Martins, José Carlos TudelaFrança, José Miguel Alves2015-02-102015-02-102014-09-122014http://hdl.handle.net/10400.14/16602In this dissertation I will expose the process that lead me to give BPI a BUY recommendation for a price target of 1,75€ (against 1,466€ in August 2014). My work adds to the investment community (compared with the BCP report of May 2014) by giving a more detailed and forward-looking valuation. Detailed because I valuate domestic and international activities separately, accounting this way for a higher risk in the latter, but also greater profitability. Forward looking because I value BPI based on the excess return it is expected to generate. Using this approach I penalized BPI in the near future but I captured the long-term opportunities.engmaster thesis201181282