{"id":2042113,"date":"2024-05-23T09:43:51","date_gmt":"2024-05-23T09:43:51","guid":{"rendered":"https:\/\/www.nimbo.net\/bewertungsmethoden"},"modified":"2026-05-07T10:49:37","modified_gmt":"2026-05-07T10:49:37","slug":"metodos-para-avaliacao-da-empresa","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/pt\/metodos-para-avaliacao-da-empresa","title":{"rendered":"Os 4 principais m\u00e9todos de avalia\u00e7\u00e3o de empresas para 2026 (com exemplos)"},"content":{"rendered":"\n<p class=\"has-text-align-left\">Os quatro m\u00e9todos mais importantes para calcular o valor de uma empresa de pequena e m\u00e9dia dimens\u00e3o s\u00e3o o m\u00e9todo do m\u00faltiplo, o m\u00e9todo do valor patrimonial, o m\u00e9todo do rendimento e o m\u00e9todo DCF. Aqui pode descobrir o que deve saber sobre cada m\u00e9todo. Explicado de forma simples e com exemplos.  <\/p>\n<style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id_9f0bc7-59{margin-top:30px;margin-bottom:30px;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1000px;margin-left:auto;margin-right:auto;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}.kb-row-layout-id_9f0bc7-59{background-image:url('https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/03\/NIMBO_Sc_05_2-no-background-e1649249520508.png');background-size:cover;background-position:center center;background-attachment:scroll;background-repeat:no-repeat;}.kb-row-layout-id_9f0bc7-59 > .kt-row-layout-overlay{opacity:0.90;background-color:var(--global-palette9, #ffffff);}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}@media all and (max-width: 767px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id_9f0bc7-59 aligncenter has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-layout-overlay kt-row-overlay-normal\"><\/div><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column_31e235-46 > .kt-inside-inner-col{display:flex;}.kadence-column_31e235-46 > .kt-inside-inner-col,.kadence-column_31e235-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kadence-column_31e235-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_31e235-46{text-align:center;}.kadence-column_31e235-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column_31e235-46 kb-section-has-link kb-section-dir-horizontal inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-small-font-size\">Avalia\u00e7\u00e3o de Empresas Online, gratuita e sem registo, avalia\u00e7\u00e3o imediata, relat\u00f3rio de 13 p\u00e1ginas, algoritmo baseado em milhares de avalia\u00e7\u00f5es. <br\/><br\/><a href=\"https:\/\/www.nimbo.net\/pt\/calculadora-de-avaliacao-de-empresas\"><strong>&gt; Para a Avalia\u00e7\u00e3o da Empresa Online &lt;<\/strong><\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/08\/Google-Reviews.webp\" alt=\"\" class=\"wp-image-2014773\" width=\"130\" height=\"30\"\/><\/figure><\/div><\/div><a href=\"https:\/\/www.nimbo.net\/pt\/calculadora-de-avaliacao-de-empresas\" class=\"kb-section-link-overlay\"><\/a><\/div>\n\n<\/div><\/div>\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-die-multiplemethode\">O m\u00e9todo dos m\u00faltiplos<\/h2>\n\n<p class=\"has-text-align-left\"><em>Para uma vis\u00e3o geral dos nossos atuais <\/em><a href=\"https:\/\/www.nimbo.net\/pt\/multiplos\">dados de mercado sobre os m\u00faltiplos de avalia\u00e7\u00e3o<\/a><em>.<\/em><\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-basiskennzahl-multipliziert-mit-dem-bewertungsmultiple\">Avalia\u00e7\u00e3o = Indicador base multiplicado pelo m\u00faltiplo de avalia\u00e7\u00e3o<\/h3>\n\n<p>O m\u00e9todo dos m\u00faltiplos (tamb\u00e9m conhecido como &#8220;m\u00e9todo do multiplicador&#8221;) \u00e9 um m\u00e9todo frequentemente utilizado no dom\u00ednio das fus\u00f5es e aquisi\u00e7\u00f5es. O m\u00e9todo permite verificar rapidamente se um pre\u00e7o pedido nas vendas de uma empresa \u00e9 realista e adequado, tanto para o comprador como para o vendedor.  <\/p>\n\n<p>Este valor baseia-se nos pre\u00e7os actualmente alcan\u00e7ados por empresas compar\u00e1veis que j\u00e1 foram vendidas. Examina-se por que m\u00faltiplo (&#8220;m\u00faltiplo&#8221;, &#8220;multiplicador&#8221;) estas empresas foram vendidas e aplica-se este factor \u00e0 empresa a avaliar. Os m\u00faltiplos podem ser, por exemplo, m\u00faltiplos do resultado antes de juros e impostos (\u00abM\u00faltiplo EBIT\u00bb), do resultado antes de impostos, juros e deprecia\u00e7\u00f5es (M\u00faltiplo EBITDA) ou do volume de neg\u00f3cios (\u00abM\u00faltiplo de Vendas\u00bb).<\/p>\n\n<p>O m\u00e9todo \u00e9 principalmente adequado para empresas que j\u00e1 existem h\u00e1 algum tempo. Neste caso, uma tend\u00eancia de lucro de v\u00e1rios anos pode ser utilizada como base para a avalia\u00e7\u00e3o. Quanto melhores forem os valores emp\u00edricos, mais significativo ser\u00e1 o resultado. Em qualquer caso, \u00e9 aconselh\u00e1vel utilizar o m\u00e9todo m\u00faltiplo para al\u00e9m da verifica\u00e7\u00e3o da plausibilidade de um valor da empresa que tenha resultado de outro m\u00e9todo.<\/p>\n\n<p>O valor indicativo da empresa determinado com o m\u00faltiplo corresponde ao &#8220;valor da empresa&#8221;. Este \u00e9 o valor do capital pr\u00f3prio mais a d\u00edvida financeira. Isto significa que, para o valor do capital pr\u00f3prio, as d\u00edvidas financeiras devem ser deduzidas do valor determinado da empresa.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-der-ebit-multiple-methode\">Avalia\u00e7\u00e3o com o m\u00e9todo do EBIT Multiple<\/h3>\n\n<p>Numa avalia\u00e7\u00e3o da empresa com o m\u00e9todo do EBIT Multiple, o lucro l\u00edquido m\u00e9dio antes de juros e impostos (\u201cEBIT\u201d, earnings before profit and taxes) dos \u00faltimos anos \u00e9 multiplicado pelo EBIT Multiple. Considera-se o lucro antes de impostos e juros para que os m\u00faltiplos permane\u00e7am compar\u00e1veis tamb\u00e9m entre empresas com diferentes taxas de imposto e estruturas de financiamento. Para pequenas empresas com at\u00e9 20 milh\u00f5es de volume de neg\u00f3cios, a faixa observada de m\u00faltiplos situa-se sobretudo entre 4 e 10. Um multiplicador de 6 ou superior indica uma elevada atratividade da empresa.   A posi\u00e7\u00e3o da empresa dentro desta faixa depende, para al\u00e9m dos n\u00fameros, de v\u00e1rios \u201csoft factors\u201d. <\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-nimbo-verwendet-ebitc-multiples-zur-firmenwertberechnung\">A NIMBO utiliza EBITC Multiples para a avalia\u00e7\u00e3o de empresas<\/h3>\n\n<p>Este valor baseia-se no EBIT mais a remunera\u00e7\u00e3o total dos executivos (sal\u00e1rio bruto, contribui\u00e7\u00f5es do empregador para a seguran\u00e7a social, despesas de autom\u00f3vel).