Browsing by Issue Date, starting with "2016-02-25"
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- Entra ASA : equity valuationPublication . Saedberg, Henrik Grindland; Martins, José Carlos TudelaEntra is one of Norway’s leading real estate companies with a property portfolio of approximately 1.2 million sqm and rental income of NOK 1,77 Billion (2014). Their business concept is focused around owning, letting and managing high quality office buildings with central locations. Rental market Despite a rapid fall in oil prices last fall, the consensus estimates points at a short-‐lived downturn for the Norwegian economy. This downturn is expected to have a relatively moderate impact on the office rental market. Yet, real rents are expected to decrease in the following years. In the long run, the rental prices typically grow with inflation. Financial The rental income is expected to continue its positive trend, as relatively few contracts are maturing the coming years. The strong presence of public tenants in the portfolio (76%) should also limit the counterparty risk. On the cost side, the EBIT margin is expected to increase as the company expects lower costs going forward. Valuation An Enterprise DCF model is used to determine fair value of Entras shares. The valuation is based on thorough analysis of t the rental market in each of Entras geographical areas. Extra care has also been taken to research the Norwegian tax Code, as it is an important determinant of value for real estate companies. Aim of thesis The aim of this thesis has been to estimate the fair value of Entra ASA. The results are also compared to the fair value estimate given by DNB Markets.
- Columbia Sportswear Company : equity valuationPublication . Elvas, Afonso Manuel Vasconcelos de Brito; Martins, José Carlos TudelaThe aim of this Thesis is to evaluate Columbia Sportswear Company’s stock at 31 December 2014. In this way, to apply the most adjustable methodology I carry out a research among consensual valuation models. I conclude for company’s case DCF-WACC and Relative Valuation are the appropriate ones. Over the recent years, it is seen that company’s positive performance in global outdoor market increased market share. Being future perspectives optimistic resulting in a price target of US$ 61,21. Difference between market price, US$ 44,54, and price target led me to recommend a Buy position for Columbia Sportswear’s stock. A sensitivity analysis for the most critical variables was done and I note that WACC and perpetuity growth variations highly affect DCF-WACC model output. Regarding, comparison with Goldman Sachs we achieved similar investment recommendation.
- The optimal consumer : targeting the right consumers to meetPublication . Sequeira, Ricardo Leal Ribeiro Neves; Marcos, Paulo GonçalvesThe present dissertation provides an overview of relevant marketing topics as targeting, competitive advantage and its influence in the firm’s ability to outperform its competitors through analyzing the case study of PharmAssistant, a Portuguese startup that is developing patient engagement solutions to undermine the non-adherence to complex medication regimes. The company developed a smart pill dispenser and a mobile app, thus operating in the digital health market, and now the CEO is having doubts deciding the most efficient path to commercialize its products: should we continue targeting patient with at least one chronic disease or should we target business that can benefit in selling the products. The dissertation uses marketing research to collect information about the company, market, consumers and competitors. Hence, the implications of the findings for the selection of the most desirable target are discuss.
- Equity valuation : OdontoPrev : how much is a smile worth?Publication . Oliveira, Pedro Miguel Costa; Martins, José Carlos TudelaThe aim of this master thesis is to calculate the most accurate price per share of OdontoPrev (ODPV3) on the 31st of December 2015. To perform that, a review of the related literature is carried out to realize that the Discounted Cash Flow valuation model, using the Cost of Equity as a discount rate, is the most suitable method to value the company. After discounting the free cash flows to equity, the result is a market capitalization of R$ 5,550 million, correspondent to a price per share of R$ 10.45. Besides that, the relative valuation (multiples) approach is also used to confirm the accuracy of the price per share under the discounted cash flow valuation, which displays an upside potential of 6.7% when compared with the share traded on the 28th of August 2015 – R$ 9.79. This makes it believable that OdontoPrev is being slightly undervalued by the market, making it a good opportunity to hold the investment. A “Hold” recommendation is the result of the assumptions on the future growth prospects of the company, taking into consideration that macroeconomic events occurring in emerging markets (i.e. Brazil) may have significant impact on the valuation.
- WebImprime : a Web-to-Print Company Adaption to the Portuguese online/offline shopping behavior : a case on online consumer behavior and STP strategiesPublication . Gomes, Luísa Maria Leite; Marcos, Paulo Alexandre GonçalvesThe growth of the internet use has enhanced, in the last years, the chance for companies to take advantage of this medium in their businesses. The Web-to-Print and Print-on-Demand models have arrived recently to the Printing Industry aligned with that premises. However, the recurrence to physical printing stores in order to satisfy printing needs, such as the print of stationary material, is still a reality in the Portuguese Printing Industry. WebImprime - the first Portuguese web-to-print company – is operating in that industry only with an online store. Nowadays it is struggling to grow its market share, since the Portuguese consumers are still reluctant regarding web-only shopping. Besides, a big Portuguese chain that operates in various business segments is about to enter the market with both physical and online presence. Simão Vaz, the marketing manager and co-founder of the company, is facing a challenge on whether to change its strategy by shifting its focus from the current target (online consumers, who represent only 7% of the market) to the majority of print consumers, the offline ones. Putting that hypothesis, along with the teaching case, a deep study on the situational context is done, being afterwords complemented with an analysis of the online and offline consumer´s behavior as well as shopping habits, while suggesting ways to improve the company´s website reliability and, at the same time, triggering the viability of opting for a hybrid strategy with the purpose of reaching both segments and getting an higher market share.