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- Equity valuation : Cellnex Telecom S.A.Publication . Pereira, António Miguel Mourato; Martins, José Carlos TudelaThis dissertation presents the valuation of Cellnex Telecom S.A., an independent infrastructure operator for wireless telecommunications traded in the Madrid Stock Exchange. The valuation relies on the application of two models – Adjusted Present Value (APV) and Relative Valuation – followed by a sensitivity analysis with the objective of testing the assumptions made. Through the application of the APV model Cellnex Telecom S.A is valued in €22.81 per share. The Relative Valuation method is only used to better understand how the market currently values similar companies rather than being a support for the investment recommendation. Lastly, this dissertation results are compared and analyzed to the results reported by Morgan Stanley Investment Bank dated 2nd August 2017.
- Equity valuation : Magnitogorsk Iron & Steel WorksPublication . Nagibin, Georgy; Martins, José Carlos TudelaThe proposal of this dissertation is valuating Magnitogorsk Iron & Steel Works company with the recommendation of the company’s share price. For reaching the value of the price of the shares, three methods were used: the discounted cash flow model (DCF), the dividend discount model (DDM) and the market multiples. By the DCF it was obtained the price of 9,87$, by the DDM – 9,26$, by the multiples – 9,91$. As the result, the target price is 9,68$, which is the average. To achieve the fair value, a lot of accurate assumptions regarding the company, country economics and industry were made in the models. As well it was conducted the sensitivity analysis to show the impact of changes in the assumptions. In the end of the dissertation there is the comparison with the real investment company’s report on the Magnitogorsk Iron & Steel Works share price.
- A dark side of pivoting? : the effect on employee motivation and commitmentPublication . Meiners, Frederick Luca; Costa, Cláudia Isabel de SousaPurpose – The thesis “A dark side of pivoting? – The effect on employee motivation and commitment” of Frederick Meiners aims to examine how pivoting, changes to the course of action - as a concept and part of the lean startup methodology influences employees’ motivation and commitment, and as such shining light on the current criticism about pivoting. Methodology/approach – Targeting startups that went through the process of pivoting, this thesis uses an online survey to ask employees and startup’s founders how they evaluate job related aspects of pivoting such as their motivation and commitment totaling in a sample of 50 respondents. Findings – The findings suggest that pivoting has an overall positive effect on motivation. In fact, since pivoting is usually triggered by a negative business situation and offers the possibility to do a turnaround, this increases motivation. However, when startups experience high number of pivots a darker side emerges. High numbers of pivots experienced by employees along with the effect of pivots on salaries and job security however, indicate there possibly is an inherently darks side of pivoting. Originality/value – This thesis contributes to our understanding of the methodology of the lean startup and in particular the under-studied concept of pivoting. The popularity of the lean startup methodology along with the concept of pivoting, and the lack of understanding of its impact on employees’ motivation demonstrate the need for studies addressing this issue.
- Team development: definition, measurement and relationships with team effectivenessPublication . Peralta, Carlos Ferreira; Lourenço, Paulo Renato; Lopes, Paulo Nuno; Baptista, Cátia; Pais, LeonorThis article describes the development and validation of a theory-based measure of team development. Drawing on 3 independent samples, including multisource and 2-wave data, we found support for the scale’s theoretical multidimensionality. Convergent and discriminant validity was established, and criterion-related validity was determined through the scale’s relation with 3 facets of team effectiveness: viability, extrarole performance, and reputation. We conclude that the 29-item measure is valid and reliable for the assessment of team development. Theoretically, we shed light on the dimensionality of team development and extend the available knowledge on its nomological network. Practical implications for enhancing team effectiveness via team development are discussed.
- Open innovation opportunities for digital startups : platform-based startup programs effect on startupsPublication . Carril, David Serra; Costa, Cláudia Isabel de SousaThe recent technological revolution is forcing a great change in companies. A new startup program conceptualized as platform-based startup program was created to support startups with technological resources. Since current literature in the field of corporate-startup engagement is focused on the corporate point of view, this research brought the startup perspective collecting deeper insights on the outcomes of the program and the variables which moderate these outcomes. Thus, a qualitative research was developed to gather the motives for startups to apply for the program, the impacts felt from the program and the variables which influence those impacts. Nineteen interviews were generated with the three main actors (the platform program owner, the program promotion partners and the startups), being startups the main unit of analysis. The major findings of this research were the startup perspective towards the platform-based startup programs and the role of two moderator effects, the program access and the corporate local presence. It was possible to identify the technological and financial needs as the main drivers for applying to the program and to define the impacts on startup performance (i.e. product improvement, increase in sales, savings of financial resources, and the risk of technology dependency). The research contributes to the field of corporate-startup engagement, specifically regarding the how startups can leverage external corporate technological resources.
