Browsing by Issue Date, starting with "2017-05-18"
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- A declaração União Europeia-Turquia no âmbito da crise dos refugiados no Médio Oriente, sua eficácia e consequências políticas no seio da União EuropeiaPublication . Cardoso, Tiago Filipe Violante; Matias, Gonçalo Saraiva
- A oponibilidade do direito de retençãoPublication . Fonseca, Ana Taveira da
- Ryanair Holdings plc : Equity ResearchPublication . Costa, Manuel Maria Nunes da; Martins, José Carlos TudelaThe aim of this dissertation is to attain the true value of Ryanair’s equity fair value. To do so were selected and performed proved methods and tools, from the existing literature, namely the Discounted Cash Flows and Relative valuation approaches. Initially, the value per share on March 31, 2016 was 14.17 €. Concerning the DCF/WACC approach, the one year price target estimation was 18.16 €. As for Relative valuation, the price target reached 9.98 € and 12.83 €, considering the EV/EBITDA and P/E forward looking multiples, accordingly. Furthermore, a sensitivity analysis was performed in order to study the impact on the previously projected forecasts, resulting from shifts on key variables and assumptions, such as the WACC rate or fuel expenses. To conclude, a comparison between this thesis’s conclusions and the ones reached by J.P Morgan were analyzed. Both final outcomes, despite its asymmetries, led to an “Overweight” conclusion, in regard to a price target end date on 31 March, 2017. The dissertation recommended price target was 16.47 €, while the investment bank estimation was 16.53 €.
- Top-tier advisors in M&A transactions : they used to matterPublication . Silva, Caio Leandro Oliveira Costa da; Faias, José Afonso de Carvalho TavaresThis master thesis investigates the effect of top-tier advisors on bidder returns, probability of completion and time to completion of M&A deals announced between January 1995 and December 2015. In this context, the fees received by top-tier advisors and their ability to identify and appropriate synergies are also subjected to study. Based on a sample of 6716 U.S. and cross border deals, we found that (1) after 2001 top-tier advisors are no longer associated with higher cumulative abnormal returns; (2) toptier advisors are neither significantly associated with higher probability of completion nor with shorter time to completion in acquisition of public targets; (3) top-tier advisors can indeed identify deals with larger synergies, butthey fail to appropriate them to the bidder firm; (4) top-tier advisors received higher fees on U.S. deals than non-top-tier advisors would have demanded for the same deals; (5) when considering the largest deals (Mega Deals), after 2001 it is found no support for the top-tier advisors superiority neither in U.S. nor in cross border deals.
- Europac Group : an equity valuationPublication . Santos, Miguel Maria Moreira Rato de Andrade; Martins, José Carlos TudelaThe following Master Thesis aims to answer the question “What is YE16 Europac Group Fair Value?”, compare it with BPI Equity Research, find a fair price and provide buy or sell recommendations. This Dissertation begins with a research concerning valuable literature and models for Europac’s Group Valuation. After collecting the necessary data and formulating a deep company analysis, supported by the investor relations department, I was able to understand how should I approach this firm. In this context, by using the models I consider more appropriate (FCFF Method and Multiples), and building consistent assumption and forecasts, I was able to find the fair value of the firm. Thus, the FCFF approach resulted in a share price for Europac of 5,64€, compared with a closing market share price of 5,25€ at the 31th December 2016. The Multiples approach did not precisely correspondend to the DCF valuation, arriving at different values (EV/EBITDA 5,42€; PE 6,99€;). In this context, I arrived at a fair value price per share for Europac of 5,64€. It is, therefore, my believe that the share is underpriced and the market is going to adjust in 2017. To conclude, I present a comparasion analysis with BPI Equity Research, highlighting the relevant differences in the assumptions and figures forecasted, in order to justify my conclusions regarding the fair price. Hence, I finish this dissertation providing a buy recommendation so that investors can make a capital gain.