Évaluation à des fins de fusions et acquisitions

The process of valuing a company may have different purposes such as M&A, IPOs, pricing shares, settlement and may use different types of valuation methods. These methods should be consistent with the purpose of the valuation so that it may reach the real value of the company. The use of inappropriate valuation method may result in opposite reality that will lead to enormous losses due to the fact these methods are based in different principles. The understanding of its principles is crucial so that the analyst in charge of a valuation can choose the right approach. This book will focus on assets valuation, more specifically valuation methods of companies for M&A purposes. Despite the high importance of a valuation in a Merger and Acquisition deal, unsuitable method is used. There are also doubts and questions and no precaution in using long-established valuation methods. The lack of time and information worsen the situation since professionals use old methods for many years without questioning whether they apply or not to the economic reality and the outcome work. This book aims to reflect on such valuation methods and its implication in an M&A transaction.

Mr. João Ciccarini works at Banco do Brasil in São Paulo, wherehe serves as Master Analyst of International Capital MarketsDivision. He is also a professor at Anbima in Valuation andInternational Financial Market. He holds an MBA at USP inInternational Finance and a Master Degree at AalborgUniversity (DK) in International Business & Economics.