Browsing by Issue Date, starting with "2019-05-07"
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- Equity valuation : Beiersdorf AGPublication . Berninghaus, Max Georg Franz; Martins, José Carlos TudelaThis dissertation aims to determine the target price of Beiersdorf AG, a leading player in the personal care and self-adhesives market, to issue a buy, hold or sell recommendation relative to the market price. Thus, the underlying research question is: “What is Beiersdorf’s fair value per share at the 01st of January 2019 and resulting upside or downside potential for investors?”. The valuation for German DAX listed Beiersdorf is based on a profound company, competitor and market analysis, including past development and future outlook of Beiersdorf’s financials and market trends in the consumer goods and adhesives industry. The valuation techniques comprise the WACC DCF-method as representative for the intrinsic valuation and is complemented by a relative valuation, using trading forward-multiples. The valuation results in a target price range of EUR 94.40 to 97.84 per share. Compared with a closing price of EUR 91.16 per share on Friday, the 28th of December 2019 (last trading day in 2018), a hold recommendation can be addressed due the marginal deviation of only +3.6 percent to +7.3 percent. Furthermore, the hold recommendation is in line with the equity research of Credit Suisse.
- Sonae MC : the delayed returnPublication . Pereira, Miguel Gomes; Martins, José Carlos TudelaThis decertation’s objective is to provide an overall valuation of Sonae MC, a private Portuguese company focused on food retailing. For this, two methods were used: Discounted Cash Flow Valuation and Relative Valuation. In the end, the former yielded an equity valuation of €1.79 billion and the latter, using the Price-to-Earnings multiple and Enterprise Value/EBITDA one, generated a €1.70 billion and €1.66 billion equity value respectively. Finally, as this is a private company, it was not possible to compare this valuation with one performed by an investment bank. Nevertheless, as we have a valuation range given in the IPO prospectus of the company, we provide a recommendation for future investors.
- Pensar a homilia : discurso, testemunho e contextoPublication . Fonseca, Paulo José Garcia da; Teixeira, Alfredo Manuel Matos Alves RodriguesInserida no contexto litúrgico, a homilia constitui um desafio tanto para quem a proclama, como para quem a escuta. Neste sentido, este itinerário de estudo pretendeu a partir de uma contextualização histórica, sociológica e teológica desenvolver um conjunto de critérios que possam contribuir para a elaboração da homilia. A circularidade existente entre as diferentes contextualizações aponta para a necessidade de estabelecer uma metodologia homilética que considere os fenómenos recentes da afetividade e do processo de desinstitucionalização do crer e das formas de viver e ser cristão. Exige-se também, que estabeleça pontes com outras áreas do saber e da cultura. Além disso, os resultados sugerem ainda a necessidade da homilia integrar uma linguagem simples, breve, acolhedora, que seja um bálsamo de esperança num mundo em contínua turbulência.
- Tesla Inc. : an equity valuationPublication . Catarino, Julie Isabelle Miroux; Romeiro, Paulo Alexandre Mendes RamosThe purpose of this dissertation is to determine the value of one Tesla, Inc. share as of 31 December 2018. An analysis of the automotive and energy generation and storage industry is presented, together with a detailed analysis of Tesla’s business and financial performance. For Tesla’s valuation purposes, the financial items are forecasted for a period of 10 years, i.e. from 2018 to 2027. In order to determine Tesla’s value, it is used the DCF approach, with the WACC as the discount rate. Additionally, the multiples method is also prepared as a complementary valuation to DCF. Based on the DCF approach, the achieved Tesla’s price target is $229.95, with a downside of 27.62% when comparing to the actual market share price $317.69, on 31 December 2018. Therefore, it is considered that Tesla is overvalued. In addition, a sensitivity analysis was completed to variations on WACC, terminal growth rate and total operating costs. Finally, the estimated Tesla’s share price is compared to the valuation done by J.P.Morgan, which recommended price target is $216 on 31 December 2018. To conclude, both valuations yield to a sell recommendation.
