Browsing by Issue Date, starting with "2018-03-02"
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- PUMA Group equity valuationPublication . Mateus, Leonardo Gomes Cicouro Galvão; Martins, José Carlos TudelaThis dissertation was made with the aim of presenting a valuation of one of the biggest players in the sportswear industry - PUMA Group. The main goal was to propose a Fair Value for PUMA’s share in a way of giving a recommendation of buy, hold or sell to the investor comparing with the market value as 30th December 2017. Consequently, it is provided a brief introduction of all the methods and concepts which are commonly used in equity valuation models such as the one presented in this dissertation. Therefore, it is presented a short company review as well as afterwards the industry overview, where is explained not only macro but also microeconomic factors which PUMA Group relies on, to succeed in this competitive industry and then clearly figured out why the company is following a good path as assigned by them. Lastly, follows the valuation models in which the dissertation was based on. The first model accomplished was a DCF approach to value the share of PUMA Group and last but not the least, this valuation was finished with a relative valuation approach. Bringing up rear, the last chapter run through what are the main topics to retain. The current dissertation presents a BUY recommendation with a 29% upside deviation from the market value of the share as 30th December 2017, with a Fair Value of €468.18 per share even though there are some divergences invoked regarding the JP Morgan Cazenove’s analyst investment notes.
- Keeping the leading position on last mile delivery : the case of CTT in PortugalPublication . Pereira, Catarina Gonçalves; Cardeal, Nuno César de Jesus GuerraCTT, the postal operator of Portugal, has undergone several transformations over the last five centuries of existence. Particularly this century, has been remarkably challenging with the privatization of CTT, decline of its core business and entry in the courier, express and parcels market (CEP); and further on the banking sector. Entailing a different operational effort and demanding a different approach; the company has been establishing a diversification, integration and consolidation strategy over the past years. Furthermore, with increasing needs from consumers needing to be addressed, parcel delivery firms need to cope with the transition from being just an ordinary delivery provider to a service provider. This dissertation purposes a journey into the company’s history aiming to understand what is the origin of the competitive advantage that CTT has been whittling over the past fice centuries and to fathom if the company has the vital capabilities to adapt to the new reality of e-commerce, through an outline into the challenges unfilled.
- Consumers’ perception of quality and factors of purchase in the context of a social enterprise : an exploratory study based on Cozinha com AlmaPublication . Coco, Daniela Sofia Ranita Rodrigues de; Bicho, Marta Liliana NunesThis dissertation examines the consumer response to a particular social enterprise, Cozinha com Alma. Focusing on consumer behaviour, mainly in terms of perception of quality and factors of purchase, the research explores the utilitarian value of the product offered by this organization as compared to the desire of the customers to help the families in need as the primary factor for purchase. Thus, the aim of the present dissertation is to clearly understand the customer’s perception of quality of a social enterprise, how it affects the consumer’s factors of purchase, and the impact it has in the business. To that purpose, a qualitative study was conducted based on semi-structured, face-to-face interviews to the consumers of this social enterprise. The research concluded that, although the utilitarian value somewhat motivated the purchase, consumers widely valued the helping dimension of the exchange. Research on this topic is still lacking. The main findings show that the concept of social enterprises is not perceived as deterrent for quality. Also, and contrarily to the existing literature, few consumers are able to see their purchase as purely due to solidarity reasons. Meaning that, there are many other factors of purchase involved. Thereby, the present dissertation makes a contribution to the literature not only to the consumer behaviour field but also to the concept of hybrid organizations and more specifically social enterprises by examining how consumers behave in its context.
