Browsing by Issue Date, starting with "2020-10-12"
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- NIKE, Inc. : equity valuationPublication . Bonetti, Nicolò; Martins, José Carlos TudelaThe value of a company in the stock market is influenced by several factors. Some of them are the macroeconomic scenario in which the company operates, the stakeholders’ expectations, the market sentiment and totally uncontrolled external events and shocks (such as Covid-19). The purpose of this dissertation is to perform a fair evaluation of the price of NIKE, Inc. (Nike ed.) in the stock market on June 1st, 2020, keeping in mind drivers such as those listed above. After the evaluation was performed, the results were compared with the results of an Equity Research Report of the leading investment managements company Zacks. After a deep research on the company fundamentals, the Sporting Goods industry and overall economic scenario, the models considered more suitable for this valuation were two really diffused models: Discounted Cash Flow and a Multiples valuation. The value yielded by the application of these two models was a share price of $100,21. Comparing this result with the market share price of NIKE, Inc. on June 1st, 2020, which equaled $98,11, the outcome of this dissertation is a HOLD/BUY recommendation to Nike’s share.
- Equity valuation Coca-Cola companyPublication . Billardello, Alessio; Martins, José Carlos TudelaThis dissertation aims to determine the fair value per share of Coca-Cola Company (KO), one of the leaders in the Soft Drink industry. The main purpose of this dissertation is to provide to potential investors an overview of KO and an investment recommendation. The thesis begin with a theoretical overview of the economic doctrine, to examine the various valuation tools and then decided to use two valuation approaches: discounted cash flows and valuation through multiples that helped to smooth the price, enriching the valuation with considerations derived from the Peer choices, operating in related markets. The sensitivity analysis was then carried out to understand how the variation of two critical variables, WACC and Growth Rate, within the DCF, can affect the stock price. The final recommendation is BUY, coherent with an expected increase in the share price by approximately 16%; a recommendation that has been shown to be consistent with the results of the Coca-Cola Equity report published by Trefis.
- How online banking will shape the future of the german banking branch infrastructurePublication . Niehues, Florian; Pinho, André de AlmeidaOver the past 10 years, the increasing degree of digitization has been a major driver for a far-reaching wave of closures within the German bank branch network. The emergence of online banks represented an innovative business model to benefit from these developments. Traditional banks reacted to this by improving their own online platforms. Today online banks and online banking have become an important part of the German banking system. The influence of this dynamic is also reflected in customer demand. The traditional bank branch as a one-stop-shop seems antiquated, visitor frequency is declining, and more and more customers are demanding the ability to carry out their banking transactions at any time and in any place via various digital channels. The present study attempts to provide an answer to the question of how online banking will affect the German branch network in the future. To this end, an evaluation of historical data on the number of branches was combined with a trend analysis based on various surveys and studies. To provide a reliable forecast of the future development of the branch network, a market model was developed with the support of experts. The results show that a halving of the branch network can be expected by 2030. A subsequent scenario analysis has shown that the business model of the individual branches will also change. Advisory centers and small so-called lifestyle locations are expected to replace the traditional business model in the long term.
- The future of mobility impact of robotaxis on the european passenger transportation industryPublication . Mische, Luca; Pinho, André de AlmeidaAutomation, connectivity, electrification, and shared mobility are the dominant trends transforming the passenger transportation industry. Together they form what is considered one of the most disruptive means of transportation of the future, the robotaxi. This master thesis explores the impact of robotaxis on the future of the passenger transportation industry, with particular attention to the usage perspectives and mobility behavior of consumers. The results are based on an exploratory analysis involving seven in-depth semi-structured expert interviews, a consumer survey, and existing literature. Usage perspectives were observed through a use case analysis that identified work-related commuting as the use case with the highest application potential. In the light of work-related commuting, the thesis revealed that robotaxis significantly reduce commuters’ value of time and display an attractive mobility alternative from a cost perspective. In addition, it is shown that in the next ten years, consumer preferences regarding consumers’ transportation choice significantly shift towards robotaxis. The research reveals that the industry’s most likely future state is characterized by the gradual introduction of robotaxis. Therefore, in five to ten years, robotaxis are used by early adopters and will impose significant changes in industry dynamics as competition increases and new revenue streams emerge. The results intend to enable industry players to target specific consumers, derive strategic implications, business models, and vehicle concepts. Further, they contribute to an objective scientific, political, and social discussion and serve as a basis for further research in the field of robotaxis.