<\/p>\n\n<p>Nas empresas mais pequenas, o director-geral pode determinar o seu pr\u00f3prio sal\u00e1rio dentro de certos limites. O &#8220;EBITC&#8221; permite uma compara\u00e7\u00e3o com o poder de lucro de outras empresas sem distor\u00e7\u00f5es devidas a sal\u00e1rios superiores ou inferiores ao sal\u00e1rio de mercado, a particularidades das estruturas de capital e a diferentes taxas de imposto. Na variante EBIT, tamb\u00e9m \u00e9 feito um ajuste ao sal\u00e1rio do gestor, mas a NIMBO prefere a variante EBITC, porque, de uma perspetiva emp\u00edrica, consegue explicar melhor as ofertas de compra observadas do que a variante EBIT.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-der-ebitda-multiple-methode\">Avalia\u00e7\u00e3o com o m\u00e9todo do EBITDA Multiple<\/h3>\n\n<p>Comparado com o EBIT, o EBITDA (resultado antes de juros, impostos, deprecia\u00e7\u00e3o e amortiza\u00e7\u00e3o) n\u00e3o inclui deprecia\u00e7\u00e3o e amortiza\u00e7\u00e3o. Para o mesmo EBIT, o EBITDA de uma empresa com utiliza\u00e7\u00e3o intensiva de activos pode ser significativamente mais elevado do que o de uma empresa com utiliza\u00e7\u00e3o intensiva de pessoal.<\/p>\n\n<p>Em empresas intensivas em ativos, com um elevado valor patrimonial, faz sentido, do ponto de vista do comprador, trabalhar com EBITDA Multiples, uma vez que o n\u00edvel das amortiza\u00e7\u00f5es permite alguma margem, o que pode distorcer o resultado. A fase do ciclo de investimento em que a empresa se encontra actualmente deve ser sempre tida em considera\u00e7\u00e3o. H\u00e1 investimentos a fazer?<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-umsatz-multiples\">Avalia\u00e7\u00e3o com m\u00faltiplos de vendas<\/h3>\n\n<p>Do ponto de vista de um investidor, \u00e9 sobretudo o lucro potencial de uma empresa que \u00e9 interessante. No entanto, se o lucro corrente n\u00e3o for significativo, for muito pequeno ou mesmo negativo, deve ser considerado outro r\u00e1cio, como o volume de neg\u00f3cios. Isto pode fazer sentido, por exemplo, se o comprador acredita que pode melhorar o retorno das vendas com as suas pr\u00f3prias estruturas de custos existentes e mais eficientes. O potencial comprador assume um risco maior com este m\u00e9todo e deve acreditar que a empresa ter\u00e1 lucro no futuro.  <\/p>\n\n<p>Uma avalia\u00e7\u00e3o por m\u00faltiplo de receitas tamb\u00e9m pode ser utilizada como complemento ou para validar a plausibilidade de outras avalia\u00e7\u00f5es.<\/p>\n\n<p>Os m\u00faltiplos de receitas s\u00e3o significativamente mais baixos do que os m\u00faltiplos de EBIT. O intervalo observado situa-se principalmente entre 0,2 e 2, dependendo do sector, da rentabilidade, das perspectivas de crescimento e de alguns outros factores. Para empresas com baixo crescimento e com pouca ou nenhuma rentabilidade, s\u00e3o realistas m\u00faltiplos de receitas entre 0,2 e 0,6. Consoante o n\u00edvel de receitas, uma altera\u00e7\u00e3o do m\u00faltiplo de receitas em 0,1 pode j\u00e1 ter um grande impacto no valor da empresa.<\/p>\n\n<p>Se realizar uma avalia\u00e7\u00e3o tanto com m\u00faltiplos de EBIT como com m\u00faltiplos de receitas e a avalia\u00e7\u00e3o com o m\u00faltiplo de receitas resultar num valor superior ao da avalia\u00e7\u00e3o com o m\u00faltiplo de EBIT, isso indica uma margem de lucro sobre as receitas inferior \u00e0 das empresas compar\u00e1veis.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041580_e961da-e0 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_e961da-e0{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_e961da-e0 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_a5a5ea-2a .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_a5a5ea-2a .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041580_a5a5ea-2a\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Exemplo do m\u00e9todo do multiplicador <\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Exemplo de pressupostos:<\/h4>\n            <p>EBIT: 1.000.000 \u20ac<\/p>\n            <p>M\u00faltiplo t\u00edpico do setor: 4-7<\/p>\n            <p>M\u00faltiplo assumido (porque a empresa est\u00e1 melhor do que a m\u00e9dia): 6<\/p>\n            <p>Empr\u00e9stimo banc\u00e1rio: 1.000.000 \u20ac<\/p>\n            <p>Invent\u00e1rio superior ao habitual: 500.000 \u20ac<\/p>\n      \n            <h4>C\u00e1lculo do valor da empresa:<\/h4>\n            <p><strong>Passo 1: C\u00e1lculo do Enterprise Value (EV)<\/strong><\/p>\n            <p>Enterprise Value = EBIT \u00d7 Multiple<\/p>\n            <p>EV = 1.000.000 \u20ac \u00d7 6 = 6.000.000 \u20ac<\/p>\n\n            <p><strong>Passo 2: C\u00e1lculo do Equity Value<\/strong><\/p>\n            <p>Equity Value = Enterprise Value \u2013 d\u00edvida l\u00edquida<\/p>\n            <p>D\u00edvida l\u00edquida = empr\u00e9stimos banc\u00e1rios \u2013 stock excedent\u00e1rio<\/p>\n            <p>D\u00edvida l\u00edquida = 1.000.000 \u20ac \u2013 500.000 \u20ac = 500.000 \u20ac<\/p>\n            <p>Equity Value = 6.000.000 \u20ac \u2013 500.000 \u20ac = 5.500.000 \u20ac<\/p>\n\n            <p class=\"result\">O valor da empresa (Enterprise Value) \u00e9: <strong>6.000.000 \u20ac<\/strong><\/p>\n            <p class=\"result\">O valor do capital pr\u00f3prio (Equity Value) \u00e9: <strong>5.500.000 \u20ac<\/strong><\/p>\n        <\/div><\/div>\n<style>.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col,.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_ac9657-d4{position:relative;}.kadence-column2041580_ac9657-d4, .kt-inside-inner-col > .kadence-column2041580_ac9657-d4:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041580_ac9657-d4\"><div class=\"kt-inside-inner-col\">\n<p>Vantagens e desvantagens do m\u00e9todo do multiplicador:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_3eb4df-0b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_2a5f63-cf .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_2a5f63-cf\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Adequado para empresas com lucros est\u00e1veis<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_458257-ae .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_458257-ae\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Simplicidade e facilidade de compreens\u00e3o<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_ebecc7-54 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_ebecc7-54\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A avalia\u00e7\u00e3o orienta-se pelo mercado<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_581357-28 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_581357-28 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_3be924-dd .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_3be924-dd\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Falta de dados sobre empresas compar\u00e1veis<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_0638d0-f5 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_0638d0-f5\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">N\u00e3o considera desenvolvimentos futuros<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p>Pode encontrar mais informa\u00e7\u00f5es detalhadas tamb\u00e9m no nosso artigo do blog \u201c<a href=\"https:\/\/www.nimbo.net\/pt\/metodo-de-valor-de-mercado-avaliacao-de-empresa\">M\u00e9todo do valor de mercado para a avalia\u00e7\u00e3o de empresas<\/a>\u201d.