- Bulk is the new black : consumer attitudes, perceptions and purchase intentions towards Bulk Food Groceries in PortugalPublication . Costa, Maria Pena Gouveia Salgueiro; Rita, Miguel Fontes Casegas CorreiaPurchasing food in bulk has become a growing practise among grocery shoppers in recent years. No longer a dated tradition from the 19th century, bulk is now seen as a modern alternative to package-loaded products. Besides a more sustainable nature of transactions, bulk offers several advantages, from lower prices to the chance of portion customization and reduced food waste. However, literature identifies many setbacks for businesses invested in selling unpackaged food. Hygiene regulation in self-service systems is challenging and negatively perceived by many shoppers. Plus, a high rate of spillage, theft and losses undermines retailers' cash flows. This study focused on the market of bulk food groceries in Portugal. Prices of bulk foods were analysed and compared with the corresponding packaged alternatives, in order to assert price competitiveness. Prior literature on the subject was consulted to conceive a framework for research methods. Six interviews to storeowners operating in the Portuguese bulk foods market served as valuable insights for the investigation. Finally, an online survey with a sample of 309 bulk consumers and non-consumers presented main barriers and advantages of bulk, as well as the attitudes and perceptions that have an influence on purchase intentions. Grocery shoppers in Portugal showed a favourable inclination towards purchasing bulk. Additionally, bulk consumers are concerned about sustainability, portion control and consider price the main driver for store choice.
- Investment in hybrid organizations in healthcarePublication . Silva, Gonçalo Espanha Torrado da; Bicho, Marta Liliana NunesInnovation in health is a pressing need throughout the world, whether to solve public health challenges, to assure the sustainability of national health services or even improve the population’s quality of life. Investors have been showing a growing interest in projects with social character; furthermore, there has been a growing emergence of hybrid organizations that combine social and financial goals. Due to the social impact closely associated with innovation in health, many projects in this industry are considered hybrid organizations. Therefore, there is a window of opportunity for investment that organizations in the healthcare industry should use in their advantage. It is crucial, however, that these organizations learn how to effectively capture investment. Through an exploratory study, this dissertation aims to understand what are the main factors that hybrid organizations in the healthcare industry must focus in order to capture investment. Using a qualitative approach, 15 specialists in this industry were interviewed: founders/ CEOs of the companies, investors and accelerators. By analyzing the interviews, and considering the specificities of the health industry, six factors were identified: Innovation, Market Drive, Team, Stakeholder Validation, and Intellectual Property. Still companies must not focus on one factor only, since, excelling at just one of them may be insufficient to capture investment. Entrepreneurs must deliver a compelling combination of these six factors in order maximize their chances of attracting the necessary capital.
- Ryanair Holdings PLC : equity valuation researchPublication . Leite, Diogo Luís Marques; Martins, José Carlos TudelaRyanair Holdings PLC is an airline, offering short-haul services between UK, Ireland, Continental Europe and Morocco. They offer it through a single route scheduling system, providing an ultra-low fare without connections. They carry more than 131 million of customers per year with more than two thousand flights every day. This dissertation presents an Equity Valuation of Ryanair Holdings PLC, the European leader in terms of commercial aviation and one of the most international companies in Ireland. It will provide a deeper analysis of the company in order to apply two different valuation methods: Discounted Cash Flow and Relative (or Multiples) Valuation. Afterwards, there will be a comparison between this dissertation and an equity research from Credit Suisse.
- Carrefour Group equity valuationPublication . Branco, Beatriz Paula Vieira de Freitas; Martins, José Carlos TudelaEsta tese consiste na avaliação do valor de uma ação do grupo Carrefour a 31 de Dezembro de 2017. Irão ser desenvolvidas quatro diferentes métodos de avaliação: Discounted Cash Flow, DuPont, Relative Valuation and Dividend Discount Model. O Carrefour é um dos maiores retalhistas no mundo. É, por isso, essencial compreender como é que um retalhista Francês ganha tamanha proporção na industria do retalho alimentar. Desta forma, após a Revisão Literária, será realizada uma análise à indústria. O Carrefour possuí duas diferentes atividades: a banca e o retalho. Estas serão analisadas em separado através dos métodos DCF e DuPont, respetivamente. Carrefour, como um todo, é analisado através do DCF, DDM e Relative Valuation. Os resultados são depois comparados com uma avaliação desenvolvida pela Societe Generale, a 28 de Agosto de 2017. Através da diversidade de métodos desenvolvidos e da comparação final com o resultado da Societe Geenrale, é possível assegurar a credibilidade e exatidão do preço da ação obtido nesta tese.
