Equity valuation: NOS, SGPS

Detalhes bibliográficos
Autor(a) principal: Silva, Bernardo José Pacheco Resendes de Sousa da
Data de Publicação: 2023
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/28954
Resumo: This project was developed with the intent of estimating the share value of NOS, SGPS at the end of 2022, in order to conclude if the shares were being traded at its fair value in the market. To do so, a comparison was performed between the actual value at which the shares were being traded, and the estimated value from a financial model. Only then, it is possible to deliver a final recommendation to potential investors on whether they should buy, sell, or hold these shares. NOS, SGPS is a Portuguese group of communications and entertainment, resulting from the merger between Zon Multimédia and Optimus Telecomunicações in 2013 – which at the time were two companies among the biggest players in the sector. The execution of the Equity valuation was carried out with the support of two methodologies: the Discounted Cash Flow approach, performing the Free Cash Flow to the Firm; and the Relative Valuation (multiples method). Additionally, data and information were extracted from the company’s Annual Reports and from other sources to support the analysis. The results obtained from the Equity valuation process suggest that the shares of NOS were undervalued at the period under analysis. Therefore, the final recommendation for potential investors is to buy the company’s shares.
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spelling Equity valuation: NOS, SGPSNOS, SGPSEquity ValuationDCF Discounted Cash Flow --Relative valuationAvaliação de empresas -- Business valuationFluxos de caixa descontadosAvaliação por múltiplos Valuation using multiplesThis project was developed with the intent of estimating the share value of NOS, SGPS at the end of 2022, in order to conclude if the shares were being traded at its fair value in the market. To do so, a comparison was performed between the actual value at which the shares were being traded, and the estimated value from a financial model. Only then, it is possible to deliver a final recommendation to potential investors on whether they should buy, sell, or hold these shares. NOS, SGPS is a Portuguese group of communications and entertainment, resulting from the merger between Zon Multimédia and Optimus Telecomunicações in 2013 – which at the time were two companies among the biggest players in the sector. The execution of the Equity valuation was carried out with the support of two methodologies: the Discounted Cash Flow approach, performing the Free Cash Flow to the Firm; and the Relative Valuation (multiples method). Additionally, data and information were extracted from the company’s Annual Reports and from other sources to support the analysis. The results obtained from the Equity valuation process suggest that the shares of NOS were undervalued at the period under analysis. Therefore, the final recommendation for potential investors is to buy the company’s shares.Este relatório foi desenvolvido com o intuito de estimar o preço das ações da empresa NOS, SGPS a Dezembro de 2022, a fim de determinar se as mesmas estariam a ser transacionadas ao seu preço justo no mercado. Deste modo, uma comparação será feita entre o preço efetivo das ações no mercado a essa data, e um preço estimado pelos modelos financeiros escolhidos para este relatório. Só então será possível providenciar potenciais investidores com uma recomendação sobre se devem comprar, vender, ou manter as ações da empresa. A NOS, SGPS é um grupo português de comunicações e entretinimento, fundado em 2013 a partir a fusão entre a Zon Multimédia e a Optimus Telecomunicações – que à data eram dois dos maiores concorrentes da indústria. O processo de avaliação da empresa foi efetuado com o suporte de duas metodologias: Fluxos de Caixa Descontados (DCF-FCFF), e a Avaliação dos Múltiplos. Adicionalmente, dados e informação foram extraídos dos Relatórios Anuais da empresa e de outras fontes para suportar a análise do relatório. Os resultados obtidos no processo de avaliação indicam que as ações da NOS estavam subvalorizadas no mercado no período sob análise. Consequentemente, a recomendação final para os potenciais investidores é de que devem comprar as ações da empresa.2023-07-06T09:28:26Z2023-06-27T00:00:00Z2023-06-272023-06info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10071/28954TID:203324722engSilva, Bernardo José Pacheco Resendes de Sousa dainfo: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:RCAAP2024-02-18T01:16:43Zoai:repositorio.iscte-iul.pt:10071/28954Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:18:05.550553Repositório 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 Equity valuation: NOS, SGPS
title Equity valuation: NOS, SGPS
spellingShingle Equity valuation: NOS, SGPS
Silva, Bernardo José Pacheco Resendes de Sousa da
NOS, SGPS
Equity Valuation
DCF Discounted Cash Flow --
Relative valuation
Avaliação de empresas -- Business valuation
Fluxos de caixa descontados
Avaliação por múltiplos Valuation using multiples
title_short Equity valuation: NOS, SGPS
title_full Equity valuation: NOS, SGPS
title_fullStr Equity valuation: NOS, SGPS
title_full_unstemmed Equity valuation: NOS, SGPS
title_sort Equity valuation: NOS, SGPS
author Silva, Bernardo José Pacheco Resendes de Sousa da
author_facet Silva, Bernardo José Pacheco Resendes de Sousa da
author_role author
dc.contributor.author.fl_str_mv Silva, Bernardo José Pacheco Resendes de Sousa da
dc.subject.por.fl_str_mv NOS, SGPS
Equity Valuation
DCF Discounted Cash Flow --
Relative valuation
Avaliação de empresas -- Business valuation
Fluxos de caixa descontados
Avaliação por múltiplos Valuation using multiples
topic NOS, SGPS
Equity Valuation
DCF Discounted Cash Flow --
Relative valuation
Avaliação de empresas -- Business valuation
Fluxos de caixa descontados
Avaliação por múltiplos Valuation using multiples
description This project was developed with the intent of estimating the share value of NOS, SGPS at the end of 2022, in order to conclude if the shares were being traded at its fair value in the market. To do so, a comparison was performed between the actual value at which the shares were being traded, and the estimated value from a financial model. Only then, it is possible to deliver a final recommendation to potential investors on whether they should buy, sell, or hold these shares. NOS, SGPS is a Portuguese group of communications and entertainment, resulting from the merger between Zon Multimédia and Optimus Telecomunicações in 2013 – which at the time were two companies among the biggest players in the sector. The execution of the Equity valuation was carried out with the support of two methodologies: the Discounted Cash Flow approach, performing the Free Cash Flow to the Firm; and the Relative Valuation (multiples method). Additionally, data and information were extracted from the company’s Annual Reports and from other sources to support the analysis. The results obtained from the Equity valuation process suggest that the shares of NOS were undervalued at the period under analysis. Therefore, the final recommendation for potential investors is to buy the company’s shares.
publishDate 2023
dc.date.none.fl_str_mv 2023-07-06T09:28:26Z
2023-06-27T00:00:00Z
2023-06-27
2023-06
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/28954
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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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