Análise de viabilidade econômico-financeira: um estudo de caso para a Companhia de Saneamento Básico do Estado de São Paulo

Abstract

This study sought to determine the fair value of Companhia de Saneamento Básico do Estado de São Paulo - SABESP, comparatively to the pre- and postpandemic period of COVID-19 (2019-2021), as well as the impacts caused on the value of the company in this period. For this, a Valuation analysis was developed, using the Discounted Cash Flow (DCF) method. The results obtained revealed a tendency of maintenance of the company's operational margins, in the postpandemic period there was an extreme penalization of the equity value. Such unexpected change may impact the profile of its investors, as well as encourage a reassessment of market expectations regarding its balance. A new analysis is suggested a posteriori, considering a more advanced base date in relation to the pandemic, to verify if there will be significant impacts in the future or if it will be able to recover its market value over the next few years