Browsing by Issue Date, starting with "2013-07-02"
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- Sinfic : assessing the strategic conditions in Romania for successful internationalization of a worldwide intelligent location product : QuatenusPublication . Popa, Sorin; Amaral, Paulo Cardoso doQuatenus is a worldwide intelligent location SaaS (software as a service) platform with real time positioning as its core function. The company (Sinfic) has designed for this product a revenue sharing business model. The objective is to internationalize it in many countries in order to reach a knowledge-driven ecosystem that would allow them to think locally and act globally. Under these circumstances, is Romania an attractive market for Quatenus and if it is, what internationalization strategy should be deployed? This dissertation answers the question by conducting a competitive intelligence research intertwined with the strategic analysis performed through the lens of four models: Five Forces, PEST, National Diamond and Value Chain. The first two are assessing the macro environment analysing the industry’s underlying structure and country’s business climate – dimensions which eventually will shape the competitive strategy. The other two models help identifying what competitive advantages would Quatenus have in the context of the Romanian GPS tracking market. Ultimately, we conclude that Quatenus should enter the Romanian market through an authorized sales dealer which would develop a structure where midsized clients act as partners, vertically integrating their value chains with Quatenus and helping it to access a yet unexploited customer group. This cost effective competitive strategy of externalizing the sales activity is sustained by the revenue sharing business model. We also recommend Sinfic to position Quatenus as a quality product due to its strategic fit with the upcoming trend and comply with local practices of wide range pricing strategies.
- Impact investing : the role of finance in changing the world (for the better)Publication . Brito, Maria Isabel Cunha Cordovil Almeida e; Pinheiro, Susana FrazãoThe purpose of this dissertation is to evaluate the potential of tackling the world’s most pressing social and environmental problems through financial investment practices more specifically, through impact investing. With such purpose in mind, the research questions were defined as: “What is impact investing?” and “How is the impact investing industry characterized?” According to the Global Impact Investing Network (GIIN), impact investments are defined as “investments made into companies, organizations, and funds with the intention to generate measurable social and environmental impact alongside a financial return.” The original aspect of this activity is the specific desire and intention to generate both financial and social returns. Impact investing has emerged as an answer to solving poverty and critical social and economic issues that neither governments nor charity alone could solve. Thus, it fills in the gap between the market and philanthropy. The structure adopted is a mix between a traditional dissertation and a case study. After introducing in further detail the purpose of the dissertation, we will review and discussed the concept of impact investing and its main characteristics, based on current literature. Then, we will characterize the impact investing industry, distinguishing its funds and companies. We will also present two organizations that illustrate the impact investing practice, through two short case studies. Finally, we will present the key conclusions of this dissertation.
- The commercial viability of the Arctic shipping routesPublication . Nilsen, Alexander; Pinheiro, Susana FrazãoIt is commonly held that the Arctic Ocean and Arctic routes, presents an alternative to the traditional shipping routes through the Suez- and Panama- Channel, which is less time and cost consuming. This thesis strives to uncover weather or not this is the case by assessing the environmental developments, the distance and time characteristics of each defined route, as well as the individual costs associated with each route. The results from the alternative Arctic routes are then compared with the traditional routes. The results show that, though the distance between most of the ports of departure and arrival are in most cases shorter or considerable shorter, in extent presenting a decrease in the voyage time. Current sea ice conditions on the other hand only allow for the commercial shipping operations along the Northern Sea Route (NSR). The cost comparison proves that the NSR only become profitable with the implementation of the know industry practise of slow speed. The result is important as it has the prospective possibility to alter the commercial shipping traffic around the world, connecting major parts of the world with a less costly and faster way of trade.
- Equity Valuation : Apple Inc intrinsic value and market price adjustment towards equilibriumPublication . Madeira, Marco António Lourenço; Martins, José Carlos TudelaThe main objective in this dissertation is to get an accurate estimate about Apple Inc intrinsic value in the end of the respective fiscal year (09/2012) using as valuation method the cost of capital approach. In addition, it is studied the long run relationship adjustment from market price towards respective fair value, using the error correction model. Apple Inc intrinsic value was estimated to be equal to 533.912$ million taking into account 110.505$ million in cash. As a result, Apple Inc equity value per share was estimated to be equal to 568,48$. Additionally, the long run market price equilibrium would be equal to 470,96$ (assuming no changes in the intrinsic value).
- Equity valuation : Verbund AGPublication . Popp, Benedikt; Martins, José Carlos TudelaThe purpose of this report is to determine the equity value of the Austrian company Verbund. For this reason, first the appropriate methods are defined in the Literature Review, followed by the valuation of the company through the use of the DCF model. Additionally, the multiple approach is used as a supplement. The obtained results show a considerable undervaluation of Verbund. The thereby calculated fair value per share is further tested for its risk exposure to a change in certain variables, by conducting a Sensitivity Analysis. Moreover, the estimated share price is compared to the suggested price of a leading Investment Bank. The identified discrepancies are explained by the use of different valuation methods.
