Avaliação de projeto de empresa startup de medical devices por opções reais

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Weller, Leonardo
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We know that business valuation is not always an exact science, despite the numerous methods currently available. In the case of valuation of companies in the pre-operational phase this environment becomes even more cloudy, especially when evaluating future products not yet available in the market, as the case of companies working with research and development (R & D). Although diffusely employed, valuation with net present value (NPV) is not always the best methodology applied to this type of business model, since it is not able to take into account the many uncertainties and interference over decision process regarding the creation of new products, such as abandonment, new investments, waiting for the next round of investments, and others types of decisions. In this scenario real option valuation methodology allows this flexibility, providing greater reliability to the valuation process. This work will bring a practical approach carried out by an R & D company in the valuation of a specific product through two methodologies - NPV and real options. Those will be key strategies at the time of the investment and market exit decision.

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