Browsing by Issue Date, starting with "2016-10-20"
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- Equity valuation in China : the case of BaiduPublication . Blum, Alexander; Martins, José Carlos TudelaThis thesis intends to conduct an equity valuation of Baidu, the Chinese market leader in internet search services, in order to provide an investment recommendation relative to the share price of $189 as of 31 December 2015. After selecting appropriate valuation methodologies – considering that Baidu is operating in an Emerging Market and within the Internet Sector – the business model and market segments of Baidu are assessed. The key conclusions are that 1) Baidu’s strong growth in revenues and profits is deteriorating, due to its dependency on the maturing Chinese search market; 2) Online-to-offline Transaction Services provide strong growth opportunities, but competition from Tencent and Alibaba is fierce and operations are not profitable yet. Regarding the valuation of Baidu, the weighted scenario of the Comparable Companies Analysis implies a share price of $153 (with median values of 36 Multiples ranging from $134 to $171). By contrast, the weighted scenario of the Precedent Transaction Valuation derives a share price of $212 (with median values of 24 Multiples ranging from $201 to $231). The weighted-average of five Discounted Cash Flow scenarios amounts to a share price of $192 (ranging from $185 to $198) – respectively of $173 (ranging from $166 to $181) if considering a Holding Company discount. Overall, a target price of $183 (relative to the current share price of $189) and a “hold” recommendation are concluded. The result is in line with the $190 Target Price of JP Morgan, but considerably lower than the $248 Target Price of Goldman Sachs.
- Reflexões sobre a importância do artigo 51º CIRC para a eliminação da dupla tributação económica dos dividendos distribuídosPublication . Mendonça, Ana Raquel Vieira; Ribeiro, João Sérgio
- O direito fundamental ao planeamento fiscal e o combate à evasão fiscalPublication . Jordão, Telma Alice Ventura; Duque, Mónica Fontes Carvalho
- Equity valuation of Deutsche Wohnen AGPublication . Bachmeier, Daniel; Martins, José Carlos TudelaO objetivo da presente tese é avaliar a empresa imobiliária alemã de nome Deutsche Wohnen, de modo a determinar um preço alvo por ação e, assim, recomendar uma compra ou venda. As técnicas de avaliação mais utilizadas são referidas e, por fim, a abordagem mais adequada ao caso é identificada. Para além de uma análise macroeconómica referente à atual situação demográfica das mais importantes áreas metropolitanas alemã, o mercado imobiliário alemão é analisado, bem como as principais tendências da indústria. Devido ao aumento do agregado familiar e uma redução na construção de novos apartamentos, é esperado, a longo prazo, que a procura seja superior à oferta. Como resultado, é expectável que os preços aumentem, especialmente nas áreas metropolitanas. O modelo de negócio da referida empresa concentrase em unidades residenciais em locais privilegiados, como Berlim, com o objetivo de maximizar o valor patrimonial líquido através de novas aquisições e uma participação em alugueres futuros que sejam rentáveis. Com base nesta análise, a Deutsche Wohnen é avaliada através das seguintes técnicas: trading and transaction multiples residual income approach e o DCF. Os resultados obtidos indicam um valor-alvo de EUR 32,76 por ação. No que diz respeito ao preço das ações de EUR 25,62 referente ao dia 31-12-2015 é recomendado uma compra. Por fim, os resultados obtidos são comparados com broker notes de instituições financeiras, os quais apresentam resultados semelhantes.
- Amer Sports Corporation : equity valuationPublication . Pedroso, Vasco Maria de Noronha Demony Consiglieri; Martins, José Carlos TudelaThe following dissertation aims to provide an equity valuation of Amer Sports’ stock as of 31st December 2015. Amer Sports is one of the world’s leading sporting goods companies, operating in all of the major markets (EMEA, Americas and Asia Pacific) and with a presence in 31 countries. The company is divided into three primary business segments – Winter and Outdoor, Ball Sports and Fitness – and two other segments – Headquarters and Non-Recurring Expenses. This dissertation will cover both the theory and the practice of a valuation exercise. The models chosen were the WACC-based DCF and a Relative Valuation using the Forward 12M EV/Sales Multiple. Amer Sports’ WACC-based DCF was applied as a sum of the parts of its five segments and three equallyweighted scenarios were also created. The Relative Valuation was carried out through the sum of the parts of each of the three primary business segments. As a result, a weighted average Target Price Per Share of €32.41 was achieved using the WACC-based DCF. Also, a Target Price Per Share of €27.17 was reached using the Forward 12M EV/Sales Multiple. These Target Prices are both superior to Amer Sports Current Price (€26.97). Therefore, we believe that Amer Sports’ stock price is undervalued and a Buy investment recommendation was attributed. Finally, a comparison between this valuation and a JP Morgan investment report issued on the 3rd of February 2016 was made, highlighting structural differences and recommendations on the investment cases.
- Equity valuation : Ibersol SGPSPublication . Escudeiro, Patrícia Coelho; Martins, José Carlos TudelaThe aim of this Dissertation is to present a valuation on the company Ibersol, SGPS, SA, achieving a target price. In order to achieve this goal, two valuation approaches were contemplated. The valuation methods considered being the most appropriate were the Discounted Cash Flow (DCF) valuation and the multiples valuation, although the latter has only been used as a validation tool and not for determining the results. The target price achieved for Ibersol through the DCF methodology was 14.01 euros per share, which leads to a buy recommendation since it traded at a price of 9 euros as of January 8th, 2016. Lastly, the results obtained in the present dissertation were compared to the ones reported in the research note published by the Portuguese Investment Bank, BPI, on January 15th, 2016.