<\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"-h-die-substanzwertmethode\">O m\u00e9todo do valor patrimonial<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-substanzwert-des-unternehmens\">Avalia\u00e7\u00e3o = valor patrimonial da empresa<\/h3>\n\n<p>Este \u00e9 o <strong>m\u00e9todo mais simples<\/strong> para determinar o valor patrimonial. <\/p>\n\n<p>Somam-se os valores dos activos fixos e correntes a pre\u00e7os de mercado do balan\u00e7o, ajustam-se as reservas ocultas e deduzem-se os impostos, as d\u00edvidas e o passivo.  <\/p>\n\n<p><strong>No valor patrimonial, \u00e9 apresentado um valor de empresa relativamente baixo. <\/strong><\/p>\n\n<p>Caso o valor patrimonial n\u00e3o seja capitalizado de forma adequada ao risco ou a empresa esteja mesmo a ter preju\u00edzos, o valor financeiro da empresa \u2013 sem quaisquer efeitos de sinergia que aumentem o valor com um poss\u00edvel comprador \u2013 \u00e9, em princ\u00edpio, igual ao valor de liquida\u00e7\u00e3o.<\/p>\n\n<p>O valor patrimonial tem, no contexto da venda de uma empresa, sobretudo um valor informativo e, normalmente, encontra-se abaixo do intervalo de avalia\u00e7\u00e3o dos m\u00e9todos de m\u00faltiplos, uma vez que n\u00e3o \u00e9 apresentado qualquer goodwill nem potencial de rendimento acima da capitaliza\u00e7\u00e3o m\u00ednima.<\/p>\n\n<h2 class=\"wp-block-heading\">Vantagens e desvantagens deste m\u00e9todo<\/h2>\n<style>.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col,.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_1d2ff8-e5{position:relative;}.kadence-column2041580_1d2ff8-e5, .kt-inside-inner-col > .kadence-column2041580_1d2ff8-e5:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041580_1d2ff8-e5\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_aa17db-24 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_aa17db-24 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_03442a-51 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_03442a-51\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">F\u00e1cil aplica\u00e7\u00e3o e boa rastreabilidade do resultado<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_f0dc92-ab .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_f0dc92-ab\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">O que est\u00e1 objectivamente dispon\u00edvel \u00e9 valorizado, independentemente dos interesses do vendedor ou do potencial comprador.  &nbsp;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_394e28-ac .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_394e28-ac\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Empresas com predomin\u00e2ncia de ativos tang\u00edveis, como im\u00f3veis, m\u00e1quinas ou grandes instala\u00e7\u00f5es, beneficiam deste m\u00e9todo de avalia\u00e7\u00e3o. Isso inclui, por exemplo, empresas de constru\u00e7\u00e3o, empresas industriais ou imobili\u00e1rias. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_4b7c64-b6 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_4b7c64-b6\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Adequado para empresas que v\u00e3o ser liquidadas<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_425fff-54 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_425fff-54 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_82ae74-1e .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_82ae74-1e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">N\u00e3o \u00e9 adequado para empresas em setores onde a inova\u00e7\u00e3o, a propriedade intelectual ou a base de clientes representam um alto valor (por exemplo, ind\u00fastria de TI ou farmac\u00eautica, mas tamb\u00e9m empresas de servi\u00e7os), pois os ativos intang\u00edveis s\u00e3o dif\u00edceis de quantificar.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_67e3a8-cd .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_67e3a8-cd\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">N\u00e3o \u00e9 adequado para startups ou empresas com forte potencial de crescimento futuro (por exemplo, em novos mercados ou setores), pois a sua capacidade de lucro futura n\u00e3o \u00e9 capturada.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_7ce8e1-5c .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_7ce8e1-5c\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">N\u00e3o considera fatores de valor como, por exemplo, a experi\u00eancia dos funcion\u00e1rios, as rela\u00e7\u00f5es com clientes e fornecedores, etc. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_47331d-f2 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_47331d-f2\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">O crescimento futuro, as vantagens competitivas ou a posi\u00e7\u00e3o no mercado n\u00e3o s\u00e3o considerados.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p>O m\u00e9todo do valor patrimonial como complemento, por exemplo, em combina\u00e7\u00e3o com um m\u00e9todo mais otimista, como o m\u00e9todo do rendimento <a href=\"https:\/\/www.nimbo.net\/pt\/bewertungsmethoden-3#Mittelwertmethoden\">(ver sec\u00e7\u00e3o sobre m\u00e9todos de valor m\u00e9dio)<\/a>, pode ser bastante \u00fatil.<\/p>\n\n<p>Quantifica o valor actual dos activos existentes da empresa e mostra o montante real do capital pr\u00f3prio. Este facto \u00e9 importante para o financiamento. <\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041580_146c86-bf .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_146c86-bf{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_146c86-bf alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_369460-1e .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_369460-1e .