Browsing by Issue Date, starting with "2016-05-19"
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- Do corporate sustainability performances differ from customers’ perceptions?Publication . Buoso, Antonio; Pinheiro, Susana Frazão Ferreira FernandesCorporate Social Responsibility is a highly complex matter and a new aspect for any business. In the last years, we have seen a dramatically increasing interest in and commitment to corporate sustainability around the world. Firms heavily invest to monitor, analyse and take advantage of environmental, social and governance performance. In this fast-changing environment, a strong reputation represents the most valuable asset for any corporation. Moreover, stakeholders declare that sustainability plays a crucial role in decision-making processes. In a world where information is abundant, it has become difficult for companies to communicate their sustainability activities, create useful differentiation from competitors, and thus take advantage from their investment. This work includes a theoretical approach with a review of researchers on CSR, sustainability and customer’s perceptions towards these aspects. In the empirical study, this work aims at confirming the existence of a gap between customer perceptions and companies’ performance as suggested by the “Sustainability Leadership Report: (2012). In order to prove and assess the magnitude of such gap, both primary and secondary data were used. Lastly, several face-to-face discussions with different profiles of stakeholders brought to light simple paths for companies in order to fill the gap and finally take full advantage of their investments in CSR.
- Equity valuation : Atlas Copco ABPublication . Santos, Ricardo Manuel Castro Lopes Alba; Martins, José Carlos TudelaThis Dissertation presents a literature review of some of the most appraised theories on equity valuation models. A thoughtful analysis is made, presenting the main advantages and restrictions of each model and setting the path for a discussion about improvements to be made on this field of study. A practical implementation follows, proposing a fair value estimation of Atlas Copco AB shares. Atlas Copco is a Swedish-based capital goods company, operating across four different segments: Compressor Technique, Industrial Technique, Mining and Rock Excavation Technique and Construction Technique. The models initially used are the Discounted Cash Flow model, the Relative Valuation model and the Economic Profit model. The Relative Valuation model proves incapable of capturing Atlas Copco’s high invested capital profitability therefore not integrating the final value estimation. The Discounted Cash Flow and Economic Profit models point to a valuation of between SEK 267 and SEK 276 per share. Finally, an interesting comparison is made with an analogous Investment Research Report, produced by Credit Suisse. Highlighting the major differences in valuation assumptions and methodology, the reader is shown how an equity valuation exercise can be subject to different approaches and yield dissimilar results.
- Nordex SE : equity valuationPublication . Carvalho, Catarina Silva Miguel Fernandes de; Martins, José Carlos TudelaAfter a thorough analysis of both the company and the wind turbine manufacturing industry, Nordex share price was valued at €37.64 with an upside of 14.9%. As of December 31st, 2015, Nordex share price was trading at €32.75 and so, the outcome of this dissertation is a Buy recommendation. The valuation is based on three different valuation models: DCF model, EVA model and Multiples. The DCF model resulted in a share price of €41.61, which compared with the Nordex share price as of December 31st, 2015 means an upside of 27.1%. EVA model yielded a share price of €34.56 with an upside of 5.5% and Multiples, based on Gamesa and Vestas financials, resulted in a share price of €35.43, with an upside of 8.2%. Finally, the results from the valuation were compared with Citi Group and Société Générale’s equity researches. Both have issued a Bue reccomendation as the outcome of this dissertation.
- Barriers to the diffusion of microfluidics from research to marketPublication . Salgado, Gonçalo Martim Gomes Branco Mafra; Pinheiro, Susana Frazão Ferreira FernandesMicrofluidics is an interdisciplinary science that brings together such fields as: material engineering, physics, chemistry, biochemistry and nanotechnology, among others. It has the potential to affect such fields as: clinical diagnostics, flow chemistry, pharmaceutical and life sciences, drug delivery and point-of-care. Microfluidics potentialities have been realized in product such as: 4KScore Prostate Cancer Test and LabChip Systems, nevertheless there’s still a very limited number of microfluidic devices that have had an impact in broader audiences. The methodology for this dissertation comprised of a management and scientific based literature review, and an online questionnaire, in order to leverage the anticipation power of managerial concepts to improve microfluidics spread and adoption. It was found that the main barriers to the diffusion of microfluidics are: lack of standards and integration, lack of communication between academia and industry, technology for technology’s sake mentality and lack of focused work. Furthermore, these barriers are predicted by managerial frameworks and are characteristic of emerging technologies, and where supported by survey data. Solutions to overcome these barriers were suggested such as: implementing the concept of strategy (what to do, and what not to do), switch to a market pull mindset, foster academia to increase the cooperation with manufacturers and implement quality control processes. Lastly, microfluidics has a higher likelihood to reach broader markets in areas as: Point-of-care (POC), Pharmaceutical and life science research, Clinical & veterinary diagnostics, and arguably Analytical Devices.
- The economic and social impact of Via Verde do Medicamento on its stakeholdersPublication . Pedras, Joana Mafalda Delgado; Pinheiro, Susana Frazão Ferreira FernandesBetter Health Care conditions have been a matter of substance for the past decades. Governments apply a substantial part of their GDP in order to provide population with more efficient and safer care, being medicines an ever increasing investment in terms of cost for the national health system. It is known that the development that has been occurring generates an introduction of new and better medicines. However, there are many challenges in controlling the supply of necessary products in the market, especially in the EU, due to unpredictable causes, raw material production or parallel trade. Parallel trade in the EU results from price differences in the markets and, when done in an uncontrolled way, could lead to shortages in product supply, which affects negatively the patients and, ultimately the population well-being. This thesis contributes to a better understanding of the pharmaceutical industry supply, the parallel trade and culminate with Via Verde do Medicamento, the project launched by INFARMED whose purpose is to decrease the number of product shortages in Portugal. The project aims to supply prescribed medicines that are part of the mandatory previous notification of exportation or distribution in other member states. This dissertation shows how the project works, what were the main results of the pilot project and the first results of the roll-out project in Pharma X, as well as, their impact in the society and its potential applications. Additionally, a questionnaire was made in order to understand the pharmacies perspective, along with their needs and concerns.
