Browsing by Issue Date, starting with "2017-02-23"
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- Equity valuation research : Corticeira Amorim SGPS S.A.Publication . Gomes, Francisco Emanuel Saraiva Ramos Moreira; Martins, José Carlos TudelaEvery single existing asset has value, including companies. The main purpose of Equity Valuation is to determine, at a given time, the value of a specific company, taking into account its past, present and future expected performance, as well as its market position and assets. Thus, Equity Valuation turns out to be very useful namely because it allows investors to take better informed investment decisions. To perform a true valuation, the implied assumptions must hold and be consistent to obtain a trustworthy and reliable scenario of the company’s reality. A good valuation needs to consider both internal and external factors that influence, positively or negatively, the company’s performance during its professional activity. It is also important to state that there are a large variety of possible valuation methods, which will result in different results and with different accuracy. The present dissertation is an Equity Valuation of Corticeira Amorim GSPS S.A., the world’s biggest cork-transforming company and the most international Portuguese company. While many companies have failed to survive to the financial crisis, Corticeira Amorim managed to succumb it due to its sustainable growth over time. Moreover, after analyzing the company’s financial statements, its consistently positive results are noticeable. Having said so, it appears to be a good company to invest in, as its recent and future expected performance seems to be aligned with investors’ expectations. This dissertation aims to suggest investors as to whether they should invest, or not, in Corticeira Amorim, taking into account its estimated market value.
- Equity valuation of Under ArmourPublication . Diogo, Rafael Martins Ribeiro; Martins, José Carlos TudelaA dissertação aqui apresentada tem como objetivo apresentar uma avaliação para a Under Armour, - empresa que desenvolve a sua atividade na indústria do equipamento desportivo. A Under Armour representa um exemplo de empreendedorismo, determinação e excelência, personalizada pelo seu fundador e atual diretor executivo. Kevin Plank criou a empresa em 1996, com apenas 23 anos, através do desenvolvimento de um protótipo de uma t-shirt desportiva. Entretanto, a empresa já experienciou uma OPA em 2005 e tem revelado um crescimento exponencial e consistente em termos de receitas, tendo conseguido expandir as suas operações a um nível global. Três modelos diferentes de avaliação foram usados nesta dissertação, com o objetivo de encontrar um intervalo de valores, no qual o valor intrínseco das ações da Under Armour se encontrarão. A avaliação realizada foi ainda comparada com uma outra avaliação externa, desenvolvida por uma empresa especializada na área da avaliação financeira – The Buckingham Research Group. Pretendeu-se, assim, possibilitar uma perspetiva mais alargada ao leitor, quer quanto aos métodos usados na avaliação, quer quanto aos seus resultados. Concluídos todos estes procedimentos, de acordo com a metodologia explanada, foi feita uma nota de investimento, com a recomendação de Buy e um preço-alvo de $37 para as ações “Class A” da Under Armour.
- Equity Valuation of Telepizza GroupPublication . Pinto, João Filipe dos Reis; Martins, José Carlos TudelaThe dissertation aims to value the pizza foodservice company Telepizza Group. The main objective is to suggest a fair value for the share in order to ultimately support a buy, hold or sell recommendation vis a vis the market value as per November 4th 2016. The dissertation first provides an introduction over the methods commonly used in equity valuation. Afterwards, the industry dynamics and new consumption trends are assessed. Additionally, the company and its business model are analysed in detail as well. The following step is valuation. A DCF approach was performed to value Telepizza which was complemented with a relative analysis. Both methods supported the same recommendation. Finally, a conclusion section summarizes what investors should take away from this dissertation. A one-page investment case is also provided where the reader may easily understand the view this dissertation supports on Telepizza share. This dissertation issues a BUY recommendation with a Fair Value of EUR4.93 per share, implying a 15% upside to the current market price of EUR4.30 per share. This recommendation is in line with BPI equity research team and the main differences between both valuations are assessed.
- EDP Renewables equity valuation thesisPublication . Salgueiro, David Manuel Salgueiro Amaral; Martins, José Carlos TudelaThis dissertation valuates EDP Renewables, a subsidiary company from EDP, listed on PSI20, operating in the Utilities industry - renewables energies field. Due to the energy sector transformations, the continuous search for clean sources of power plus the plausible worldwide utilities industry transformation, becomes imperative to valuate companies that can be game changers. To achieve the value per share it was used the Discounted Cash Flow, both the Free Cash Flow to the Firm & the Free Cash Flow to Equity approaches, giving us an equity value of m7.569€ and m7.564€ respectively – this translates in an 8.68€ and 8.67€ price per share. Based on the Dividend Discount Model, the equity value is m7.555€ meaning a price per share of 8.66€. According with the Multiples EV/Revenue, EV/EBITDA and Price/CF per share, we reached prices of 8.19€, 8.88€ and 8.57€. A real option approach was also developed to quantify a recent investment project (wind farm) in the UK. Due to the uncertainty related with the industry and the markets, sensitivity analysis were incorporated into the model to absorb real life volatility. In the end, we reached a final price of 8.6€ per share and we recommend a buy action (actual price: 7.11€). As benchmark for the final price per share were used valuations from Morgan Staley (8.3€) and Haitong Bank (8.2€) which allowed us to conclude that the value reached in this thesis is in line with the opinion of others financial institutions and provides this dissertation with practical usefulness.
- Risk for falls among community-dwelling older people: systematic literature reviewPublication . Sousa, Luís Manuel Mota; Marques-Vieira, Cristina Maria Alves; Caldevilla, Maria Nilza Guimarães Nogueira de; Henriques, Cristina Maria Alves Dias; Severino, Sandy Silva Pedro; Caldeira, Sílvia Maria AlvesObjective: To identify the risk factors for falls of the community-dwelling elderly in order to update the Taxonomy II of NANDA International. Method: A systematic literature review based on research using the following platforms: EBSCOHost®, CINAHL and MEDLINE, from December 2010 to December 2014. The descriptors used were (Fall* OR Accidental Fall) AND (Community Dwelling OR Community Health Services OR Primary health care) AND (Risk OR Risk Assessment OR Fall Risk Factors) AND (Fall* OR Accidental Fall) AND (Community Dwelling OR older) AND Nurs* AND Fall Risk Factors. Results: The sample comprised 62 studies and 50 risk factors have been identified. Of these risk factors, only 38 are already listed in the classification. Conclusions: Two new categories of risk factors are proposed: psychological and socio-economical. New fall risk factors for the community-dwelling elderly have been identified, which can contribute to the updating of this nursing diagnosis of the Taxonomy II of NANDA International.