Browsing by Issue Date, starting with "2021-02-02"
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- Equity valuation of Burberry Group PlcPublication . Pardal, Maria Ana Marques Moreira da Costa; Assunção, António Luís Traça Borges deThe purpose of this dissertation is to determine Burberry’s price per share as of 31st of March 2021. Based on the current share price, an investment recommendation was issued. The valuation was supported by a current macroeconomic analysis, an industry overview, the company’s business strategy and past financial performance. The share price was obtained through the combination of two valuation methods: the Discounted Cash Flow method and the Relative Valuation method. The valuation was then stressed through an alternative scenario analysis and a sensitivity analysis to acknowledge the uncertainty in the market. In the end, a price of £19.96 is achieved. When comparing with the share price as of 11th December 2020, a Hold recommendation is issued, with a potential upside of 10%.
- Consumer acceptance of wearable devices : an empirical study in ChinaPublication . An, Bozhen; Fernandes, Daniel Von Der HeydeThe advancement of the wearable devices industry has long emphasized the significance of consumer acceptance of the products. Despite there are lots of theories in this field, few particular theoretical models and researches are conducted in China's market. This research investigates factors influencing consumers' intention to adopt wearable devices in China's market by measuring the relationships between thoughtfully selected variables and consumers' intention. We conduct Mixed Methods Researchs to pre-test the validation of hypotheses and measure correlations between factors. The Proposed model consists of elements applied from Technology Acceptance Model (TAM), Diffusion of Innovations (DOI), Functional Expressive Aesthetic Theory (FEA), Unified Theory of Acceptance and Use of Technology (UTAUT), along with perceived risks and privacy calculus field. The findings indicate that perceived ease of use (PEOU) and perceived usefulness (PU) are significant antecedent factors; prior factors namely perceived compatibility and perceived comfort also show positive impacts. This research provides several practical and theoretical implications for stakeholders and manufacturers to potentially increase consumers' intention to adopt wearable devices.
- Moving (in) space : the role of the body in architectural experiencePublication . Kurbjeweit, Jule Anna Ulrike; Gonçalves, Diana Isabel AdrianoSpace, being omnipresent, is as much taken for granted as it is formative for the experience of everyday life. Acknowledging the experiential dimension of space, architecture has seen an increased interest in its lived quality, as opposed to pure formalism or functionalism. The phenomenological critique of architecture in particular, with its beginnings in the 1950s, has called for a commitment to the aspect of human experience, emphasising the role of the body. In this view, the question of the role of the body in how we experience architectural space arises. Any thinking about the experience of space is necessarily informed by how space itself is understood. Indeed, the conception of space has seen a significant shift within both culture and science since around the middle of the last century, and with it the way in which architects and artists deal with spatial relations. Based on the research combining a theoretical investigation with interviews and a central case study, it will be argued that spatial and architectural experience is essentially bodily. Firstly, it is through the body that we are situated in the world and in space and secondly, it is the body’s own corporeality and spatiality that allows us to experience architecture’s physicality and spatiality. Finally, architecture stimulates movement, and the body responds to this stimulus with movement, expressing our capacity to act as subjects. Therefore, the body and space articulate each other in a reciprocal relation of mutual signification.
- Digital book clubs as a bookselling business : a study of portuguese book consumers´ perceptions and intention to adoptPublication . Carvalho, Ana Rita Gonçalves; Fernandes, Daniel Von Der HeydeBook clubs have existed in the society for centuries and the appearance of the Internet allowed them to expand to the digital. Currently, many digital book clubs are more than a simple reading group where people get together to discuss books online. It is possible for digital book clubs’ curators to create a bookselling business by associating an online shop to the club where they sell the books of the month directly to club’s members, allowing curators to monetize their suggestions. Motivated by the expansion of this type of business abroad and recent introduction in the Portuguese market, this study proposes to identify Portuguese book consumers’ perceptions and intention to adopt. For this purpose, the founder of the biggest digital book club in Portugal was interviewed to gather insights about the business, 12 in-depth interviews with book consumers were conducted, and an online questionnaire was distributed, resulting in 464 valid answers. Among the participants there were both customers and non-customers of a digital book club to identify the drivers and barriers to join one. The curator’s recommendations, the desire to be part of a community, to read different books, to read more books, and the possibility to subscribe a monthly book box are the drivers which lead book consumers to become customers. The lack of time to participate in book discussions, dissatisfaction with recommendations, unawareness about the business and available options in the market, and lack of time spent reading prevent book consumers from becoming customers.
- Ética, comprometimento e educação : a perceção de gestores de escolas públicas no Brasil e em PortugalPublication . Cunha, Karina Ferreira; Ribeiro, Célia dos Prazeres; Ribeiro, Paulo Alexandre de Oliveira CastroA ética é cada vez mais um tema presente nos meios sociais, e destaca-se principalmente, pela sua ausência. Constantes escândalos de corrupção são vistos em todo o mundo, e conduzem a indagações sobre o que levam indivíduos a agirem na contramão dos valores éticos. Investigações buscam respostas para essa realidade social, e no contexto de trabalho, estudos mostram que diversos comportamentos ocorrem como resultado de ambientes ético/ antiéticos das organizações. Entre estas consequentes, tem-se o comprometimento organizacional, que marca o estado psicológico do indivíduo em relação a organização. Somado a esses dois construtos, entra a educação como uma ferramenta essencial para o desenvolvimento de uma sociedade imbuída de valores éticos. Nesta perspetiva, este presente estudo foi desenvolvido. Partiu-se do enquadramento teórico dos temas: ética, comprometimento organizacional e educação, seguido pelo estudo empírico que foi realizado através de uma metodologia quantitativa descritiva-correlacional, como também exploratória, que utilizou um questionário online com duas escalas previamente validadas por Almeida e Porto (2019) e Rego e Souto, (2002, 2004a), com o objetivo de conhecer e comparar a perceção de gestores de escolas públicas no Brasil e em Portugal sobre o clima ético e o comprometimento organizacional, vivenciado em seu ambiente de trabalho. A análise dos dados ocorreu através do uso do software SPSS, versão 22. Os resultados expõem as diferentes perceções de clima ético e comprometimento entre as amostras. Clima ético é melhor percecionado pela amostra portuguesa e o comprometimento afetivo é mais elevado na amostra brasileira. As dimensões que compõe o clima ético foram correlacionadas as do comprometimento, com alta relação entre a dimensão foco em si, com o comprometimento normativo.
- The ecological redesign of household surface cleaning sprays : a study on consumers characteristics drivers and barriers to purchasing in the Portuguese marketPublication . Novais, Rita Delgado da Rocha de Abreu; Fernandes, Daniel Von Der HeydePlastic is a packaging material preferred by many companies. Its durability, strength, and low cost are just some of the factors that highlight its advantages. As a result, the demand for plastic packaging is only estimated to increase. Nevertheless, plastic packaging causes significant negative externalities on the environment, and consumers are not oblivious to these issues, demanding “greener” options. Companies, in turn, are redesigning their products’ packaging to be more ecological. This dissertation focuses on household surface cleaning sprays redesigned to a concentrated format to be diluted in a refillable spray container, in the Portuguese market. The research questions aim to understand the product’s consumer and their main purchasing drivers and barriers. Through a literature review followed by a qualitative analysis, hypotheses were created to answer these questions. A quantitative analysis was then performed to verify the hypotheses. In conclusion, regarding the consumers’ personality, the importance of equality in one's life, awareness of Earth’s limited resources, and the impactful outcome of waste-related actions increase purchasing interest. Furthermore, knowing that science without conservation is not the solution for every environmental issue, but believing in technology as the solution, increases interest. Lastly, the product’s packaging recyclability and its association with a known, private label or not, brand to assure efficacy, are purchasing drivers. In contrast, lack of product awareness, time and effort preparing the product, and expected higher prices due to the product’s innovative factor, are purchasing barriers. Additionally, product usage amount is expected to be the same as for traditional sprays.
