Browsing by Issue Date, starting with "2012-02-23"
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- Equity valuation : Group EDP : 2011Publication . Morgado, Gonçalo Filipe Vasco; Martins, José TudelaValuation is as important as difficult and is far from being an exact science. The aim of this dissertation is to analyze EDP – Energias de Portugal, SA under the theories and works of many authors that give all their work to develop the best techniques and assumptions to came up with the best valuation possible. Still, the debate will continue and many other opinions will appear. Group EDP is enormous. Hence, this dissertation focuses on the most important business segment: Electrical business in Portugal and Spain. This work is done meanwhile Portugal is under financial intervention and it will affect directly EDP as it will be totally private. The final objective is to compare my work with Caixa Banco de Investimento in their report of December 2010.
- ES Viagens, Grupo Espírito Santo : when growth goes on vacationPublication . Carvalho, Frederico Martins de; Guedes, Nuno MagalhãesAfter only five years of operations in Portugal, in 2006 ES Viagens was already the market leader, controlling several important tourism operators and travel agencies that generated a revenue of over 440 million Euros. It was therefore nothing less than surprising to see revenues and profits declining in the following years. In the case study the Portuguese market and ES Viagens' competitive landscape are described, in an attempt to find reasons that would explain such low performance. Besides the case study, this dissertation contains a Literature Review section in which several frameworks and theories that may help identify ES Viagens' external and internal issues are explored. Such theoretical background is then applied in the Teaching Note, a possible approach to analyze the case in class is suggested. From the analysis of the case study it is possible to identify environmental trends and structural industry conditions affecting ES Viagens, as well as positioning and operational problems in the company. After this diagnosis recommendations are made in order to assure its growth in the leisure segment, both nationally and internationally, while maintaining its leadership position in the corporate segment.
- Inequality and economic growth : are both walking hand in hand? : the case of Latin AmericaPublication . Ferreira, Catarina Alexandra Belerique Duarte; Pinheiro, Susana FrazãoThe responsible for dictating policies, sometimes choose a path were they put in second plan the problematic of inequality which is intrinsically connected with other complex realities such as poverty. The conception is that income distribution in the long run will remain constant, so the best way to increase the life conditions of the population is betting in economic growth because there is not a plain relation among economic growth and inequality. The aim of the study performed in this thesis was to understand the correlation among inequality and economic growth. Does economic growth lead to a better situation of the population in a homogeneous way indeed? Or do those benefits not reach the entire population? A quantitative method was applied in this study in order to gather results and responses. The analysis was based on statistical measures of Pearson’s correlation derived from data of Gini Index and GDP indicators, since they are both able to represent the equity in distribution of income and economic growth respectively. The group of countries in which the analysis was performed was the Latin America. The results indicate that, if in one hand it was not proved a direct and undoubted connection among economic growth and a raise on inequality, on the other hand it was not proven that they are completely independent either. The fairest way to look at this problem is not the impact of economic growth on inequality and the other way around but how those economic growth policies are chosen and their impact on the society.