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Organizations seek partnerships, fusions and acquisitions (F & A) in expected to obtain economies of scale and gain of synergy, scope and value creation or even at entry into new markets. Decided by acquisition or merger, it is necessary to carry out the evaluation of the enterprise. Business evaluation models and methodologies have been developed over time, with the assumptions and information arising from finance theory. The acquisitions of anonymous public companies are carried out through the public offering of shares (OPA). In Brazil, the OPA is disciplined by the Normative Instruction - in 361/2002 of the Securities and Securities, and must be accompanied by a company assessment report. This research through content analysis sought to evidence information about the company's history and vision, marketing market, criteria and assumptions of evaluation, discount rate, among others, constant in the evaluation reports. It was evidenced that the item that presented a higher amount of words and / or data set was market and industry. The supremacy of discounted cash flow methodology was found. In all reports was evidenced information about business knowledge and strategic analysis. The qualification of the evaluators presented the lower variability of information, indicating a certain standardization of these data. It can be considered that the information highlighted in the Lauds suprem the needs of information of users and can be a tool to minimize asymmetry of information and errors in Valuation. Although the quality of the information has not been evaluated, it can be inferred that a greater amount of data can offer larger informational content, thus giving more subsidy for decision-making. [ABSTRACT FROM AUTHOR]

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This paper uses equity analysts' forecasts for Brazilian firms to analyze whether there are signifi cant differences between the results from the estimation of equity value when applying the discounted cash flow model (DCF) and the residual income model (OHLSON). The approach used in this research is pioneer, considering that previous papers comparing valuation models in Brazil used researchers' assumptions, based on public information, to implement the valuation models. However, the correct implementation of these models relies on market expectations (i.e. equity analysts) to calculate equity values. Additionally, we evaluate what model (DCF or OHLSON) better explains the Price-to-Book relation for future periods. Conclusions are: i) there are statistically significant differences for estimates of equity value when using discounted cash flow models and residual income models, and ii) Price-to-Book ratios calculated through discounted cash flow models have higher explanatory power for future Price-to-Book ratios than the estimates of this ratio using residual income valuation models. [ABSTRACT FROM AUTHOR]