The spin-off of Sonae Capital

The purpose of this project is to study the spin-off of Sonae Capital, which took place in January 2008. Taking the form of a case study, this project is divided between the case narrative and a teaching note. I study the background and motivation of the transaction, along with its outcome. With the available information at the time of the case, I value Sonae Capital at the date of the spin-off and describe a possible trading strategy involving both the spun-off and the demerged companies. Finally, I conclude that the transaction was more beneficial for the parent company, Sonae SGPS, and that it did not follow the typical outperformance pattern observed in other spin-offs.

Introducing spin-off stocks into the NSP’s risk parity strategy

Field lab: Nova Student Portfolio

Carl Icahn pushes ebay to spin-off paypal

The following case-study describes the situation involving eBay, PayPal and Carl Icahn as of February 2014. Its structure is divided between the narrative and a teaching note. The case narrative describes all the events between the three parties until the 24th of February 2014, when the activist investor Carl Icahn sends a public shareholder letter strongly criticizing eBay’s board and corporate governance practices while proposing at the same time the spin-off of PayPal from eBay. The teaching note intends to analyse the possibility of spinning-off PayPal, while at the same time analysing the Corporate Governance issues in eBay’s board. The final conclusion in the teaching note is favourable towards the spin-off of PayPal.

Caracterização de sacos Tedlar® e Flex Film de recolha de ar exalado

Dissertação para obtenção do Grau de Mestre em Engenharia Biomédica

Modelling and optimization of the ion exchange membrane bioreactor for removal of anionic pollutants from drinking water streams

Dissertação para obtenção do Grau de Doutor em Engenharia Química, especialidade de Engenharia Bioquímica

Business plan for “Three Generations”

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Plux: Designing a solution for growth in the sports sector

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Business plan PME.Box: internationalization to Spain

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Emove

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Internationalization strategy of Origama to Brazil

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Internationalization Plan - How can UniPlaces improve its customer acquisition strategy in the London market?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Codeship: Financing growth: Case study and Teaching note

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Going beyond duopoly: Connectivity breakdowns under receiving party pays

We show that the prediction of strategic connectivity breakdowns under a receiving-party-pays system and discrimination between on and off-net prices does not hold up once more than two mobile networks are considered. Indeed, if there are at least three competing networks and enough utility is obtained from receiving calls, only equilibria with finite call prices and receiving prices exist. Private negotiations over access charges then achieve the efficient outcome. Bill & keep (zero access charges) and free outgoing and incoming calls are efficient if and only marginal costs of calls are zero.

Estratégia de comercialização para a tira de teste PaperTrack para o diagnóstico e monitorização da diabetes mellitus

O objectivo deste projeto consiste na elaboração de uma estratégia de comercialização para uma tira de teste electroquímica para detecção quantitativa da concentração de glucose no sangue, visando o diagnóstico e a monitorização da diabetes mellitus. O dispositivo baseia-se na tecnologia da microfluídica em papel e encontra-se em fase de desenvolvimento laboratorial no Centro de Investigação de Materiais da Universidade Nova de Lisboa (CENIMAT). A estratégia elaborada foi desenvolvida para o mercado mexicano, após ter sido realizada uma análise comparativa entre os seis países do mundo com maior número de casos de pessoas portadoras de diabetes mellitus (a China, a Índia, os Estados Unidos da América, o Brasil, a Rússia e o México). A comercialização das tiras de teste neste mercado iniciará em 2016 e dependerá da criação de uma start-up, a Diagnostic Medical Solutions (DMS), que será responsável pelo desenvolvimento das operações relacionadas com a produção, marketing, atividade jurídica e financeira. Numa primeira fase, a executar em 2015, a DMS estabelecerá uma parceria com o centro de investigação CENIMAT com o objectivo de desenvolver a investigação das tiras de teste até garantir o nível de qualidade necessária para a introdução no mercado. No decorrer deste trabalho realizou-se uma estimativa para o custo de produção das tiras de teste em substrato de papel e propôs-se um preço de comercialização entre 3 a 5 vezes mais barato que o praticado entre os principais competidores diretos existentes no mercado mexicano. Foi ainda definida uma estratégia de entrada no mercado e, por forma a sustentar todas as operações comerciais adoptadas, foi elaborado um plano financeiro que reflete o modelo de negócio desenvolvido. O projeto requer um investimento inicial de 400 000€, com um período de reembolso de, aproximadamente 2 ano e um retorno esperado, após 6 anos de atividade, 11 vezes superior ao investimento inicial.

Almirante: Evaluating the board game: Board game, startup, discounted cash flow, venture capital method, real options

This thesis evaluates a start-up company (Jogos Almirante Lda) whose single asset is a board game named Almirante. It aims to conclude whether it makes sense to create a company or just earn copyrights. The thesis analyzes the board game’s market, as part of the general toy’s market, from which some data exists: European countries as well as the USA. In this work it is analyzed the several ways to finance a start-up company and then present an overview of the valuation of the Jogos Almirante based on three different methods: Discounted Cash Flow, Venture Capital Method and Real Options.