Análise Multicritério Nebulosa de Empresas

We consider the problem of equity valuation. The use of fuzzymulticriteria decision analysis is proposed to solve the problem. Theresulting methodology allows the use of the multiples most often calculatedby equity analysts from audited balance sheets, with the addition ofqualitative criteria, such as corporate governance, sustainabilityindicators and credit ratings, as well as risk measures (liquidity andmarket) based on trading prices and volumes. Also, the proposal facilitatesincorporating uncertainty into the problem with the use of fuzzymathematics. The resulting methodology proved to be robust and offereddetailed information about expected performance under adverse scenarios,enhancing the decision-making process faced by equity analysts and portfoliomanagers. Numerical examples obtained with data from the Brazilian stockmarket are exhibited for illustrative purposes.