Análise da criação de valor por meio do eva® e o retorno das ações das companhias real estate no brasil

Abstract

In recent years, the Brazilian real estate industry sector, in particular, the construction segment has grown and consolidated, leading to the opening of the capital of several companies in this segment. This scenario raises the need to evaluate the financial performance and the value creation of this sector. Given this situation, the present study has the objective of verifying the relationship between the Economic Value Added (EVA®) and the return of the stock of each company in the Civil Construction segment that make up the BM & FBOVESPA Real Estate Index (IMOB). As for the methodological procedures, this is a descriptive and bibliographical research, as well as a multisite study, including nine companies that compose the index in November 2015. The value generation capacity of this sector was analyzed through Valor Econômico (EVA®), in which information was collected from the companies analyzed for the years 2010 to 2014, in order to obtain Return on Investment (ROI), Economic Value Added (EVA®) and Return on Equity. Based on these data, it was found that the average performance of the companies in these years was a destruction of value, due to the impact of the cost of capital, which was higher than the net results of the Companies. Finally, the nominal EVA® and the Return of Action are negatively correlated. On the other hand the residual ROI and the Return of Action are positively correlated in a significant way.