- A study on the benefits of transforming non-profits into social enterprises : the case of Re-foodPublication . Nogueira, Catarina Leitão Anes; Pinheiro, Susana Frazão Ferreira FernandesThere are countless social initiatives dedicated to addressing and tackling different issues of the contemporaneous society. Many of these projects are effectively conducted by traditional non-profits. However, the achievements of more recent hybrid ventures have raised doubts about which type of organizations are better prepared to sustain the growth of social innovations over time. The following dissertation presents the Re-food Movement – under the format of a Case Study –, a non-profit and 100% volunteer initiative that operates across Portugal in order to eliminate food waste and end hunger. Since its beginning, in 2011, it has experienced great success and a strong expansion, which in turn has generated many challenges. In light of the above, a set of teaching questions is suggested in order to guide in-class discussion about the possibility, advantages and disadvantages of Re-food becoming a social enterprise. Finally, the main findings, limitations and suggestions of further research are described at the end of the thesis.
- Education gamified :“Is it possible to end poverty?”Publication . Évora, David Emanuel Ferreira; Pinheiro, Susana Frazão Ferreira FernandesThis paper aims to evaluate the impact that the introduction of gamified education might have on the poverty reduction through the consideration of value creation for students as well as if that value can be sustained over time. Based on the Gamification theoretical framework, it is identified the major benefits offered by the innovation and developed a model to evaluate the ability to improve academic performance. For that purpose, an online experiment was constructed and distributed through social networks. Subsequently, the results are introduced in a research model that is based on a casual chain that create a relationship between Gamification and Poverty reduction. The results did not confirm the creation of value by gamification of learning regarding the students. Nonetheless, they have shown that if Gamification is introduced with a reward system, it is able to help students improve their academic performance, and subsequently reduce poverty.
- Shared value creation as core strategy : impact on the consultancy industryPublication . Belo, Pedro Maria dos Santos de Mendonça; Pinheiro, Susana Frazão Ferreira FernandesIn order to exceed their stakeholders’ expectations, companies adopt the best strategy, one that embraces their values, cultural organization and business model. Competing in international markets will only increase the need of, those strategies, having, as well, a great component of innovation and internal knowledge. Nowadays, companies’ differentiation processes consist on adding value through the implementation of new functionalities or tools in an existent product/service. Basically, resources as innovation and knowledge are being used for improving their portfolio. They do it since, they believe stakeholders’ needs are satisfied. But what if they are wrong? What if there unsatisfied opportunities? More, that is possible to create business by focusing on such needs. This dissertation shows what the future core strategy is: shared value creation. Shared value creation involves, simultaneously, creating economic value as value for society. More than a simple corporate social responsibility strategy, it changes companies’ business mentality by focusing their operations on solving social problems or improving communities’ lives. A strategy capable of truly disrupting the market and achieve a sustainable competitive advantage. Through interviewing medium-large companies, we proved that exists an opportunity for the consultancy industry to provide a specialized service. This service would consist on helping companies replacing their current strategy, by embracing shared value creation as core strategy, since they do not own the necessary key drivers for doing it internally.
- Apple Inc. : equity valuationPublication . Alexandre, Gonçalo Lopes; Martins, José Carlos TudelaThis dissertation presents a valuation of Apple Inc., an American company that sits amongst the largest companies in the world, in market capitalization terms. Although it started as a computer company, back in 1976, nowadays it is best known for its smartphone flagship – the iPhone, introduced in 2007, it revolutionized the entire mobile phone industry. Today, the iPhone represents about 66% of total sales, however there are other products in Apple’s product line that are considered by a large number of people to be the best in its category, such as the MacBook, the iMac, the iPad, the apple watch and others. In this Equity valuation of Apple, I decided to use three different methods: the Discounted Cash Flow method, the Dividend Discount Model and Relative Valuation. Since all valuation models have their own assumptions and corresponding advantages and disadvantages, each of these approaches achieved different results, however I believe the most accurate was the one provided by the Discounted Cash Flow model, through which I obtained a target price of $196 per share. In order to better evaluate the valuation performed, another valuation of Apple was considered as a comparison research, to understand different assumptions and why I should have or have not made different assumptions in my valuation. The other research used was the Goldman Sachs research report.
- The evolution of the community Pharmacy in PortugalPublication . Ferreira, Bárbara Filipa Ramos; Pinheiro, Susana Frazão Ferreira FernandesThe present dissertation has the goal of providing an overview of the community pharmacy sector in Portugal, its evolution and future tendencies and strategies to adopt. Being a segment extremely regulated by the State, during the past years, the community pharmacy sector faced major changes that forced an alteration in the vision and strategy of these organizations. In order to understand this progress, a literature review addressing the outline of the healthcare sector in Portugal is presented; main alterations in the community pharmacy sector and its current situation and the strategies to take into consideration in the shape of this segment´s future are also considered. To sustain this research, the case of Grupo Holon, a network of independent pharmacies that operate under the same image and brand and that introduced in the market an innovative approach to counter the negative path of this sector, is shown. Finally, teaching notes are provided with explanatory learning objectives and proposed questions to address the case as a study material, as well as final conclusions and future research.