Browsing by Issue Date, starting with "2015-04-28"
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- Equity valuation Asos PLCPublication . Marques, Mariana Borges; Martins, José Carlos TudelaThis thesis aims to study the value of Asos PLC. The valuation was based in four methodologies, the Discounted Cash Flow (DCF), the Economic Value Added (EVA), the Trading Multiples and the Transaction Multiples. Using the DCF method, a price of 3.054p was obtained and the EVA yielded a comparable lower value of 2.528p. Regarding the Relative Valuation, this was the method which delivered the lowest values of 1.573p for the Trading Multiples and 1.253p for the Transaction Multiples. It was concluded that the four methodologies yielded different prices per share, though the DCF being the most accurate and complete model to demonstrate Asos’ intrinsic value. Given this and comparing the DCF output to the market valuation, Asos’ stock was rated as being Overweight. Nonetheless, a sensitivity analysis was conducted in order to test how the valuation could change, along with the variation of some of the model’s sources of uncertainty. The conclusion of this analysis was that, changes in both WACC and perpetual growth rate variables, would significantly affect the outcome of the valuation, although the WACC being responsible for greater impacts. Additionally, a more in-depth analysis to Asos’ stock price performance from 2001 to 2014 was conducted. When applying the Value at Risk statistical technique, it was concluded that, with 99% confidence level, an investor is exposed to the risk of losing 8,90% of the total amount invested in Asos. Finally, this thesis’ valuation was compared to the most recent J. P. Morgan report about this equity. Both final recommendations were DCF-based and some fundamental inputs were estimated very closely, such as the WACC and the perpetual growth rate. The report presented a final recommendation of Overweight, with a price target of 3.100p, being very approximate to the result of this study of 3.054p.
- Coopetition relations : cases and applications : conditions and characteristics for companies to successfully coopetePublication . Robalo, João Miguel Sousa; Pinheiro, Susana Frazão Ferreira FernandesDue to the difficult and extremely competitive environment our economy is facing, solutions for companies to be able to bread are each time more scarce, and a lot of them seems to be unable to succeed on their own. Strategic alliances are becoming more attractive and representing the best cost-benefit strategy. Nevertheless, the right partner is not easy to find and the best solution seems to be the craziest one, which is to partner with your own competitor. This study provides and extent analysis to the essence of the collaboration relations and more specifically to the coopetition. Due to the complexity of the topic the format of case study was chosen, in order to understand the applicability and the behavior of partners in this type of relations. The case study is divided in three parts each one with a different perspective of the alliance with the competitors. From the case study, some adding to the literature review is made and some frameworks are proposed. The objective of the study is to analyse if it is possible to collaborate and compete simultaneously, with your own competitors and if yes, under which conditions is that sustainable and beneficial. It is concluded that a set of characteristics and triggers are required for the relation to succeed and believed that if those conditions are there and the factors on the pyramid triggers of collaboration, any group of companies in any market in Portugal can increase their chances of success as a coopetitive alliance.
- Equity valuation of PANDORAPublication . Luís, Mafalda Sofia Gomes; Martins, José Carlos TudelaThis dissertation presents the valuation of PANDORA A/S, traded in the Nasdaq Copenhagen Stock Exchange. For the purpose of the dissertation, first we discuss the different valuation methods, their advantages and disadvantages. As a result, for the valuation itself the DCF method and Relative Valuation were chosen. When applying the DCF valuation method we forecast an enterprise value for PANDORA of DKK130.558 million, an equity value of DKK131.848 million. Thus, the price per share is DKK1.014. Based on this target price PANDORA is undervalued since the current market price is DKK600.50. Additionally, a sensitivity analysis to the riskier components of the valuation was performed to account for the uncertainty tied to the industry and the markets where the company operates. Finally, the price target was compared to the valuation performed by J.P. Morgan Cazenove, published in February 2015, where the recommended price target is DKK650. Even being the conclusion the same, we compare the different assumptions of both models that led to different price targets.
