Aplicação de Modelos de Avaliação por Múltiplos no Brasil

Based on two different samples, this article tests the performance of anumber of Value Drivers commonly used for evaluating companies by nancepractioners, through simple regression models of cross-section type whichestimate the parameters associated to each Value Driver, denominated MarketMultiples. We are able to diagnose the behavior of several multiples in theperiod 1994-2004, with an outlook also on the particularities of theeconomic activities performed by the sample companies (and their impacts onthe per- formance) through a subsequent analysis with segregation ofcompanies in the sample by sectors. Extrapolating simple multiplesevaluation standards from analysts of the main - nancial institutions inBrazil, we nd that adjusting the ratio formulation to allow for anintercept does not provide satisfactory results in terms of pricing errorsreduction. Results found, in spite of evidencing certain relative andabsolute superiority among the multiples, may not be genericallyrepresentative, given samples limitation.