Valuation de startups aplicado à quarto à vista: uma análise prática dos métodos tradicionais e de venture capital

Abstract

This study aims to analyze and apply valuation methods adapted to the reality of early stage Brazilian startups, using the company Quarto à Vista (Qavi), operating in the tourism and technology sector (turistech), as a case study. Given the specific characteristics of this type of enterprise — such as the lack of consolidated financial history, high degree of uncertainty, and accelerated growth model — the research developed a combined valuation approach, integrating the Discounted Cash Flow (DCF) method and Multiples (Revenue and EBITDA), commonly used in Venture Capital analyses. To achieve this purpose, an applied, exploratory research was conducted with both quantitative and qualitative approaches, based on financial data, demand projections, and sectoral analysis. The cash flow was projected using a proprietary model, segmented according to the types of growth observed in the operation, incorporating variables such as take rate, operating costs, and an adjusted discount rate (TMA/WACC). As a result, the startup's valuation was estimated at approximately BRL 75.8 million. This study reinforces the importance of adapting traditional models to the dynamics of emerging companies and contributes to the entrepreneurial ecosystem by proposing a replicable methodology aligned with national realities. Furthermore, it provides support for more assertive decision-making by entrepreneurs and investors operating in the Brazilian market, avoiding reliance on a single method as the sole indicator of a company’s future.