Browsing by Issue Date, starting with "2017-10-19"
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- Equity valuation of The Boeing CompanyPublication . Santana, António Henrique da Silva; Martins, José Carlos TudelaThe main purpose of this dissertation is to evaluate Boeing Co., an American based multinational corporation of the Aerospace and Defence sector, which is listed on the NYSE and is a part of the Dow Jones Industrial Average. BA is known for being the number one company in the Aerospace and Defence sector, as well as America’s biggest manufacturing exporter. In order to fulfil the proposed objective, several valuation methods were used – more properly the DCF, APV, DDM, and also the multiples EV/EBITDA, EV/EBIT and EV/Sales. Through an analysis of results obtained in these models, the most plausible estimation of the Boeing Co. stock value was reached. Then, to be assured that the values achieved were in line with the reality, they were compared with the ones given by an equity research made by Morgan Stanley and with the value present in the stock market at valuation date. The conclusion drawn from this process was that a recommendation to buy Boeing Co. stock had to be made.
- A perda do direito à marca : a vulgarização do sinalPublication . Amaral, Marta Duarte Silva; Mendes, Evaristo Ferreira
- Otimização do sistema de métricas para o controlo de gestão da atividade comercial no segmento empresarial da Vodafone PortugalPublication . Santos, Joana Miguel; Celeste, Pedro Manuel Amador RodriguesCom o objetivo de definir um modelo para a otimização do sistema de métricas para o Controlo de Gestão da atividade Comercial no segmento empresarial da Vodafone Portugal, o presente estudo inicia com a revisão de literatura sobre sistemas de controlo de força de vendas e sistemas de controlo de gestão em geral; passa pela análise do setor das telecomunicações, da Vodafone (Grupo e Portugal), do segmento das Comunicações Empresariais, da Concorrência e da Gestão Comercial do segmento empresarial da Vodafone Portugal; culmina na definição de um mapa de objetivos (selecionados a partir da análise de inquérito à força de vendas) e de relações de causalidade entre objetivos (testadas a partir da análise de correlações entre dados históricos). No total, foram realizadas cerca de uma dezena de reuniões e workshops com colaboradores representantes dos diversos canais de vendas e funções, analisados 271 inquéritos à força de vendas sobre a importância atribuída às métricas em estudo e calculados, processados e analisados dados de 90 variáveis, em função do valor, atingimento ou variação de cada métrica. Tendo como objetivo final a promoção do alinhamento da Força de Vendas e a disponibilização de informação necessária à gestão e análise da performance da Atividade Comercial, sugere-se a implementação de um sistema de controlo de gestão da força de vendas híbrido (métricas comportamentais e de resultados), organizado em quatro perspetivas.
- The impact of corporate social responsibility on employee-related outcomes : Group Finance Services case studyPublication . Monteiro, Liliana Filipa Duarte; Mendonça, Bianca Soraya Soares Vilhena deGroup Finance Services was created in 2016 in Lisbon. It is a European Finance Operations Centre of Group Finance of BNP Paribas, composed by activities transferred from Brussels and Paris. It is a new department within a historical Group, in a different country and where most of its employees are new in the Group. Moreover, it is the ambition of GFS to develop itself as a competence centre for finance and attract more activities to Lisbon. In this context, the need to assess whether the policies of social responsibility are positively perceived by the employees of GFS is crucial. Thus, the study was based on data collected with the management and employees of GFS. The purpose of this thesis, is to investigate the impact of corporate social responsibility practices of GFS – measured by one dimension of external social responsibility and eight dimensions of internal social responsibility: employment stability; skills and career development; workplace diversity and equality of opportunities; work-life balance; working environment; tangible employee involvement; empowerment; and fairness of treatment – on job satisfaction and turnover intentions, mediated by affective commitment. The results showed that all dimension of social responsibility, except external social responsibility, tangible employee involvement and employment stability, are significantly and positively related to affective commitment. Additionally, it was demonstrated that all dimensions affecting significantly affective commitment, have a significant positive impact on job satisfaction and significant negative impact on turnover intentions, mediated by affective commitment (a significant mediator between these variables).
