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Equity Research - Teixeira Duarte
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Orientador(es)
Resumo(s)
Desde a sua fundação em 1921, a Teixeira Duarte é agora líder de um dos maiores grupos económicos portugueses e uma referência internacional. Tendo como actividade principal o sector da Construção, a Teixeira Duarte desenvolve igualmente a sua actividade nos sectores das Concessões e Serviços, Imobiliário, Hotelaria, Distribuição, Energia e Automóvel, que opera em 17 países em 4 continentes e emprega mais de 11.000 pessoas. Os vários anos de experiência e reputação associados a uma estratégia de diversificação e internacionalização permitiram à empresa não só combater o recente ambiente adverso que afetou duramente o setor da construção e a economia global, como também obter resultados positivos.
O principal objetivo deste projeto é determinar o valor intrínseco das ações da Teixeira Duarte, analisando o desempenho operacional do grupo, o ambiente externo e as suas perspectivas de crescimento. A avaliação baseou-se no método Free Cash Flow to Firm, que de acordo com a Revisão de Literatura, representa o método mais adequado para avaliar a Teixeira Duarte.
Com esta avaliação, foi possível concluir que, em 31/12/2015, as ações da Teixeira Duarte eram cotadas abaixo do seu valor intrínseco de 0,79€ por ação, ou seja, estavam subvalorizadas, pelo que se recomendou a aquisição de ações da Teixeira Duarte a potenciais investidores.
Since its foundation in 1921, Teixeira Duarte is now leader of one of the one of the largest Portuguese economic groups and an international reference. Having as its core business the Construction sector, Teixeira Duarte also develops its activity in Concessions and Services, Real Estate, Hotel Services, Distribution, Energy and Automotive sectors, operating in 17 countries on 4 continents and employing more than 11,000 people. The several years of experience and reputation associated to a strategy of diversification and internationalization, allowed the company, not only to counteract in the recent adverse environment that affected harshly the construction sector and the global economy, but also obtain positive results. The main objective of this project is to determine the intrinsic value of Teixeira Duarte's shares, by analyzing the group's operational performance, external environment and growth prospects. The evaluation was based on the Free Cash Flow to Firm method, which accordingly to the Literature Review, represents the most appropriate method to evaluate Teixeira Duarte. With this evaluation, it was possible to conclude that at 31/12/2015 the shares of Teixeira Duarte were quoted below its intrinsic value of 0,79€ per share, i.e. were undervalued and so, a recommendation of buying shares of Teixeira Duarte was given to potential investors.
Since its foundation in 1921, Teixeira Duarte is now leader of one of the one of the largest Portuguese economic groups and an international reference. Having as its core business the Construction sector, Teixeira Duarte also develops its activity in Concessions and Services, Real Estate, Hotel Services, Distribution, Energy and Automotive sectors, operating in 17 countries on 4 continents and employing more than 11,000 people. The several years of experience and reputation associated to a strategy of diversification and internationalization, allowed the company, not only to counteract in the recent adverse environment that affected harshly the construction sector and the global economy, but also obtain positive results. The main objective of this project is to determine the intrinsic value of Teixeira Duarte's shares, by analyzing the group's operational performance, external environment and growth prospects. The evaluation was based on the Free Cash Flow to Firm method, which accordingly to the Literature Review, represents the most appropriate method to evaluate Teixeira Duarte. With this evaluation, it was possible to conclude that at 31/12/2015 the shares of Teixeira Duarte were quoted below its intrinsic value of 0,79€ per share, i.e. were undervalued and so, a recommendation of buying shares of Teixeira Duarte was given to potential investors.
Descrição
Mestrado em Finanças
Palavras-chave
Avaliação de Empresas Free Cash Flow to Firm Enterprise Value Equity Value Setor da Construção Teixeira Duarte Company Valuation Construction Sector Teixeira Duarte
Contexto Educativo
Citação
Fernandes, João Maria Granger Rodrigues de Castro (2016). "Equity Research - Teixeira Duarte". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão