Browsing by Issue Date, starting with "2018-05-21"
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- The impact of corporate entrepreneurship on employees’ job satisfactionPublication . Belizor, Rose Dinah; Hafenbrack, Andrew CharlesThis study aims to investigate the competitiveness of corporate entrepreneurship by taking into consideration its impact on job satisfaction from the support provided to the intrapreneurs from their organization. While much of the literature on corporate entrepreneurship has focused on financial benefits for corporations, this study is aiming at understanding some partial aspects of non-financial benefits for corporations. I hypothesized that entrepreneurship programs would be positively related to job satisfaction, and employee loyalty, and these relationships would be because the participants of these programs receive higher organizational support. In order to assess this topic, two studies were conducted. Study 1 analyzed the results of 100 surveys that were taken by entrepreneurs and non-entrepreneurs in large German corporations. The second study consisted of four in-depth interviews with successful participants of corporate entrepreneurship programs. Results show that corporate entrepreneurship programs have no effect on job satisfaction, perceived organizational support, and commitment to the company that the entrepreneurs have been working for when comparing the surveys to regular employees of the company. However, the findings showed that those who did participate in an entrepreneurship program expressed a slightly negative change of happiness with their employer after completing the entrepreneurship program.
- Recommendations to EDP SU for the KPIs improvement in a customer Balanced ScorecardPublication . Rebordão, António José Hilário; Lino, Rute Sofia Barbosa XavierEDP SU acts in the Portuguese regulated energy market, as a part of EDP group. Seeking to measure and improve its performance in the different channels that have direct contact with the customer (website, stores, contact center and complaints management), and understand how can price and risk factors influence customer satisfaction, building a Balanced Scorecard was an objective. Although this management tool suggests that we view the organization from four different perspectives, in this project we focused just in one: the customer perspective. More specifically, the purpose of the consulting project was to provide recommendations on how to improve KPI scores in each channel, suggest new and more effective KPIs and summarize it whole in a balanced scorecard. Our methods to solve this consultancy project relied on the analysis of internal data, external research but mostly benchmarking with other electricity suppliers. Although recommendations were given in every topic, results show that EDP SU digital channels have the largest margin for improvement, more specifically, the informative website. In this document, the consulting project is thoroughly described in terms of what is the status quo of each channel, what are the recommendations and what was done to reach them.
- Equity valuation : Activision Blizzard, Inc.Publication . Belo, Fernando Guilherme Mantas Gonçalves; Martins, José Carlos TudelaThis dissertation aims to present the investment thesis that provides a fair value for the video games software company Activision Blizzard, Inc. The suggested fair value is then compared with the current share price with the objective to issue a buy, hold or sell recommendation as per January 17, 2018. The first component of this dissertation introduces a review of the relevant literature on equity valuation. Afterwards, the company’s business model and industry dynamics affecting the company are discussed. Next, a practical approach is implemented. The models used are the enterprise-discounted cash flow, economic profit, and the relative valuation. The first two models generate a target price of $73 for the firm’s common stock, implying a 6,2% upside to the current market price, leading to a buy recommendation. The relative valuation model also supports the same recommendation. Furthermore, this resultant output is subject to a sensitivity analysis and different scenarios are assessed. An executive summary with key statistics and drivers of the investment thesis is also provided where the reader can easily understand the view this dissertation defends. Finally, a comparison of the results is made with an equity research report from Morgan Stanley. Albeit the recommendation is in line with Morgan Stanley investment note, the reader is shown the major differences in the valuation assumptions and methodologies for the same company.
- Assessing an internationalization strategy to France through distributors as an intermediary direct export strategy : the case of NOTO, a Portuguese Furniture BoutiquePublication . Malaquias, Martha Pinto Coelho; Lino, Rute Sofia Barbosa XavierAssessing an Internationalization Strategy to France through distributors as an intermediary direct export strategy – The Case of NOTO, a Portuguese Furniture Boutique. NOTO, an interior design boutique in Lisbon, is a Portuguese upscale furniture brand which intends to expand its brand to France. Through the positive feedback of its French customers, NOTO already started to export a reasonable number of products directly to this country, which made the CEO realized there is a potential to explore that market through direct distribution as an intermediary strategy. In order to analyse that internationalization process, the author studied the French furniture market and developed a distribution strategy through positioning and prices analyses according to the internationalization goals of the Company (desired positioning and intended mark-up). At the beginning of the expansion, the Company should position its brand as a Mid-range furniture segment, placing its products in Upscale furniture specialists by practicing relatively lower prices than the competition. In the long term, NOTO should move to the Upscale furniture segment, increasing its prices for values within the price-range of its competitors. NOTO can apply significant markups, starting in 50%, the initially intended mark-up for its internationalization to the French market.
- Pfizer Inc. : an equity valuationPublication . Campos, Maria Madalena Morais da Costa; Martins, José Carlos TudelaHow much will Pfizer worth in December 31st, 2017? The purpose of the present dissertation is precisely give the most accurate answer to this question. Therefore, several steps were carefully followed in order to provide realistic information for Pfizer’s investors. Firstly, the literature was studied about valuation processes and models. Secondly, Pfizer’s business as well as industry’s dynamics were deeply analyzed with the aim of understanding Pfizer’s opportunities and challenges, that not only are arising but also that were faced in the past. Thus, by collecting and analyzing Pfizer’s financial information, it was possible to conclude that Multiples and DCF are clearly the most appropriate valuation methods to use. Nevertheless, forecasts play a key role since and require both quantitative and qualitative basis, thereby it was created a forecasting model that includes qualitative factors that might impact Pfizer’s performance. After reorganizing financial statements and estimating key financial information, it was determined Pfizer’s share price through multiples approach (considering PER and PER 1 year forward) is $39.54 and $34.91, respectively, and through DCF, $36.43. However, due to DCF model’s specifications, Pfizer’s share price will be based on that model. In the final stage, it was done a comparison with Morgan Stanley’s valuation, concluding that the target price is $1.43 lower, since different assumptions were made, such as the inclusion of the forecasting model created. To sum up, regarding the Pfizer’s context and global expectations, I strongly recommend a HOLD decision.
- Equity valuation of Millennium BCPPublication . Zeller, Miguel Peixoto van; Martins, José Carlos TudelaOne of the most difficult tasks in the financial industry is to correctly access the fair value of a stock. In theory, the price of a stock should converge to its fair value over time, however the real fair value and the speed in which it will convert is what makes the stock price so difficult to predict. In order to perform a precise valuation, one should understand the intrinsics of the business and perform a variety of valuation methods in order to access the fair value. In this dissertation, I will analyze Millennium BCP, the major private bank in Portugal, stock price using mainly 2 methods: Dividend Discount Model and Multiples Valuation. These 2 methods combined resulted in a BUY recommendation, with an estimated fair price of €0.41 per share. In the end of the dissertation, I also compared my recommendation with JP Morgan Investment Bank report, to access the differences between my valuation and the Investment Bank valuation increasing the robustness of the final results. From this comparison, resulted that although JP Morgan used a different valuation method, the bank and the thesis recommend to BUY the Millennium’ stock, since both are optimistic on the future of the bank and the overall Portuguese banking system.
- Equity valuation of Distribuidora Internacional de Alimentación (DIA)Publication . Lemos, Francisco Luís Linhares Barros; Martins, José Carlos TudelaO objetivo desta dissertação é determinar o valor justo dos capitais próprios da Distribuidora Internacional de Alimentación. O setor do retalho de produtos alimentares foi investigado detalhadamente, bem como a empresa e o seu modelo de negócio. A Revisão Literária apresenta uma discussão de diferentes abordagens teóricas de avaliação de empresas e considera que o método dos fluxos de caixa descontados com soma das partes e uma avaliação por múltiplos são os métodos mais apropriados para avaliar a empresa. Com esta avaliação, é razoável assumir que as ações da empresa estão cotadas abaixo do seu valor intrínseco, €4,79, o que representa um potencial de valorização de 11,3% e, assim, uma recomendação de “compra”. Esta avaliação é também comparada com um equity research do BPI, focando-se nas metodologias e pressupostos usados em ambos os trabalhos.
- Critical factors for a successful logo : the EDP Serviço Universal casePublication . Marques, Bernardo Maria Magalhães Mexia Gomes; Lino, Rute Sofia Barbosa XavierThe new regulation of the Portuguese regulated electricity market imposes several challenges to brands that want to integrate this sector, but at the same time, it offers an opportunity for companies to differentiate themselves from the competition and thus gain a competitive advantage. In order to achieve this much-desired competitive advantage and to establish the best strategy for the new brand, EDP SU had the need to understand what the preferences of consumers are regarding brands in this sector. Thus, this dissertation focuses on exploring the main factors that influence consumers' perceptions and what variables determine the choices they make. The study focuses specifically on the attributes and associations of the brand, name and logo. The present study presents a comprehensive literary review, which addresses topics that are essential for maximizing a brand and for a full understanding of consumers’ behaviour, such as: Branding, Brand Equity, Brand Personality, Brand Elements, Name, Logo and Colour. Moreover, this dissertation has a market study that includes eleven focus groups and a Benchmark analysis. The results show that EDP should seek a name that explains the energy it sells, that must use two or more colours and that must create a brand that conveys a mature and traditional image.