Corresponds to companies’ value that in the long term (over 20 years) have superior performance when compared to companies that in the short term (up to 5 years) may have superior performance, but also have periods of negative or below average performance, resulting in an average long-term performance lower than long-term companies. The results (profits/losses) that long-term companies delivered to their stakeholders over the years (20 years or more) is greater than the results (profits/losses) of short-term companies. This analysis is used to define the long-term value of companies, being widely used by institutional investors.