- Mergers and acquisitions : case study of Portucel and AltriPublication . Sarmento, António Maria de Paiva Brandão Nápoles; Tsvetkov, PeterThe Portuguese pulp and paper market has currently two main players which are Altri (on the pulp side) and Portucel (on the paper side), however this is a small market if we compare it with others like the Scandinavian or the North American ones. This makes the global pulp and paper market a very competitive one with companies that are much larger than the ones at study, nonetheless both Altri and Portucel are recognized by their high quality products and brands. Not only that, both these two firms are always aiming at being more competitive and efficient by lowering their costs, and currently they are one of the most operationally efficient companies in the industry. This paper will aim to provide arguments for the merger between Altri and Portucel, the main one analyses the added value that could be created through this merger by consolidating the strengths of these two Portuguese players. In this way, literature in valuation and in M&A will be reviewed and used to give strong arguments to the standalone valuation and the synergies that may occur in from this merger. Altri’s has been found to be undervalued along 2011 with a 13% upside potential, with synergies amounting to EUR 29,73 million. Hence this gives a premium of 25% over Altri’s share price at 31-12-2013, the acquisition is expected to be paid entirely with cash.
- Name your own change : the success history of Priceline.comPublication . Lima, Madalena Mota Pinto de; Barreto, IlídioThe Dynamic Capabilities View emerged from the work of several researchers, aiming to provide an explanation for a firm’s success in a fast-changing environment. This Thesis strives for the analysis of the Dynamic Capabilities literature through the real life business history of Priceline.com, an online travel agency founded in United States. The case shows that the company has a high propensity to sense opportunities and threats, to make market oriented decisions and to change their resources base while having a medium propensity to make timely decisions. In addition, evidence suggests that dynamic capabilities were key for the Priceline.com's success within a fast-changing environment, giving support to the literature that defines Dynamic Capabilities as the “firm’s potential to systematically solve problems”.
- Banco Comercial Português : equity valuationPublication . Pessanha, João Miguel Magalhães da Silva; Martins, José Carlos TudelaMany financial analysts across the world try to understand on a daily basis if the price of a specific stock will go up or down. They combine all the existent theory regarding valuation with their practical experience and insight as support to strengthen their arguments over the fair value they recommend/’sell’. Similarly, my objective in this dissertation was to present different valuation methodologies and achieve reliable and as accurate as possible the share fair value of Banco Comercial Português, also known as Millennium BCP. The year-end 2013 price target yielded by my valuation model was 0,157 Euros per share, representing a potential return to the investor of 65,2% - BUY recommendation. I also performed a sensitivity matrix, showing how the implicit price target changes due to small changes in key variables of the model. Furthermore, a comparison with an equity research of a leading investment bank was done, mainly focusing on methodologies followed and results obtained.
- A new beginning, the same brandPublication . Marques, Adriana Andrade; Barreto, IlídioOrganizational success has been a much debated issue. Many theories were developed through last decades, from the Industrial Organizational model to the Resource-base view. Even with the progress of these theories, there always has been a gap regarding how companies succeed in a dynamic and turbulent environment, and the dynamic capabilities view (DCV) appeared in order to fill this gap. Regarding this view, several scholars developed their own proposals, but for this specific dissertation, the Barreto’s view (2010) was the chosen one not only because it is a recent perspective, but also because it considered the previous theoretical developments and empirical findings. More important, this was arguably the most appropriate view to allow the operationalization of the dynamic capability construct. This thesis intends to illustrate the DCV by using a case study, highlighting how adaptation to context changes can influence a company’s performance. It will be first analyzed how negative can be the impact on a firm if it is not attentive to market changes, and then, it will also be examined how the performance of a firm can be improved significantly by the strengthening of dynamic capabilities. I will answer the following questions: What strategic decisions can lead a well-established company to fail? What factors are critical in a turnaround? How do strategic decisions translate into changes in the resource base? The main findings of the case suggest that the four dimensions of the dynamic capabilities construct are crucial to explain both failure and success of a firm. In addition, it shows that these dimensions are interconnected. No dimension alone can represent the construct. To wrap up, dynamic capabilities can help a firm to achieve success in a turbulent environment and this specific case suggests that the four dimensions included in the dynamic capabilities construct are vital for the achievement of the success.
- Creating shared value : the case of NestléPublication . Neves, João Maria de Noronha Galvão Vieira; Pinheiro, Susana FrazãoIn the past years, a lot has been said about the role business develops in society. There are opposite views about the position that both business and society should take. In fact, it is a theme that is increasingly popular and there is an increasing discussion around it in the business academic arena. However, one thing is clear: companies have to address societal issues in a proactive way in order to satisfy the increasing demands of their stakeholders. They really have to do good or, at least, appear to. This is the reason why many companies have been pursuing Social Responsibility strategies in order to rebrand its image, trying to create a competitive advantage in an evolving market. The main idea of the present dissertation is to study why and how companies should engage in Social Responsibility strategies in order to create both economic and societal value. The problem statement relies on understanding how a strategic focus on social issues may create a sustainable, long-term view where both economic and social values are created. The present dissertation, written in the form of a case study, aims to present the successful case of Nestlé when developing and implementing its Creating Shared Value strategy. All the steps that Nestlé took since 2006 are analysed to explain why and how did Nestlé successfully change the image of the company while increasing the total pool of value created, which is divided in both economic and social value along its entire value chain.