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041580_369460-1e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Exemplo de m\u00e9todo do valor patrimonial<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<p><\/p>\n<h4>Exemplo de pressupostos:<\/h4>\n            <p>Valor do ativo fixo e circulante (a pre\u00e7os de mercado): 1.000.000 \u20ac<\/p>\n            <p>Passivos\/D\u00edvidas: 500.000 \u20ac<\/p>\n            <p>Provis\u00f5es: 100.000 \u20ac<\/p>\n            <p>Revers\u00e3o de provis\u00f5es economicamente desnecess\u00e1rias: 100.000 \u20ac<\/p>\n      \n            <h4>C\u00e1lculo do valor patrimonial:<\/h4>\n\n            <p><strong>Passo 1: Ajuste das provis\u00f5es<\/strong><\/p>\n            <p>As provis\u00f5es economicamente desnecess\u00e1rias s\u00e3o revertidas:<\/p>\n            <p>Provis\u00f5es efetivas = provis\u00f5es &#8211; provis\u00f5es desnecess\u00e1rias<\/p>\n            <p>Provis\u00f5es efetivas = 100.000 \u20ac &#8211; 100.000 \u20ac = 0 \u20ac<\/p>\n\n            <p><strong>Passo 2: valor patrimonial = ativos &#8211; passivos &#8211; provis\u00f5es efetivas<\/strong><\/p>\n            <p>Valor patrimonial = 1.000.000 \u20ac &#8211; 500.000 \u20ac &#8211; 0 \u20ac<\/p>\n            <p>Valor patrimonial = 500.000 \u20ac<\/p>\n\n            <p class=\"result\"><strong> O valor patrimonial da empresa \u00e9 de: 500.000 \u20ac<\/strong><\/p>\n        \n    <\/div><\/div>\n\n<h3 class=\"wp-block-heading\" id=\"h-bedeutung-der-substanzwertmethode\">Significado do m\u00e9todo do valor patrimonial<\/h3>\n\n<p>O m\u00e9todo do valor patrimonial desempenha, atualmente, apenas um papel secund\u00e1rio. As vantagens s\u00e3o claramente a aplica\u00e7\u00e3o simples e a boa rastreabilidade do resultado. Negativo \u00e9 o baixo valor informativo para muitas empresas, uma vez que os valores intang\u00edveis e o desenvolvimento futuro n\u00e3o s\u00e3o tidos em conta.<\/p>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-das-vereinfachte-ertragswertverfahren\">M\u00e9todo do rendimento simplificado<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-ertrag-geteilt-durch-kapitalisierungszins\">Avalia\u00e7\u00e3o = rendimento dividido pela taxa de capitaliza\u00e7\u00e3o<\/h3>\n\n<p>Na avalia\u00e7\u00e3o de empresas pelo m\u00e9todo do rendimento, a empresa \u00e9 considerada um investimento que gera rendimentos constantes. Estes rendimentos constantes s\u00e3o avaliados de acordo com a f\u00f3rmula matem\u00e1tica financeira de um fluxo de rendimento anual perp\u00e9tuo. Os lucros sustent\u00e1veis m\u00e9dios ap\u00f3s impostos previstos para os pr\u00f3ximos tr\u00eas a cinco anos s\u00e3o divididos por uma taxa de juro ajustada ao risco (&#8220;taxa de capitaliza\u00e7\u00e3o&#8221;). O valor assim determinado resulta no valor do capital pr\u00f3prio (o chamado &#8220;valor de a\u00e7\u00f5es (&#8220;Equity Value&#8221;)&#8221;).<\/p>\n\n<p>Uma vez que o m\u00e9todo do rendimento se baseia em previs\u00f5es, os valores subjacentes devem ser o mais realistas poss\u00edvel. O resultado deve tamb\u00e9m ser verificado quanto \u00e0 sua sensibilidade \u00e0 altera\u00e7\u00e3o dos pressupostos (por exemplo, rendimento e taxa de juro mais baixos\/mais altos). Coloca-se sempre a quest\u00e3o de saber em que medida o actual poder de lucro da empresa avaliada \u00e9 transfer\u00edvel para o comprador em caso de venda. (Informa\u00e7\u00f5es mais detalhadas sobre m\u00e9todos do rendimento podem ser consultadas no artigo \u201c<a href=\"https:\/\/www.nimbo.net\/pt\/avaliacao-de-empresa-pelo-metodo-de-valor-de-renda\">M\u00e9todo do rendimento para a avalia\u00e7\u00e3o de empresas<\/a>\u201d.)<\/p>\n\n<p>As m\u00e1quinas ou as exist\u00eancias de bens necess\u00e1rios ao funcionamento normal j\u00e1 est\u00e3o inclu\u00eddas neste c\u00e1lculo, uma vez que constituem uma condi\u00e7\u00e3o pr\u00e9via para atingir o rendimento sustent\u00e1vel em que se baseia a avalia\u00e7\u00e3o.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-berechnung-kapitalisierungszins\">C\u00e1lculo da taxa de capitaliza\u00e7\u00e3o<\/h3>\n\n<p>Taxa de capitaliza\u00e7\u00e3o = taxa de base <strong>mais<\/strong> pr\u00e9mio de risco de mercado <strong>mais<\/strong> pr\u00e9mio de risco espec\u00edfico da empresa<\/p>\n\n<p>A taxa de capitaliza\u00e7\u00e3o \u00e9 composta por tr\u00eas factores.<\/p>\n\n<p>  A taxa de base, ou taxa de juro sem risco. \u00c9 normalmente a taxa de juro das obriga\u00e7\u00f5es do Estado com um prazo de 10 ou 30 anos. No final de 2021, a taxa de base na Alemanha era de 0,10%.<\/p>\n\n<p>O pr\u00e9mio de risco de mercado, que reflecte o risco empresarial no sector e no pa\u00eds em causa.<\/p>\n\n<p>O pr\u00e9mio de risco espec\u00edfico da empresa, que avalia os riscos comerciais espec\u00edficos da empresa.<\/p>\n\n<p>Por exemplo, para a avalia\u00e7\u00e3o de uma empresa de artesanato, uma taxa de juro de cerca de 20 % \u00e9 normalmente realista devido \u00e0 depend\u00eancia frequentemente mais elevada do propriet\u00e1rio. Este facto foi comprovado empiricamente pelos pre\u00e7os de compra reais.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-faktoren-zur-bestimmung-des-risikozuschlags\">Factores de determina\u00e7\u00e3o do pr\u00e9mio de risco<\/h3>\n\n<p><strong>Fungibilidade<\/strong>: A actividade pode ser rentabilizada rapidamente, de forma segura e sem custos elevados. Normalmente, este n\u00e3o \u00e9 o caso das empresas n\u00e3o cotadas. <\/p>\n\n<p><strong>Papel do propriet\u00e1rio da empresa:<\/strong> A empresa depende muito do propriet\u00e1rio. Todas as decis\u00f5es e contactos est\u00e3o concentrados nele. <\/p>\n\n<p><strong>Estrat\u00e9gia da empresa: <\/strong>N\u00e3o existe uma estrat\u00e9gia compreens\u00edvel a curto, m\u00e9dio e longo prazo.<\/p>\n\n<p><strong>Concorr\u00eancia:<\/strong> A press\u00e3o concorrencial \u00e9 elevada e, tratando-se de uma pequena empresa com uma pequena quota de mercado, existe um risco acrescido de press\u00e3o sobre as margens ou mesmo de ser exclu\u00edda do mercado.<\/p>\n\n<p><strong>Estrutura de clientes: <\/strong>Uma grande parte do volume de neg\u00f3cios \u00e9 efectuada com um pequeno n\u00famero de clientes. Os clientes n\u00e3o t\u00eam praticamente quaisquer dificuldades em mudar de fornecedor. Os clientes envelheceram com o propriet\u00e1rio e j\u00e1 n\u00e3o est\u00e3o presentes num futuro previs\u00edvel.  <\/p>\n\n<p><strong>Estrutura dos fornecedores: <\/strong>Pode haver estrangulamentos no fornecimento ou atrasos na produ\u00e7\u00e3o devido \u00e0 depend\u00eancia de fornecedores individuais e n\u00e3o existem op\u00e7\u00f5es de recurso.<\/p>\n\n<p><strong>Direc\u00e7\u00e3o: <\/strong>insuficientemente qualificada e\/ou experiente. Existe o risco de abandonar a empresa ap\u00f3s uma mudan\u00e7a de propriet\u00e1rio. <\/p>\n\n<p><strong>Pessoal: <\/strong>O n\u00edvel de forma\u00e7\u00e3o do pessoal \u00e9 bastante baixo. \u00c9 dif\u00edcil encontrar no mercado de trabalho trabalhadores qualificados adequados, o que tem um impacto negativo no crescimento futuro. Existe uma depend\u00eancia de algumas pessoas-chave que n\u00e3o s\u00e3o facilmente substitu\u00eddas.  <\/p>\n\n<p><strong>Vendas n\u00e3o recorrentes: <\/strong>As vendas s\u00e3o predominantemente geradas com clientes n\u00e3o recorrentes.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041580_41a91a-fb .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_41a91a-fb{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_41a91a-fb alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_f7be4f-ec .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_f7be4f-ec .