Browsing by Issue Date, starting with "2017-02-21"
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- Otimização do processo de embalamento numa linha de produção de padaria e pastelariaPublication . Pereira, Diogo André Ferreira; Soares, Elsa Maria Teixeira; Araújo, Sara; Ferreira, João PauloEste trabalho foi realizado no Centro de Fabrico de Padaria pertencente à empresa Sonae e teve como objetivo a realização de um programa de Excel que permitisse melhorar e controlar o processo de embalamento na linha de produção dos produtos de padaria e pastelaria. A ideia da criação deste programa teve como base a filosofia Kaizen, que consiste na melhoria contínua de processos, tentando reduzir ao máximo o custo de produção e diminuir assim os desperdícios associados. O objetivo da elaboração deste programa foi controlar o processo de embalamento permitindo obter uma perceção real do que estava a acontecer no setor, gerindo o número de unidades que se iriam embalar por turno e o número de colaboradores que se colocavam nas linhas de embalamento, sempre com base nas encomendas. Caso não houvesse produto para embalar, os colaboradores eram alocados a outras funções. Foi necessário medir tempos de tarefas incluídas nesse processo, analisar a causa de problemas de desperdícios e propor, avaliar e implementar soluções para cada problema. Após implementação, fez-se o controlo do processo de modo a verificar se o objetivo estava ou não a ser cumprido. Concluindo, este projeto foi bastante positivo ao nível de logística do setor do embalamento e ainda na capacidade de cumprir a encomenda a partir de uma certa ordem de trabalho, permitindo assim um maior controlo do que se passa em termos práticos na empresa. O plano de embalamento de padaria foi implementado com sucesso e continua a ser utilizado no Centro de Fabrico. Este programa permitiu diminuir perdas de tempo e melhorar processos, acrescentando valor à empresa.
- Equity Research : Heineken N.V.Publication . Paula, Ricardo Cidade de Figueiredo; Martins, José Carlos TudelaThe objective of this master thesis is to provide a valuation for the ordinary shares of Heineken N.V. After conducting a proper research on academics, on how to conduct a proper valuation, as well as on industry and in company, to understand how the company’s business will behave, it was possible to arrive into some assumptions. These assumptions were applied to conduct the valuation of the company. The valuation, had a result of 84.70€, meaning a potential upside of 13.49%. This potential upside on the share price, translates into a final buy recommendation.
- Equity valuation : Hermès International SCAPublication . Gabirra, Joana Maria Araújo Simões Marçal; Martins, José Carlos TudelaIn this dissertation, a valuation of Hermès International is performed. Hermès is an apparel and accessories company, present in the luxury goods industry. Four methods were applied – Discounted Cash Flows using WACC, Dividend Discount Model, Economic Value Added and a Relative Valuation – after which, a sensitivity analysis was performed. As a result of the Discounted Cash Flows approach, a share price of 413,58€ was reached, whereas with Dividend Discount Model and Economic Value Added the share prices were 185,65€ and 344,21€, respectively. Accordingly, a Market-Perform recommendation was given. The Relative valuation is considered only as a validation tool, thus, there is no recommendation based on its results. To conclude, a comparison between the dissertation’s values and Bernstein’s report of September 15th 2016 was made, stressing the major differences between both.
- Viver juntos: acolher a diferença : análise teológica, filosófica e pedagógica da primeira unidade lectiva do 5º ano do ensino básico na disciplina de EMRCPublication . Rodrigues, Anabela Gertrudes Neves; Carvalho, José Carlos da SilvaEste trabalho procura analisar a UL1 do 5º ano de EMRC “Viver Juntos”. Procura refletir na questão da diferença/diversidade tanto na bíblia como a nível filosófico e sociológico. Hoje, mais que nunca este tema é de extrema importância devido à dificuldades que existem na relação com o outro diferente. Uma dessas dificuldades é vermos o outro diferente como uma ameaça e não como uma riqueza. Por isso, torna-se urgente educar as crianças e jovens para esta questão só assim será possível viver juntos em sociedade em plena harmonia.
- Equity valuation Ferrari NVPublication . Müller, Fabio Giacomo; Martins, José Carlos TudelaThe presented dissertation has the aim to determine the fair value of the Italian luxury car manufacturer Ferrari NV. In line with this, a target price is developed and finalized in an investment recommendation based on the outcome of this work and the current share price. The state of the art literature of equity valuation and the most suitable valuation approaches for the company are assessed in a first step. Followed by an in-depth analysis of the business and the industry it operates in. Subsequently, the assumptions and the forecasted financials are presented and applied in both, a discounted cash flow and multiples approach. The DCF analysis derives at a share price value of €61.83 compared to the market price of €50.10 as of 16th of November 2016. The multiple valuation arrived at a significantly lower level of €42.62 and did not confirm the results under the fundamental approach. The target price is set to €58.36 and resembles an upside of 15%. A comparison to the valuation of UBS equity research on Ferrari is conducted and critically reviewed to evaluate the differences of both valuations.
- Equity valuation Manchester United PLCPublication . Boa, João Luís Fernandes da; Martins, José Carlos TudelaThe purpose of this thesis is to issue a buy or sell recommendation for Manchester United’s shares, as of 30th June 2016. To do so, different valuation methodologies may be applied. The author decided to use Discounted Cash Flows and Multiples. The first, due to its flexibility to build different scenarios (in a case of a football club linked to sports performance) and because Manchester United is expected to sustain its D/E ratio. The second was useful to triangulate results. Through DCF, and based on the weighted average of 3 scenarios, the author reached a target price of 13.5£ per share, meaning the firm is undervalued (Market Quote = 11.9£), and yielding a buy recommendation. With the Multiples approach, the target price attained amounted to 12.1£, lower than with the first method. However, in the case of football clubs, a Multiples valuation is hard to perform due to the low number of public companies and the structural differences among countries. The average EV/ EBITDA multiple of 12x presents an incredibly high standard deviation. Hence, the author sustained the target price of 13.5£ per share. The author also compared its valuation results with an Equity Research performed by J. P. Morgan. Using the same methodologies, their report also concluded that Manchester United’s shares are undervalued, with a target price of 14.5£. However, and unlike the author, their price was achieved by averaging 50%/50% the valuation results of the Multiples and the DCF approaches.
- Equity valuation : Whole Foods Market, INCPublication . Espregueira, Mateus Almeida Campos; Martins, José Carlos TudelaWhole Foods Market Inc. is a natural and organic foods supermarket that was founded in Austin, Texas in 1980. The firm is one of the largest food retailers in the United States and designates itself to be America’s Healthiest Grocery Store. The purpose of this dissertation, is to value the company according to suitable methodologies that are duly discussed in the Literature Review. Furthermore, in order to obtain fitting results, the company, its peers and the organic and food industry as a whole were analyzed in-depth. Additionally, Whole Foods Market is valued using a Discounted Cash Flow methodology and then complemented with a Relative Valuation. These valuations led to a target price of $31.84 per share which reflects an upside potential of 11.4%. As a result of these findings, I come to the conclusion that investors should buy the stock. Finally, my personal valuation and final recommendations, are compared with the results obtained by a Morgan Stanley & Co. equity report and its differences are then discussed in detail.