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Orientador(es)
Resumo(s)
A EDPR é uma empresa que opera no sector da energia renovável e é hoje uma das mais importantes a trabalhar nesta área. O seu principal objectivo consiste em ser uma referência na indústria, por desenvolver, construir e operar as melhores centrais eólicas e solares no mundo. Ao contrário de muitas outras empresas que estão a ter alguns problemas com a actual conjuntura económica, a EDPR, ao investir num moderno e atractivo sector, tem conseguido ultrapassar com sucesso as dificuldades e por isso, está a construir um crescimento significativo e sólido.
A elaboração deste estudo tem o propósito de obter o valor intrínseco das acções da EDPR, assente numa análise do seu desempenho operacional e do seu ambiente exógeno. O método adoptado para determinar este valor consiste no Free Cash Flow to Firm, uma vez que, de acordo com a revisão da literatura, é o mais adequado a aplicar à EDPR.
A avaliação realizada levou à conclusão de que em 31/12/2014, as acções da EDPR tinham um valor intrínseco de - 6.49, estando dessa forma subvalorizadas, uma vez que a sua cotação era - 5.40 na data referida. Deste modo, com uma potencial valorização de 20.2%, foi possível dar uma recomendação de compra aos investidores interessados.
EDPR is a company that operates in the sector of the renewable energy and it is today one of the most important working in this area. Its main goal consists on being a reference in the industry for developing, building and operating the best wind farms and solar plants in the world. Unlike many other companies that are having some problems with the present economic framework, EDPR, by investing in a modern and most required sector, is successfully managing to overcome the difficulties and therefore it is building a significant and solid growth. The elaboration of this study has the aim to achieve the intrinsic value of EDPR stocks, by making a research of the operational performance and its exogenous environment. The method adopted in order to determine this value consists on the Free Cash Flow to Firm, since, according with the literature review, this is the most suitable one to apply to EDPR. The valuation performed led to the conclusion that on 31/12/2014, EDPR shares had an intrinsic value of - 6.49, being thus undervalued, since its quotation was - 5.40 at the time referred to. Therefore, with a potential appreciation of 20.2%, it was able to give a buy recommendation to the interested investors.
EDPR is a company that operates in the sector of the renewable energy and it is today one of the most important working in this area. Its main goal consists on being a reference in the industry for developing, building and operating the best wind farms and solar plants in the world. Unlike many other companies that are having some problems with the present economic framework, EDPR, by investing in a modern and most required sector, is successfully managing to overcome the difficulties and therefore it is building a significant and solid growth. The elaboration of this study has the aim to achieve the intrinsic value of EDPR stocks, by making a research of the operational performance and its exogenous environment. The method adopted in order to determine this value consists on the Free Cash Flow to Firm, since, according with the literature review, this is the most suitable one to apply to EDPR. The valuation performed led to the conclusion that on 31/12/2014, EDPR shares had an intrinsic value of - 6.49, being thus undervalued, since its quotation was - 5.40 at the time referred to. Therefore, with a potential appreciation of 20.2%, it was able to give a buy recommendation to the interested investors.
Descrição
Mestrado em Finanças
Palavras-chave
Equity research Sector da Energia Renovável EDPR Free Cash Flow to Firm Enterprise Value Equity Value Renewable Energy Sector
Contexto Educativo
Citação
Guerra, José António Corte-Real Garcia (2015). "Equity research - EDP Renováveis". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão