Análise do valor de mercado de uma empresa de streaming com capital aberto via Direct Listing
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Data
2021-01-11
Autores
Rossi, João Vitor Biazotto
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Editor
Universidade Estadual Paulista (Unesp)
Resumo
A abertura de capital é um meio de as empresas buscarem crescimento em um determinado
momento de sua evolução. Tradicionalmente, empresas costumam ir ao público pelo processo
de Oferta Pública Inicial, onde novas ações são criadas e vendidas no mercado primário para
aumentar o caixa da companhia. Em 2018, o Spotify decidiu abrir seu capital por meio do Direct
Listing, que, diferentemente do IPO tradicional, não cria novas ações, mas sim negocia as
parcelas já existentes dos proprietários da companhia diretamente no mercado secundário. No
estudo em questão, foi feita a análise para encontrar o valor de mercado de uma empresa que
abriu capital através de um IPO tradicional e de outra do mesmo setor que o fez via Direct
Listing, sendo elas, a Netflix e o Spotify, respectivamente, com o objetivo de analisar se o valor
encontrado para suas ações se mantém condizentes com o preço negociado no período de
análise, findos 31 de dezembro de 2019. O método de avaliação de empresas utilizado para a
precificação das companhias foi o Fluxo de Caixa Descontado e os preços por ação encontrados
pelo método se aproximaram do valor negociado no mercado, validado a hipótese de que
qualquer um dos dois processos de abertura de capital pode ser escolhido por uma companhia,
a depender da sua necessidade de capitalização
Going public is a path that companies follow to aim for growth at some point of their evolution process. Usually, firms go public by executing the Initial Public Offering (IPO) process, in which new stocks are issued and negotiated on the primary market to raise capital for the entity’s future cash flows. In 2018, Spotify decided to go public through the Direct Listing process, which differently from the traditional IPO, it does not issue new stocks, but allows the previous owners of the company to sell their parts of the business directly in the secondary market, providing liquidity to their shares. This present study contains an analysis to find the market value of a company that went public by the IPO process and another to find the market value of a company that went public by the Direct Listing process, being Netflix and Spotify, respectively. The main goal of this paper was to compare if the values found of their shares through the Discounted Cash Flow method were relatively close from the price per share negotiated during the period of analysis, being December 31st of 2019. Finally, the prices per share were shown to be close from the actual price negotiated on the market at the same period, validating the hypothesis that any of the two process of going public presented can be chosen by a company, depending on its capitalization need
Going public is a path that companies follow to aim for growth at some point of their evolution process. Usually, firms go public by executing the Initial Public Offering (IPO) process, in which new stocks are issued and negotiated on the primary market to raise capital for the entity’s future cash flows. In 2018, Spotify decided to go public through the Direct Listing process, which differently from the traditional IPO, it does not issue new stocks, but allows the previous owners of the company to sell their parts of the business directly in the secondary market, providing liquidity to their shares. This present study contains an analysis to find the market value of a company that went public by the IPO process and another to find the market value of a company that went public by the Direct Listing process, being Netflix and Spotify, respectively. The main goal of this paper was to compare if the values found of their shares through the Discounted Cash Flow method were relatively close from the price per share negotiated during the period of analysis, being December 31st of 2019. Finally, the prices per share were shown to be close from the actual price negotiated on the market at the same period, validating the hypothesis that any of the two process of going public presented can be chosen by a company, depending on its capitalization need
Descrição
Palavras-chave
Oferta Pública Inicial, Direct Listing, Avaliação de empresas, Fluxo de Caixa Descontado, Initial Public Offering, Valuation, Discounted Cash Flow, Negociação (Administração de empresas), Fluxo de caixa, Governança corporativa