- Para estarem com Ele e para os enviar (Mc 3,14) : um estudo sobre a missão no Evangelho segundo MarcosPublication . Molho, Francisco Diogo Costa; Almendra, Luísa Maria VarelaProfundamente ligada à forma e ao conteúdo da narrativa, a missão é um dos temas estruturantes no Evangelho segundo Marcos. Expressa particularmente nas ações de proclamar, expulsar os demónios e curar os doentes, a missão, para Marcos, é, por excelência, a missão de Jesus, preparada por João Batista e posteriormente continuada pelos discípulos. De facto, ela surge como uma consequência natural e intrínseca do discipulado pessoal e comunitário, de que os Doze são representativos. Através deles e de outros personagens, Marcos confronta o leitor sobre a sua fidelidade no seguimento de Jesus, o que naturalmente implica a dimensão missionária.
- Os juros indemnizatórios no Direito Fiscal : o pressuposto do erro imputável aos serviçosPublication . Rodrigues, Chloé Angélique Silva; Morais, Rui DuarteO problema do direito aos juros indemnizatórios no âmbito da anulação de ato de liquidação tem suscitado debate na doutrina, em particular, nas situações de anulação com fundamento em vício externo. Apesar de um relativo consenso jurisprudencial, a propósito da noção de erro imputável aos serviços, a restrições ao direito a juros indemnizatórios têm merecido crítica da doutrina. Partindo da noção de juros dada pelo direito civil, procuramos analisar de que modo a figura é recebida e tratada no plano jurídico-tributário. Neste contexto, revela-se determinante a natureza dos juros indemnizatórios, em especial, a sua adequação estrutural à fixação antecipada do dano resultante da violação de obrigações pecuniárias. Com efeito, em nosso entender, é a ilegalidade, por contraposição à ilicitude do ato, num contencioso tributário de caráter acentuadamente anulatório, que explica o sentido da jurisprudência maioritária. Não havendo comprovado ato ilícito em sentido estrito, mas somente ato ilegal, falham os pressupostos da aplicação do regime. Contudo, o ponto essencial – e que, em nosso entender, implica uma releitura do instituto em análise – é a incoerência sistémica provocada pela referida abordagem jurisprudencial assente numa conceção distinta de ilicitude. É que a questão é subtraída ao conhecimento do tribunal no contexto de ação de impugnação tendo por base uma conceção estrita de ilicitude, para, logo de seguida, se aceitar discutir essa mesma questão no âmbito do regime de responsabilidade civil extracontratual do Estado, onde a conceção de ilicitude abarca já situações de ilegalidade. Ainda neste contexto, há que atender ao problema do comportamento alternativo lícito (real ou hipotético) decorrente da renovação do ato primário agora sem o vício que determinou a sua ilegalidade. Conclui-se que a noção de ilicitude a acolher pelo artigo 43.º da Lei Geral Tributária (e, portanto, a interpretação da expressão erro imputável aos serviços) deverá ser informada pela noção de ilicitude resultante do regime de responsabilidade civil extracontratual do Estado enquanto regime matricial e conformador do quadro de responsabilização dos poderes públicos. Assim, um novo olhar para o artigo 43º da Lei Geral Tributária é defensável - de iure condito ou de iure condendo - no sentido de alargar o seu âmbito de aplicação a casos de ilegalidade do comportamento da AT (ainda que dando relevância excludente à renovação efetiva do ato). Ademais, defende-se que a renovação do ato não exclui o direito do contribuinte a ser indemnizado pelo dano autónomo resultante do vício formal ou procedimental que inquinou o ato originário.
