Análise das demonstrações contábeis como instrumento de avaliação de empresas: o caso Americanas S.A.

Abstract

With the aim of identifying possible signals that can be obtained through the application of the techniques proposed by analysis indicators of the financial statements of the company Americanas S.A. in the period from 2017 to 2023, it was observed that the liquidity indicators show that from 2021 the Americanas S.A. began to face increasing financial difficulties, compromising its solvency capacity in the short term and becoming vulnerable to financial shocks. Regarding debt, in general, indicators indicate that Americanas already presented significant financial risks before the accounting fraud discovered in 2023. The increase in dependence on debt without a proportional growth in assets compromised its financial structure. The worsening of the crisis highlighted the fragility of the company's assets and the inability to manage its debt. Profitability indicators point to Americanas' difficulty in generating consistent profits, with a significant worsening of the financial situation after 2022. Furthermore, the data demonstrate that, despite moderate growth until 2021, Americanas S.A. was unable to sustain its profitability in the face of the crisis, reinforcing the fragility of its financial structure. With these observations, the research question is considered answered.