Browsing by Issue Date, starting with "2014-07-07"
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- In how much is REN worth, indeed? : Equity Research : Redes Energéticas Nacionais, SPGS, SAPublication . Casqueiro, Marta Almeida Coimbra; Martins, José Carlos TudelaFor the last years, different authors and scholars have been focusing their studies on firm valuation. Despite the fact that this subject is, to a somewhat large extent, a matter of some controversy, almost all of the discussions agree on the point that valuing a company is an art. Hereupon, this dissertation aims to present an equity valuation anchored on this idea, for which purpose attempting to combine the review of significant literature and studies with the valuation of a Portuguese operator of electricity and natural gas networks, Redes Energéticas Nacionais, S.A. (REN). Hence, this study proposes a price target for the company’s stock between 3.14 and 3.39 Euros, the 31st of March 2014 being the reference date for such valuation. Banco Portguês de Investimento’s research is additionally offered as a basis for comparison, both as to methodologies followed and results obtained.
- Equity valuation of InditexPublication . Ramos, Isabel Maria Cavaco Madeira; Martins, José Carlos TudelaIn this dissertation, a valuation of Inditex group is performed. Inditex is a well-known giant in the apparel industry – it is present in the five continents, in a total of 87 markets with more than 6300 stores. The group has eight different store concepts operating in the market- Zara, which is the biggest success of Inditex, Pull&Bear, Massimo Dutti, Bershka, Stradivarious, Oysho, Zara Home and Uterqüe. Three different approaches were used to value Inditex: the Discounted Cash Flow, the Dividend Discount Model and Relative Valuation. Each approach provided different results, since they are based in different methodologies and different assumptions. At the end, the most reliable result was the one obtained through the Discounted Cash Flow valuation. The target price reached was €124,6. The results of the valuation were, at the end, compared with the ones obtained from an investment bank report, to check the values reached and to understand the main differences in the assumptions taken – BPI Equity Research, report released on 20th March 2014. It was found that the Inditex’s stock price was slightly undervalued at the valuation date, still it was in line with the market performance.
- Transporte e armazenamento : garantia de esterilidade dos dispositivos médicos críticosPublication . Rodrigues, Ana Maria Amaral; Rocha, Pedro Miguel de Mendonça; Capelas, Manuel Luís VilaIntrodução: O reprocessamento dos dispositivos médicos críticos (DMc) visa a ausência de microrganismos viáveis de modo a garantir a segurança do doente, o qual incorpora a limpeza/desinfeção, inspeção, empacotamento, esterilização, armazenamento, transporte e uso. Trata-se de um processo que exige condições físicas adequadas, normalização, monitorização, formação e supervisão. No ciclo de reprocessamento de DMc todas as fases são vitais, convergindo para a prevenção de infeções associadas aos cuidados de saúde. A presente investigação teve como objetivos: determinar a carga microbiana dos DMc e analisar a garantia da esterilidade após transporte e armazenamento num Agrupamento dos Centros de Saúde (ACES). Material e Métodos: No procedimento metodológico foram usados DMc novos habitualmente utilizados nas salas de tratamento, que após esterilização foram transportados até ao serviço utilizador em contentor de material não poroso, facilmente lavável, rígido e hermético. Posteriormente foram armazenados durante 21 dias consecutivos em gavetas sem climatização ambiente e analisada a garantia de esterilidade através de ensaios bioquímicos de resíduos de proteínas, ensaios de ATP bioluminescência e ensaios microbiológicos. Resultados: Os resultados evidenciaram que a carga bacteriana presente nos DMc após transporte e armazenamento num ACES é nula, dado que: não se verificou turvação do inóculo nem crescimento de UFC nos meios de cultura, os valores quantificados de ATP são nulos e não se detetou proteína residual. Conclusões: Estes resultados, dão-nos boas indicações da esterilidade dos DMc.
- Fair value accounting : impact on Lusitania SGPS, SA's 2009 financial statementsPublication . Barreira, Pedro Manuel Policarpo Mendes; Azenhas, PauloThe recent economic and financial crisis has drawn an increasing attention on the use of Fair Value accounting, in particular on whether it was partly responsible for the crisis itself. The main goal of this dissertation is to provide to readers a real perception of the challenges that companies faced and the changes they had to adopt because of the increasing use of the Fair Value concept. This is a complex theme that raises several important issues, underpinned by many people’s opinion that Fair Value is the most realistic and reliable method to be applied in the measurement of assets and liabilities. This work is focused on a large Business Group that operates in real estate promotion, in building materials, as well as in the car parking business. It underwent less positive results over the last few years with significant adjustments as a result of the application of the Fair Value concept in the measurement of almost all its assets and liabilities. All the changes and variations that resulted from these adjustments are analyzed and commented in the next pages.
- Diferenças culturais e abuso sexual : reflexão acerca dos casamentos com meninas de etnia ciganaPublication . Silva, Cátia Daniela Ferreira da; Cunha, Maria da Conceição Ferreira da