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041580_f7be4f-ec\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Exemplo de m\u00e9todo do rendimento simplificado<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n<div>\n        \n            <h4>Exemplo de pressupostos:<\/h4>\n            <p>Rendimento sustent\u00e1vel (m\u00e9dia dos lucros ajustados dos \u00faltimos 3 anos): 1.000.000 \u20ac<\/p>\n            <p>Taxa de juro base assumida (taxa de juro sem risco): 2%<\/p>\n            <p>Pr\u00e9mio de risco de mercado (pr\u00e9mio de mercado para o setor): 8%<\/p>\n            <p>Pr\u00e9mio de risco espec\u00edfico do empres\u00e1rio (risco acima da m\u00e9dia devido \u00e0 depend\u00eancia do propriet\u00e1rio e ao tamanho da empresa): 10%<\/p>\n        \n            <h4>Pergunta do ponto de vista do comprador:<\/h4>\n            <p>Quanto dinheiro teria o comprador de investir numa alternativa com o mesmo risco para obter um rendimento de 1.000.000 \u20ac?<\/p>\n\n            <h4>C\u00e1lculo da taxa de capitaliza\u00e7\u00e3o:<\/h4>\n            <p><strong>Passo 1: taxa de capitaliza\u00e7\u00e3o = taxa base + pr\u00e9mio de risco de mercado + pr\u00e9mio de risco espec\u00edfico da empresa<\/strong><\/p>\n            <p>Taxa de capitaliza\u00e7\u00e3o = 2% + 8% + 10%<\/p>\n            <p>Taxa de capitaliza\u00e7\u00e3o = 20%<\/p>\n\n            <h4>C\u00e1lculo do valor da empresa (valor de lucros futuros):<\/h4>\n            <p>Valor de lucros futuros = rendimento sustent\u00e1vel \/ taxa de capitaliza\u00e7\u00e3o<\/p>\n            <p>Valor de lucros futuros = 1.000.000 \u20ac \/ 0,20 = 5.000.000 \u20ac<\/p>\n\n            <p class=\"result\">A taxa de capitaliza\u00e7\u00e3o \u00e9: <strong>20%<\/strong><\/p>\n            <p class=\"result\"><strong>O valor da empresa \u00e9: 5.000.000 \u20ac<\/strong>\n<\/p>\n\n        <\/div>   \n<\/div><\/div>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\">Vantagens e desvantagens deste m\u00e9todo<\/h2>\n<style>.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{display:flex;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col,.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_1c0a8e-6f{position:relative;}.kadence-column2041580_1c0a8e-6f, .kt-inside-inner-col > .kadence-column2041580_1c0a8e-6f:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041580_1c0a8e-6f\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_d62d46-a9 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_d62d46-a9 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_258d19-f8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_258d19-f8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Aplica\u00e7\u00e3o simples, f\u00e1cil de entender e implementar<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_a342c4-19 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_a342c4-19\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Orientado para o futuro, foca-se nos rendimentos e lucros futuros da empresa, o que \u00e9 importante para investidores que pretendem avaliar retornos futuros.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_46d424-6f .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_46d424-6f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Pr\u00e1tica comum no setor das PME, uma vez que estas t\u00eam estruturas empresariais menos complexas.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_48eca5-6d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_48eca5-6d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Aceite pelas autoridades financeiras: Este m\u00e9todo \u00e9 frequentemente aceite pelas autoridades fiscais na Alemanha, por exemplo, para avalia\u00e7\u00f5es para fins fiscais.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_c37226-ce .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_c37226-ce\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Bem adequado para empresas em mercados est\u00e1veis<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_823074-68 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_823074-68 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_0669be-16 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_0669be-16\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">\u00c9 feita uma suposi\u00e7\u00e3o simples sobre o rendimento futuro, a complexidade de uma empresa e o seu ambiente de mercado nem sempre podem ser totalmente representados.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_9f5d57-e8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_9f5d57-e8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Os riscos da empresa ou as poss\u00edveis flutua\u00e7\u00f5es do mercado s\u00e3o negligenciados <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_59292e-77 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_59292e-77\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Para empresas com rendimentos muito flutuantes ou em r\u00e1pido crescimento, este m\u00e9todo \u00e9 demasiado r\u00edgido e impreciso.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_547387-54 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_547387-54\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Erros de avalia\u00e7\u00e3o nas previs\u00f5es de rendimento e na taxa de desconto podem levar a resultados incorretos.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\" id=\"h-bedeutung-des-ertragswertverfahrens-in-deutschland\">Significado do m\u00e9todo do rendimento na Alemanha<\/h3>\n\n<p>Na Alemanha, o m\u00e9todo do rendimento \u00e9 o m\u00e9todo mais utilizado (IDW S 1). \u00c9 o m\u00e9todo de avalia\u00e7\u00e3o legalmente previsto para efeitos de imposto sobre heran\u00e7as e doa\u00e7\u00f5es na avalia\u00e7\u00e3o de empresas. O m\u00e9todo do rendimento \u00e9 aplicado em conformidade pela administra\u00e7\u00e3o financeira e goza de grande aceita\u00e7\u00e3o em lit\u00edgios judiciais. <\/p>\n\n<p>Para a avalia\u00e7\u00e3o de pequenas e m\u00e9dias empresas artesanais, o Grupo de Trabalho de Consultores de Avalia\u00e7\u00e3o no Sector do Artesanato desenvolveu a Norma AWH. Baseia-se igualmente no m\u00e9todo do rendimento e \u00e9 adaptado em conformidade \u00e0s particularidades destas empresas. Mais <a href=\"https:\/\/www.zdh.de\/ueber-uns\/fachbereich-gewerbefoerderung\/betriebsnachfolge\/das-awh-verfahren-zur-bewertung-von-handwerksbetrieben\/\" rel=\"noopener\">informa\u00e7\u00f5es<\/a> sobre a avalia\u00e7\u00e3o de acordo com a norma AWH est\u00e3o dispon\u00edveis na ZdH.  <\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-die-discounted-cashflow-verfahren-dcf\">O m\u00e9todo do fluxo de caixa actualizado (DCF)  <\/h2>\n\n<p>Este m\u00e9todo tem as suas origens na avalia\u00e7\u00e3o cl\u00e1ssica de investimentos. A n\u00edvel internacional, este \u00e9 o m\u00e9todo de avalia\u00e7\u00e3o com maior notoriedade.<\/p>\n\n<p>Teoricamente, o m\u00e9todo DCF produz o valor empresarial mais exacto. No entanto, o cerne da quest\u00e3o reside na necessidade de projectar detalhadamente os rendimentos ou fluxos de caixa futuros e as correspondentes taxas de juro ajustadas ao risco (taxa de juro de c\u00e1lculo), a fim de os descontar para o seu valor actual.