- Situação tributária não regularizadaPublication . Melo, Cátia Rodrigues; Morais, Rui DuarteA presente dissertação procura refletir sobre os efeitos jurídicos da situação tributária não regularizada. Em particular, defende-se que atentas as consequências tanto no plano fiscal como no exercício de atividades económicas, quer individualmente consideradas, quer globalmente ponderadas, apontam para a qualificação destes efeitos como sanção automática, bem como, para a sua possível inconstitucionalidade.
- Consumers are speaking, and banks are listening : digital transformation in banking through voice user interfaces (VUI)Publication . Siddiqui, Muhammad Shahrukh; Pinho, André de AlmeidaThe VUI technology has gained extensive popularity in the past few years, mainly due to numerous voice devices and assistants that are becoming common amongst consumers. Industries reliant on customer service are heavily exploring the use of VUI and are finding applications of how a VUI could potentially benefit them and their customers. One of the many sectors exploring this technology is the financial services sector. The objective of this study is to explore how VUI technology could impact customer experience and satisfaction within the banking industry. Furthermore, this paper provides specific use cases of voice technology for financial institutions, while also exploring the potential of the technology to be the future of customer service within the banking industry as a whole. The research questions are answered following a qualitative and a quantitative approach in the form of expert interviews and a consumer questionnaire, while also supplemented through the study of secondary literature. The results show a rather positive impact on consumer satisfaction. For banks, “enhancing call centre experience”, providing “basic transactions”, “biometric security” and delivering “interactive education” via VUI proved to be the top four use cases amongst the 19 that were identified. While consumers and organizations are still learning about the technology and its capabilities, there is no denying that a VUI has much more to offer than just a new channel in the omni-channel world. The technology is here, evolving, and likely to stay. Consumers are certainly speaking, but are the banks listening?
- A rejeição dos extremos: aspectos da proposta espiritual de Fulton SheenPublication . Duarte, Alexandre FreireEste artigo apresenta um esboço de parte da proposta espiritual de Fulton Sheen, baseada na determinação dos mais capitais pares de extremos espirituais que, sendo dilaceradores da vida espiritual cristã e humana coevas, precisam de ser evitados. Para este efeito, e depois de uma breve apresentação dos aspetos mais relevantes da vida pública de Fulton J. Sheen, para tantos desconhecido e (ou) distorcido, o autor avança para um elencar de tais pares e, subsequentemente, para uma reflexão acerca dos pressupostos, natureza e potencialidades de uma vida espiritual que não se deixe seduzir pelos mesmos.
- Alexa, kauf meine Lebensmittel! : a study assessing the impact of smart voice assistants on the german food retailing industryPublication . Rost, Anna Katherina; Pinho, André de AlmeidaAlexa, will you buy my groceries by 2030? With advancements in voice technology and the growing adoption of smart voice assistants, a new online channel emerges for companies to interact and do business with customers. Making purchases and other retail-related use cases of smart voice assistants promise an innovative, convenient and time-efficient shopping experience in the future. Focusing on Germany, this dissertation explores the impact of smart voice assistants on the food retailing industry and illustrates potential future industry developments until 2030. The analysis is based on qualitative and quantitative primary data which is supplemented by findings from literature and industry reports. The impact of smart voice assistants on food retailing was qualitatively analyzed from two perspectives: the customer and the company view. It was found that regardless of the barriers for implementation and adoption, grocery voice commerce is likely to be provided by suppliers and adopted by shoppers in the future. In addition, to deliver a feasible future prediction, three scenarios differing in adoption speed of smart voice assistants were developed and evaluated. The scenario with moderate adoption speed was found to evolve most likely. It is characterized by voice commerce representing roughly 25% of online grocery sales and 1.1% of total grocery sales in Germany by 2030. As it is crucial for established and new industry participants to understand potential changes and dynamics in future food retailing, but extant research on the topic is scarce, the findings of this study may serve as a basis for strategic decision-making.