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Análise do EVA no setor energético em Portugal
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Esta dissertação visa analisar como as empresas do setor energético português criam valor económico, focando nos fatores que afetam o Economic Value Added (EVA) para os códigos de atividade económica CAE 351 (Produção de eletricidade), CAE 352 (Produção de gás) e CAE 353 (Produção de vapor), no período 2020 – 2024. Além disso, pretende-se avaliar se existem diferenças estatisticamente significativas na criação de valor entre os três segmentos do setor e identificar os principais value drivers responsáveis pela variação do EVA. Para o efeito, recorreu-se a dados financeiros extraídos de relatórios empresariais e bases de dados setoriais, aplicando métodos quantitativos, como o teste de Kruskal–Wallis e regressões lineares múltiplas com correções robustas de White, para identificar algumas variáveis operacionais e financeiras que influenciam o EVA. Os resultados evidenciam diferenças significativas entre os segmentos de empresas do setor energético: o CAE 351 apresenta EVA’s negativos e voláteis, refletindo o elevado investimento em ativos fixos e a exposição ao risco de mercado; o CAE 352 revela EVA’s mais estáveis e próximos de zero, coerentes com o caráter regulado da atividade; o CAE 353 destaca-se pela maior eficiência na geração de valor económico, traduzida em EVA’s médios positivos e maior flexibilidade operacional. A análise de regressão confirma o NOPAT (lucro operacional líquido após impostos) como principal determinante do EVA em todos os segmentos, evidenciando a importância da rentabilidade operacional na criação de valor. Conclui-se que a estrutura económica e regulatória influencia significativamente a capacidade das empresas do setor energético em gerar valor, sendo as atividades de comercialização as mais eficientes e as de produção as mais vulneráveis à destruição de valor. Estes resultados estão em linha com a literatura sobre o setor, que identifica a produção de energia como a mais intensiva em capital e a mais exposta a risco operacional.
This dissertation aims to analyze how companies in the Portuguese energy sector create economic value, focusing on the factors that affect the Economic Value Added (EVA) for the economic activity codes CAE 351 (Electricity production), CAE 352 (Gas production), and CAE 353 (Steam production), in the period 2020–2024. Furthermore, it seeks to assess whether there are statistically significant differences in value creation between the three sectors and identify the main value drivers responsible for the variation in EVA. To this end, financial data extracted from corporate reports and sectoral databases were used, applying quantitative methods such as the Kruskal-Wallis test and multiple linear regressions with White's robust corrections, to understand how operational and financial variables influence EVA. The results highlight significant differences between the segments: CAE 351 showing negative and volatile EVAs, reflecting high investment in fixed assets and exposure to market risk; CAE 352 revealing more stable EVAs close to zero, consistent with the regulated nature of the activity; and CAE 353 standing out for greater efficiency in generating economic value, translated into average positive EVAs and greater operational flexibility. The regression analysis confirms NOPAT (net operating profit after taxes) as the main determinant of EVA in all segments, highlighting the importance of operational profitability in value creation. It is concluded that the economic and regulatory structure significantly influences the ability of energy sector companies to generate value, with commercialization activities being the most efficient and production activities the most vulnerable to value destruction. These results align with the literature on the sector, which identifies energy production as the most capital-intensive and most exposed to operational risk.
This dissertation aims to analyze how companies in the Portuguese energy sector create economic value, focusing on the factors that affect the Economic Value Added (EVA) for the economic activity codes CAE 351 (Electricity production), CAE 352 (Gas production), and CAE 353 (Steam production), in the period 2020–2024. Furthermore, it seeks to assess whether there are statistically significant differences in value creation between the three sectors and identify the main value drivers responsible for the variation in EVA. To this end, financial data extracted from corporate reports and sectoral databases were used, applying quantitative methods such as the Kruskal-Wallis test and multiple linear regressions with White's robust corrections, to understand how operational and financial variables influence EVA. The results highlight significant differences between the segments: CAE 351 showing negative and volatile EVAs, reflecting high investment in fixed assets and exposure to market risk; CAE 352 revealing more stable EVAs close to zero, consistent with the regulated nature of the activity; and CAE 353 standing out for greater efficiency in generating economic value, translated into average positive EVAs and greater operational flexibility. The regression analysis confirms NOPAT (net operating profit after taxes) as the main determinant of EVA in all segments, highlighting the importance of operational profitability in value creation. It is concluded that the economic and regulatory structure significantly influences the ability of energy sector companies to generate value, with commercialization activities being the most efficient and production activities the most vulnerable to value destruction. These results align with the literature on the sector, which identifies energy production as the most capital-intensive and most exposed to operational risk.
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Palavras-chave
Valor Económico Acrescentado Setor energético Rentabilidade operacional Criação de valor Economic Value Added Energy sector Operational profitability Value creation