Browsing by Issue Date, starting with "2018-05-15"
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- Amazon.com, Inc. : equity valuationPublication . Vidal, Francisco Maria Alves Martins Cardoso; Martins, José Carlos TudelaThe aim of this dissertation was to combine both theory and practice to find the Amazon’s equity value, using all methods available, choosing those that are more suitable for this firm in this explicit period. From all methods commonly used, the APV and the Relative Valuation were the ones chosen, and from these two only the APV was used to compare with the report from Citi. The model used (Adjusted Present Value) and its assumptions gave a value per share of 1381.70 dollars, a far superior value to the one traded on the market on the same day (1020.04), therefore it is recommended to buy and hold the stock. After computing the stock value, a sensitivity analysis was done to better access the impact that some variables have on the stock’s value. Finally, a comparison with the report from Citi was conducted, to test the veracity of this dissertation. In that report Citi states that the stock should be valued at 1200. In this dissertation it was concluded that even this value of 1200 is underpricing the firm, that has a huge potential to take the world.
- Dietary compliance during bh4 loading test in patients with phenylketonuriaPublication . Mina, Beatriz Aguiar Pinto; Rocha, Júlio César Leite da Fonseca; Barros, Rui Manuel Matos Meireles deIn Phenylketonuria (PKU), prior to BH4 treatment, a loading test (BH4-LT) is usually necessary to determine responsiveness. The Portuguese Society of Metabolic Disorders advocate a 72h BH4-LT. Concurrently with a BH4-LT, a strict dietary protocol should be followed, but adherence with this is rarely reported. The aim of this study was to compare prescribed natural protein (NP, g/kg), Phenylalanine (Phe, mg/kg), L-amino acid supplements (AA, g/kg) and total protein (TP, g/kg) with reported dietary intake during 72h BH4-LT’s. The sample included 78 PKU patients (20.9 ± 9.1 y; 4-48 y; 51% females; 41% classical PKU, 49% mild PKU, 4% hyperphenylalaninemia and 6% late diagnosed) who had a BH4-LT between March 2015 and January 2017. Potential BH4 responsiveness was considered with a blood [Phe] reduction ≥ 30%. Anthropometry, NP, Phe intake, AA and TP prescriptions were documented. A 3-day diet diary was used to calculate mean daily nutritional intake during BH4- LT and to compare with diet prescription. Prescribed NP and Phe were similar with reported nutritional intakes during BH4-LT (0.80 ± 0.46 vs. 0.77 ± 0.44 g/kg, p=0.106; 38.13 ± 22.74 vs. 36.73 ± 21.37 mg/kg, p=0.116, respectively). In contrast, reported AA and TP intakes were significantly lower compared with dietary prescription (1.01 ± 0.37 vs. 1.05 ± 0.35 g/kg, p=0.006; 1.64 ± 0.49 vs. 1.71 ± 0.49 g/kg, p=0.003, respectively). Potential BH4 responders (n=33) reported Phe and NP intakes in accordance with dietary prescription (43.10 ± 24.41 vs. 43.37 ± 24.26 mg/kg, p=0.922; 0.90 ± 0.50 vs. 0.91 ± 0.49 g/kg, p=0.721, respectively), while non-responders (n=45) reported lower Phe and TP intakes (32.05 ± 17.69 vs. 34.30 ± 21.00 mg/kg, p=0.048; 1.57 ± 0.50 vs. 1.66 ± 0.50, p=0.004, respectively). Children (n=29) had reported ingestions compliant with dietary prescription and adults (n=49) had a mean intake of AA and TP during the BH4-LT inferior to the amounts prescribed (0.94 ± 0.37 vs. 1.00 ± 0.35, p=0.007; 1.47 ± 0.39 vs. 1.56 ± 0.46, p=0.018, respectively). 57 of 78 patients (73.1%) reported ingestion of non-prescribed food items: e.g. soft drinks (47.4%), cakes and sweet desserts (26.3%) and potato chips (24.6%). The results demonstrated incomplete dietary adherence with prescribed dietary protocols during BH4-LT. It is important to fully monitor and support patients during BH4-LT to ensure adequate consumption of prescribed NP, TP and AA in order to aid accuracy of outcome with BH4-LT.
