36,42, ou seja, o valor justo ficou abaixo do de mercado. A TAESA é uma das principais empresas no setor de transmissão de energia no âmbito nacional. Entrega resultados via vantagens competitivas e é uma das maiores pagadoras de dividendos entre todas as empresas listadas na bolsa de valores. Por isso, tende a agradar os investidores no curto e longo prazo, tendo capacidade para ultrapassar o valor justo encontrado.
This work is aimed at estimating the fair value of an electricity company, namely TAESA S.A., which is a reference value for future negotiations in the stock market in Brazil. For the development of this study, the company financial statements from 2018 to 2022 were collected from the company website. The valuation was carried out using the discounted cash flow method, based on historical indicators of the company and economy. The fair value of the share is R$26.66, while the market value is R$36.42. Therefore, the fair value was below the market value. TAESA is one of the main companies in the Brazilian energy transmission sector. It delivers results due to it is competitive advantages and is one of the highest dividend payers among all companies listed in the stock market in Brazil. Therefore, it is attractive to investors both in the short and long term, having the capacity to exceed the fair value identified in this study.
This work is aimed at estimating the fair value of an electricity company, namely TAESA S.A., which is a reference value for future negotiations in the stock market in Brazil. For the development of this study, the company financial statements from 2018 to 2022 were collected from the company website. The valuation was carried out using the discounted cash flow method, based on historical indicators of the company and economy. The fair value of the share is R$26.66, while the market value is R$36.42. Therefore, the fair value was below the market value. TAESA is one of the main companies in the Brazilian energy transmission sector. It delivers results due to it is competitive advantages and is one of the highest dividend payers among all companies listed in the stock market in Brazil. Therefore, it is attractive to investors both in the short and long term, having the capacity to exceed the fair value identified in this study.
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Palavras-chave
valor justo , taesa , valuation , fluxo de caixa descontado , energia elétrica , fair value , taesa , valuation , discounted cash flow , electricity