- Universal Health Coverage : a useful endeavor? : an analysis on the progress of coverage in the CPLP countriesPublication . Lucena, Rita Bobone de; Pinheiro, Susana Frazão Ferreira FernandesLong has healthcare been at the center of socio-economical and political priorities. Providing accessible care to all is undeniably one of the most basic needs all populations must have access to. In the light of this, the World Health Organization developed the concept of Universal Health Coverage promoting access to health interventions at affordable costs. Although the concept is still recent, major efforts are being made in this area, with countries sharing their experiences and investing deeply on innovative ways to improve their healthcare. The purpose of this dissertation is to provide an overview on the evolution of Universal Health Coverage in a group of countries, to understand what efforts are still to be done, and what major setbacks are countries facing. The CPLP was chosen for its heterogeneous composition, enabling an interesting data comparison and illustrating well the global diversity in health provision. Therefore, a major focus is given on what is universal coverage, how to measure and monitor it, as well as what are the main obstacles on its way. To support these literary findings, data on the countries was collected and analyzed with different indicators picturing the current expenses in healthcare and evolution of population growth and availability of resources. Finally, to understand the correlation between indicators, a statistical measure was made proving repeatedly how countries are improving in their pursuit of universal coverage but how there is still room for improvement.
- Load Zero Foundation : saving people with HIV one test at a time : improving access to HIV treatment through viral load testingPublication . Andrade, Ana Leonor Duarte de; Pinheiro, Susana Frazão Ferreira FernandesThe present dissertation, written in the form of a case study, aims to present the Load Zero Foundation (LZF), an American non-for-profit organization dedicated to funding HIV viral load testing in the developing world. The organization was founded in 2013 and is now in the process of gathering the funds to implement its first full low cost laboratory entirely dedicated to viral load testing. We will examine LZF’s fundraising efforts so far and suggest some future strategies for gathering the rest of the funds needed. In the following pages we will introduce the dissertation outline and then provide the reader with an overview of the main literature collected about HIV, viral load testing, Haiti and its history in AIDS relief and finally, funding options for NGOs. Afterwards, the case study presents the LZF as a social enterprise, providing an overview of its strategies and operations - while referring to the importance of viral load testing in the fight against HIV. Lately, the case study examines the evolution of funding for organizations, and how far the LZF is gathering the funds for its first laboratory. Finally we provide teaching notes for inclass discussion about the case study, and conclude with final remarks and possible recommendations for the LZF on future fundraising strategies.
- The implementation of an improvement process in the R&D department of a Portuguese Pharmaceutical CompanyPublication . Gonçalves, Nuno Afonso; Pinheiro, Susana Frazão Ferreira FernandesThe main objective of this dissertation is to study the benefits resulting from the implementation of an improvement process undertaken by a Portuguese Pharmaceutical Company. It was developed a case study based in Grupo Medinfar, a Portuguese Pharmaceutical Company. This case study describes a problem identified by the company in its Research and Development (R&D) department, which is related to the management process of the materials used in this unit. The case study undertakes a detailed analysis of: i) the management of materials used and activities performed in the R&D unit; ii) the main limitations found in this process; iii) Medinfar’s strategy to overcome the inefficiencies identified in the process; iv) the new management processes implemented by the company; v) and the benefits resulting from the improvement process, such as improved delivery lead times and cost savings that derived mainly from higher negotiation power with suppliers acquired by the company. This dissertation is organized in the following chapters: 1-Introduction, section that presents the dissertation subject, motivations that led to the choice of the research question and methodology used in the dissertation’s writing; 2-Literature Review where it is provided the context of the Worldwide Pharmaceutical Industry landscape with a special focus on the R&D environment in Portugal and globally; 3-Case Study where is analysed the implementation of a process, addressing issues identified in the management chain of the R&D materials and the benefits for Medinfar; 4-Teaching Notes which suggests and describes questions for class discussion, providing support to students and professors; 5-Conclusion, Limitations and Future Research.
