Análise dos métodos de avaliação de empresas do setor farmacêutico no Brasil

Abstract

The objective of this research was to assess Brazilian pharmaceutical companies employing different methods of business assessment, such as Patrimonial Accounting Method, Market Value, Cost/Profit Relations, Multiples of Cash Flow, EVA®, MVA® and Discounted Cash Flow. Thus, the aim of this paper was to compare the results found in the methodologies that had been applied. The sample was made up of six pharmaceutical companies, comprehending the period from 2012 to 2016, and the data was gathered from the following websites: Brasil, Bolsa, Balcão (B3) and Economatica®. Regarding the methodology, the study had an applied nature with a quantitative approach, using documental research through accounting reports and complementary data as technical procedures. The results indicate a substantial fluctuation of company value, since that, among the companies that were analyzed, one method would result in expressive positive numbers and another method would show capital loss. The study allowed to attest the limitations of purely quantitative methods, considering that inside data and information from non-quantitative sources could better assist the estimation process.