A Utilização do múltiplo EV/EBITDA na precificação de IPO’s no mercado brasileiro

Anatoli Dias Orlovas, Ricardo Goulart Serra, Liliam Sanchez Carrete

Resumo


Este artigo verificou se o múltiplo EV/EBITDA de empresas comparáveis (pertencentes ao mesmo setor) são bons parâmetros para precificar os IPO’s (initial public offering). Foram 116 IPO’s no mercado brasileiro, entre 2004 e 2014. Após as exclusões (empresas financeiras, empresas com falta de informações ou informações negativas e outliers), foram analisados 36 IPO’s. Além dos múltiplos das empresas comparáveis, utilizou-se como variáveis explicativas: dummy de ano e variáveis ligadas aos drivers de valor (rentabilidade, alavancagem e tamanho). Os resultados indicam que o múltiplo de empresas comparáveis é relevante para precificar as empresas no momento do IPO, sendo que os modelos com a média e com a mediana obtiveram melhores coeficiente de ajuste (R2). Nenhum dos drivers de valor mostrou-se significativo. A dummy de ano foi significativa apenas para um modelo. Os modelos com a classificação setorial NAICS apresentaram ajustes melhores do que os modelos com a classificação da Economatica®.


Palavras-chave


IPO; EV/EBITDA; Avaliação por múltiplos; Avaliação de empresas

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DOI: https://doi.org/10.5007/2175-8069.2018v15n37p34



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