<\/p>\n\n<p>A vantagem em rela\u00e7\u00e3o ao m\u00e9todo do rendimento \u00e9 a elevada flexibilidade, uma vez que n\u00e3o \u00e9 necess\u00e1rio partir de um \u00fanico \u00abrendimento sustent\u00e1vel\u00bb, mas, por exemplo, \u00e9 poss\u00edvel prever separadamente a evolu\u00e7\u00e3o da situa\u00e7\u00e3o dos rendimentos para os pr\u00f3ximos 5 anos. No entanto, este facto tamb\u00e9m aumenta a complexidade e a necessidade de explica\u00e7\u00e3o da avalia\u00e7\u00e3o.<\/p>\n\n<p>O m\u00e9todo DCF \u00e9 mais adequado para a determina\u00e7\u00e3o do valor de grandes empresas. O ponto de partida \u00e9 sempre um plano de neg\u00f3cios para os pr\u00f3ximos 5\u20137 anos. <strong>Este m\u00e9todo tende a resultar em valores empresariais mais elevados.<\/strong><\/p>\n\n<p>Ao contr\u00e1rio do m\u00e9todo do rendimento, que tem como ponto de partida os rendimentos futuros, aqui s\u00e3o consideradas as receitas excedentes, os chamados fluxos de caixa.<\/p>\n\n<p>\u00c9 feita uma distin\u00e7\u00e3o entre o m\u00e9todo bruto ou de entidade e o m\u00e9todo l\u00edquido ou de capital pr\u00f3prio. Na pr\u00e1tica, a maioria das empresas utiliza o m\u00e9todo da entidade, que \u00e9 utilizado para determinar o valor da empresa, ou seja, o valor da empresa incluindo o passivo financeiro. <\/p>\n\n<p>O fluxo de tesouraria livre da empresa, incluindo os juros sobre o capital alheio, \u00e9 actualizado utilizando o custo m\u00e9dio ponderado do capital dos recursos financeiros afectos \u00e0 empresa. O c\u00e1lculo do valor actual l\u00edquido destina-se principalmente a reflectir o potencial operacional de uma empresa.<\/p>\n\n<p>Na medida do poss\u00edvel, deve ser considerado todo um ciclo de investimento, uma vez que os investimentos em activos correntes e fixos t\u00eam um impacto significativo nos fluxos de caixa.<\/p>\n\n<p>A previs\u00e3o dos fluxos de caixa e a escolha dos factores de desconto s\u00e3o parafusos de ajuste com os quais os resultados podem ser movidos na direc\u00e7\u00e3o desejada. Para garantir a seriedade dos resultados, \u00e9 indispens\u00e1vel uma an\u00e1lise de sensibilidade que mostre a influ\u00eancia das altera\u00e7\u00f5es nas premissas sobre o valor da empresa. <\/p>\n\n<p>A escolha entre o m\u00e9todo DCF e o m\u00e9todo do rendimento, com as mesmas premissas, n\u00e3o tem, em princ\u00edpio, qualquer influ\u00eancia no resultado da avalia\u00e7\u00e3o. A decis\u00e3o por um dos m\u00e9todos de avalia\u00e7\u00e3o deve, por isso, depender do p\u00fablico-alvo e do objetivo da avalia\u00e7\u00e3o.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041580_bd9464-43 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_bd9464-43{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_bd9464-43 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_7f10f0-d8 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_7f10f0-d8 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041580_7f10f0-d8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Exemplo do m\u00e9todo do Fluxo de Caixa Descontado (DCF)<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Cashflow livre (FCF) para a previs\u00e3o dos pr\u00f3ximos 3 anos<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Previs\u00e3o ano 1<\/th>\n        <th>Previs\u00e3o ano 2<\/th>\n        <th>Previs\u00e3o ano 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Cashflow livre (FCF)<\/td>\n        <td>300,000<\/td>\n        <td>330,000<\/td>\n        <td>360,000<\/td>\n    <\/tr>\n<\/table>\n\n<h4>C\u00e1lculo dos cashflows descontados e do valor terminal<\/h4>\n\n<p>Taxa de desconto (r) = 10%<\/p>\n<p>Taxa de crescimento terminal (g) = 2%<\/p>\n\n<!-- Formula for DCF -->\n<p class=\"formula\">\n  DCF <sub>1<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">300,000<\/span>\n        <span class=\"bottom\">1.10<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>2<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">1.21<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>3<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 270,676\n<\/p>\n\n<h4>C\u00e1lculo do valor terminal (TV)<\/h4>\n\n<p>O valor terminal \u00e9 calculado como:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub> \u00d7 (1 + g)<\/span>\n        <span class=\"bottom\">r &#8211; g<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">360,000 \u00d7 1.02<\/span>\n        <span class=\"bottom\">0.10 &#8211; 0.02<\/span>\n    <\/span> = 4,590,000\n<\/p>\n\n<p>O valor terminal \u00e9 depois igualmente descontado:<\/p>\n\n<p class=\"formula\">\n  DCF <sub>TV<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 3,451,128\n<\/p>\n\n<h4>Valor total da empresa (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = soma dos DCF + DCF<sub>TV<\/sub> = 272,727 + 272,727 + 270,676 + 3,451,128 = 4,267,258\n<\/p>\n\n\n<h4>C\u00e1lculo do valor do capital pr\u00f3prio (Equity Value)<\/h4>\n\n<p>O valor do capital pr\u00f3prio \u00e9 calculado subtraindo a d\u00edvida l\u00edquida ao valor da empresa:<\/p>\n\n<p class=\"formula\">\n  Valor do capital pr\u00f3prio = EV &#8211; d\u00edvidas + caixa\n<\/p>\n<p>Supondo que a empresa tem 500,000 de d\u00edvidas e 200,000 em caixa:<\/p>\n\n<p class=\"formula\">\n  Valor do capital pr\u00f3prio = 4,267,258 &#8211; 500,000 + 200,000 = 3,967,258\n<\/p>\n\n<p>O valor do capital pr\u00f3prio \u00e9, assim, 3,967,258.<\/p>\n<p> <\/p>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Vantagens e desvantagens deste m\u00e9todo<\/h2>\n<style>.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col,.kadence-column2041580_4b5052-66 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_4b5052-66{position:relative;}.kadence-column2041580_4b5052-66, .kt-inside-inner-col > .kadence-column2041580_4b5052-66:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041580_4b5052-66\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_3a6999-2e ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_3a6999-2e kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_a65116-12 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_a65116-12\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Se os pressupostos forem realistas, o m\u00e9todo DCF oferece uma avalia\u00e7\u00e3o de empresas relativamente objetiva e fundamentada.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_9e57cc-ce .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_9e57cc-ce\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A considera\u00e7\u00e3o dos fluxos de rendimento futuros \u00e9 particularmente \u00fatil para empresas de alto crescimento.