- Equity valuation of Daimler AGPublication . Oliveira, Francisco Mendes Pereira Beato de; Bonfim, Henrique Miguel Ribeiro GuimarãesThe following dissertation contains an equity valuation of Daimler AG, a German Automotive producer which operates worldwide and is most well-known by its luxury car division – Mercedes-Benz. The firm’s industrial business is also comprised by the trucks, vans and buses divisions. Finally, its fifth division, Daimler Financial Services, provides support to the industrial business divisions’ customers providing financial services. To start, we elaborate on the present state of the art of equity valuation and then we select the most suitable method to value Daimler AG, having reviewed the current macroeconomic environment, the industry and the company itself. Taking into account that the firm has a financial services division whose core business differs substantially from the industrial business divisions, we have decided to value Daimler AG using a Sum of Parts approach – which uses a Discounted Cash Flow method with Weighted Average Cost of Capital for the industrial business and a variety of traditional and non-traditional methods to value Daimler Financial Services. Based on the financial model we have developed, we recommend investors to buy Daimler AG equity, which we valued at EUR 81.05 on 29th December 2017. To support our findings, we valued the firm using a selection of multiples applied the Dividend Discount Model, performed a sensitivity analysis, observed the historical implied volatility of the European automotive sector companies and, finally, compared our valuation to Socgen’s.
- Equity valuation of YandexPublication . Faleev, Pavel; Martins, José Carlos TudelaThe purpose of this thesis is evaluating of Russian internet company and obtaining the Yandex Equity Fair Value. In order to achieve the most accurate results the analysis of literature was provided, and two appropriate valuation methods were chosen: Discounted Cash Flow Model and Relative Valuation Method. By applying DCF method, the target price achieved was $31.75 based on the assumptions about future company revenue growth and about a number of other variables. Relative Valuation based on the Market Multiples gave a $30.23 per share. As a result, the average target price was $31 per Yandex share. In order to predict the outcome of share price given a range of assumed variables, the sensitivity analysis was run. As a result of Yandex Equity Valuation a HOLD recommendation for investors was given. Finally, the comparison of results with Sberbank CIB Investment Research of Yandex was provided.
- What type of incentives earned by CEO´s of US Banks have higher impact on banking performance?Publication . Correia, José Maria de Melo Franco Bebiano; Bhimjee, Diptes Chandrakante PrabhudasDuring the last years there has been a growing interest around this topic, mainly due to its impact in generating the Global Financial Crisis. The aim of the presente Dissertation is to determine which senior executive incentives have higher impact in the Banking Sector of the U.S.A., acknowledging the resources allocated by the banques to each type of remuneration, contextualizing them with regards to the total anual compensation plan for each CEO present in the sample. Seeking a practical approach, this thesis estimates the models that better fit the sample, provided its main characteristics. The results obtained point to interesting conclusions, which are representative of the north-american Banking Industry; using a sample of the 62 biggest U.S. Banks & Investment Banks, it combines about 89% of the total market capo f the Industry. The presente academic study looks into executive compensation schemes to observe which variableshave greater impact on Net Income Before Taxes. The results of the tests direct the argumentation used quite clearly, elaborating on the incentives given to CEO´s that more significantly impact the profits of north-american banks.
- Anheuser-Busch InBev : “The King of Beers”Publication . Quintas, Tiago Jardim Fernandes; Bonfim, Henrique Miguel Ribeiro GuimarãesThe aim of this thesis is to value Anheuser-Busch InBev equity, the #1 brewer in the world headquartered in Belgium, in order to achieve an intrinsic share value and compare it to the market price as of the 31th December of 2017. However, the valuation of any company is not an exact science. To do so, a literature review was carried with the goal of setting and applying best practices to Anheuser-Busch InBev’s valuation. Following that assessment, several valuation methodologies were conducted leading to different results. Based on self-knowledge and in the insights absorbed in literature, I assigned weights to the methods according to their relevance and accuracy to calculate an estimated share value as of today. Alongside, a sensitivity analysis was performed with the purpose of assessing the impact of several inputs on Anheuser-Busch InBev’s share value. As reference and validation, a research analyst consensus was also taken into account to establish the final target price. The ultimate output is a 12-month forward price with a hold recommendation as the share value is close to the current market share price of Anheuser-Busch InBev.
- Equity valuation of BMW AGPublication . Pedroso, Joana Santo; Martins, José Carlos TudelaThe present dissertation aims to value the automotive group BMW AG. The main goal is to achieve the fair value for BMW’s shares in order to sustain a buy, hold or sell recommendation. The BMW group will be valued according different methods commonly used in equity valuation. Firstly, it is going to be provided an introduction and an explanation of the methods used in equity valuation, followed by an analysis of BMW group and its business model. An industry overview is also provided in order to be aware of the trends driving consumption. In terms of valuation, a DCF is performed to value the company and complemented by a Relative Valuation. Furthermore, the Dividend Discount Model is used to obtain the share price based on the present price of future dividends. The valuation performed in this dissertation is compared with an external one performed by J.P. Morgan, an investment bank. By doing this comparison, it is possible to test the accuracy of the valuation performed.