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Rascão, Tiago Miguel Ramos. "Equity research - NOS SGPS, S.A". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21088.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO Equity Research realizado no âmbito do mestrado de Contabilidade, Fiscalidade e Finanças Empresariais do Instituto Superior de Economia e Gestão (ISEG - Universidade de Lisboa) tem como objetivo avaliar o comportamento das ações da NOS SGPS, SA. Foi efetuado um estudo do setor das telecomunicações que está a desenvolver-se cada vez mais a nível tecnológico, sendo hoje um dos serviços fundamentais para o nosso dia-a-dia. A avaliação foi realizada à data de 31-12-2020. Esta avaliação foi efetuada com a aplicação de dois métodos: Discounted Cash Flow com a abordagem Free Cash Flow to Firm e, como complemento à avaliação, o Método dos Múltiplos. No final do estudo, os resultados demonstram que há uma subvalorização, visto que o preço das ações a 31-12-2019 era de 4,80€ (Euronext Lisbon) e o target price calculado no final deste estudo foi de 6,71€ (FCFF). Embora o resultado obtido no Método dos Múltiplos seja contrário, isto representa um upside potencial de 39,83%, sendo a recomendação final, sugerida aos investidores, de compra de ações da NOS.
The Equity Research carried out as part of the master's degree in Accounting, Taxation and Corporate Finance at the Instituto Superior de Economia e Gestão (ISEG - University of Lisbon) aims to evaluate the behaviour of NOS SGPS, SA shares. We analysed the telecommunications sector, which is developing more and more at a technological level, being today one of the fundamental services for our daily life. The evaluation was computed out on 31-12-2020. This evaluation was performed with the application of two methods: Discounted Cash Flow with the Free Cash Flow to Firm approach and, as a complement to the evaluation, the Multiples approach. At the end of the study, the results show that there is an undervaluation, as the share price on 31-12-2019 was 4.80€ (Euronext Lisbon) and the target price calculated at the end of this study was 6,71€ (FCFF). Although the result obtained in the Multiples method is the opposite, this represents a potential upside of 39,83%, with the final recommendation, suggested to investors, to buy NOS shares.
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Daysal, Sercan. "Equity Research of Turkish Airlines". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7718.
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Mestrado em FinançasA Turkish Airlines (THY) é a companhia aérea nacional da Turquia e tem como objetivo ser uma referência global no setor das companhias aéreas. A THY tem uma vantagem competitiva dada a sua localização central em Istambul. O Trabalho Final de Mestrado que se segue tem como objetivo principal a estimatıva do valor intrínseco das ações da THY, a partir de Dezembro de 2013. Este projeto inclui uma revisão literária aos diferentes métodos de avaliação, enfatizando os seus pontos fortes e fracos. É feita uma análise específica ao nível do sector e da empresa. Procede-se uma avaliação da THY através do método Discounted Cash-Flow, resultando um valor intrínseco de 8,08 TL por ação, indicando uma subvalorização face ao preço atual de 6,44 TL. Esta avaliação indica um potencial de valorização na ordem dos 25,53% do preço por ação. Por fim, aplica-se o método de avaliação relativa para estimar a posição da THY no seu sector de atividade.
Turkish Airlines (THY) is the flag carrier airline of Turkey and it aims to be a permanent global actor in the airlines sector. THY considers itself having a constant competitive advantage since it is located on a natural hub, Istanbul. The following Master's Final Work is completed with an aim of discovering an intrinsic value for the stocks of THY as of December 2013. This project includes a literature review presenting pros and cons of different valuation techniques followed by an industry and company specific analysis. It continues with the actual valuation of THY performed by using Discounted Cash-Flows method. The final outcome using this method suggested an intrinsic value of 8.08 TL for THY stocks of those are undervalued with a price of 6.44 TL. This result indicates a 25.53% potential appreciation of the stock price for THY. Finally, relative valuation method is also applied to identify THY's position compared to how other companies in airline industry are being evaluated.
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Oliveira, Filipa Dias Fiúza de. "Trabalho de projecto - Equity Research Efacec". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7632.
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Mestrado em FinançasEfacec é uma empresa que tem sofrido diversas alterações ao longo do tempo, passando de uma pequena empresa industrial para o maior grupo português no campo eléctrico. As suas principais características são o mercado internacional, o constante investimento em inovação e as novas tecnologias. Para além disso tem uma força de trabalho altamente qualificada, resultando numa posição persistente na vanguarda dos sectores em que desenvolve as suas atividades. O principal objectivo deste projeto é a determinação do valor intrínseco das ações da Efacec, através de uma análise detalhada da performance operacional da empresa, o seu ambiente externo e as suas perspectivas de crescimento. A avaliação foi baseada no método Free Cash Flow to Firm, o que de acordo com a revisão da literatura é o melhor método para avaliar a Efacec. De acordo com os pressupostos definidos, o valor da Efacec é 401.666.793 euros e o valor acionista é 12.457.793 euros (0,30 euros por ação). Como a Efacec não é uma empresa cotada em bolsa, o múltiplo Price Earnings Ratio foi usado para decidir se os investidores devem ou não comprar as suas ações. Tendo isto em conta, o indicador da Efacec de 1,51 é extremamente baixo comparativamente ao seu peer group (14,60). Consequentemente, o valor das ações da Efacec está desvalorizado, apesar de ser considerada umas das maiores multinacionais portuguesas. Portanto, a recomendação é de não comprar as ações da Efacec.
Efacec is a company that has undergone several changes, going from being a small industrial company to the largest group in the electric field. Its core emphases are the international market among its constant investment in innovation and new technologies. Furthermore, it has a highly skilled workforce resulting in a persistent position at the forefront of the sectors where it develops its activities. The goal of this project is to determine the intrinsic value of Efacec's shares, through a detailed analysis of the operational performance of the company, its external environment and its growth prospects. The valuation was based on the Free Cash Flow to Firm method, which according to the literature review represents the best method to assess Efacec. According to the assumptions defined, the firm value of Efacec is 401.666.793 euros and the equity value is 12.457.793 euros (0,30 euros per share). Since Efacec is not a quoted company the Price Earnings Ratio multiple was used to decide whether or not if investors should buy the shares. Taking this into account, the indicator for Efacec of 1,51 is extremely low when compared with its peer group (14,60). Consequently, Efacec's share price is undervalued, despite being considered one of the largest Portuguese multinationals. Thus the recommendation is not to buy Efacec shares.
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Carneiro, Ana Beatriz Jorge. "Equity Research - Meliá Hotels International". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12645.
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Mestrado em FinançasO objetivo deste projeto é estimar o valor intriseco das ações do Grupo Meliá, utilizando para o isso o método de avaliação mais adequado às características da firma estudada, através de uma análise detalhada da empresa, do Grupo e do seu ambiente externo. Esta avaliação foi baseada com no método Free Cash Flow to the Firm que, de acordo com a revisão de literatura, é a melhor metodologia para a avaliar a empresa. Nesta pesquisa, o Grupo Meliá Hotels International, é avaliado em €2 878M, o que conduz a um price tarfe de €12,53 por ação. Como tal, o preço teórico está acima do preço de mercado, então, é dada uma recomendação de compra para estas ações.
The purporse of this project is to estimate the intrinsic value of the Meliá's shares using the most adequated valuation approaches to the features of the studied firm and trough a detailed analysis of the firm, the Group and its external environment. This valuation was based on the Free Cash Flow to the Firm method, which according to the Literature Review is the best methodology to evaluate the company. In this research, Melia Hotels International is valued at €2 878M, which leads to a target share price of €12,53. Therefore, the theoretical price is above the quoted share price. Thus, a buy recommendation is given for this company shares.
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Julficarali, Sara. "Equity research - Sumol+Compal". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10681.
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Mestrado em FinançasA Sumol+Compal é a líder do setor das bebidas não-alcoólicas, e a única empresa portuguesa de bebidas cotada no índice NYSE Euronext Lisboa. Detendo uma quota de mercado superior a 25%, a empresa foca a inovação e a diversificação como parte da sua estratégia. Desta forma, conseguiu aumentar as suas vendas e expandir o seu negócio, fortalecendo o seu posicionamento internacionalmente. Através de uma análise detalhada à empresa e aos seus resultados, aos objetivos e estratégias da empresa, e à indústria envolvente, este trabalho pretende avaliar a Sumol+Compal e determinar um preço às suas ações. O método utilizado para a avaliação foi o Free Cash Flow to the Firm (FCFF), uma vez que de acordo com a revisão de literatura, era o método mais adequado à empresa. Através dos resultados da avaliação, foi possível concluir que as ações da Sumol+Compal estão subavaliadas. O preço a 31 de Agosto de 2015 foi de 1,90€, sendo menor que o preço da avaliação (2,06€). De 31 de Dezembro de 2014 a 31 de Agosto 2015, o preço subiu quase 70%, de 1,13€ para 1,90€. Desta forma, a recomendação de compra seria dada aos investidores, na medida em que poderiam ter maiores retornos no futuro.
Sumol+Compal is the leader of non-alcoholic beverages in Portugal and the single Portuguese beverages firm present on the NYSE Euronext Lisbon. Having a market share superior to 25%, the firm focuses on strategies based on innovation and diversification. As a result, the company managed to increase its sales and expand its business, strengthening their footprint internationally. Through a detailed analysis of the firm and its results, its future goals and strategies, and its industry, this project aims to evaluate Sumol+Compal and determine a fair value of its shares. The valuation used was Free Cash Flow to the Firm (FCFF) method, once according to the literature review, fitted best the company. From the results obtained in the valuation, it was possible to conclude that Sumol+Compal's shares are undervaluated. The price quoted at 31 of August 2015 was 1,90€, which is lower than the target price reached of 2,06€. From 31 of December 2014 to 31 of August 2015, the price rose almost 70%, from 1,13€ to 1,90€. Hence, the recommendation to future investors would be to buy the shares, once they may provide larger returns in the future.
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Joynson, Robert John. "The identification, expenditures and performance of free cash flow firms in the UK". Thesis, University of Cambridge, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.614160.
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Baião, Marcos Miguel Lourenço dos Santos. "Equity Research - Pfizer Inc". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10705.
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Mestrado em FinançasA Pfizer Inc é uma empresa líder no desenvolvimento e comercialização de produtos biofarmacêuticos com um portfólio global que inclui medicamentos e vacinas, bem como diversos produtos de cuidados de saúde mundialmente conhecidos. Nos últimos anos, a empresa tem crescido essencialmente através de fusões e aquisições. Em fevereiro de 2015, a Pfizer adquiriu a Hospira, Inc., líder mundial na comercialização de medicamentos injetáveis e tecnologias de infusão, bem como no desenvolvimento de biosimilares. O objetivo deste projeto é determinar o valor intrínseco das ações da Pfizer através de uma análise detalhada do desempenho operacional e financeiro da empresa, assim como da indústria e ambiente macroeconómico em que se insere. O método de avaliação usado para determinar o valor intrínseco da Pfizer foi o método do Free Cash Flow to the Firm, o qual, de acordo com a literatura, se apresenta como o modelo mais adequado dadas as características da empresa. De acordo com os pressupostos assumidos, a Pfizer tem um valor final de $249.380,2 milhões que, atualizado ao custo médio ponderado do capital de 8,89%, corresponde a um valor atual de $223.412,6 milhões. Atualmente a empresa tem $6.167,4 milhões de ações disponíveis à negociação, o que leva à obtenção de um preço da ação de $36,23. Tendo em conta que o preço atual da ação da Pfizer é de $33,18, pode-se concluir que o preço da ação se encontra subvalorizado.
Pfizer Inc is a leading company in manufacture and sale of biopharmaceutical products with a global portfolio that includes medicines and vaccines as well as many of the world's best known consumer health care products. In recent years, the company has grown by mergers and acquisitions. In February 2015, Pfizer acquired Hospira, Inc., the world's leading provider of injectable drugs and infusion technologies and a global leader in biosimilars. The goal of this project is to determine the intrinsic value of Pfizer´s shares through a detailed analysis of the company's operational and financial performance as well as the industry sector and macroeconomic environment. The valuation method used to determine Pfizer´s intrinsic value was the Free Cash Flow to the Firm method which, according to the literature review, is the most appropriate method given the company´s characteristics. According to the assumptions defined, Pfizer has a terminal value of $249.380,2 million, with a present value of $223.412,6 million using, as discount rate, the weighted average cost of capital of 8,89%. Currently the company has $6.167,4 million outstanding shares which leads to a share price of $36,23. Given Pfizer's current share price of $33,18 the share price is undervalued.
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Otterberg, Simon y August Zetterberg. "Relative and Discounted Cash Flow Valuation on Swedish Listed Companies : How applicable are the methods to companies in different industries?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-85602.
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The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.
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Laia, Manuel José Centeno Castanho Naves. "Equity research - Marriott Hotels". Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8749.
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Mestrado em FinançasO presente trabalho teve como objectivo determinar o valor intrínseco da Marriot International, através de uma análise específica do desempenho operacional da empresa e do seu ambiente externo. A presente avaliação foi baseada no método de fluxo de caixa livre para a firma e WACC, que, de acordo com uma revisão da literatura relevante, constitui o modelo mais adequado para a avaliação da Marriot International.
This study aimed to determine the intrinsic value of Marriot International, through a specific analysis of the company's operating performance and its external environment. This assessment was based on the free cash flow to the firm method and WACC, which, according to a review of the relevant literature, was the most appropriate model for the assessment of Marriot International.
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Claesson, Gustav. "Firm Valuation : Which model gives me the most accurate share price, the Dividend Discount Model or the Free Cash Flow to Equity model?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15647.
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Purpose: The purpose of this thesis is to investigate the applicability of the Free Cash Flow to Equity Model and the Dividend Discount Model on ten large cap firms on the Stockholm Stock Exchange. Moreover the author intends to examine whether these valuation methods differs in regards of the companies’ operational segment, business cycle and turnover. The target prices will hereafter be benchmarked with actual closing prices and professional analysts to observe similarities and deviations. Method: The focus lies on Swedish companies listed on Nasdaq OMX Stockholm’s Large Cap list. The companies are valued by collecting financial information from 2006- 2010 in order to find out what the share price in the beginning of 2011 should be. The models that are used to value the share are the Dividend Discount Model, which basically discounts actual dividends in order to find the present value of the share, and the Free Cash Flow to Equity model, which is discounting the firms’ cash flow available to its stockholders, i.e. the potential dividends. Since both of the valuation models require assumptions on future growth to be made, a combination of calculations and goals presented by the companies has been made in order to assume growth rates. Findings: The findings reveal that out of the twenty valuations that were made half of the most accurate ones came from the Dividend Discount Model, and half came from the Free Cash Flow to Equity model. It was however the Dividend Discount Model that provided the most accurate share prices, in comparison to the actual share prices from January 2011. It is also concluded that the turnover of the firm being evaluated does not have an impact on the valuation process, whilst the industry in which the firm operates as well as its payout ratio are factors that need to be taken into consideration when choosing between the Dividend Discount Model and the Free Cash Flow to Equity model.
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Ferreira, Ricardo João Dias Fernandes Lopes. "Equity Research - Sport Lisboa e Benfica - Futebol, SAD". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14474.
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Mestrado em FinançasO presente estudo efetua uma análise detalhada da Sport Lisboa e Benfica SAD (SLBEN). A necessidade da realização deste estudo prende-se com o constante crescimento da Industria do futebol, com a hegemonia desportiva alcançada pelo Sport Lisboa e Benfica e ainda com o objetivo traçado pelos Diretores da empresa que pretendem efetuar uma grande mudança na sua estrutura de capital. Todo o estudo segue as normas e recomendações do CFA Institute. Para a realização deste estudo, foi tida em consideração toda a informação disponível à data de 7 de Setembro de 2017, sendo que quaisquer informações ou eventos ligados à Benfica SAD, ou ao mercado envolvente após essa data não tem qualquer impacto ou relevância para os resultados obtidos. Foram efetuadas duas abordagens para o cálculo do preço-alvo: uma avaliação relativa, de acordo com o método dos múltiplos e uma avaliação absoluta, tendo por base o método dos Fluxos de Caixa Descontados. De referir que por ambas as abordagens o preço-alvo atingido foi de €1.84, representado um potencial de valorização de 101.3%, uma vez que à data do levantamento do preço histórico da ação, encontrava-se valorizada a €0.92. Com base nesta informação a recomendação para as ações do SLBEN é de compra. De referir ainda que é assumido um risco médio uma vez que se trata de uma industria volátil em que os resultados desportivos tem alguma influencia nos resultados financeiros, bem como a baixa liquidez das ações referidas.
The present study makes a detailed analysis of Sport Lisboa and Benfica SAD (SLBEN). The need to carry out this study is related to the constant growth of the Football Industry, with the sporting hegemony achieved by Sport Lisboa and Benfica and also with the objective drawn by the Directors of the company that intend to make a major change in its capital structure. The entire study follows the standards and recommendations of the CFA Institute. In order to carry out this study, all information available as of September 7, 2017 has been taken into account, and any information or events related to Benfica SAD or to the surrounding market after this date has no impact or relevance to the results obtained. Two approaches were used to calculate the target price: a relative valuation according to the multiples method and an absolute valuation based on the Discounted Cash Flow method. It should be noted that for both approaches the target price reached was €1.84, representing a potential appreciation of 101.3%, since at the date of the historical price of the share, it was valued at €0.92. Based on this information the recommendation for the shares of SLBEN is to purchase. It should also be noted that an average risk is assumed since it is a volatile industry in which sports results have some influence on the financial results as well as the low liquidity of the referred actions.
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Rainha, Bernardo Damasceno Pina. "Equity research - Sporting Clube de Portugal – Futebol, SAD". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17636.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO seguinte trabalho tem como objetivo a avaliação das ações da Sporting Clube de Portugal - Futebol, SAD (Sporting SAD). Para tal, foi feito um estudo da indústria do futebol, um segmento da indústria desportiva que tem vindo a atrair cada vez mais adeptos/espectadores assim como a gerar mais receitas. No entanto, quanto ao caso em estudo, a Sporting SAD não tem apresentado uma estrutura de capital sólida, estando muito dependente tanto dos resultados desportivos como da venda de jogadores para atingir bons resultados financeiros. Esta avaliação foi realizada à data 30/06/2017. De referir que quaisquer informações ou acontecimentos relacionados com a Sporting SAD ou com o sector após maio de 2018 não foram considerados no nosso estudo. Esta avaliação foi feita seguindo o método Discounted Cash Flow tendo-se optado pela abordagem dos Free Cash Flow to Firm (FCFF). De forma a obter uma recomendação mais robusta e sustentada, a avaliação foi complementada com uma metodologia de avaliação relativa, o Método dos Múltiplos. O resultado obtido foi a subvalorização das ações uma vez que o preço histórico da ação é de 0,62€ e o target price obtido foi de 0,92€ (FCFF), apresentando um upside potencial de 47,96% que leva a uma recomendação final de compra de ações da Sporting SAD. Este resultado foi ainda reforçado pela avaliação relativa.
The following thesis' main goal is to make a valuation of Sporting Clube de Portugal - Futebol, SAD (Sporting SAD). In that sense, the football industry was studied, a sports' industry segment that has been attracting more people/spectators over time as well as generating more revenue. However, Sporting SAD does not present a solid capital structure, being very dependent on both the sports results and players' sales to achieve good financial results. This valuation was made on the 30th of June, 2018. It should be referred that any information or events related to Sporting SAD or the sector May of 2018 have no influence on the results obtained. This valuation was made following the Discounted Cash Flow method and the Free Cash Flow to Firm (FCFF) approach was chosen. To obtain a more robust and sustained recommendation, the valuation was complemented by a relative valuation methodology, the Market Approach. The result obtained was that Sporting SAD shares are undervaluated since the historical price of the share was 0,62€ and the target price was 0,92€ (FCFF), presenting a potential upside of 47,96% that leads to a final recommendation to buy Sporting SAD's shares. This result was further reinforced by the relative valuation.
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Abreu, José Pedro Gomes Mota Pinto de. "Equity research : Novabase SGPS SA". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10969.
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Mestrado em FinançasEste estudo contém uma avaliação da Novabase elaborada de acordo com o Projeto de Trabalho Final do Programa de Mestrado em Finanças do ISEG. O Relatório de Avaliação segue as recomendações do CFA Institute (Pinto, Henry, Robinson, e Stowe, 2010). O presente relatório é emitido considerado a informação pública sobre a Novabase disponível em 23 de Outubro de 2015. Deste modo, o relatório não tem em consideração eventos ou circunstâncias que tenham ocorrido posteriormente a esta data. O preço-alvo foi obtido com recurso a métodos de avaliação absoluta, especificamente o método dos Fluxos de Caixa Descontados (DCF). Os pressupostos considerados neste estudo resultaram de uma análise exaustiva tanto de dados históricos divulgados publicamente pela empresa, como de bases de dados, como o S&P Capital IQ, Bloomberg L.P. e a Thomson Reuters Datastream. Com um preço-alvo de €2,46 para FA16 e um potencial de valorização de 10,9% face ao atual €2,21, a recomendação final para a Novabase SGPS SA (NVQ) é de "Redução".
This study contains the valuation of Novabase elaborated in accordance with ISEG´s Finance Master´s Final Work Project. Our Equity Research follows the adaptable format of a research report recommended by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This research is issued considering the public available information on Novabase on October 23rd, 2015. Thus, the report does not take into account any events or circumstances which have arisen after this date. The target price was derived recurring to absolute valuation methods, specifically to the Discounted Cash Flow (DCF) Approach. The assumptions considered to conduct this study were the result of a thorough analysis of both the historical data publicly disclosed by the company and data from various sources, such as S&P Capital IQ, Bloomberg L.P. and Thomson Reuters Datastream. With a price target of €2.46 for YE16 and an upside potential of 10.9% from current €2.21, the final recommendation for Novabase stands for "Reduce"
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Račická, Helena. "Predikce vývoje budoucí hodnoty firmy". Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-1541.
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Cílem práce je nastínit možný postup predikce vývoje budoucí hodnoty konkrétní firmy. Teoretická část představuje metody analýzy firemní výkonnosti, postup sestavení dlouhodobého finančního plánu a metodu stanovení hodnoty firmy na základě prognózovaných volných peněžních toků. Praktická část aplikuje metody vyložené v teoretické části na realitu firmy. Je provedena finanční analýza společnosti a podle jejích výsledků navržen dlouhodobý finanční plán. Poté je stanovena budoucí hodnota firmy podle plánu prostřednictvím predikovaných volných peněžních toků (free cash flow). Na závěr je cílová situace srovnána s výchozí situací a na základě tohoto srovnání je zhodnocena úspěšnost navrženého plánu.
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Siničáková, Gabriela. "Ocenenie spoločnosti Rodinný pivovar Bernard a.s". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9319.
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The goal of the thesis is to valuate the company Rodinný pivovar Bernard a.s. for the purpose of possible sale or merger in the future. The thesis is divided into a theoretical and a practical part. The theoretical part explains the valuation procedure, particular analyses and methods used in the practical part. A discounted cash flow method was applied, specifically the two-phased model using free cash flow to the firm. The practical part started with a strategic and financial analysis, which helped to build a financial plan. The financial plan made a basis for valuation of the company by income method.
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Hliněný, Tomáš. "Oceňování podniku". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-9236.
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The aim of this diploma thesis is to determine a market value of the Telefónica O2 Czech Republic, Inc. to 1.3.2009. Concerned with valuation I used methods of discounted cash flow with utilization of FCFF, the book value and direct market valuation. Everything with all current conditions. After theoretic parts and presentation of the company I tried to investigate and descibe all influence, that affect the company in terms of its environment. I evaluated political, economic, social and technological situation in the CR. Then I described situation in branch of telecommunication services - its characteristics, competion, suppliers, customers and others. After SWOT I analysed financial management of the company in terms of financial analysis and compared the company with its competitors. With utilization of preceding factors I made a financial plan for years 2008 - 2012. At the end of all methods of valuation I reached final valuation.
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Coelho, Diogo Pereira. "Equity Research - Portugal Telecom". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10531.
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Mestrado em FinançasFace às recentes alterações ao nível da estrutura da Portugal Telecom, com a combinação de negócios com a OI, e posterior venda da PT Portugal à Altice pela OI, o objetivo deste estudo é determinar o valor financeiro da Portugal Telecom a 31 de Dezembro de 2014, e perceber se as ações negociadas no mercado de capitais a essa data espelham o real valor da empresa, ou se a sua valorização se encontra de alguma forma influenciada pela especulação dos acionistas em torno desses desenlaces na estrutura da empresa. Para o estudo foi feito o enquadramento das metodologias de avaliação aceites pelos autores de referência e posteriormente foram aplicadas as metodologias adequadas à natureza dos ativos e dos negócios. Após a avaliação foi determinado um preço alvo de EUR 0,40 por ação da empresa. Este valor é cerca de 54% inferior ao valor negociado nessa data, pelo que até novos desenvolvimentos na estrutura da empresa, a sua compra não é recomendada.
Given the recent changes in terms of the Portugal Telecom structure with the business combination with OI, and subsequent sale of PT Portugal to Altice by OI, the purpose of this study is to determine the financial value of Portugal Telecom at December 31, 2014 and realize if at that date, the shares traded on the capital market reflect the real value of the company, or if their valuation is somehow influenced by speculation of shareholders around these outcomes in the company structure. For the study was made the framework of the valuation methodologies accepted by reference authors and were later applied methodologies appropriate to the nature of the assets and business. After the evaluation was accomplished a target price of EUR 0,40 per share of the company. This value is about 54% lower than the value traded on that date, so even new developments in the company structure, the purchase is not recommended.
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Almeida, Michael Aparício de. "Equity research da Air France - KLM". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19085.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA Air France-KLM (AF-KLM) é a companhia de bandeira da França, é resultado da fusão entre as empresas Air France (francesa) e KLM (holandesa) possuindo dois hubs principais situados em Paris e Schipol. O grupo é atualmente líder da europa em termos de tráfego e tem como objetivo ser uma das maiores companhias à escala global. O trabalho final de mestrado que se segue tem como objetivo principal estimar o valor intrínseco das ações da AF-KLM para 31 de dezembro de 2018. Este projeto é composto por uma revisão bibliográfica onde são analisados os métodos de avaliação possíveis e a partir da qual é definida a metodologia para este mesmo projeto. Foi também feita uma análise em relação ao ambiente macroeconómico, da indústria e especificamente da AF-KLM. De forma a calcular o valor intrínseco procedeu-se à avaliação por fluxos de caixa atualizados baseado em valores de FCFF pelo qual foi determinado um valor intrínseco de 11.33 euros para as ações da AF-KLM para a data de 31 de dezembro de 2018. Este valor sugere que as ações se encontram subvalorizadas e que possuem um potencial de crescimento de 19.55% face ao preço de 9.48 euros registado a 31 de dezembro de 2018. Através da avaliação relativa foram utilizados dois múltiplos, em que o enterprise valueto-EBITDA resultou num preço de 23.5 euros por ação e o price-to-earnings foi igual a 5.3 euros por ação culminando numa média de 14.43 euros por ação que corresponde a um potencial de crescimento de 52.2%.
Air France-KLM (AK-KLM) is the flag carrier of France resulted of the fusion between Air France (french) and KLM (dutch). It has two main hubs located in Paris and Schipol. The group is the current european leader in passenger traffic and aims to be one of the world's best airline companies. The following project aims to estimate the intrinsic value of AF-KLM's stock price as of December 31, 2018. It consists of a literature review where possible evaluation methods are analysed from which the methodology of this project is defined. An analysis was also made of the macroeconomic environment, industry and the company's specifics. In order to estimate the intrinsic value, cash flow discount model based on FCFF values was carried out whereby an intrinsic value of 11.33 euros was determined for AFKLM's shares as of 31 December 2018. This result suggests that shares are undervalued and have a growth potential of 19.55% compared to the closing price of 31 December 2018 (9.48 euros). Through the relative valuation two multiples were used, in which enterprise-value-to-EBITDA resulted in 23.5 euros per share and where the price-toearnings ratio gave a price of 5.3 euros per share, culminating in an average of 14.43 euros per share which corresponds to a growth potential of 52.2%.
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Píša, Petr. "Ocenění společnosti Rodinný pivovar BERNARD a. s". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4824.
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The aim of the graduation theses is to present the business valuation by using the concept of Income based valuation method - Discout Free Cash Flow To The Firm. The these consists of financial analysis, financial planning, valuation steps and phases.
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Hai, David. "Odhad hodnoty firmy MAFRA, a.s". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11178.
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The diploma thesis focuses on the analysis of a company MAFRA, a.s. The aim of the paper is to assess the ability of MAFRA a.s. company to increase company value and the ability to sustain the growth in the future. MAFRA a.s. company was valuated using free cash flow to the firm metod .Value of the company is estimated as of 31/12/2008. The value estimated is 2 996 851 677 CZK.
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Lopes, Sofia Teixeira. "Equity research - Jerónimo Martins". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20841.
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Mestrado em FinançasEste projeto consiste em estimar o preço alvo da ação da Jerónimo Martins para o final do ano de 2020, de acordo com as normas do ISEG do trabalho final de mestrado de Finanças. Este relatório de avaliação está de acordo com as diretrizes recomendadas do Instituto CFA. A Jerónimo Martins é uma empresa portuguesa que opera no sector de retalho e distribuição alimentar na Portugal, Polónia e Colômbia, cotada na Euronext Lisbon desde 1989, fazendo parte do índice PSI-20, com um valor de capital social de mais de €629M. Este projeto tem como objetivo analisar as demonstrações financeiras da empresa, o seu modelo de negócio, da respetiva indústria e os maiores concorrentes, como parte do processo do relatório de avaliação para estimar o preço alvo, e apresentar uma recomendação de investimento. O método escolhido para fazer a avaliação da empresa foi através dos Fluxos de Caixa Ponderados (DCF), obtendo um preço alvo no final de 2020 de €16.36, com um potencial de valorização de 19.39% comparando com o preço da ação disponível a 30 de setembro de 2020 de €13.70. A recomendação de investimento é para comprar. Complementarmente, foi usado o método dos múltiplos comparáveis através de EV/EBITDA e EV/Revenues. A atribuição de risco para a empresa é de médio risco devido à elevada competitividade existente na indústria. Os maiores riscos considerados derivam do custo da dívida, da taxa de retorno sem risco, o prémio de risco de mercado e a taxa de crescimento perpétuo.
This project consists of estimating the target price of Jerónimo Martins for the end of 2020, according to ISEG's Master of Finance Final Work Project. This Equity Research follows the CFA Institute research report recommended guidelines. Jerónimo Martins is a Portuguese company operating in the food retail and distribution sector in Portugal, Poland, and Colombia. The company is listed in Euronext Lisbon since 1989, being one of the companies included in PSI-20, with a share capital over €629M. This Masters Final Work Project analyzes the financial statements of Jerónimo Martins, its business model, the respective industry and major competitors, as part of the equity valuation process. The aim is to estimate the market value of the share at 2020 year-end and provide an investment recommendation. The methodology chosen to perform the valuation of the company's share was through Discounted Cash Flow method (DCF) reaching a target price at the end of 2020 of €16.36, with an upside potential of 19.39% comparing with the share price displayed on 30th September 2020 of €13.70. The investment recommendation is to Buy. In addition, the valuation has also used the Multiples Valuation by using EV/EBITDA and EV/Revenues. The risk assessment for the company is based on medium risk due to this industry being highly competitive. In addition, it was considered that the main risks come from the cost of debt, risk-free rate, market risk premium and perpetual growth rate.
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Alves, Pedro José Fernandes. "Equity Research - Luz Saúde". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12182.
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Mestrado em FinançasLuz Saúde, S.A. é uma das maiores empresas da área da saúde em Portugal. Com um serviço diferenciado a empresa tem conseguido um crescimento considerável mesmo em períodos económicos adversos. Com uma estrutura e área de negócio bastante apetecível a investidores estrangeiros, acabou por ser adquirida quase na totalidade em 2014. Este trabalho tem como objetivo determinar o valor intrínseco das ações da Luz Saúde, através de uma análise detalhada do desempenho operacional do grupo e de seu ambiente externo. A avaliação foi baseada no método dos fluxos de caixa descontados, que de acordo com o estabelecido na revisão da literatura constitui a melhor metodologia para avaliar a Luz Saúde. Com esta avaliação, foi possível concluir que o valor da ação da Luz Saúde em 31/12/2014 encontra-se subvalorizada, ou seja, foram cotados abaixo do seu valor intrínseco 3,80 euros, apresentando assim um potencial de valorização de 22,15%, foi dada uma recomendação de compra aos investidores interessados.
Luz Saúde, S.A. is one of the largest companies within the Portuguese health sector. Offering differentiated services, the company achieved considerable growth, in spite of the ongoing economic crisis. Given its structure and desirability to foreign investors, it would eventually be acquired almost entirely in 2014. This study aims to determine the intrinsic value of Luz Saúde, S.A.'s shares, through a detailed analysis of the group's operating performance and external environment. The evaluation was based on the method of discounted cash flows, which according to the literature review, is the best methodology for evaluating Luz Saúde. This evaluation suggests that the company's share price on 12/31/2014 was underestimated, i.e. the share was rated below its intrinsic value of 3.80 euros, thus presenting a potential of appreciation of 22, 15%, resulting in a recommendation to buy for interested investors.
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Guerra, José António Corte-Real Garcia. "Equity research - EDP Renováveis". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10529.
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Mestrado em FinançasA EDPR é uma empresa que opera no sector da energia renovável e é hoje uma das mais importantes a trabalhar nesta área. O seu principal objectivo consiste em ser uma referência na indústria, por desenvolver, construir e operar as melhores centrais eólicas e solares no mundo. Ao contrário de muitas outras empresas que estão a ter alguns problemas com a actual conjuntura económica, a EDPR, ao investir num moderno e atractivo sector, tem conseguido ultrapassar com sucesso as dificuldades e por isso, está a construir um crescimento significativo e sólido. A elaboração deste estudo tem o propósito de obter o valor intrínseco das acções da EDPR, assente numa análise do seu desempenho operacional e do seu ambiente exógeno. O método adoptado para determinar este valor consiste no Free Cash Flow to Firm, uma vez que, de acordo com a revisão da literatura, é o mais adequado a aplicar à EDPR. A avaliação realizada levou à conclusão de que em 31/12/2014, as acções da EDPR tinham um valor intrínseco de - 6.49, estando dessa forma subvalorizadas, uma vez que a sua cotação era - 5.40 na data referida. Deste modo, com uma potencial valorização de 20.2%, foi possível dar uma recomendação de compra aos investidores interessados.
EDPR is a company that operates in the sector of the renewable energy and it is today one of the most important working in this area. Its main goal consists on being a reference in the industry for developing, building and operating the best wind farms and solar plants in the world. Unlike many other companies that are having some problems with the present economic framework, EDPR, by investing in a modern and most required sector, is successfully managing to overcome the difficulties and therefore it is building a significant and solid growth. The elaboration of this study has the aim to achieve the intrinsic value of EDPR stocks, by making a research of the operational performance and its exogenous environment. The method adopted in order to determine this value consists on the Free Cash Flow to Firm, since, according with the literature review, this is the most suitable one to apply to EDPR. The valuation performed led to the conclusion that on 31/12/2014, EDPR shares had an intrinsic value of - 6.49, being thus undervalued, since its quotation was - 5.40 at the time referred to. Therefore, with a potential appreciation of 20.2%, it was able to give a buy recommendation to the interested investors.
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Čunková, Ludmila. "Ocenění společnosti Povltavské mlékárny, a. s". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15651.
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The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.
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Salgado, Nicky. "Equity research - Skechers U.S.A. Inc". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19663.
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Mestrado em FinançasO trabalho elaborado consiste numa avaliação do preço por ação da Skechers U.S.A. Inc. para o final de 2019FY, de acordo com o projeto final do Mestrado em Finanças do ISEG. Este relatório tem por base pressupostos que considero futuramente viáveis para os próximos cinco anos de atividade e que baseiam no histórico da performance dos últimos três anos, das tendências da indústria e de projeções macroeconómicas. Todo o estudo é feito através do formato CFA Institute.O preço-alvo foi obtido através de um método de avaliação absoluto do Discounted Cash Flow, especificamente Free Cash Flow to the Firm. Adicionalmente, para complementar a nossa recomendação, foi utilizado o método do Adjusted Present Value. Foi utilizado o método de avaliação relativa, o método dos Múltiplos Comparáveis, foram usados o EV/EBITDA e o EV/SALES.A análise de sensibilidade e uma simulação de Monte Carlo foi realizada para complementar a análise. A recomendação final para a Skechers U.S.A. Inc é de STRONG BUY, com um preço alvo de 43.38 dólares por ação, representando um potencial de valorização de 27.01%, face ao valor atual de 31.66 dólares por ação no dia 30 de Agosto de 2019. A nossa avaliação de risco estima um risco médio para a empresa. Para esta recomendação, considero que os principais riscos vão para a taxa de crescimento perpétua, a taxa de imposto, a taxa de retorno sem risco e para o prémio de risco de mercado.
The elaborated work consists on an Equity Research of Skechers U.S.A. Inc. for the end of 2019F, according to ISEG's master's in finance final work project. This report was based on the assumptions that I consider to be available for the next five years based on the historical performance of the last three years, industry's trends and macroeconomic projections. The entire study is done through the CFA Institute format. The price target was obtained through an absolute valuation method, the Discounted cash Flow, more specifically the Free Cash Flow to the Firm. In addition, to support our recommendation, we performed the Adjusted Present Value method. We used a relative valuation method, the Comparable multiples, using EV/EBITDA and EV/SALES. A sensitivity analysis and a Monte Carlo simulation were performed to complement the analysis. Our final recommendation for Skechers U.S.A. Inc. is to STRONG BUY, with a price target of 43.38 dollars per share, representing an upside potential of 27.01%, in comparison with the closing price of 31.66 dollars per share in August 30st, 2019. Our risk assessment estimates a medium risk for the company. For this recommendation, we consider that the mains risks are related to perpetual growth rate, tax rate, risk-free rate and market risk premium.
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Henriques, Sara Filipa Marques. "Equity Research - Mota Engil". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11090.
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Mestrado FinançasA Mota-Engil SGPS, SA é a maior construtora portuguesa, líder no mercado nacional e uma referência a nível internacional. Apostando num serviço diferenciado e de qualidade, esta empresa tem conseguido juntamente através de estratégias de diversificação e internacionalização contrariar a conjuntura económica desfavorável, a sua forte concorrência e a queda do setor da construção em Portugal. Apresentando consistentemente bons resultados e consolidando a sua posição de liderança nos setores da construção, obras públicas, operações portuárias, água, resíduos e logística. Este trabalho pretende determinar o valor intrínseco das ações da Mota-Engil, através de uma análise minuciosa à performance operacional da empresa e do seu ambiente externo. A avaliação foi baseada no método Free Cash Flow to Firm, que segundo o apurado na revisão de literatura constituí a melhor metodologia para avaliar a Mota-Engil. Com esta avaliação foi possível concluir que as ações da Mota-Engil na data 31/12/2012 estavam subavaliadas, ou seja, estavam cotadas abaixo do seu valor intrínseco 3,04 euros, apresentando assim um potencial de valorização de 93,7%, foi dada a recomendação de compra a investidores interessados.
Mota-Engil SGPS, SA is the largest construction company in Portugal, leader in the national market and an international reference. Betting in a differentiated service and quality, this company has achieved together through strategies of diversification and internationalization counteract the unfavourable economic environment, the strong competition and the decline of the construction sector in Portugal. Presenting consistently good results and strengthening its leading position on the following sectors: construction, public works, port operations, water, waste and logistics. This work aims to determine the intrinsic value of Mota-Engil stocks, through a detailed analysis of the group operational performance and of its external environment. The evaluation was based on the method Free Cash Flow to Firm, which according to the established in the literature review constitutes the best methodology to evaluate Mota-Engil. With this evaluation it was possible to conclude that Mota-Engil stocks on 31/12/2012 were undervalued, i.e. were quoted below their intrinsic value 3,04 euros, thus presenting an potential appreciation of 93,7%, was given a buy recommendation to interested investors.
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Ferreira, Henrique Jorge de Carvalho Setas. "Equity Research - Sonangol E.P". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10634.
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Mestrado em FinançasTitular de uma posição preponderante no sector petrolífero, a Sonangol E.P é a maior empresa pública a operar em Angola e umas das maiores a operar em África. Detentora uma linha de negócios que integra toda a cadeia de valor referente ao negócio petrolífero, nomeadamente, desde a extração de petróleo e gás natural, até a sua transformação, distribuição e venda ao consumidor final. Contudo, sendo o principal veículo de desenvolvimento económico-financeiro em Angola, fruto dos avultados investimentos que realiza tanto no mercado doméstico como no internacional, a Sonangol E.P. depara-se com inúmeros desafios futuros consequentes da atual conjuntura macroeconómica vivida no País bem como a recente queda dos preços do petróleo. Assim, este Trabalho Final de Mestrado tem como objetivo avaliar a Sonangol E.P. e determinar o valor intrínseco das suas acções, através de um processo exaustivo de análise do Grupo, da indústria e das previsões de crescimento. A avaliação foi realizada pelo método do Free Cash Flow to Firm que de acordo com a revisão de literatura abordada pretende conciliar a teoria e prática de modo a se apurar o valor intrínseco das acções da empresa. Como resultado desta avaliação, foi possível concluir que a Sonangol detém um enterprise value de aproximadamente 15 mil milhões de euros, estando o valor intrínseco de cada acção a rondar os 9.23 euros. Concluindo, este trabalho providencia uma base sólida de análise para uma possível venda parcial ou total da empresa pelo estado Angolano, assim como para o lançamento de um possível IPO.
With a Key position in the sector of Energies, Sonangol E.P. (hereinafter "Sonangol" or "Group") is the largest state-run oil company operating in Angola, the Africa's second-largest crude producer. Holder of a business line that integrates the entire value chain of oil & gas business, since its extraction to its distribution and sale to the final costumer, Sonangol holds investments and interests in other sectors (transportation, real estate, education, healthcare, etc) which places the company on top of the largest firms in terms of assets and revenues operating in Angola. However, as the main driving force of the Angolan economy, Sonangol presents large future challenges due to the current macroeconomic situation lived in the country as well as the actual fall in oil prices. This Master's Final Work aims to determine the underlying enterprise value of Sonangol, through a thorough analysis of the Group and the industry as well as its growth prospects. The valuation was based on Free Cash Flow to the Firm methodology, which according to the established in the literature review, conciliate the theory and practice to reach the real value of Sonangol's share price. With this evaluation it was possible to conclude that Sonangol's enterprise value is EUR 15.566bn, being the intrinsic value of each share EUR 9.23. Therefore this study provides a solid basis of analysis, for possible sale of the company by the Angolan state, as well as turning the Group public through an IPO process (Initial Public Offer).
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Fernandes, João Maria Granger Rodrigues de Castro. "Equity Research - Teixeira Duarte". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12684.
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Mestrado em FinançasDesde a sua fundação em 1921, a Teixeira Duarte é agora líder de um dos maiores grupos económicos portugueses e uma referência internacional. Tendo como actividade principal o sector da Construção, a Teixeira Duarte desenvolve igualmente a sua actividade nos sectores das Concessões e Serviços, Imobiliário, Hotelaria, Distribuição, Energia e Automóvel, que opera em 17 países em 4 continentes e emprega mais de 11.000 pessoas. Os vários anos de experiência e reputação associados a uma estratégia de diversificação e internacionalização permitiram à empresa não só combater o recente ambiente adverso que afetou duramente o setor da construção e a economia global, como também obter resultados positivos. O principal objetivo deste projeto é determinar o valor intrínseco das ações da Teixeira Duarte, analisando o desempenho operacional do grupo, o ambiente externo e as suas perspectivas de crescimento. A avaliação baseou-se no método Free Cash Flow to Firm, que de acordo com a Revisão de Literatura, representa o método mais adequado para avaliar a Teixeira Duarte. Com esta avaliação, foi possível concluir que, em 31/12/2015, as ações da Teixeira Duarte eram cotadas abaixo do seu valor intrínseco de 0,79€ por ação, ou seja, estavam subvalorizadas, pelo que se recomendou a aquisição de ações da Teixeira Duarte a potenciais investidores.
Since its foundation in 1921, Teixeira Duarte is now leader of one of the one of the largest Portuguese economic groups and an international reference. Having as its core business the Construction sector, Teixeira Duarte also develops its activity in Concessions and Services, Real Estate, Hotel Services, Distribution, Energy and Automotive sectors, operating in 17 countries on 4 continents and employing more than 11,000 people. The several years of experience and reputation associated to a strategy of diversification and internationalization, allowed the company, not only to counteract in the recent adverse environment that affected harshly the construction sector and the global economy, but also obtain positive results. The main objective of this project is to determine the intrinsic value of Teixeira Duarte's shares, by analyzing the group's operational performance, external environment and growth prospects. The evaluation was based on the Free Cash Flow to Firm method, which accordingly to the Literature Review, represents the most appropriate method to evaluate Teixeira Duarte. With this evaluation, it was possible to conclude that at 31/12/2015 the shares of Teixeira Duarte were quoted below its intrinsic value of 0,79€ per share, i.e. were undervalued and so, a recommendation of buying shares of Teixeira Duarte was given to potential investors.
N/A
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Contreiras, Paulo Alexandre Ferreira. "Equity research – Semapa SGPS, S.A". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/15167.
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Mestrado em FinançasEsta dissertação destina-se a estimar o valor patrimonial, bem como o preço da ação de uma holding cotada no PSI20 com diferentes segmentos de atividade. A empresa escolhida é a SEMAPA SGPS, a qual atua na indústria de papel/pasta com The Navigator Company, na indústria de cimento com a SECIL e em serviços ambientais com a ETSA. A avaliação será feita como a soma de partes das empresas detidas pela SEMAPA, que são a The Navigator Company, Secil e ETSA, usando dois métodos de Cash Flow de desconto, o Adjusted Present Value e o WACC - Custo Médio Ponderado de Capital. Em seguida, com base nos dados resultantes da avaliação, é realizada uma análise de sensibilidade para as variáveis-chave para a criação do valor da empresa. Por fim, após todo o processo de avaliação foi possível verificar que as ações da SEMAPA em 31 de dezembro de 2016 encontravam-se subvalorizadas. Com estas a serem negociadas a um preço de 13,40 EUR, abaixo do valor intrínseco de 16,38 EUR com WACC e 19,47 EUR com o APV, representando um retorno potencial entre 22% e 45%. Assim, nossa recomendação para qualquer investidor interessado em SEMAPA é comprar.
This dissertation purposes to estimate the equity value, as well as the share price of a holding company quoted in PSI20 with different core business. The chosen company is SEMAPA SGPS, which performs on the industry of paper/pulp with The Navigator Company, on the cement industry with SECIL and on environmental services with ETSA. The valuation will be done as the sum of parts of the corporations possessed by SEMAPA, which are The Navigator Company, Secil and ETSA, using two Discount Cash Flow methods, the Adjusted Present Value and Weighted Average Cost of Capital. Then, based on the resulting data from the valuation, is be performed a sensitivity analysis to the key variables for the creation of company value. Finally, after all the valuation process it was possible to verify that the SEMAPA's shares on 31 December 2016 were undervalued. Shares were being traded at a price of 13,40 EUR, below the intrinsic value of 16,38 EUR with WACC and 19,47 EUR and with APV, representing a potential return between 22% and 45%. Thus, our recommendation for any investor interested in SEMAPA is to buy.
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Drbalová, Lucie. "Ocenění stavební společnosti". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16734.
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The aim of the diploma thesis is to determine the value of the construction company as at March 1, 2010. The thesis is divided into 2 parts -- theoretical and practical. Theoretical part deals with techniques, methods, and tools of company evaluation. Practical part applies these methods to the company. Basic information about the company is presented in the beginning of the practical part. The following strategic analysis consists of analysis of development of macro-environment and micro-environment, and financial analysis, which evaluates the performance of the company. The financial plan of the company is prepared based on acquired information. Two-phase discounted cash flow method in the version of FCFF was applied for the valuation of the company.
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Strnad, Jakub. "Ocenění společnosti PKS MONT, a. s". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71927.
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The subject of establishing the market value is PKS MONT stock company specializing in the production of windows and doors made of plastic, wood and aluminum. It is a company founded in 1996 as a member of PKS holding companies which are targeting mainly on building sector. The mentioned company realized an important investment in modernization of production facilities in 2009. Size of the investment exceeded CZK 120 mil., more than 90 % total assets of the previous year. The market in which the company operates is undergoing a crisis due to the economy decrease. This situation has a negative impact on the indebted company. The main impact of decline in demand is expected in 2011, first year of financial plan. The financial plan is built on the current corporate financial policy and in many cases modified in response to predicted market developments with covering company possibilities to find permanent use in the increasing competition. The main purpose of the thesis is determination the company market value based on discounted free cash flows from business activities. Predicted free cash flows affected decline in demand in 2011 and necessity of permanent investments in modernization of production facilities in order to maintain technical and technological progress with competition and with the market. The financial plan forecast can help management to focus on possible scenario of future development and adapt it their next steps. Each project is based on assumptions and level of risk, which can act positively or negatively on the assumptions set. Therefore, the conclusion is devoted to risk analysis tests changes in result depending on probability distribution all analyzed assumptions.
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Constâncio, Carlos Miguel Rodrigues. "Equity research – Bankinter S.A". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/15168.
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Mestrado em FinançasO Bankinter S.A tornou-se o novo concorrente dos bancos portugueses, ao ter adquirido em abril de 2016 as operações da Barclays em Portugal. A presente tese de mestrado tem como objetivo avaliar o banco à data das últimas contas auditadas, antes da entrada no mercado português e sem considerar as operações portuguesas. O banco espanhol, com 50 anos de existência, até à entrada no mercado português só operava em Espanha e teve uma boa performance durante uma época em que o país foi forçada a pedir um pacote de resgate para salvar o sistema bancário em 2012. Avaliação de empresas têm sido um tema muito debatido, mas têm gerado pouco consenso, sobretudo ao nível das empresas financeiras. Devido às particularidades de uma empresa financeira é de difícil aplicabilidade os modelos que foram desenvolvidos para avaliar empresas não financeiras. Ao longo da tese apresento os modelos de avaliação mais apropriados para avaliação ao Bankinter, realizo uma análise da empresa e do setor e através do modelo de Simon Benninga calculo o valor intrínseco pelo método dos fluxos de caixa descontados na ótica do investidor. A 31 de dezembro de 2015 o Bankinter estava ligeiramente subavaliado, o preço de mercado era de 6,44€ e o preço alvo calculado foi de 6,95€, a nossa recomendação é de "Comprar".
Bankinter S.A became the new competitor of the Portuguese banks, having acquired in April 2016 the operations of Barclays in Portugal. This master's thesis aims to evaluate the bank at the date of the last revised accounts, before entering the Portuguese market and without considering the Portuguese operation. The 50-years-old Spanish bank only had operations in Spain and performed well during a time when the country was forced to call for a bailout package to save the banking system in 2012. Firm valuations have been a very discussed topic, but have generated little consensus, especially at the level of financial firms. Due to the particularities of a financial firm it is difficult to apply the models that were developed to evaluate non-financial firms. Throughout the thesis I present the most appropriate valuation models for Bankinter evaluation, I carry out an analysis of the firm and the industry and through the model of Simon Benninga I calculate the intrinsic value by the FCFE method. At 31/12/2015 Bankinter was slightly undervalued, the market price was €6.44 and the target price calculated was €6.95, our recommendation is to "Buy".
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Thakarshi, Bhavik Jayesh. "Equity research - The Home Depot, INC". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20850.
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Mestrado em FinançasEste estudo contém a avaliação do The Home Depot, Inc, elaborado em conformidade com o Projeto de Trabalho Final do Programa de Mestrado em Finanças do Instituto Superior de Economia e Gestão (ISEG). O Relatório de Avaliação segue as recomendações do Instituto CFA (Pinto, Henry, Robinson e Stowe, 2010). Esta pesquisa é emitida tendo em conta a informação pública sobre The Home Depot, Inc disponível em 30 de Outubro de 2020. Deste modo, o relatório não tem em consideração eventos ou circunstâncias que tenham ocorrido após essa data. Os pressupostos considerados para realização deste trabalho foram o resultado de uma análise de dados históricos divulgada publicamente pela empresa, das tendências da indústria e das projeções macroeconómicas. A preço-alvo foi obtido com recurso a métodos de avaliação absoluta, especificamente o método de Discounted Cash Flow (DCF). Adicionalmente, foi utilizado o Dividend Discount Model (DDM) e um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para complementar a análise. Com um preço-alvo de $312.23 para o fim do ano 2020, representando uma potencial valorização de 18% aquando comparado com o preço de fecho a 30 Outubro de 2020 de $265.70, a recomendação final para The Home Depot, Inc é de 'Compra', tendo em consideração os riscos que podem ocorrer e afetar o desempenho da empresa. A nossa avaliação de risco estima um médio para a empresa.
This study contains the valuation of The Home Depot, Inc elaborated in accordance with the Lisbon School of Economics & Management´s (ISEG) Finance Master´s Final Work Project. Our Equity Research follows the adaptable format of a research report recommended by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This research is issued considering the public available information on The Home Depot, Inc on October 30th, 2020. Thus, the report does not consider any events or circumstances which have arisen after this date. The assumptions considered to conduct this work were the result of a historical data analysis publicly disclosed by the company, industry's trends and macroeconomic projections. The price target was obtained through an absolute valuation method, specifically the Discounted Cash Flow (DCF) approach. In addition, was used the Dividend Discount Model (DDM) and a relative valuation method, the Multiples approach. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of $312.23 for YE2020, representing an upside potential of 18% when compared to the closing price on October 30th 2020 of $265.70, the final recommendation for The Home Depot, Inc stands for 'Buy', taking into consideration, the risks that may occur and that can affect the company's performance. Our risk assessment estimates a medium risk for the company.
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Coutinho, Lourenço Pereira Branco de Sousa. "Equity Research - Cofina, SGPS". Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11287.
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Mestrado em FinançasCofina SGPS is currently one of the largest and prestigious companies operating in the Portuguese Media & Publishing sector. Founded in 1995 and publicly listed since 1998, Cofina was a Portuguese holding group of several companies operating in many different sectors and business areas, such as media, pulp, steel between others. However in 2005, there was a spin-off of its holdings and the company remained only associated to the media printing and publishing sector, namely newspapers and magazines. Cofina is also known for its strong management track record, which has driven the company to the leadership of the main media segments in Portugal, through an efficient and balanced portfolio. The main goal of this Equity Research project is to determine the intrinsic value of Cofina stocks, through a detailed analysis of the company performance in the last couple of years and also through an accurate prospection of the media market for the future. The valuation of the company was based on the Free Cash Flows to the Firm and the WACC methodology which was considered the most suitable for the company according to the literature review. In addition, we also performed a Relative Valuation to complement our analysis.
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Hanzlíková, Martina. "Ocenění společnosti Správa nemovitostí Olomouc, a.s". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-85372.
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This Master Thesis deals with the evaluation of the company Správa nemovitostí Olomouc, a. s. as of December 20, 2011.The value of the company was determined based on detail strategic and financial analyses which illuminated the core business and future potential of the company. Results of the analyses and interviews with the management of the company allowed preparing thorough five year financial plan. After the fifth year I have assumed a stable growth. The final value was determined as an average between two income methods, Free Cash Flow to the Firm and Economic Value Added. For comparison I have also prepared a property method valuation using the book value of the company.
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Bôto, Ricardo Filipe Nunes. "Equity research - Ryanair Holdings Plc". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14615.
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Mestrado em FinançasA Ryanair Holdings plc (Ryanair Holdings) é uma holding da Ryanair Limited. Trata-se de uma companhia aérea de transporte de passageiros que possui uma estratégia de preço ultra reduzido associado a um serviço standard de qualidade reduzida, em que os serviços extra são pagos pelo consumidor. Estes serviços auxiliares dividem-se em "non-flight", relacionados com a Internet e ainda "in-flight", onde se incluem a venda de bebidas, alimentos e mercadorias. Adicionalmente, comercializa serviços de alojamento e seguro de viagem através do seu site e ainda fornece os seus próprios serviços de bagagem no aeroporto de Dublin. Serve rotas de curta distância ("ponto-a-ponto") entre a Irlanda, o Reino Unido, a Europa continental, Marrocos e Israel. Em Junho de 2017, a Ryanair tinha uma frota principal de mais de 360 aeronaves Boeing 737-800 e ofereceu mais de 2.000 vôos regulares de curta distância por dia, servindo aproximadamente 200 aeroportos em toda a Europa. O principal objetivo deste projeto de pesquisa de patrimônio é determinar o valor intrínseco da ação da Ryanair através de uma análise detalhada do desempenho da empresa nos últimos anos e também através de uma prospeção o mais precisa possível do mercado. A avaliação da empresa baseou-se nos fluxos de caixa descontados (DCF) para a empresa e na metodologia WACC que foi considerada a mais adequada para a empresa de acordo com a revisão da literatura. Além disso, também realizamos uma Avaliação Relativa para complementar a nossa análise.
Ryanair Holdings plc (Ryanair Holdings) is a holding company of Ryanair Limited. It is a passenger transport airline which has an ultra-low-price strategy coupled with a standard reduced quality service, where extra services are paid by the consumer. These nominated ancillary services are divided into non-flight, Internet-related and in-flight, which include the sale of beverages, food and goods. Additionally, it markets accommodation and travel insurance services through its website and even provides its own baggage services at Dublin airport. It serves short-haul routes ("point-to-point") between Ireland, the United Kingdom, continental Europe, Morocco and Israel. In June 2017, Ryanair had a main fleet of more than 360 Boeing 737-800 aircraft and offered more than 2,000 regular short-haul flights per day, serving approximately 200 airports throughout Europe. The main goal of this Equity Research project is to determine Ryanair's stock intrinsic value through a detailed analysis of the company performance in the last couple of years and also through the most accurate prospecting of the market. The valuation of the company was based on the Free Cash Flows to the Firm and the WACC methodology which was considered the most suitable for the company according to the literature review. In addition, we also performed a Relative Valuation to complement our analysis.
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Van, Eeden Johannes Gerhardus. "An in-depth literary study of Tobin's Q ratio, free cash flow and the relationship that exists between Q and free cash flow". Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/5047.
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Thesis (MBA (Business Management))--University of Stellenbosch, 2009.ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is destroyed by investing in negative net present value projects. Where Tobin's q is greater than one (q > 1), the market value of the firm is greater than what it would cost to replace fixed assets and inventory. Therefore value is created. Firms that have a Tobin's q value of less than one are advised to pay dividends rather than invest in negative net present value projects. Over 200 different methods exist of calculating Tobin's q. By increasing the complexity of the algorithm to determine q, very little is achieved to improve the measurement quality. A strong link exists between excess market returns, free cash flow spending announcements and Tobin's q value for the firm. Firms with a high Tobin's q value should ensure that good investment possibilities are pursued. The use of internal funds to fund new investment is viewed in a positive light by the market and above average returns are generated. Firms with a high Tobin's q value and high free cash flow show lower returns. These lower returns happen as a result of the market recognising the firm's failure to capitalise on favourable internal investment opportunities.
AFRIKAANSE OPSOMMING: Tobin se q-waarde word wyd gebruik as prestasie aanwyser deur finansiele ontleders. Die markwaarde van 'n firma gedeel deur die vervangingskoste van vaste bates en voorraad, dien as 'n maatstaf om aan te dui of waarde geskep word deur intern in die firma te belê en of waarde vernietig word deur in projekte met 'n negatiewe netto teenswoordige waarde te belê. Waar Tobin se q-waarde groter is as een (q > 1) is die markwaarde van die firma groter as wat dit sal wees om die vaste bates en voorraad te vervang. Sodoende word waarde geskep. Firmas met 'n q-waarde van minder as een word aanbeveel om eeeder dividende uit te betaal as om die beskikbare fondse in projekte met 'n negatiewe netto teenswoordige waarde te investeer. Meer as 200 verskillende metodes bestaan om Tobin se q-waarde te bereken. Deur die kompleksiteit van die algoritme te vergroot om q te bereken, dra min by tot groter akkuraatheid van die meting. 'n Sterk verband bestaan tussen bo-gemiddelde markopbrengste, aankondigings oor die besteding van vrye kontantvloei en die Tobin q-waarde van die firma. Firmas met 'n hoë Tobin q-waarde moet verseker dat goeie investeringsgeleenthede aangegryp word. Die gebruik van interne fondse om nuwe investering te finansier word deur die mark in 'n positiewe lig beskou en bogemiddelde opbrengste word gelewer. Firmas met 'n hoë Tobin q-waarde en hoë vrye kontantvloei toon laer opbrengste. Hierdie laer opbrengste is as gevolg van die mark wat besef dat die firma nalaat om gunstige interne investeringsgeleenthede te gebruik.
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Ankude, Edem Komla. "Agency costs of free cash flow : the South African experience". Master's thesis, University of Cape Town, 1997. http://hdl.handle.net/11427/9518.
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Includes bibliography.The use of free cash flow has been a source of conflict between shareholders and managers. This conflict derives from the agency relationship between shareholders and managers in that decisions taken by managers (as agents) affect the shareholders (as principals). The decisions of managers may not always be in the interest of shareholders. The interests of shareholders will be served if actions of managers lead to the maximisation of the total value of the company. The free cash flow theory suggests that managers have the tendency to misuse surplus cash resources. Any use of free cash flow that is not value maximising could result in losses to shareholders. These are termed the agency costs of free cash flow. It is believed that managers will think and act as shareholders if they own significant proportions of the equity capital of companies. This dissertation examines the effects of the agency relationship on the utilisation of free cash flow.
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Van, Eeden Anita. "Determining the minimum free cash flow required for capital intensive organisations". Thesis, Stellenbosch : Stellenbosch University, 2009. http://hdl.handle.net/10019.1/18128.
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Thesis (MBA)--Stellenbosch University, 2009.ENGLISH ABSTRACT: In financial accounting and economics it is important to be in a position to determine replacement costs of assets. These costs are essential for application of inflation accounting , the calculation of Tobin's q ratio, as well as the calculation of the free cash flow (FCF) of a company. However, it proves to be a daunting challenge to calculate especially accurate replacement costs of a company's fixed assets, owing to the considerable effects that inflation, economic lifetime of fixed assets and procurement strategies have on the replacement cost, and consequently on the FCF of a firm . In determining the FCF of a company, it is essential to differentiate between the goals of a company to maintain fixed assets or to expand operations. This split is difficult to ascertain, as few companies in South Africa publish the split. In addition to this, it is important to distinguish between actual required replacement investment (RI) and that part of the RI that has conveniently been postponed. As a consequence, analysis of a company's financial statements to determine replacement costs and subsequent FCF is further complicated. In 2001 , Hall investigated the behaviour of the average age of fixed assets as calculated with the Cutler and Westwick (1973: 17) formula , by developing specific inflation adjustment models. Hall's (2001: 40) study provided insight into some of the factors that might influence the application of the Cutler and Westwick formula for the calculation of the average age of a firm 's fixed assets. This research report developed Hall's models further, and proved that the average age of fixed assets, as used in the determination of replacement cost of a company's fixed assets, could only be applied in zero inflation conditions. In positive inflation periods, the average age of fixed assets as per Cutler and Westwick's formula is understated, resulting in lower estimations of replacement costs. Consequently, the additional depreciation as determined for inflation accounting purposes is understated. In this research report, the models referred to above were developed further to determine the required maintenance (or RI) part of the investing decision relative to depreciation written off. This enabled the modelling of FCF for companies, assuming certain model restrictions, such as constant inflation, evenroll fixed asset replacement and similar economic lifetimes for all fixed assets. However, this only provides some insight into the trends of additional deprecation required for different situations, and cannot be used in practice as comparable practical situations do not exist. This study therefore concludes that the calculation of replacement cost for inflation accounting purposes proves to be a very complex problem. No simple or quick model currently exists for determining the replacement costs of fixed assets and subsequent FCF of a firm. It is recommended that, when determining the replacement costs of fixed assets, the detailed fixed asset register of the firm should be consulted in order to determine the unique asset investment and replacement strategies, as well as the split of the fixed assets in terms of different economic lifetimes. Once this information is available, unique models per company could be developed based on the applicable inflation rates.
AFRIKAANSE OPSOMMING: In finansiële rekeningkunde en ekonomie is dit belangrik om die vervangingswaarde van bates te kan bereken. Hierdie waardes is essensieël vir die toepassing van inflasieboekhouding, die berekening van Tobin se q-verhouding, sowel as die berekening van die vrye kontantvloei (VKV) van 'n maatskappy. Dit blyk egter 'n moeilike taak te wees om veral akkurate vervangingswaardes vir 'n maatskappy se vaste bates te bereken, as gevolg van die groet invloed wat inflasie, die ekonomiese leeftyd van die vaste bates en aankoopstrategieë het op die vervangingswaarde, en gevolglik op die VKV van 'n maatskappy. In die bepaling van die VKV van 'n maatskappy, is dit noodsaaklik om te onderskei tussen die doelwitte van die maatskappy om vaste bates te onderhou of om werksaamhede uit te brei. Hierdie onderskeid is moeilik om te bepaal, aangesien min maatskappye in Suid-Afrika dit publiseer. Ook is dit belangrik om te onderskei tussen werklik benodigde vervangingsinvestering (VVI) en daardie gedeelte van die VVI wat gerieflikheidshalwe uitgestel is. Die ontleding van 'n maatskappy se finansiële state ten einde vervangingswaarde en die daaropvolgende VKV te bereken, word gevolglik verder gekompliseer. In 2001 het Hall die gedrag van die gemiddelde ouderdom van vaste bates ondersoek met behulp van die Cutler en Westwick (1973: 17) formule, deur spesifieke inflasie aangepaste modelle te ontwikkel. Hall (2001 : 40) se studie het insig gebied in sommige van die faktore wat die toepassing van die Cutler en Westwick formule vir die berekening van die gemiddelde ouderdom van 'n maatskappy se vaste bates kan beïnvloed. Hierdie navorsingsverslag ontwikkel Hall se modelle verder en bewys dat die gemiddelde ouderdom van vaste bates, soos gebruik in die beraming van die vervangingswaarde van 'n maatskappy se vaste bates, net toegepas kan word in toestande van nul inflasie. In periodes van positiewe inflasie word die gemiddelde ouderdom, soos bepaal deur die Cutler en Westwick formule, te laag opgegee, met 'n gevolglike laer skatting van vervangingswaarde. Dit lei daartoe dat die addisionele waardevermindering, soos bepaal vir inflasieboekhoudingsdoeleindes, te laag opgegee word. In hierdie navorsingsverslag word die modelle waarna hierbo verwys is verder ontwikkel ten einde die vereiste instandhoudings- (of VVI-) gedeelte van die investeringsbesluit relatief tot waardevermindering te bepaal. Dit maak dit moontlik om die VKV van maatskappye te modelleer, met sekere modelbeperkings wat veronderstel word, soos konstante inflasie, vaste batevervanging volgens 'n harmonies opgeboude masjienpark, en soortgelyke ekonomiese leeftye vir aile vaste bates. Dit bied egter net 'n mate van insig in die patrone van addisionele waardevermindering wat vir verskillende situasies benodig word en kan nie in die praktyk aangewend word nie, aangesien vergelykbare praktiese situasies nie bestaan nie. Hierdie studie kom dus tot die gevolgtrekking dat die berekening van vervangingskostes vir die toepassing van inflasieboekhouding 'n baie komplekse probleem is. Geen maklike of vinnige model bestaan tans vir die bepaling van die vervangingswaarde van vaste bates en die gevolglike VKV van 'n maatskappy nie. Daar word aanbeveel dat, wanneer die vervangingswaarde van vaste bates bereken word, die gedetailleerde vaste bateregister van die maatskappy geraadpleeg moet word ten einde die unieke investering- en vervangingstrategieë, sowel as die skeiding van die vaste bates op grand van verskillende ekonomiese leeftye, te kan bepaal. Sodra hierdie inligting beskikbaar is, kan unieke modelle vir die maatskappy ontwikkel word op grand van die toepaslike inflasiesyfers.
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Lin, Suzanne Ching-Fang. "Agency costs of free cash flow and the market for corporate control". University of Western Australia. School of Economics and Commerce, 2006. http://theses.library.uwa.edu.au/adt-WU2006.0042.
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[Truncated thesis] This thesis investigates the relevance of Jensen’s (1986) free cash flow theory to the market for corporate control in Australia. Jensen posits that firms generating cash in excess of that required to fund positive NPV projects face greater agency problems as the free cash flow exacerbates the conflict of interest between shareholders and managers. One implication from Jensen’s free cash flow theory is that firms with high levels of free cash flow are more likely to initiate takeovers that are value-decreasing. There are two practical issues in testing Jensen’s theory; first, constructing an appropriate proxy for free cash flow and secondly, identifying firms with free cash flow. These issues are addressed directly in the first of the two essays that comprise this thesis. The first essay develops and assesses the merits of four operational measures for free cash. One of them is a stock measure while the others are flow measures. The stock measure is included because previous studies have mostly used the stock measure of cash when identifying firms rich in free cash (henceforth, cash rich firms), despite that Jensen (1986) has made explicit reference to free cash flow. We test the validity of this approach by investigating whether stock measures of free cash coincide with flow measures. Our results reveal that the stock and flow measures of free cash give rise to quite different lists of cash rich firms. This is an important empirical contribution of the thesis. Given the lack of definitive criteria for deciding which operational measure of free cash flow is most appropriate, we identify multiple sets of free cash flow firms based on the different operational measures developed. For each operational definition, two methods are used to identify cash rich firms. The first method defines a firm as cash rich if its cash variable ranks in the tenth percentile. The second method defines firms as cash rich if their cash variable value is greater than one and a half standard deviations of the value predicted by a model.
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Chang, Shou-Wei. "Valuing the firm and its equity : a cash flow contingent claims approach". Thesis, University of Southampton, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266522.
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Novák, Petr. "Ocenění firmy Tank ONO, s.r.o. (lowcost čerpací stanice)". Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261769.
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The output of this Master´s Thesis on the theme "Valuation of the company Tank ONO, s.r.o." is the estimation of market value of company as at the date of December 31, 2014, with the goal of selling off the company to a hypothetical general investor in the future. The theoretical part includes metodology and instruments used for company valuation, eg definition of main terms, explanation of valuation proces and methods, that are recognised as valid by specialised public. Afterwards, the second part (eg practical part) is aimed at applying the metodology in practice. First, the valuated company is shortly introduced and it is followed by financial and strategic analysis in order to evaluate the financial soundness and assess the perspective for company future. The conclusions of the above analysis are used for elaborating the value drivers and complex financial plan, that is followed by valuation of Tank ONO, s.r.o. In light of the company capital structure, there is chosen DCF equity method for final valuation, in this Thesis.
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LIN, SAIN-JIE y 林賢傑. "The Relationship between Free Cash Flow to Firm Yield and Stock returns". Thesis, 2019. http://ndltd.ncl.edu.tw/handle/w2e94p.
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碩士國立中正大學
財務金融系研究所
107
This study explores whether the Free Cash Flow to Firm Yield (FCFF yield) is a stable and predictable investment signal. In addition to the definition, FCFF yield has another way to calculate, using Enterprise Value (EV) as the denominator of FCFF yield. Using two types of FCFF yield and including another compare variable EPR to conduct this study. Using Fama-Macbeth regressions and the portfolio construction, the empirical results indicate that the two variables FCFF yields can effectively predict the future stock returns, and the zero-investment portfolios can gain average monthly return of 0.92% and 0.95% respectively, approximately 11.62% and 12.01% annually, and the zero-investment portfolios also pass the robustness test. Using CAPM and three factors model, the empirical results indicate that the zero-investment portfolios can capture the information beyond the system risk and the three-factor model. These empirical results confirm that two types of FCFF yield are stable and effective investment signals.
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Μαγεράκης, Ευστάθιος. "Cash holdings and firm characteristics : evidence from UK market". Thesis, 2015. http://hdl.handle.net/10889/8739.
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This thesis investigates the determinants of UK corporate cash holdings between 1980 and 2012. The global and long term phenomenon of corporate cash pilling has drawn significant attention from researchers. Similarly, this study aims at shedding light on the empirical relationship between cash holding and specific firm characteristics. Our preliminary research incorporates a comprehensive literature review. Towards this end, the relevant financial theory is presented and the previous empirical studies are highlighted. Afterwards, the expected results of our research are synthesized into a set of distinct hypotheses and tested with regression analysis. The empirical findings suggest that cash holdings are positively related to investment opportunity, as R&D and market to book ratio. Cash ratio is also positively related to industry cash flow volatility and negatively affected by cash flow, net working capital, capital expenditures, leverage, tax expenses, age and size. Regarding the development of the determinants of cash holdings, the study indicates that three major variables influenced cash holdings over the years of analysis. In particular, leverage, tax regime and capital expenditures significantly affect the corporate liquidity in UK market. Furthermore, the results suggest that cash holdings are mostly defined by trade off theory. Indeed, our findings offer stimulating insights on the factors that determine the firms’ cash holdings during the past three decades. These findings may be beneficial for financial managers, investors and consultants.Στην παρούσα διατριβή εξετάζονται οι προσδιοριστικοί παράγοντες του δείκτη μετρητών σε επιχειρήσεις του Ηνωμένου Βασιλείου μεταξύ των ετών 1980 και 2012. Η διακράτηση μετρητών αποτελεί παγκόσμιο φαινόμενο και λαμβάνει της ανάλογης προσοχής από πληθώρα ερευνητών. Σε αυτή τη βάση, η μελέτη αυτή έχει ως στόχο να ρίξει φως σχετικά με την εμπειρική σχέση μεταξύ του δείκτη μετρητών και τα συγκεκριμένα χαρακτηριστικά που επηρεάζουν την ρευστότητα στις επιχειρήσεις διαχρονικά. Αρχικά η έρευνα ενσωματώνει μια βιβλιογραφική ανασκόπηση. Προς το σκοπό αυτό, οι σχετικές οικονομικές θεωρίες και οι προηγούμενες εμπειρικές μελέτες παρουσιάζονται. Στη συνέχεια, τα αναμενόμενα αποτελέσματα της έρευνας συντίθενται σε ένα σύνολο διακριτών υποθέσεων και δοκιμάζονται με ανάλυση παλινδρόμησης. Τα εμπειρικά ευρήματα υποδηλώνουν ότι ο δείκτης μετρητών σχετίζεται θετικά με τις επενδυτικές ευκαιρίες, τις δαπάνες Ε&Α και τον λόγο της αγοραίας προς τη λογιστική αξία των βιβλίων της επιχείρησης. Ο δείκτης μετρητών επίσης, σχετίζεται θετικά με την μεταβλητότητα των ταμειακών ροών του κλάδου και επηρεάζεται αρνητικά από τις ταμειακές ροές, το καθαρό κεφάλαιο κίνησης, τις κεφαλαιακές δαπάνες, την μόχλευση, τα φορολογικά έξοδα, την ηλικία και το μέγεθος των επιχειρήσεων. Όσον αφορά την εξέλιξη των προσδιοριστικών παραγόντων των ταμειακών ρευστών διαθεσίμων, η μελέτη δείχνει ότι τρεις είναι οι κύριες μεταβλητές που επηρεάζουν τη διακράτηση μετρητών κατά τη διάρκεια των χρόνων της ανάλυσης. Ειδικότερα, η μόχλευση, το φορολογικό καθεστώς και τις κεφαλαιακές δαπάνες επηρεάΖουν σημαντικά την απόφαση για εταιρική ρευστότητα στην αγορά του Ηνωμένου Βασιλείου. Επιπλέον, τα αποτελέσματα δείχνουν ότι η διακράτηση μετρητών ακολουθεί κυρίως την trade off θεωρία. Πράγματι, τα ευρήματά προσφέρουν χρήσιμες γνώσεις σχετικά με τους παράγοντες που καθορίζουν τη διακράτηση μετρητών των επιχειρήσεων κατά τη διάρκεια των τριών τελευταίων δεκαετιών. Τα ευρήματα αυτά μπορεί να είναι επωφελή για οικονομολόγους, επενδυτές και συμβούλους.
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Wang, Sheng-Jui y 王勝瑞. "On Free Cash Flow Hypothesis And Firm''s Operating Performance After Issuing Corporate Bond". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/44583461210696525495.
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碩士淡江大學
財務金融學系碩士班
93
The purposes of this study are to explore the effect of issuing corporate bond for investment activity on long term operation performance, and to testify the validity of the free cash flow hypothesis. Using financial figures obtained before and after those corporations issuing bond and performing Paired T-test and the regression analysis, we found that: (1)the operating performance declines for the first four years after issuing bond ; (2)the decline in operating performance results from four possible reasons: free cash flow, investment activity, the ratio of liability, and the scale of the corporation.. These factors represent four different theories, respectively: the free cash flow hypothesis, the influence of issuing corporate bond in investment activity, the financial situation, and the theory of information asymmetry. The result of this paper shows that the effect of free cash flow has a significantly negative impact on the long term operation performance. the free cash flow hypothesis is supported by this research. (3)As general, the variety of investment activity and the ratio of liability cannot explain various phenomena of issuing bonds. However, the scale of the corporation has an excellent explantion in this research.
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CHEN, YEN-CHUN y 陳彥均. "The Influence of Free Cash Flow on Firm Performance : The Moderating Effects of Corporate Governance Mechanisms". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/hnhq8z.
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碩士東吳大學
國際經營與貿易學系
104
Jenson (1986) published the” free cash flow hypothesis”. In his study, he Considers the free cash flow has negative effect on firm performance because of the agency costs. According to research, corporate governance mechanisms can reduce the agency costs, and have the positive effect on firm performance. Therefore, this study is interesting in if corporate governance mechanisms have moderating effect on free cash flow and firm performance. In this study, we analyzed listed company at stock exchange market and listed company at over-the-counter market in Taiwan during the period of 2011 to 2015, using the Multilevel Analysis to test the influences between free cash flow firm performance, and the moderating effects of corporate governance mechanisms. The result shows that free cash flow has significantly positive effect on firm performance. However, the result also shows that too much free cash flow may have negative effect on firm performance. In addition, the results of moderating effects of corporate governance mechanisms show inconsistently. The percentage of largest shareholder and Internal Shareholder are the most significantly positive factor in corporate governance mechanisms to moderating the free cash flow and firm performance
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Chiang, Li-Wei y 江立偉. "The Relationship among Corporate Governance Mechanisms, Free Cash Flow and Firm Value：A Perspective of Corporate Lifecycles". Thesis, 2019. http://ndltd.ncl.edu.tw/handle/usb8rf.
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碩士國立交通大學
管理學院財務金融學程
108
Using a sample of Taiwan’s listed firms from 2013 to 2018, this study examines the relationship among corporate governance mechanisms, free cash flow and firm value in different corporate lifecycle stages. Without consideration of relevant regulations for corporate governance and corporate governance evaluation, the following conclusions are reached：(1) In the maturity stage, the larger free cash flow has significantly positive effect on firm performance；(2) The larger boardsizeis, the lower profitability；(3) The CEO duality cannot improve the firm’s performance, especially in the maturity stage；(4) External directors and supervisors can influence company performance；(5) Enterprises with more independent board seats will have a significant inhibition of the company's performance, especially in the mature and shake-out stage；(6) Inside people are the higher in shareholding ratio, positive effect on company performance；(7) Institutional investors in shareholding ratio, positive effect on company performance. Furthermore, after related regulations have been consideration, the relationship among corporate governance mechanisms, firm’s value have different.
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Vasconcelos, Samanta Jonas Penetra Fernandes. "Avaliação do negócio do real Hospital Veterinário: relatório de estágio". Master's thesis, 2012. http://hdl.handle.net/11328/421.
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Lee, Yung-Ching y 李詠晴. "Free Cash Flow, EPS, Country Corporate Governance and Firm Performance---Evidence from Top Six World Economic Markets". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/50873978092705851506.
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碩士國立交通大學
財務金融研究所
98
The capital markets frequently advocate examining the accrual earning per share (EPS) for the purpose of valuing the corporate. But it may have problems of earning management. Therefore, a recently important firm performance index, Free cash flow, may more suitable for valuing the firms. We choose the top six world economic markets---USA、Japan、Germany、UK、France、China to study. First we use panel regression to examine the relationship between EPS and FCF on firm performance, and then we separate low and high-growth opportunities firms by P/E ratio for group analysis. These results suggest that both EPS and FCF have significantly positive relationship on ROA no matter by countries and growth, so we use the method provided by Vuong, and the result shows EPS has better explanatory power on firm performance. From the effect of EPS and FCF on firm performance, we find the effect on firm performance has different results between countries, cross-country variations in firm performance may cause by the corporate governance factors. Therefore, we add the country-level corporate governance factors to discuss. This is the first paper attempt to examine the relationship between EPS、FCF、country corporate governance and firm performance. From the results, we find that EPS has more positive explanatory power for firm performance than FCF, and firms in country which with lower country risk, better quality of law enforcement, and stronger shareholder’s right will lead to have better firm performance. Therefore, U.S. is the country which has the highest shareholder’s right, the best quality of law enforcement, the lowest country risk and the best firm performance in the six economic markets.
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Liao, Yu-min y 廖育旻. "Do free cash flow and sale growth affect firm performance in Taiwan? Application of panel threshold model". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/57345828458667427238.
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碩士朝陽科技大學
會計所
96
Although the sale growth plays the important role on the business management and the agency theory, there is no empirical research that examines the factors of sales growth influencing firm performance in Taiwan. The aim of this paper is to connect free cash flow hypothesis of agency theory and internal governance mechanisms and to study the relationship between sales growth and firm performance. We find that there is a double threshold effect between free cash flow (FCF) and firm performance, which are 28.51% and 34.40%. These results indicate that firm with too high FCF may induce management to pursue an ‘empire building’ strategy or to over invest. There is only single threshold effect between inside ownership and firm performance, which is 39.74% in consistency with the entrenchment hypothesis. There is only single threshold effect between sale growth and firm performance, which is 113.36%, the higher sale growth the better firm performance. However, the sale growth stops at a certain level. There is a triple threshold effect among sale growth and firm performance, which are 18.48%, 22.99%, and 34.40%. The FCF may promote the positive relationship between sale growth and firm performance, but it becomes slow. The inside ownership used as a threshold variable, there is a triple threshold effect among sale growth and firm performance, which are 26.34%, 28.09%, and 45.25%. Except inside ownership between 26.34% and 28.09%, the negative relationship exists between sale growth and firm performance. These results indicate that weaker internal government mechanism, agency cost and supervising cost will increase and the firm performance will decrease.