A fund requested martinsdelima to perform an independent valuation of a listed telecommunications company, in the context of a corporate transaction in which there was a reference price for the purchase of shares and a possible scenario of delisting. The objective was to have a technical, rigorous opinion that could be used in decision-making, without relying solely on previous valuations by third parties.

The challenge was not to “crunch numbers”, but to answer the key question: did that price reflect the real value of the business? To this end, we approached the assignment from an objective and impartial perspective, structuring the work to understand the context of the transaction, identify the factors that drove the value, and contrast the reasonableness of the proposed price with the intrinsic value of the company.

We started with what makes the difference in demanding valuations: understanding the business and its environment. We performed a complete analysis of the sector (evolution, trends and prospects), because it is fundamental to project revenues consistently and not “drag” weak assumptions into the valuation. In parallel, we analyzed the company in detail: growth (including inorganic growth), financial statements and operating metrics, combining economic-financial information and public documentation.

From there, we built a robust valuation based on multiple approaches to ensure consistency and reliability. We applied six complementary methodologies (discounted cash flow, market multiples, precedent transactions, weighted average quotation, theoretical book value and liquidation value) and, subsequently, we performed a final synthesis that prioritizes the most informative methods for this type of asset and market moment.

Regarding the methodology used, our competitive advantage was in the “how”: we not only applied the methods, but tested their representativeness, selected comparables with criteria, and used additional quantitative analysis (including regression approaches in comparables) to avoid typical biases when the growth and profile of the business do not fit well with standard references. All this with prudent, consistent and traceable assumptions, as required by a truly defensible valuation.

The result was a clear and actionable conclusion: the estimated value of the business was not adequately reflected in the reference price and the main methods, correctly applied, pointed to a higher value level. This allowed the client to make decisions with confidence, supported by a solid report, understandable for management and fully supported by technical analysis. In short: we transformed a complex case into a strong conclusion and into a first-class negotiation and strategy tool.