TRABALHOS DE FIM DE CURSO @PUC-Rio
| Título: | VALUATION OF LOJAS AMERICANAS POST-FRAUD IN JANUARY 2023 | ||||||||||||
| Autor(es): |
GUSTAVO GRANZIERA SCHAIMBERG |
||||||||||||
| Colaborador(es): |
ANDRE CABUS KLOTZLE - Orientador |
||||||||||||
| Catalogação: | 09/JUN/2025 | Língua(s): | PORTUGUESE - BRAZIL |
||||||||||
| Tipo: | TEXT | Subtipo: | SENIOR PROJECT | ||||||||||
| Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
||||||||||||
| Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/TFCs/consultas/conteudo.php?strSecao=resultado&nrSeq=70830@1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/TFCs/consultas/conteudo.php?strSecao=resultado&nrSeq=70830@2 |
||||||||||||
| DOI: | https://doi.org/10.17771/PUCRio.acad.70830 | ||||||||||||
| Resumo: | |||||||||||||
|
This paper aims to assess the stock value of Lojas Americanas following
the revelation of accounting fraud in January 2023, using the discounted cash
flow (DCF) method. The DCF methodology was chosen as the most appropriate
for high-uncertainty scenarios, such as the one faced by the company, allowing a
detailed analysis of future cash flows and associated risks. In addition to the
DCF, the study briefly addresses the relative valuation by multiples and
contingent claims approaches, justifying the DCF as the primary methodology.
The discount rate was calculated using the Weighted Average Cost of Capital
(WACC), with the cost of equity derived through the Capital Asset Pricing Model
(CAPM). The study also examines the impact of fraudulent operations, such as
risco sacado (factoring risk), on the company s valuation, highlighting the
importance of a thorough reassessment of financial fundamentals in post-fraud
valuation. The results aim to provide an accurate and well-founded assessment
of the company, aiding investors and analysts in making more technical
decisions.
|
|||||||||||||
|
|||||||||||||