Avaliação de indicadores de desempenho de locadoras de carro listadas na B3

Abstract

Several aspects influence supply and demand of rental cars, so that, given the exposure level to economic fluctuations, this market belongs to the cyclical consumption sector. Conducting performance analysis in such scenario is fundamental for managerial level decision-making.  This happens because, macroeconomically, funding of car rental companies – essential for fleet growth, since the sector often presents low liquidity – can be compromised. Thus, the objective of this study was to evaluate which of the three car rental companies listed on B3 had the best overall performance, considering financial years from 2015 to 2017, a period marked by a serious economic crisis in the country. Hence, liquidity, indebtedness, capital structure and profitability performance indicators were used, as well as a vertical analysis of financial statements. The results showed that Localiza Rent a Car S.A. presented the best performance, even though, for its operation, the company faces high capital costs due to the maintenance and repairs of its fleet, which, in turn, is relatively larger than that of its competitors, which gives it prominence.