Adjustment of financial statements open to the public for use to calculate the company´s valuation using the method of cash flow discounted: the case of Aracruz Celulose S.A.

Abstract

The changes observed in the economic structure of Brazil and world entailed the need for choice and adoption of a process of evaluation of companies to determine the fair value of the organizations. Among the methods of evaluation, the greater emphasis was given to the methodology of Cash Flow of Discounted, based on discounted future cash flows. In this context, this article aims to estimate the economic value of Aracruz S.A. from the information contained in its financial statements, the variation in the price of its shares traded on BOVESPA, the official indices, interest rates and the rate of growth expected for the country. The results found showed that the value of the shares of Aracruz Celulose S.A. approached the value observed by the method property, but has distanced if the value quoted in BOVESPA, indicating thus the lack of goodwill.