- A satisfação profissional e o burnout nas equipas de suporte em cuidados paliativos em PortugalPublication . Henriques, Cristina Maria Alves Dias; Capelas, Manuel LuísIntrodução: A prestação de cuidados domiciliários representa um desafio para os profissionais de saúde. No caso particular de serviços de cuidados paliativos (CP), estão frequentemente expostos a elementos stressantes, pela sua prática diária junto de utentes em sofrimento e próximos do fim de vida. Objetivos: Avaliar os níveis de satisfação profissional (SP) e de burnout dos profissionais das Equipas Comunitárias de Suporte em Cuidados Paliativos (ECSCP), em Portugal. Identificar a associação entre a SP e o Burnout nas ECSCP enquanto promotoras da qualidade dos serviços. Metodologia: Estudo epidemiológico, analítico, observacional e transversal, integrado numa investigação do Observatório Português dos Cuidados Paliativos. A população alvo do estudo foram os profissionais das ECSCP existentes em Portugal continental e regiões autónomas, a 31 dezembro de 2017. Os profissionais responderam a um questionário disponibilizado on-line (aplicação Limesurvey) entre 26 de julho e 9 de setembro de 2018. Resultados: Com uma taxa de resposta de 42,7%, a amostra foi constituída por 35 profissionais. O nível de SP foi de 80%, sendo de 90,0% com a melhoria contínua da qualidade, 85,0% com a qualidade da prestação de cuidados e 76,0% com a qualidade do local de trabalho. O nível de burnout pessoal foi de 30,2%, relacionado com trabalho 34,9% e com o utente 20,0 %. Discussão e conclusão: Não foram encontradas associações estatisticamente significativas do burnout com as caraterísticas sociodemográficas e organizacionais da amostra. Verificámos que os níveis de burnout são influenciados, sobretudo, pela SP. Não foram encontrados estudos que avaliem a SP em CP pelo que consideramos este estudo pertinente e inovador. Os resultados, mesmo sem validade externa, constituem uma mais valia para orientar futuros estudos e servir de linhas orientadoras para uma política de gestão de recursos humanos em CP em Portugal.
- A valuation of the pharmaceutical company Novartis AGPublication . Coelho, Ana Catarina Filipe de Sousa; Martins, José Carlos TudelaThis dissertation valuates Novartis AG, a Swiss pharmaceutical company operating globally, listed both in SIX and NYSE. The purpose of this valuation is to provide readers a recent considerate investment recommendation based on the forecasted market share price of Novartis. Examining and understanding the pharmaceutical sector and Novartis’s financial information led to conducting a valuation using the DCF and reaching a target share price of USD 99.75, indicating Novartis’s worth at 31st December of 2019. To complement this decision, this dissertation included the Relative approach using the ratios EV/EBITDA and EV/Revenues. Due to the inconsistency of results found, the DCF was the chosen model to value the company. Regarding these inferences, the conducted sensitivity analysis and both approaches, it decided a BUY recommendation is the right choice.
- Deutsche Lufthansa AG : equity valuationPublication . Natário, Sofia de Amorim Cruz Guerra; Martins, José Carlos TudelaIt is usually the case that the market value of a share differs from its fair value, as a share’s market value incorporates not only cash and future earning of a company but also investors’ expectations, added to the uncertainty about the future. Bearing this in mind, an evaluation of the share of Deutsche Lufthansa AG was performed in this Dissertation, with the purpose of understanding if, on March 31st 2019, the market value of this company’s share differs or equals its fair value. A Discounted Cash Flow model and a Multiple valuation were chosen to assess the firm’s fair share value, yielding a final value of €23.49. This valuation was supported by a thorough research on the company, the airline industry and overall macroeconomic conditions. Subsequently, comparing this result with the actual share’s market value on March 31st, 2019, which equaled €19.56, a HOLD/BUY recommendation to Deutsche Lufthansa AG’s share was proposed. At the end, the results achieved are compared with the results of an Equity Research Report of the Bank Credit Suisse, which yielded the same conclusion as the valuation performed in this Dissertation.