Equity valuation: NOS, SGPS
Autor(a) principal: | |
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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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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 |
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/10071/28954 TID:203324722 |
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http://hdl.handle.net/10071/28954 |
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TID:203324722 |
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eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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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 |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
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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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