Enotourism – more than a life style

Enotourism is a relatively new form of sustainable tourism. But is more than a lifestyle. The Douro landscape reflects its ancient and deep connection with the culture of wine, creating a picture of Man and Nature working side by side in search of the perfect wine. Lifestyle typically reflects: an individual's attitude, a way of life, values, or world view. Practical implications - the results suggest that there is scope for developing wine tourism products to attract tourists and which could be used to promote the Douro Valley region as a centre for enotourism. The beautifully unique landscape of the Douro was one of the reasons that made it a World Heritage site in 2001. There isn´t in Portugal an autonomous strategy process to define enotourism. Is a legal problem when we try to analyse the process or a data base to find information about enotourism players. So, how do winery operators, particularly those running small or family businesses, cope with the new developments occurring in the world of wines? The present study examines these issues from the perspective of a group of Portuguese winery operators. Our proposal in this research, is to analyse how many wineris or enotecas are hable to develop enotourism with a legal process. The results of the study reflect the level of education of employees, the seasonal nature of tourism, the improvements in its promotion and the need for greater support from local government. A key aspect is respect for the people who call the location home, the culture and customs of the area, and the socio-economic system. Design/methodology/approach - The methodology employed for this study consisted of a combination of surveys, interviews and field observations with the suppliers in the traditional wine‐producing region, Douro Valley, or Porto wine region, in the north of Portugal. The results of this investigation are almost analisys made inside the villages and also us wineries and enotecas. From the 30 winemakers that we visited, only 2 have an enotourism service acording to legislation and have a certificate that allows to pratices. It was very hard but it is an open field to future researchs (TOMÁS López‐Guzmán,et al, 2011). From the 30 wineries we have analysed only 2 were enotourism with a legal basis. Enotourism is on the travel agencies department and most of the wineries don´t have the legal licenses. Despite of most tourism agencies see enoturism as a segment of the industry with tremendous growth potential, stating that in some regions, it's only functioning at 20% of its full potential. Enotourism development guidelines and management practices are applicable to all forms of tourism in all destination types, including mass tourism and the various niche tourism segments.

Determinants Of Firm Terminal Value: The Perspective Of North American And European Financial Analysts

Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Model (DDM), the Discount Cash Flow (DCF), or RIM (Residual Income Models) group, discount one attribute (dividends, free cash flow, or results) to a given discount rate. This discount rate, obtained in most cases by the CAPM (Capital asset pricing model) or APT (Arbitrage pricing theory) allows including in the analysis the cost of invested capital based on the risk taking of the attributes. However, one cannot ignore that the second stage of valuation that is usually 53-80% of the company value (Berkman et al., 1998) and is loaded with uncertainties. In this context, particular attention is needed to estimate the value of this portion of the company, under penalty of the assessment producing a high level of error. Mindful of this concern, this study sought to collect the perception of European and North American financial analysts on the key features of the company that they believe contribute most to its value. For this feat, we used a survey with closed answers. From the analysis of 123 valid responses using factor analysis, the authors conclude that there is great importance attached (1) to the life expectancy of the company, (2) to liquidity and operating performance, (3) to innovation and ability to allocate resources to R&D, and (4) to management capacity and capital structure, in determining the value of a company or business in long term. These results contribute to our belief that we can formulate a model for valuating companies and businesses where the results to be obtained in the evaluations are as close as possible to those found in the stock market