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_c64ddc-78 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_c64ddc-78\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Orientado para desenvolvimentos de longo prazo (futuros)<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_ebfb92-ad ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_ebfb92-ad kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_21e384-34 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_21e384-34\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A suposi\u00e7\u00e3o de uma vida \u00fatil ilimitada das empresas \u00e9 pouco realista.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_543900-aa .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_543900-aa\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A avalia\u00e7\u00e3o baseia-se em suposi\u00e7\u00f5es e n\u00e3o em factos, sendo, portanto, incerta.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_fbbd7c-e9 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_fbbd7c-e9\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">O c\u00e1lculo \u00e9 complicado e requer muitas suposi\u00e7\u00f5es; pequenas altera\u00e7\u00f5es nas suposi\u00e7\u00f5es (por exemplo, taxas de crescimento, taxas de desconto) podem levar a diferen\u00e7as significativas no resultado.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_df6204-9d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_df6204-9d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">N\u00e3o adequado para empresas com fluxo de caixa flutuante<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-verschiedene-mittelwertmethoden-mischverfahren\">Diferentes m\u00e9todos de c\u00e1lculo da m\u00e9dia \/ m\u00e9todos de mistura<\/h2>\n\n<p>Devido \u00e0 estimativa dos valores, o m\u00e9todo do rendimento est\u00e1 associado a incertezas. Os m\u00e9todos de combina\u00e7\u00e3o incluem adicionalmente a subst\u00e2ncia da empresa na sua avalia\u00e7\u00e3o.<\/p>\n\n<p>A ideia subjacente aos m\u00e9todos de valor m\u00e9dio \u00e9 incluir as expectativas e os riscos passados e futuros. Isto conduz a um elevado n\u00edvel de aceita\u00e7\u00e3o, tamb\u00e9m e especialmente entre as empresas do sector das PME. As empresas comerciais e artesanais e as empresas do sector da ind\u00fastria transformadora utilizam-no para transac\u00e7\u00f5es planeadas, mas tamb\u00e9m \u00e9 frequentemente utilizado para acordos de sucess\u00e3o no seio da fam\u00edlia.<\/p>\n\n<p>O resultado baseia-se na m\u00e9dia ponderada do valor patrimonial e do valor de lucros futuros. Ponderado significa, normalmente, que ao valor patrimonial \u00e9 adicionado o dobro do valor de lucros futuros. O resultado dividido por tr\u00eas e acrescido dos activos n\u00e3o operacionais d\u00e1 o valor da empresa. No entanto, s\u00e3o tamb\u00e9m utilizados m\u00e9todos alternativos em que as partes da subst\u00e2ncia e do rendimento no valor total s\u00e3o ponderadas de forma diferente.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-das-mittelwert-verfahren-oder-berliner-verfahren\">O m\u00e9todo do valor m\u00e9dio ou o m\u00e9todo de Berlim<\/h3>\n\n<p>No m\u00e9todo do valor m\u00e9dio ou m\u00e9todo de Berlim, \u00e9 calculada a m\u00e9dia aritm\u00e9tica do valor de lucros futuros e do valor patrimonial. Baseia-se na ideia de que as empresas com pouca subst\u00e2ncia e ganhos elevados est\u00e3o normalmente expostas a uma elevada press\u00e3o concorrencial, que previsivelmente reduzir\u00e1 esses ganhos no futuro.  <\/p>\n\n<p>Avalia\u00e7\u00e3o = (Valor de lucros futuros + Valor patrimonial) \/ 2<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-das-wiener-verfahren\">O procedimento de Viena<\/h3>\n\n<p>No m\u00e9todo de Viena, \u00e9 igualmente calculada a m\u00e9dia aritm\u00e9tica do valor de lucros futuros e do valor patrimonial (ativo). No entanto, o c\u00e1lculo destes dois valores difere do m\u00e9todo de Berlim, por exemplo.  <\/p>\n\n<p>O montante fixo dos factores mais dif\u00edceis de determinar torna o procedimento de Viena um procedimento simplificado. A taxa de juro de capitaliza\u00e7\u00e3o \u00e9 fixada em nove por cento. A previs\u00e3o incerta dos rendimentos futuros \u00e9 contornada atrav\u00e9s da m\u00e9dia dos tr\u00eas \u00faltimos exerc\u00edcios financeiros. O m\u00e9todo de Viena \u00e9 frequentemente utilizado como m\u00e9todo alternativo quando as partes n\u00e3o conseguem chegar a acordo sobre outros m\u00e9todos de avalia\u00e7\u00e3o.<\/p>\n\n<p>Avalia\u00e7\u00e3o = (Valor de lucros futuros + Valor patrimonial) \/ 2<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-die-bergewinn-methode\">O m\u00e9todo do excedente de lucro<\/h3>\n\n<p>O m\u00e9todo do superlucro \u00e9 outro m\u00e9todo de valor m\u00e9dio e baseia-se no pressuposto de que o lucro, a longo prazo, corresponde apenas a uma capitaliza\u00e7\u00e3o adequada do valor patrimonial.<\/p>\n\n<p>Em consequ\u00eancia da considera\u00e7\u00e3o de que as margens de lucro mais elevadas diminuem com o tempo, os lucros excedent\u00e1rios que ultrapassam a taxa de retorno normal s\u00e3o capitalizados a uma taxa de juro mais elevada. Os factores que podem ser respons\u00e1veis por uma diminui\u00e7\u00e3o dos lucros s\u00e3o, por exemplo, a deteriora\u00e7\u00e3o da economia, o aumento da concorr\u00eancia ou outros.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041580_153ccf-40 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_153ccf-40{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_153ccf-40 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_9079c4-d5 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_9079c4-d5 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041580_9079c4-d5\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Exemplo de c\u00e1lculo do m\u00e9todo do lucro excedente<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n<div>\n<p><\/p>\n        \n            <h4>Exemplo de pressupostos:<\/h4>\n            <p>Para a avalia\u00e7\u00e3o, \u00e9 necess\u00e1rio estabelecer dois factores:<\/p>\n            <p>1. Montante da taxa de juro com a qual o valor patrimonial \u00e9 capitalizado de forma sustent\u00e1vel (\u00abjuro normal\u00bb).<\/p>\n            <p>2. N\u00famero de anos para os quais o superlucro deve ser aplicado, o qual \u00e9 adicionado ao valor patrimonial.<\/p>\n            <p><\/p>\n<p>A capitaliza\u00e7\u00e3o do valor patrimonial afeto \u00e0 empresa a pre\u00e7os de reposi\u00e7\u00e3o \u00e0 taxa de juro normal \u00e9 deduzida do lucro efetivo. Este \u00absuperlucro\u00bb que excede a capitaliza\u00e7\u00e3o normal \u00e9 adicionado ao valor patrimonial durante um determinado n\u00famero de anos.  Regra geral, \u00e9 utilizado um per\u00edodo de 3 a 8 anos.