02 / Corporate Finance
/ Intro
/ Includes
Elaboração de Planos de Negócio de empresas e negócios, seja numa perspetiva greenfield / start-up, seja numa perspetiva de revisão estratégica e alteração dos fundamentais do negócio, podendo incluir a reestruturação de unidades orgânicas, expansão de unidades de negócio, investimento no crescimento orgânico ou por aquisição, desinvestimento de unidades consumidoras de valor ou não-estratégicas, entre outros elementos.
Business Plans development for companies and businesses, whether from a greenfield / start up perspective, or from a strategic review perspective for a mature business. This may include restructuring of organic units, expansion of business units, investment in organic growth or by acquisition, divestment of value consuming or non-strategic units, among others.
Analysis of the feasibility of new projects or business units, including the relevant market screening, financial benchmarking, analysis of entry barriers and competitive positioning. The main goal is to determine the potential and risks of the opportunity, its internal rate of return (IRR) and the return for the investor (ROE – Return on Equity) and support the investment decision
Valuation of companies, business units and projects, through financial models based on the DCF (Discounted Cash Flows) and the Multiples Method, for a wide range of purposes, from negotiation between shareholders, sale of shares, M&A processes and others.
We are frequently asked for support in analysing the businesses and respective financial statements to determine the actual business results for the purposes of value arbitration in situations of corporate dissonance. Likewise, we also collaborate in the estimate of lost profits damages, and their impact on the value of the business.
/ Methodology Framework
O método dos DCF baseia-se no princípio de que o valor de um ativo tem por base a sua capacidade de gerar rendimentos futuros. Esta capacidade de geração de rendimentos futuros é calculada com base na performance histórica e projeções financeiras, tendo em conta os pressupostos de evolução subjacentes ao negócio e considerando apenas a vertente operacional do negócio.
Estes rendimentos futuros tratam-se de meios libertos líquidos (Free Cash Flows) gerados pela atividade da empresa, sendo posteriormente utilizados para gerar dividendos, ou para pagar dívidas.
O risco associado aos Free Cash Flows é calculado através do custo médio ponderado do capital (WACC), determinado pelo método CAPM (Capital Asset Pricing Model), e utilizado no momento da avaliação, com o intuito de transformar os valores dos Free Cash Flows futuros em valores atuais, ponderado pelo risco do negócio.
The DCF method is based on the principle that the value of an asset is based on its ability to generate future income. This ability to generate future income is calculated based on historical performance and financial projections, considering assumptions to the evolution of the business, and taking into account only the operational aspect of the business.
These future earnings are net cash flows (Free Cash Flows) generated by the company’s activity, which are subsequently used to generate dividends or to pay debts.
The risk associated with Free Cash Flows is calculated using the weighted average cost of capital (WACC), determined by the CAPM method (Capital Asset Pricing Model), and used at the time of valuation, with the aim of transforming the values of future Free Cash Flows in current values, weighted by the risk of the business.
The Relative valuation method is based on applying a multiple to Revenue or EBITDA (as applicable). This multiple is determined based on multiples of other comparable business transactions and/or through the market capitalization of listed companies.
At Glowside, we apply both methods and use them as a benchmark for each other to establish the valuation of the company, business or project, in order to arrive to a value closer to the real value and with greater objectivity.
Boardroom Advisory
Restructuring & Transformation
Business Planning & Valuation
M&A (Mergers & Acquisitions)
Debt Advisory