- The emerging drive-sharing business : a Glimpse of the futurePublication . Leal, Caetana Martins Simões Gomes; Rita, Miguel Fontes Casegas CorreiaThis thesis aims to explore car and scooter sharing services, one of the fastest growing and most recent shared mobility services respectively. The main goal is to analyse user’s demographic characteristics, motivations and some of its impacts throughout the time. Due to the different business models, the one-way under free-floating scheme was the selected one to study. In Portugal, more precisely in Lisbon, these services are starting to emerge and gain popularity and as a result, this thesis will analyse how the Portuguese market is responding to this new trend through a comparison with other countries. In-depth interviews and an online questionnaire were conducted. It was concluded that Portuguese users are predominately young, well educated and with relatively lower levels of income. They also revealed to mainly use their own private vehicle as a mean of transportation. Regarding usage motivations, convenience was their greatest motive followed by using as an alternative to public transportation and by interest and curiosity. Nevertheless, only the motive of using as an alternative to public transports shown to be statistically significant to use the services more often. Regarding the impacts, it was verified that some users of private ownership vehicles are reducing their usage, are becoming more aware of their mobility costs, although a disagreement in buying and having a vehicle was verified.
- The success story of NOBRAND : a case study on strategyPublication . Côrte-Real, Mariana Escudero de Beires; Cardeal, Nuno César de Jesus GuerraThe following thesis, presented in the form of a case study, aims to report the successful story of NOBRAND, a Portuguese company within the footwear industry, whilst serving as pedagogical tool for exploring and reflecting on strategic frameworks. For this purpose, the case-study is written in a way that it may serve as a proper analytical tool for developing the strategic topics of resources and capabilities, the importance of clusters for competitive advantage and modes of internationalization based on strategic alliances. NOBRAND functions as a good example of a company that has worked on its resources and capabilities as a way to establish competitive advantage, whilst also taking advantage of its presence within the Portuguese Footwear cluster. By establishing international collaboration agreements and diversifying on their nature and conditions across different markets, the Portuguese footwear brand managed to expand its brand and products overseas. With a strong international focus, more than 90% of NOBRAND’s production is exported to international markets. Taking into account the resource-based view of the firm, a critical reflection on the most important resources and capabilities of NOBRAND is explored and considerations about the contribution of the synergies of the footwear cluster to NOBRAND’s distinctive resources and capabilities is also taken into account. Finally, there is a reflection on NOBRAND’s international strategic options, which leads to the conclusion that modes of internationalization are very much affected by the resource-commitment that a firm wants to pursue and also on its aversion to risk.
- Sogrape world : born to the worldPublication . Cardoso, Rita Alexandra Vieira; Cardeal, Nuno César de Jesus GuerraThis dissertation aims to understand how Sogrape, a successful Portuguese wine company, was able to start its internationalization since an early stage of its existence and how it has been capable to sustain that ability to serve globally throughout its 75 years of existence. Furthermore, the main goal is to recognize how the company was able to enter foreign markets, what role their resources and capabilities had throughout that process, and what kind of barriers are in the way of born global firms (BGFs). It is possible to conclude that the combination between an unique portfolio – possible due to their great number and diversity of vineyards, and products that have gained an international status due to their quality and history – and a big scale operations plus the capability of managing knowledge from all their learning experiences and being able to meet local tastes, ultimately leads to a path of success and great conquers, enviable by any company. Nevertheless, it is also exposed some concerns regarding growth opportunities which are still a grey area concerning some markets, especially the Chinese wine buying behavior. Intrinsic to all industries, online commerce is a global trend and since even well-established companies face obstacles, Sogrape is still trying to understand how to incorporate it to their business model.