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Advisor(s)
Abstract(s)
Esta dissertação destina-se a estimar o valor patrimonial, bem como o preço da ação de uma holding cotada no PSI20 com diferentes segmentos de atividade. A empresa escolhida é a SEMAPA SGPS, a qual atua na indústria de papel/pasta com The Navigator Company, na indústria de cimento com a SECIL e em serviços ambientais com a ETSA.
A avaliação será feita como a soma de partes das empresas detidas pela SEMAPA, que são a The Navigator Company, Secil e ETSA, usando dois métodos de Cash Flow de desconto, o Adjusted Present Value e o WACC - Custo Médio Ponderado de Capital.
Em seguida, com base nos dados resultantes da avaliação, é realizada uma análise de sensibilidade para as variáveis-chave para a criação do valor da empresa.
Por fim, após todo o processo de avaliação foi possível verificar que as ações da SEMAPA em 31 de dezembro de 2016 encontravam-se subvalorizadas. Com estas a serem negociadas a um preço de 13,40 EUR, abaixo do valor intrínseco de 16,38 EUR com WACC e 19,47 EUR com o APV, representando um retorno potencial entre 22% e 45%. Assim, nossa recomendação para qualquer investidor interessado em SEMAPA é comprar.
This dissertation purposes to estimate the equity value, as well as the share price of a holding company quoted in PSI20 with different core business. The chosen company is SEMAPA SGPS, which performs on the industry of paper/pulp with The Navigator Company, on the cement industry with SECIL and on environmental services with ETSA. The valuation will be done as the sum of parts of the corporations possessed by SEMAPA, which are The Navigator Company, Secil and ETSA, using two Discount Cash Flow methods, the Adjusted Present Value and Weighted Average Cost of Capital. Then, based on the resulting data from the valuation, is be performed a sensitivity analysis to the key variables for the creation of company value. Finally, after all the valuation process it was possible to verify that the SEMAPA's shares on 31 December 2016 were undervalued. Shares were being traded at a price of 13,40 EUR, below the intrinsic value of 16,38 EUR with WACC and 19,47 EUR and with APV, representing a potential return between 22% and 45%. Thus, our recommendation for any investor interested in SEMAPA is to buy.
This dissertation purposes to estimate the equity value, as well as the share price of a holding company quoted in PSI20 with different core business. The chosen company is SEMAPA SGPS, which performs on the industry of paper/pulp with The Navigator Company, on the cement industry with SECIL and on environmental services with ETSA. The valuation will be done as the sum of parts of the corporations possessed by SEMAPA, which are The Navigator Company, Secil and ETSA, using two Discount Cash Flow methods, the Adjusted Present Value and Weighted Average Cost of Capital. Then, based on the resulting data from the valuation, is be performed a sensitivity analysis to the key variables for the creation of company value. Finally, after all the valuation process it was possible to verify that the SEMAPA's shares on 31 December 2016 were undervalued. Shares were being traded at a price of 13,40 EUR, below the intrinsic value of 16,38 EUR with WACC and 19,47 EUR and with APV, representing a potential return between 22% and 45%. Thus, our recommendation for any investor interested in SEMAPA is to buy.
Description
Mestrado em Finanças
Keywords
Equity Research Avaliação Free Cash Flow to Firm Soma das partes Custo Médio Ponderado de Capital APV Valuation Sum of the parts, WACC
Pedagogical Context
Citation
Contreiras, Paulo Alexandre Ferreira (2017). "Equity research - Semapa SGPS, S.A.". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão