Valor justo das cinco maiores companhias do índice IBOVESPA no período de 2014 a 2018

Abstract

This work analyzes Gordon's model and its applicability using the dividend growth method to calculate the cost of capital. First, was analyzed the equation Gordon model used to price action until the equation used to calculate the cost of capital is obtained. Then there is the basic premise of use of the model: the expected growth (g) of the assessed company is less than or equal to (r) economic growth rate, and has a full payment and predictable dividend policy. Typically, companies that grow steadily pay big dividends. To verify the applicability of the model, an empirical test was performed with data from a sample company, the companies analyzed were: VALE, PETROBRAS, ITAÚ, BRADESCO and AMBEV. Analyzing the applicability of the model, it is possible that the cost of capital can be estimated, as it uses publicly available information, as long as the basic premise of using the model is met. On the other hand, when this does not happen in the real situation, the model will be significantly affected, which may be due to the volatility of the results (for example, the dividend did not continue to grow), or due to the estimate itself (for example, the decision best investment period).