Valoración de Inversiones por las Sociedades de Capital Riesgo: un estudo empírico a nivel europeo

Abstract

This paper develops a survey of five European countries active in venture capital to inquire about the valuation methodology followed by professionals and the influence of markets in which they operate on this methodology. The increased use of discounted cash flow method cash (DCF) method leads us to raise how professionals solve the calculation of the components of value inherent in that method . Our findings show that there are still differences both in the valuation method chosen and in the importance of the components of value, although, in general, the skills and experience of the management team is regarded as the most important factor in the initial selection of the investment. We confirm the predominant use of the DCF method, in conjuction with multiples, although it is verified that it is not applied in the countries analyzed, depending on the level of development of capital markets. Moreover, EBITDA and EBIT are the preferred multiples to value companies. Regarding the variables involved in the DCF method, we find significant differences among countries in the cash flows, discount rate used and terminal value estimation.