<\/p>\n        \n            <h4>Avalia\u00e7\u00e3o<\/h4>\n            <p>= Valor patrimonial + Valor atual dos superlucros<\/p>\n<p>= Valor patrimonial + N\u00famero de anos com superlucro x (Lucro \u2013 (Juro normal x Valor patrimonial)) <\/p>\n <p>= Exemplo num\u00e9rico: 1.000.000 + 3 x (200.000 \u2013 (10% x 1.000.000)) = 1.300.000<\/p>\n\n\n        <\/div>   \n<\/div><\/div>\n\n<p><\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-die-schweizer-methode-oder-die-praktiker-methode\">O M\u00e9todo Su\u00ed\u00e7o ou o M\u00e9todo do Praticante<\/h3>\n\n<p>O m\u00e9todo pr\u00e1tico \u00e9 f\u00e1cil de compreender e seguir e \u00e9 frequentemente considerado o primeiro ponto de refer\u00eancia tanto do lado do comprador como do lado do vendedor.  <\/p>\n\n<p>Para as empresas bem sucedidas, o m\u00e9todo pr\u00e1tico conduz a valores muito conservadores e baixos para a empresa.  <\/p>\n\n<p>A administra\u00e7\u00e3o fiscal su\u00ed\u00e7a tamb\u00e9m utiliza este m\u00e9todo de avalia\u00e7\u00e3o. Calcula assim uma taxa de juro de capitaliza\u00e7\u00e3o de 9,5%.  <\/p>\n\n<p>Avalia\u00e7\u00e3o = 2\/3 x Valor de lucros futuros + 1\/3 Valor patrimonial<\/p>\n\n<h3 class=\"wp-block-heading\">O procedimento de Estugarda<\/h3>\n\n<p>No m\u00e9todo de Estugarda, o valor de uma empresa resulta da soma do valor patrimonial e do valor de lucros futuros. Este m\u00e9todo foi utilizado principalmente para determinar o valor de empresas n\u00e3o cotadas em bolsa em casos de heran\u00e7a ou doa\u00e7\u00e3o. Como este procedimento j\u00e1 n\u00e3o est\u00e1 actualizado, foi abolido em 2009.  <\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-sonderf-lle\">Casos especiais<\/h2>\n\n<hr class=\"wp-block-separator has-text-color has-theme-palette-3-color has-css-opacity has-theme-palette-3-background-color has-background is-style-wide\"\/>\n\n<h3 class=\"wp-block-heading\" id=\"h-sonderfall-bewertung-von-startups\">Caso especial: Baixo rendimento com muito patrim\u00f3nio<\/h3>\n\n<p>O caso especial de empresas com baixos rendimentos ou n\u00e3o rent\u00e1veis com um elevado valor patrimonial, que n\u00e3o capitalizam o valor patrimonial de forma adequada, \u00e9 tratado pelo m\u00e9todo Schnettler. \u00c9 o meu m\u00e9todo misto de valor patrimonial e valor de lucros futuros. <\/p>\n\n<p>A deprecia\u00e7\u00e3o do elevado n\u00edvel de activos fixos tang\u00edveis resulta em perdas contabil\u00edsticas. Um comprador contabilizaria os ativos fixos a custos de reposi\u00e7\u00e3o reduzidos, o que reduziria a deprecia\u00e7\u00e3o e aumentaria, em conformidade, o valor de lucros futuros.<\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"fragen-antworten\">Perguntas mais frequentes<\/h2>\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1652363743106\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Qual \u00e9 o melhor m\u00e9todo para a avalia\u00e7\u00e3o de empresas?  <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Dependendo da ocasi\u00e3o da avalia\u00e7\u00e3o e da fase em que a empresa se encontra, um ou outro m\u00e9todo pode fazer mais sentido. Recomendamos que jogue com v\u00e1rios m\u00e9todos para ter uma ideia do intervalo em que o valor se move. A Nimbo trabalha com o m\u00e9todo m\u00faltiplo.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1653998372670\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Como \u00e9 que o m\u00e9todo m\u00faltiplo funciona?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Este m\u00e9todo utiliza como base de c\u00e1lculo os pre\u00e7os recentemente alcan\u00e7ados por empresas compar\u00e1veis. Examina-se por que m\u00faltiplo (&#8220;m\u00faltiplo&#8221;, &#8220;multiplicador&#8221;) estas empresas foram vendidas e aplica-se este factor \u00e0 empresa a avaliar. Os m\u00faltiplos podem ser, por exemplo, m\u00faltiplos do lucro operacional (&#8220;m\u00faltiplo EBIT&#8221;), do lucro antes de juros, impostos, deprecia\u00e7\u00e3o e amortiza\u00e7\u00e3o (m\u00faltiplo EBITDA) ou do volume de neg\u00f3cios (&#8220;m\u00faltiplo do volume de neg\u00f3cios&#8221;).  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1652365128769\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Que m\u00e9todo \u00e9 utilizado para avaliar uma empresa em fase de arranque?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Com uma empresa em fase de arranque que ainda n\u00e3o d\u00e1 lucro e est\u00e1 a crescer fortemente, valoriza-se uma promessa para o futuro. O m\u00e9todo DCF pode ser aplicado a planos de neg\u00f3cios de empresas em fase de arranque. A taxa de desconto utilizada \u00e9 derivada do rendimento esperado dos investidores.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1654005416895\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Para quem \u00e9 adequado o m\u00e9todo m\u00faltiplo (m\u00e9todo do multiplicador)?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Este m\u00e9todo \u00e9 principalmente adequado para empresas rent\u00e1veis que j\u00e1 existem h\u00e1 algum tempo. Neste caso, uma tend\u00eancia de lucro de v\u00e1rios anos pode ser utilizada como base para a avalia\u00e7\u00e3o. Quanto mais est\u00e1veis forem os valores emp\u00edricos, mais significativo ser\u00e1 o resultado. Este m\u00e9todo n\u00e3o \u00e9 adequado para empresas que estejam a registar perdas ou que se encontrem numa fase de forte crescimento.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Os quatro m\u00e9todos mais importantes para calcular o valor de uma empresa de pequena e m\u00e9dia dimens\u00e3o s\u00e3o o m\u00e9todo do m\u00faltiplo, o m\u00e9todo do valor patrimonial, o m\u00e9todo do rendimento e o m\u00e9todo DCF. Aqui pode descobrir o que deve saber sobre cada m\u00e9todo. Explicado de forma simples e com exemplos. O m\u00e9todo dos&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[400156],"tags":[],"class_list":["post-2042113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leitfaden-pt"],"taxonomy_info":{"category":[{"value":400156,"label":"Leitfaden"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/5d30b543-5578-4167-ba10-ba50298c3f8a.png",1024,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/pt\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400156,"name":"Leitfaden","slug":"leitfaden-pt","term_group":0,"term_taxonomy_id":2000156,"taxonomy":"category","description":"","parent":0,"count":3,"filter":"raw","cat_ID":400156,"category_count":3,"category_description":"","cat_name":"Leitfaden","category_nicename":"leitfaden-pt","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/posts\/2042113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/users\/1003"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/comments?post=2042113"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/posts\/2042113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/media\/2042645"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/media?parent=2042113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/categories?post=2042113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/pt\/wp-json\/wp\/v2\/tags?post=2042113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}