- Violência conjugal : o silêncio das vítimasPublication . Farias, Rita Sofia Capucho; Silva, Elsa Conceição; Vieira, IsabelA violência doméstica é uma das grandes problemáticas da atualidade, traduzida por agressões físicas, psicológicas, sexuais e verbais entre pessoas, podendo estas pertencer a diferentes faixas etárias e orientações sexuais, com laços afetivos em comum, havendo ou não coabitação. Esta pode abarcar diversas nomenclaturas, sendo que a desenvolvida neste trabalho de investigação é a violência conjugal, mais especificamente, na população homossexual. Assim, o presente trabalho tem como objetivos entender o motivo que leva a vítima de violência conjugal homossexual a manter-se em silêncio, especificar o papel do interventor social com este grupo populacional, bem como mapear as políticas sociais existentes para dar resposta a esta problemática. Como razões do silêncio, são apontadas a culpa, esperança, vergonha, dependência, medo de represálias/ retaliações e punição do agressor, a doença de HIV, a injustiça, a não afirmação da orientação sexual, o resguardar da relação com os filhos, a existência de um padrão intergeracional de comportamento na família e a pressão familiar. No que concerne ao papel do interventor social, é de referir que este exerce a sua intervenção junto da vítima, do agressor, bem como do contexto ambiental que os rodeia, podendo esta ser realizada em equipa e em parceria com outros técnicos de outras instituições/ entidades para dar uma boa resposta às necessidades dos intervenientes. Por último, quanto às políticas sociais, ressalta-se o facto de estas estarem plasmadas mas não efetivadas, ou seja, elas existem mas os técnicos não dispõem dos conhecimentos, recursos e redes necessárias para as aplicam da melhor forma. Para cada um destes temas, a investigadora, coloca algumas questões que ficarão por responder, para uma possível tese de doutoramento.
- Chiaroscuro : a memória coletiva na política chinesa de restituição de bens culturaisPublication . Carvalho, António Manuel Crespo Pimentel Vilhena de; Alves, Jorge dos SantosTomando como ponto de partida o debate internacional que nas últimas décadas tem ocorrido sobre a restituição, pelos museus universais, dos bens culturais cuja posse se encontra manchada pelo seu modo de apropriação, esta tese pretende observar o modo como a China se vem inserindo nesse debate. Observando o que em particular se passou no contexto da segunda Guerra do Ópio, que ocasionou a saída da China de milhares de objetos na sequência do saque e destruição do Yuanming Yuan, a residência de eleição do imperador, analisa-se o que a memória coletiva chinesa reteve desse episódio e de que modo essa memória é suscetível de condicionar a forma como a China se posiciona perante o problema da restituição de bens culturais. Demonstrando-se a sua influência, procurar-se-á verificar se a China revela uma forma singular de reagir, afastando-se porventura do padrão detetável entre os países que neste domínio desempenham um papel ativo no plano internacional.
- Diversificação e segurança energética europeia : gás natural e o corredor meridionalPublication . Azevedo, Frederico Emanuel Fetal Prezado Santos de; Pinto, Ana Raquel Coutinho Rosa VazA União Europeia enquanto uma das maiores economias globais é dependente do gás natural fornecido por terceiros. Considerando que os mercados deste recurso são regionais, derivado da maioria do seu transporte ser efectuado via gasoduto, o contexto geopolítico europeu depara-se com um conjunto de riscos, alguns de natureza política, que condicionam o estado de segurança energética relativa ao seu abastecimento de gás natural. Por conseguinte, a União Europeia implementou diversas estratégias que visam a criação de um mercado e espaço único relativo ao consumo de gás natural, tal como, tem procurado dinamizar as suas relações com outros exportadores, países-trânsito e consumidores. A respeito dessa dinamização de relações, a Comissão Europeia priorizou a criação de uma nova rota de abastecimento, o Corredor Meridional, composto por um sistema de gasodutos com o propósito de interligar potenciais produtores alternativos com os seus mercados consumidores. O objectivo deste projecto serve o aumento da sua diversificação, como uma das soluções fundamentais para o reforço da sua segurança energética. Todavia, as regiões alternativas incluídas nessa estratégia apresentam um conjunto de desafios com diversas origens que poderão condicionar o desenvolvimento do Corredor. Analisar e compreender todos estes contextos e em última instância, confirmar a importância da contribuição do Corredor Meridional para o aumento da segurança energética europeia, constituem os objectivos deste trabalho.