Avaliação de desempenho pelo EVA: estudo de caso em uma construtora de pequeno porte

Abstract

The investment analysis seeks to evaluate the selection of opportunities that will provide the company an economic return consistent with its goals. The companies, in order to remain competitive in the market, need to select relevant projects that will present satisfactory returns, consistent with their capital investments. Therefore, the improvement of the company's management tools is appropriate, in order to improve the choice of new enterprises. The aim of this study was to verify if the use of the Economic Value Added (EVA) methodology in the analysis and pricing of projects adds information to a small firm that uses traditional measures of accounting profit. For that purpose, a descriptive case study was carried out in a firm in the civil construction sector, named Fator Construções. By analyzing a project that was executed by the firm, denominated Project A, it was found that the cost of equity was relevant, when calculated by the current method of analysis already used by the firm. However, when calculating the current value of the monthly EVAs, it possible to observe that the project does not add value to the firm. The research points that with the use of EVA, the result changes completely, demonstrating the importance of considering the real cost of capital in the pricing and analysis of projects. Lastly, the analysis showed the sensitivity of the project's result in relation to the cost of equity.