Evaluating the privatization of the portuguese national airline - TAP
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/11384 |
Resumo: | Portugal’s deficit economy during several years and the high levels of Public Debt culminated with the need of an External Financial Assistance Program. Regarding this program a privatization plan of several state-owned companies was developed, in which TAP Group was included. The main activity of TAP Group is air passenger and cargo transport. It also provides services to third party customers in areas related to the Group’s core activities, such as Maintenance and Engineering services. The Letter of Intent sent by Portuguese Government to International Monetary Fund (IMF), concerning the Portugal’s Financial Assistance Program, and the State Budget for 2015 refer the need to restart the process of TAP privatization. On November 13th of 2014, the Council of Ministers approved the re-privatization process of TAP. Consequently, in order to sell TAP Group at its fair value, it is essential to perform a financial corporate valuation. This way, in the next pages, it will be developed a valuation of TAP, using three corporate valuation methods: Multiples (or Relative) Analysis, Discounted Cash Flow method, using the Free Cash Flow for the Firm approach and the Free Cash Flow for the Equity approach, and a valuation method used to valuing firms with regular negative earnings, which is the case of TAP Group. Considering the negative TAP’s fair value estimated in all methods, Portuguese Government should simply transfer its capital and inherent obligations to the investors. However, TAP is valuable if it becomes more efficient, which is expected to occur in a privatization process. |
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Evaluating the privatization of the portuguese national airline - TAPPrivatizationCorporate valuationMultiples analysisDiscount cash flowPrivatizaçãoAvaliação de empresasMúltiplosMétodo dos fluxos de caixa descontadosPortugal’s deficit economy during several years and the high levels of Public Debt culminated with the need of an External Financial Assistance Program. Regarding this program a privatization plan of several state-owned companies was developed, in which TAP Group was included. The main activity of TAP Group is air passenger and cargo transport. It also provides services to third party customers in areas related to the Group’s core activities, such as Maintenance and Engineering services. The Letter of Intent sent by Portuguese Government to International Monetary Fund (IMF), concerning the Portugal’s Financial Assistance Program, and the State Budget for 2015 refer the need to restart the process of TAP privatization. On November 13th of 2014, the Council of Ministers approved the re-privatization process of TAP. Consequently, in order to sell TAP Group at its fair value, it is essential to perform a financial corporate valuation. This way, in the next pages, it will be developed a valuation of TAP, using three corporate valuation methods: Multiples (or Relative) Analysis, Discounted Cash Flow method, using the Free Cash Flow for the Firm approach and the Free Cash Flow for the Equity approach, and a valuation method used to valuing firms with regular negative earnings, which is the case of TAP Group. Considering the negative TAP’s fair value estimated in all methods, Portuguese Government should simply transfer its capital and inherent obligations to the investors. However, TAP is valuable if it becomes more efficient, which is expected to occur in a privatization process.Portugal perante uma situação de endividamento excessivo e de uma economia deficitária que perdurava há vários anos, solicitou um pedido de ajuda financeira externa. Neste pedido de ajuda externa foi estabelecido um programa de alienação de participações do Estado em empresas nacionais, sendo a TAP uma dessas empresas. O Grupo TAP tem como principal atividade o transporte aéreo de passageiros e de carga, bem como um conjunto de serviços prestados a entidades terceiras em áreas ligadas aos negócios principais do Grupo. Em novembro de 2014, foi deliberado em Conselho de Ministros o relançamento do processo de privatização do Grupo TAP. De modo a que o Grupo TAP seja vendido pelo seu justo valor, é imprescindível realizar uma avaliação económico-financeira. Nas próximas páginas será realizada uma avaliação ao Grupo, utilizando três métodos: análise pelos Múltiplos, o método dos Fluxos de Caixa Descontados, quer na ótica dos Fluxos de Caixa Livres para a Empresa, quer na ótica dos Fluxos de Caixa Livres para os Acionistas, e, por último, um modelo de avaliação para empresas que apresentam sistematicamente resultados negativos, como é o caso da TAP. O justo valor estimado nos três métodos de avaliação para o Grupo TAP é negativo. Assim, o Governo não deverá registar um encaixe financeiro com a operação, cedendo apenas aos investidores a sua posição no capital social e as respetivas obrigações do Grupo. Contudo, o Governo deve ter em conta que a TAP tem valor ao tornar-se uma empresa mais eficiente, algo que é expectável numa privatização.2016-05-31T12:27:00Z2015-01-01T00:00:00Z20152015-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/11384TID:201191342engCunha, Jorge Miguel Valério einfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:58:18Zoai:repositorio.iscte-iul.pt:10071/11384Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:30:18.415361Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Evaluating the privatization of the portuguese national airline - TAP |
title |
Evaluating the privatization of the portuguese national airline - TAP |
spellingShingle |
Evaluating the privatization of the portuguese national airline - TAP Cunha, Jorge Miguel Valério e Privatization Corporate valuation Multiples analysis Discount cash flow Privatização Avaliação de empresas Múltiplos Método dos fluxos de caixa descontados |
title_short |
Evaluating the privatization of the portuguese national airline - TAP |
title_full |
Evaluating the privatization of the portuguese national airline - TAP |
title_fullStr |
Evaluating the privatization of the portuguese national airline - TAP |
title_full_unstemmed |
Evaluating the privatization of the portuguese national airline - TAP |
title_sort |
Evaluating the privatization of the portuguese national airline - TAP |
author |
Cunha, Jorge Miguel Valério e |
author_facet |
Cunha, Jorge Miguel Valério e |
author_role |
author |
dc.contributor.author.fl_str_mv |
Cunha, Jorge Miguel Valério e |
dc.subject.por.fl_str_mv |
Privatization Corporate valuation Multiples analysis Discount cash flow Privatização Avaliação de empresas Múltiplos Método dos fluxos de caixa descontados |
topic |
Privatization Corporate valuation Multiples analysis Discount cash flow Privatização Avaliação de empresas Múltiplos Método dos fluxos de caixa descontados |
description |
Portugal’s deficit economy during several years and the high levels of Public Debt culminated with the need of an External Financial Assistance Program. Regarding this program a privatization plan of several state-owned companies was developed, in which TAP Group was included. The main activity of TAP Group is air passenger and cargo transport. It also provides services to third party customers in areas related to the Group’s core activities, such as Maintenance and Engineering services. The Letter of Intent sent by Portuguese Government to International Monetary Fund (IMF), concerning the Portugal’s Financial Assistance Program, and the State Budget for 2015 refer the need to restart the process of TAP privatization. On November 13th of 2014, the Council of Ministers approved the re-privatization process of TAP. Consequently, in order to sell TAP Group at its fair value, it is essential to perform a financial corporate valuation. This way, in the next pages, it will be developed a valuation of TAP, using three corporate valuation methods: Multiples (or Relative) Analysis, Discounted Cash Flow method, using the Free Cash Flow for the Firm approach and the Free Cash Flow for the Equity approach, and a valuation method used to valuing firms with regular negative earnings, which is the case of TAP Group. Considering the negative TAP’s fair value estimated in all methods, Portuguese Government should simply transfer its capital and inherent obligations to the investors. However, TAP is valuable if it becomes more efficient, which is expected to occur in a privatization process. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z 2015 2015-09 2016-05-31T12:27:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/11384 TID:201191342 |
url |
http://hdl.handle.net/10071/11384 |
identifier_str_mv |
TID:201191342 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/octet-stream |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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