- SalMar ASA : uncertain timesPublication . Haaland, Tamara Yanina Valdivia; Martins, José Carlos TudelaThis master thesis is the final assignment of the double degree program in Master of Science of business at BI Norwegian Business School and Catolica Lisbon School of Business and Economics. The aim of this thesis is to assess the share price value of SalMar ASA by applying valuation frameworks. The goal is to decide whether the company is an attractive investment or not, and determine if investors should buy, hold or sell shares of the company. My decision will be compared to an experienced investment bank`s recommendation and discussed. The investment bank chosen is ABG Collier Sundal. SalMar is a Norwegian salmon farming company. The company is noted on Oslo Børs Stock Exchange (OSEBX) with a share price of 258 (31st of December 2016). The farming industry in Norway has recently benefitted from high salmon prices and increased demand. However, the industry is characterized by limited growth opportunities and is subject to major risk factors relating to biological conditions. After applying the free cash flow to the firm approach, the equity value constitutes 288 NOK per share, while the relative valuation suggests that the company is overvalued. In conclusion, I recommend a hold position. ABG considers a hold position as well, however the company has a target share price of 242 NOK as of 31st of January 2017. The main difference between my result and ABG`s is that they are blending their DCF valuation with their relative valuation, and is applying a higher WACC.
- Equity valuation of Mondi PlcPublication . Camanda, Leandra Genira Pachota; Martins, José Carlos TudelaThe purpose of the present dissertation is to perform a valuation of Mondi, a packaging company dual listed in London Stock Exchange and Johannesburg Stock Exchange. In order to do, three valuation approaches were applied: Discounted Cash Flow (DCF), Dividend Discount Model (DDM) and Relative valuation based on EV/EBITDA multiple. From the first approach, Mondi’s stock price reaches a value of €25.62. The DDM results in a value of €22.96, that represents a possible lower bound in the case of occurrence of unexpected events that can affect the share price. Furthermore, based on EV/EBITDA, Mondi’s stock is priced at €24.32. Therefore, the target price considered for Mondi is a range between €24.32 and €25.62, that results in an equity value between €11,755 Million and €12,404 Million, around 9% higher than the current market capitalization. Ultimately, a comparison with the target price of €24.76 per share, published by Deutsche Bank on 22nd of February 2017 was done in which both valuations end up in the same conclusion: Mondi is currently underpriced, so for this reason it is recommended a buy position on the stock.
- Equity valuation : MTU Aero Engines AGPublication . Schaible, Lars; Martins, José Carlos TudelaThe goal of the report is to identify the fair equity value of the MDAX listed company MTU Aero Engines AG, which operates in the aircraft engine manufacturing industry. The work begins by reviewing the academic literature on investment valuation. Afterwards, the company’s business and financial performance is introduced and an overview of the aircraft engine supplying industry is given. The company divides into the segments Commercial OEM, MRO and Military OEM. Furthermore, the industry is characterized by high technological expertise and regulatory standards. In the next step, the share price is calculated based on the APV method and supported by a relative valuation. Even though, the multiples in the relative valuation suggest a lower share price, the APV result should reflect the fair value more accurately, since the multiples vary a lot across peer group companies. The report concludes with a sensitivity analysis of the results and the investment is recommended to be overweighed. The valuation results in a share price of €131.78, which represents a premium of 8.8% to the actual closing price of €121.10, as of May 17, 2017. Over the explicit forecast period revenues grow at 6.6% CAGR and FCFF at 4.2%. The fair value of the report is almost equal to the one from the reference report by Barclays Bank PLC, which valued MTU’s shares at €133.00 as of April 28, 2017.
- O envolvimento como características para a criação de clusters no Vinho do PortoPublication . Pereira, Afonso Tavares Santos; Celeste, Pedro Manuel Amador RodriguesO presente trabalho, com vista à obtenção do grau de mestre, tem como objectivo a análise do impacto do envolvimento do consumidor de Vinho do Porto, na criação de clusters com vista a um melhor conhecimento de um produto típicamente português e com uma importância elevada para o desenvolvimento sócio-económico da região envolvente (Região Demarcada do Douro), que se estende desde o concelho de Mesão Frio a Freixo de Espada à Cinta. Estando o conceito “envolvimento” ainda em definição, este baseia-se na relação que o consumidor tem com determinado produto, ou categoria, impactando na decisão por si tomada no momento de compra. Deste estudo, baseado na análise de um inquérito efectuado a 305 indivíduos, pode-se concluir pela criação de cluster com base no envolvimento (aqui considerado como resultado do grau de conhecimento de cada indivíduo, a grau de busca de informação e os mais importantes no momento de escolha), tendo estes impacto na compra de Vinho do Porto. De salientar que os resultados deste trabalho devem ser analisado com alguma reserva na medida em que não representando uma amostra significativa da população portuguesa, não se podem extrapolar para esta. No entanto, poderá ser um ponto de partida para futuros estudos que versem esta temática.