Mergers and acquisitions : the case of Portucel and AMS
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/20736 |
Resumo: | In pulp and paper industry, growing by acquisition is very common due to production capacity constraints. Portucel Soporcel group is one of the biggest players within the Portuguese industry, known for having large forestry nurseries, and producing both pulp and office paper. However, with the declining demand of this kind of paper due to digitalization, Portucel needed to diversify its production. Therefore, Portucel decided to enter in the tissue paper market, by acquiring the most efficient manufacturer in the Iberian Peninsula: AMS-BR Star Paper. The goal wasn’t merely to be the owner of this factory, but to use their knowhow to replicate its business model in Portucel’s plants. This acquisition was announced in February 2015 and five months later was performed, with a purchase price of 80M, in which an unknown portion was meant to finance a project that was being undertaken at the time. This dissertation evaluates both companies and the synergies involved in the deal, in order to estimate the suitable purchase price and compare it to the real one. After valuing both companies with DCF-WACC and relative valuation methodology, it is concluded that AMS has an equity market value of 33M€ and that synergies amounts 63M€, thus the acquisition price recommended is 77M€, paid all-cash. |
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Mergers and acquisitions : the case of Portucel and AMSDomínio/Área Científica::Ciências Sociais::Economia e GestãoIn pulp and paper industry, growing by acquisition is very common due to production capacity constraints. Portucel Soporcel group is one of the biggest players within the Portuguese industry, known for having large forestry nurseries, and producing both pulp and office paper. However, with the declining demand of this kind of paper due to digitalization, Portucel needed to diversify its production. Therefore, Portucel decided to enter in the tissue paper market, by acquiring the most efficient manufacturer in the Iberian Peninsula: AMS-BR Star Paper. The goal wasn’t merely to be the owner of this factory, but to use their knowhow to replicate its business model in Portucel’s plants. This acquisition was announced in February 2015 and five months later was performed, with a purchase price of 80M, in which an unknown portion was meant to finance a project that was being undertaken at the time. This dissertation evaluates both companies and the synergies involved in the deal, in order to estimate the suitable purchase price and compare it to the real one. After valuing both companies with DCF-WACC and relative valuation methodology, it is concluded that AMS has an equity market value of 33M€ and that synergies amounts 63M€, thus the acquisition price recommended is 77M€, paid all-cash.Na indústria da pasta e do papel, crescer pelo meio de aquisição é bastante comum, dada a capacidade produtiva limitada. O grupo Portucel Soporcel é um dos maiores produtores da indústria a nível nacional, e é conhecido por possuir consideráveis viveiros florestais, e pela produção de pasta e papel de escrita. Contudo, com a diminuição da procura deste tipo de papel, devido à digitalização, a empresa sentiu a necessidade de diversificar a sua produção. Assim, a Portucel decidiu entrar no mercado de papel tissue, através da aquisição da AMS-BR Star Paper, tida como o produtor mais eficiente da Península Ibérica neste sector. Contudo, o objectivo não era apenas ser proprietário de uma empresa produtora de tissue, mas usar o know-how que esta empresa pode facultar, para mais tarde replicar o modelo de negócio nas outras fábricas da Portucel. A aquisição foi anunciada em Fevereiro de 2015, e cinco meses depois, estava a ser concretizada por um preço de 80M€, em que certa parte destinava-se para o financiamento de um projecto em desenvolvimento. Esta dissertação avalia ambas as empresas e as sinergias provenientes da aquisição, com o objectivo de calcular o preço de aquisição recomendado, e posteriormente, compará-lo ao verdadeiro. Depois da avaliação de ambas as empresas, através da metodologia DCF-WACC e do método dos múltiplos, foi concluído que a AMS tem um valor de mercado de 33M€ e que as sinergias somam um valor total de 63M€. Deste modo, o preço recomendado foi de 77M€, através de cash.Assunção, António Luís Traça Borges deVeritati - Repositório Institucional da Universidade Católica PortuguesaMiranda, Sara Marisa de Cândido2020-02-28T01:30:45Z2016-07-2220162016-07-22T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/pdfhttp://hdl.handle.net/10400.14/20736TID:201242885enginfo: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:RCAAP2023-07-12T17:26:38Zoai:repositorio.ucp.pt:10400.14/20736Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:17:10.504298Repositório 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 |
Mergers and acquisitions : the case of Portucel and AMS |
title |
Mergers and acquisitions : the case of Portucel and AMS |
spellingShingle |
Mergers and acquisitions : the case of Portucel and AMS Miranda, Sara Marisa de Cândido Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Mergers and acquisitions : the case of Portucel and AMS |
title_full |
Mergers and acquisitions : the case of Portucel and AMS |
title_fullStr |
Mergers and acquisitions : the case of Portucel and AMS |
title_full_unstemmed |
Mergers and acquisitions : the case of Portucel and AMS |
title_sort |
Mergers and acquisitions : the case of Portucel and AMS |
author |
Miranda, Sara Marisa de Cândido |
author_facet |
Miranda, Sara Marisa de Cândido |
author_role |
author |
dc.contributor.none.fl_str_mv |
Assunção, António Luís Traça Borges de Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Miranda, Sara Marisa de Cândido |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
In pulp and paper industry, growing by acquisition is very common due to production capacity constraints. Portucel Soporcel group is one of the biggest players within the Portuguese industry, known for having large forestry nurseries, and producing both pulp and office paper. However, with the declining demand of this kind of paper due to digitalization, Portucel needed to diversify its production. Therefore, Portucel decided to enter in the tissue paper market, by acquiring the most efficient manufacturer in the Iberian Peninsula: AMS-BR Star Paper. The goal wasn’t merely to be the owner of this factory, but to use their knowhow to replicate its business model in Portucel’s plants. This acquisition was announced in February 2015 and five months later was performed, with a purchase price of 80M, in which an unknown portion was meant to finance a project that was being undertaken at the time. This dissertation evaluates both companies and the synergies involved in the deal, in order to estimate the suitable purchase price and compare it to the real one. After valuing both companies with DCF-WACC and relative valuation methodology, it is concluded that AMS has an equity market value of 33M€ and that synergies amounts 63M€, thus the acquisition price recommended is 77M€, paid all-cash. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-07-22 2016 2016-07-22T00:00:00Z 2020-02-28T01:30:45Z |
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/10400.14/20736 TID:201242885 |
url |
http://hdl.handle.net/10400.14/20736 |
identifier_str_mv |
TID:201242885 |
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/pdf |
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 |
instname_str |
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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