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Advisor(s)
Abstract(s)
A principal motivação na escolha da Impresa SGPS surge com os interessantes desafios a que esta empresa tem sido submetida numa era em que a indústria da Media passa por profundas transformações com a florescimento de novas plataformas proporcionadas pelos avanços tecnológicos.
O objetivo foi realizar uma análise e avaliação da empresa, resultando na estimativa de um valor alvo, definindo os métodos de avaliação com a evolução do trabalho da maneira mais adequada, mantendo a estrutura CFA.
Sendo o maior grupo de Media Português, o foco da sua atividade está principalmente dividido entre a televisão e a imprensa, onde se destacam a SIC e o Expresso, contribuindo para receitas de 172M€ em 2018.
Para determinar o valor intrínseco do grupo, foi utilizada a abordagem de fluxos de caixa descontados (DCF) como método principal. Com um preço alvo estimado em 0,34€ por ação em Agosto de 2019, é emitida a recomendação de COMPRA com alto risco, representando um potencial de valorização de 37% desde o preço de enceramento de 1 de agosto, de 0,25€.
Abordagens complementares de avaliação, testes de stress, incluindo análises de sensibilidade e de cenários com variáveis sensíveis, foram utilizadas para apoiar estes resultados de avaliação.
The main motivation in the choice of Impresa SGPS arises with the interesting challenges that this company has been subjected to in an era where the Media industry undergoes through deep transformations with the emergence of new platforms provided by technological advances. The objective was to perform an analysis and evaluation of the company resulting in the estimation of a price target, defining the evaluation methods with the evolution of the work in the most suited way, maintaining the CFA structure. As the largest Portuguese Media group, the focus of its activity is mainly divided between the television and publishing segments, where SIC and Expresso stand out, contributing to revenues of 172M€ in 2018. To determine the intrinsic value of the group, a Discounted Cash Flow (DCF) approach was used as the main valuation method. With an estimated price target of 0.34€ per IPR’s share for August of 2019, is issued a BUY recommendation with high risk, representing a 37% upside potential from the 1st of August closing price of 0.25€. Complementary valuation approaches, stress tests including sensibility and scenario analysis with sensible variables were used to support this valuation results.
The main motivation in the choice of Impresa SGPS arises with the interesting challenges that this company has been subjected to in an era where the Media industry undergoes through deep transformations with the emergence of new platforms provided by technological advances. The objective was to perform an analysis and evaluation of the company resulting in the estimation of a price target, defining the evaluation methods with the evolution of the work in the most suited way, maintaining the CFA structure. As the largest Portuguese Media group, the focus of its activity is mainly divided between the television and publishing segments, where SIC and Expresso stand out, contributing to revenues of 172M€ in 2018. To determine the intrinsic value of the group, a Discounted Cash Flow (DCF) approach was used as the main valuation method. With an estimated price target of 0.34€ per IPR’s share for August of 2019, is issued a BUY recommendation with high risk, representing a 37% upside potential from the 1st of August closing price of 0.25€. Complementary valuation approaches, stress tests including sensibility and scenario analysis with sensible variables were used to support this valuation results.
Description
Mestrado em Finanças
Keywords
Equity Research Avaliação Fluxos de Caixa Múltiplos Media Televisão Imprensa Impresa SGPS SA SIC Expresso Valuation DCF FCFF Multiples Television Publishing
Pedagogical Context
Citation
Carvalho, João Pedro Runa Ferreira de (2019). "Equity research - Impresa SGPS SA". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão