Equity Research - Cork Supply Portugal

Mestrado em Finanças

Equity research – CTT Correios de Portugal, S.A.

Dissertação de Mestrado, Gestão Empresarial, Faculdade de Economia, Universidade do Algarve, 2016

Equity Research - Luz Saúde

Mestrado em Finanças

Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

Uma análise empírica sobre o papel do valor patrimonial na avaliação das ações listadas na BOVESPA

O trabalho está centrado no estudo do conflito existente entre teoria e prática no que concerne à relação existente entre valor de mercado de uma ação e seu valor patrimonial. Estudos de correlação, causalidade e evolução foram levados a efeito sobre séries de valores de 35 ações. Os resultados indicam que o valor patrimonial é um importante indicador da performance futura da ação.

Asiakasarvon kehittäminen B2B-palveluyrityksessä

Yritysten välisen yhteistyön toimittajavalinta perustuu asiakasarvon määrittämiseen ja vertailuun. Tämä tutkimus tehtiin yritys A:lle asiakasarvon ymmärtämiseksi, kehittämiseksi ja asiakaspääoman kasvattamiseksi. Teoreettisesti keskeisiä käsiteltäviä teemoja ovat asiakasarvon luonti, toimittaminen ja kasvattaminen. Tutkimus on toteutettu pääasiassa kvalitatiivisesti teemahaastattelun kautta, jossa haastateltiin viittä yritys A:n asiakasyritystä. Tutkimus suunniteltiin yhdessä työn tilanneen yrityksen kanssa suhteessa aiempiin tutkimuksiin ja tavoitteisiin. Tutkimuksen tuloksissa havaittiin selviä vahvuuksia liittyen yritys A:n asiakasyritysten asiakasarvon teemoihin. Vahvuudet liittyivät muun muassa suoriin kustannuksiin, erillisiin lisäpalveluihin ja asiakaspalveluun. Kehitettävät teemat liittyivät pääasiassa työn suorittamiseen ja markkinointiin. Tulokset ovat käsitelty niin numeerisesti kuin tärkeimpinä teemoina. Asiakasarvoon ja –pääomaan liittyvistä teemoista esitetään lopuksi ratkaisuehdotus työn tilanneelle yritykselle, jota voidaan hyödyntää jatkossa ko. johtamisessa. Asiakasarvosta tulisi tehdä niin yrityskohtaisesti kuin tieteen kannalta lisää tutkimusta, sillä siinä on onnistuessaan merkittävä liiketoiminnallinen potentiaali.

Valoración Barón de Ley S.A

Este trabajo tiene por objeto valorar la empresa “Barón de Ley, S.A”. Por tanto, el objeto de estudio pretende dar respuesta a una serie de preguntas necesarias para entender la empresa y poder realizar hipótesis razonables a la hora de valorar la compañía. Esas preguntas son, entre otras: ¿a qué se dedica?, ¿quiénes son sus accionistas y directivos?, ¿cuál es su situación actual en el sector (debilidades y fortalezas, amenazas y oportunidades)?, ¿qué trayectoria está siguiendo?, ¿qué estructura financiera mantiene?, ¿qué rentabilidades logra?. Al ser Barón de Ley una compañía que cotiza en el mercado continuo español (bolsas de Barcelona, Bilbao, Madrid y Valencia), se pretende analizar si está bien valorada por el mercado o por el contrario se encuentra infra/sobrevalorada. Para ello, se comparará la capitalización bursátil de la compañía 425.915 Mn€2 con el valor de los recursos propios de la misma (Equity value) que surgen de la valoración.

Equity and the value of gifts

In this article, we aim to consider equity’s responses to gifts in a new way. We begin by setting out an account of human values that are associated with donative practices and that lend value to gifts themselves. With this map of the values associated with gifts in view, we then turn to consider some equitable responses to gifts, arranged roughly on a spectrum in accordance with the measure of scepticism towards gifts that they might, at first glance, seem to entail. We discuss, in turn: (a) equity’s treatment of imperfect gifts; (b) equity’s treatment of promises to give; (c) the position in equity of donee recipients of misapplied trust assets; (d) the presumptions of resulting trust and (e) advancement; and (f) equity’s treatment of mistaken gifts. With respect to each type of case, we evaluate equity’s response to gifts in light of the range of human values associated with gifts. We conclude by examining some broad themes that emerge from this analysis, and in particular the extent to which equity might achieve a greater accommodation of donative values consistent with the demands of the rule of law.

Assessment of value creation in private equity: the acquisition of Burger King by 3G Capital

This thesis elaborates the creation of value in private equity and in particular analyzes value creation in 3G Capital’s acquisition of Burger King. In this sense, a specific model is applied that composes value creation into several drivers, in order to answer the question of how value creation can be addressed in private equity investments. Although previous research by Achleitner et al. (2010) introduced a specific model that addresses value creation in private equity, the respective model was neither applied to an individual company, nor linked to indirect drivers that explain the dynamics and rationales for the creation of value. In turn this paper applies the quantitative model to an ongoing private equity investment and thereby provides different extensions to turn the model into a better forecasting model for ongoing investments, instead of only analyzing a deal that has already been divested from an ex post perspective. The chosen research approach is a case study about the Burger King buyout that first includes an extensive review about the current status of academic literature, second a quantitative calculation and qualitative interpretation of different direct value drivers, third a qualitative breakdown of indirect drivers, and lastly a recapitulating discussion about value creation and value drivers. Presenting a very successful private equity investment and elaborately demonstrating the dynamics and mechanisms that drive value creation in this case, provides important implications for other private equity firms as well as public firms in order to develop their proprietary approach towards value creation.

A prospective study on the dimensions of global brands, brand equity and brand value

This doctoral thesis is about global brands under several perspectives, starting this study with and overview on the matter, followed by a "step ahead" in the conceptualization of brand equity and brand value. As the global marketplace dynamically increases, there are theoretical and empirical challenges concerning the global brands that ask for more branding researches, trying to tune and to contextualize meanings and attributes. Thereafter, the thesis intends to provide a discussion about the industry and country-of-origin effects (and their interactions) on the brand value and the firm market value. Finally, the thesis offers an interesting comparison about the practitioners’ perspectives on the dimensions of global brands, the brand equity and the brand value, branding and marketing, including highlights on the brand internationalization process. The thesis offers a general approach on the extant literature in the first chapter, and a specific literature review for each other chapter.

Consumer brand equity : a model for the measurement, analysis and evaluation of consumer perceived value

The topic of my research is consumer brand equity (CBE). My thesis is that the success or otherwise of a brand is better viewed from the consumers’ perspective. I specifically focus on consumers as a unique group of stakeholders whose involvement with brands is crucial to the overall success of branding strategy. To this end, this research examines the constellation of ideas on brand equity that have hitherto been offered by various scholars. Through a systematic integration of the concepts and practices identified but these scholars (concepts and practices such as: competitiveness, consumer searching, consumer behaviour, brand image, brand relevance, consumer perceived value, etc.), this research identifies CBE as a construct that is shaped, directed and made valuable by the beliefs, attitudes and the subjective preferences of consumers. This is done by examining the criteria on the basis of which the consumers evaluate brands and make brand purchase decisions. Understanding the criteria by which consumers evaluate brands is crucial for several reasons. First, as the basis upon which consumers select brands changes with consumption norms and technology, understanding the consumer choice process will help in formulating branding strategy. Secondly, an understanding of these criteria will help in formulating a creative and innovative agenda for ‘new brand’ propositions. Thirdly, it will also influence firms’ ability to simulate and mould the plasticity of demand for existing brands. In examining these three issues, this thesis presents a comprehensive account of CBE. This is because the first issue raised in the preceding paragraph deals with the content of CBE. The second issue addresses the problem of how to develop a reliable and valid measuring instrument for CBE. The third issue examines the structural and statistical relationships between the factors of CBE and the consequences of CBE on consumer perceived value (CPV). Using LISREL-SIMPLIS 8.30, the study finds direct and significant influential links between consumer brand equity and consumer value perception.

Customer value based entry decision in International markets the concept of International Added Customer Equity

Market entry decisions are some of a firm's most important long-term strategic choices. Still, the international marketing literature has not yet fully incorporated the idea of relationship marketing in general, and the customer value concept in particular, as a basis for market entry decisions. This article presents some conceptual ideas about a customer value based market selection model. The metric International Added Customer Equity (IACE), a straightforward decision criterion derived from the customer equity concept is presented as an additional decision criterion for export market selection and ultimately market entry.

Does the importance of value, brand and relationship equity for customer loyalty differ between Eastern and Western cultures?

The use of the customer equity framework as a focal marketing strategy to increase customer loyalty has emerged as an important topic. Despite a growing number of investigations, previous studies are limited by their strong U.S. and European orientations. Research into Western consumers cannot necessarily predict the behaviour of Eastern consumers though. Therefore, this study investigates whether the link between customer equity drivers (value equity, brand equity and relationship equity) and loyalty intentions is sensitive to the cultural environment. A sample of 1553 Chinese and 1085 Dutch consumers in the banking and supermarket industries reveals that all three customer equity drivers exert a greater impact in Western than in Eastern cultures. This study also shows that Eastern consumers in general have higher loyalty intentions than Western consumers. © 2013.