- Equity valuation : Coca-Cola companyPublication . Stürner, Maximilian Laurenz; Assunção, António Luís Traça Borges deThis dissertation covers the equity valuation of The Coca-Cola Company, the largest non-alcoholic beverage company in the world. The main objective of this thesis is to provide an investment recommendation based on the estimated equity value of the company. Throughout the paper, all major issues are addressed in order to provide an accurate valuation. First, different valuation approaches are explored, followed by an overview of the company and the external environment. Finally, the forecasting assumptions are shown and concluded with a comparison of the result of this thesis with the Deutsche Bank report. In addition to the DCF valuation approach, the relative valuation was chosen to test the assumptions and compare them to the current market values. Finally, through both increasing and gradual cost efficiency as well as through revenue growth in growing markets and segments, a buy recommendation is given, based on the DCF approach of $61.28 per share.
- The Adidas Futurecraft Loop : a product innovation challenging the attitude-behavior gap in sustainable footwear consumptionPublication . Bartle, Philipp Niklas; Fernandes, Daniel Von Der HeydeConsidering the positive impact it can have on the environment, sustainable fashion is yet to fully reach consumers’ minds. Moreover, it is subject to the recently researched “attitudebehavior gap” among consumers, representing a mismatch between purchase intention for sustainable products and actual purchase behavior. This study took a look at German consumers’ attitude-behavior gap, particularly examining their purchase drivers and barriers concerning Adidas’ new sneaker innovation “Futurecraft Loop” (FL) launching in Spring 2021. Specifically, the study aimed at revealing drivers and barriers to remedy the gap. Therefore, interviews (N=14) and a survey (N=109) with German consumers were conducted. Thereby, this work found six main results: Although the attitude-behavior gap among German consumers could be verified, they stated to be open for circular fashion models and do not refuse to adopt sustainable consumption behaviors. Furthermore, this work revealed that the decision to buy a sustainable innovation like the FL is more emotional than rational. In this light, the study found out that the sneaker’s inherent innovative character using one material only and being able to be fully recycled into a new sneaker can serve as a potential remedy to the attitude-behavior gap. On the other hand, German consumers perceive Adidas to be engaging in “greenwashing” its image, which represents a barrier. Finally, the study suggests that Adidas should highlight the FL’s innovative character in its German launch campaign, while also taking steps to become more transparent in its actions towards sustainability to win back lost trust from the customer side.
- COVID-19 impact on the value chain : Embraer´s case studyPublication . Mirão, Beatriz Isabel Vicente; Reis, Ricardo César Ribeiro Ventura FerreiraEmbraer Portugal Estruturas Metálicas S.A. and Embraer Portugal Estruturas em Compósitos S.A., both in Évora, supply the mother company Embraer S.A. in Brazil with ready to assembly large aluminium and carbon fibre parts. Due to the outbreak of the COVID-19 pandemic, both plants suffered a clear disruption in its supply chain. Under the globalization landscape, the supply chain becomes more vulnerable, which, consequently, impacts its competitive position in the market. This thesis investigates the resilience and robustness of Embraer's value chain with the consequent identification of the priority areas of risk. As a result, the understanding of the global supply chain concept and its inherent risk management supports this study and Embraer's case. Additionally, this case works as a teaching instrument allowing students and teachers to associate the theoretical frameworks learnt in class to a current and practical business situation.
- Equity valuation Activision BlizzardPublication . Becker, Philipp Lukas Gert; Assunção, António Luís Traça Borges deThis thesis explains different approaches to valuation. It applies two of these methods to Activision Blizzard Inc. (ATVI), a listed company in the US stock market for Software Products for Entertainment, by developing and selling video games for several platforms. For valuation purposes, the discounted cash flow (DCF) and relative valuation have been applied, including a sensitivity analysis and a comparison with a report from Barclays dated the 30th of October 2020. The relative valuation aims to test the assumptions made in the DCF of this dissertation and compare them with the current market valuation for Activision Blizzard. Based on the DCF approach, ATVI is valued at US $97.12 per share.