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- Equity valuation of CTT – Correios de Portugal, S.A.Publication . Afonso, David Alexandre da Silva Machado; Martins, José Carlos TudelaThis dissertation provides a valuation of CTT’s equity. The literature review presented and the empirical evidence found concerning the usage of models in equity valuation, allowed choosing the DCF approach to make the valuation. The sum of the parts of the business in which the company is inserted – Mail, Business Solutions, Express & Parcels and Financial Services – yielded a price target of €9.15 for the YE15, which represents a potential upside of 17%. A “BUY” recommendation was given. Most multiples, in the relative valuation conducted, showed that CTT would trade above its peers. Lastly, a comparison with the most recent equity note from the biggest Portuguese private bank was made. All in all, the capitalization of the growth prospects in the Financial Services and countering the downing the structural decline of the Mail business were identified as the key factors that support the positive investment case of CTT.
- Preços de transferência : um caso de avaliação indireta?Publication . Santos, Tânia Felgueiras dos; Morais, Rui Manuel Corucho Duarte
- O planeamento fiscal através da propriedade intelectualPublication . Pinheiro, Maria Carolina Alves; Ribeiro, João Sérgio Feio Antunes
- A compensação por despedimentoPublication . Campos, Paulo Alexandre da Silva; Xavier, Bernardo da Gama Lobo
- Equity Valuation : Arezzo&CoPublication . Freire, Inês de Carvalho; Martins, José Carlos TudelaArezzo&Co is a Brazilian company, among the leaders in the women footwear retail market in Latin America. It designs and develops affordable luxury shoes and accessories under the brand names Arezzo, Schutz, Anacapri and Alexandre Birman. The company operates a very flexible business model, in which all shoes and accessories are designed internally, but its production can be either handled internally or outsourced to third-party manufacturers. Similarly, its sales strategy is based on a combination of owned, franchised and multi-brand stores, as well as a recently developed e-commerce platform. This flexible business model allows the company to determine the most profitable combination of the above factors, without losing control over its brands, product design and quality, while generating high returns on invested capital. Arezzo&Co benefits from Brazil’s dynamic consumption market, in which branded products assume a greater importance as Brazilians move up the income ladder. Despite the recent economic slowdown, the prospects for the domestic retail sector remain strong. Based on a 5-year DCF valuation, it is estimated a price target of R$ 30.0 per share for Arezzo&Co. At current values, this price target implies a 6.1% upside, which results in a HOLD recommendation.
- Disposição da participação social em comunhão conjugalPublication . Gonçalves, Mariana Alpalhão; Mendes, Evaristo
- No universo dos bens essenciaisPublication . Castro, Laura