- Equity valuation of Continental AGPublication . Castro, Nuno Miguel Macias de; Martins, José Carlos TudelaThe aim of this dissertation is to evaluate Continental AG and estimate a fair target price for its shares. Continental is a German automotive tier one supplier that operates globally through its Automotive and Rubber Groups. The literature review presents the various valuation methods that can be used to evaluate a firm and the advantages and disadvantages of each one. After analyzing Continental’s financials, it was decided that the most appropriated methods for its valuation were the Discounted Cash Flow using the Weighted Average Cost of Capital and the Relative Valuation by applying a Sum of the Parts method. In order to support the forecasts used for the valuation it was made an analysis about the world economy and the automotive industry which are two factors that influence Continental’s future performance. After the forecasts were made, the DCF method indicated a valuation of €241 per share, and the Relative Valuation a lower share price of €224 due to the fact that this method doesn’t capture the higher profitability of Continental’s Rubber Group in comparison with its peers and consequently undervalues the firm. For this reason the target price is only based on the DCF valuation. Lastly, it was made a comparison with an Investment Bank report about Continental, in which it is discussed the main differences in the forecasts made.
- Equity valuation thesis : EDP renewablesPublication . Fernandes, Diogo Lespagnol; Martins, José Carlos TudelaThis dissertation has the intent of valuating EDP Renewables, a subsidiary company from EDP, listed on PSI20, inserted in the Utilities Industry - renewable energy. As a result of the energy sector transformations, fear of fossil fuel shortages and environmental protection, the progressive search for clean sources of power becomes essential to valuate companies that can be game changers. To estimate the share price the Discounted Cash Flow method was used in both approaches: the Free Cash Flow to the Firm & the Free Cash Flow to Equity, obtaining thus an equity value of €m6.405 and €m6.248 respectively – this converts into a share price of €7.42 and €7.22. Rest on the Dividend Discount Model, the equity value is €m5.428 implying a share price of €6.28. As reported by the Multiples EV/Revenue, EV/EBITDA and Price/CF per share, prices of €8.60, €7.25 and €7.08 were estimated. Finally a sensitivity analysis was performed due to the uncertainty associated the company’s environment. In conclusion, a final price of 7.11€ per share and a recommend a buy action is in order (actual price: €6.80). As benchmark, valuations from Morgan Stanley (€8.10) and Macquire Research (€6.2) 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.
- The role of social movements on social media and its impact on corporate legitimacy : a qualitative analysis based on Twitter reactionsPublication . Peres, Maria Ana de Oliveira e Silva; Versari, PietroThe present thesis puts into evidence the role of social movements on social media and how corporations’ legitimacy is impacted by stakeholders’ reactions on online platforms. We analysed how CSR initiatives on social media can generate ethical backlash and explored which online and offline contextual factors influence stakeholders’ perception. This study aimed to enhance the literature by exploring new variables on social media, which are potentially affecting corporations’ legitimacy. To accomplish this proposition, we performed a thorough qualitative inductive analysis of four CSR campaigns that were scrutinized by stakeholders on Twitter. I collected 600 Tweets and researched the cultural, social and political background of the campaigns in American newspapers. Grounded Theory was used to understand the empirical data and categorize it into emotions, while with Sentiment Analysis we assessed the impact of stakeholders’ reactions on legitimacy. The main findings reveal how the use of high arousal emotions on individual tweets and the number of followers is able to create a snowball effect with respect to other stakeholder reactions. The results show that corporations are more susceptible to ethical backlash whenever there has been a previous scandal related to social and political movements. Additionally, this thesis establishes new developments on how corporations should address ethical backlash on social media.
- Move : measuring social impactPublication . Duarte, Rodrigo Maria Guerreiro; Versari, PietroThis dissertation thesis focuses on the case of the nonprofit organization MOVE operating in São Tomé and Príncipe and East Timor. With the goal of fighting poverty through entrepreneurship, innovation and business management, MOVE's board members aspire to make the best decisions in order to maximize the social value of their activities. Keeping in mind that the most important question is "Which model is the best to measure MOVE social impact?", the following managerial case study wishes to identify the main projects of the organization and what strategies can be used to measure their social value. This analysis will offer different tools, allowing board members to overcome challenges regarding qualitative results measurement. Furthermore, in a time where there is visible growth in the social sector, receiving increasing support, this thesis will enable a better understanding of the main challenges and goals in measuring social impact.
- Animalife & Sonae : the development of a social partnershipPublication . Castanheira, Nuno Miguel Vilão; Versari, PietroThe dissertation set forth presents a managerial perspective on how to develop a Social Partnership, with the purpose of increasing its social and economic value. It is exemplified by the study of the collaboration between Animalife and Sonae. Animalife fights animal abandonment by directly providing support to disadvantaged pet owners and Sonae is a Portuguese multinational company with large stakes on the food retailing business. For that purpose, I resort to the collaborative value creation framework, which enables managers to analyse a partnership between a non-profit and a for-profit company. To devise a strategy to simultaneously increase the partnership’s social and economic value creation, my research focuses on the resources currently being deployed by both partners and the ones which could potentially increase the value of the partnership, if deployed. In this case study, the solutions proposed are meant to enhance the sources of value by fundamentally changing the resources’ complementarity, nature, directionality and use. Such suggestions enable the partnership to evolve beyond the Philanthropic stage of collaboration.