Fluxo de caixa descontado: uma análise das empresas que praticam ESG do setor de energia renovável

Abstract

This study sought to analyze how the Discounted Cash Flow (DCF) method manages to capture the pricing of the stock that the market defines for companies in the renewable energy sector

included in the Corporate Sustainability Index (ISE) of Brazil, Stock Exchange, Over-the- Counter (B3) and that have Environmental, Social and Corporate Governance (ASG) practices.

For the analysis, the eight companies in the renewable energy sector of the 16th portfolio of the ISE B3 were evaluated and for research data, the assumptions of market indicators and the assumptions of financial indicators were used as accounting. Regarding the methodological aspects, the study is classified as ex-post Facto, being a descriptive research with a quantitative approach. In this study, an evaluation of the companies was made using the DCF method, through the calculations of the Weighted Average Cost of Capital (WACC) and the Free Cash Flow (FCL) it was possible to compare the value of the share projected using the DCF method with the market value of the share in the period from 2021 to 2025. The results show that five of the eight companies analyzed according to the share value through the DCF method higher than the market price. The main conclusion of this study is that the results obtained show that the fact that renewable energy companies adopt ASG practices and include the ISE B3 may have influenced the results by the DCF method.