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Equity research Corticeira Amorim SGPS SA : dividend policy under a family-owned company
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Este projeto contém uma análise financeira exaustiva da Corticeira Amorim S.G.P.S., S.A. (COR). Foi desenvolvido de acordo com as diretivas do trabalho final do Mestrado em Finanças do ISEG e elaborado de acordo com a estrutura recomendada pelo CFA Institute Research Challenge. A COR é uma produtora portuguesa de cortiça, com um foco na produção de rolhas. Esta empresa familiar é líder incontestável de mercado há quase 150 anos, com uma quota de mercado no sector das rolhas de 44% em 2018. Utilizou se o modelo DCF para obter uma recomendação de COMPRA com um preço alvo de ?10.9/ação para o final de 2019, o que implica um potencial de crescimento de 21% em relação ao preço de fecho de ?9.0/ação a 31 de dezembro de 2018. A avaliação inicial é complementada com uma análise detalhada aos problemas de corporate governance consequentes da participação maioritária da família Amorim, e em como a política de dividendos é afetada. A nossa análise demonstra que a COR contraria a literatura disponível sobre corporate governance, atestando que as empresas familiares são de facto capazes de proteger os interesses de investidores minoritários quando o objetivo é expandir a riqueza da família.
A informação utilizada ao longo deste relatório era publicamente conhecida a 31 de Dezembro de 2018, pelo que qualquer informação ou eventos subsequentes não foram considerados.
This project contains a comprehensive financial analysis of Corticeira Amorim S.G.P.S., S.A. (COR). It was conducted in accordance with ISEG's Master in Finance final work project standards and written following the CFA Institute Research Challenge guidelines. COR is a Portuguese cork manufacturer, primarily focused on the production of cork stoppers. This family-owned company has been the indisputable market leader for almost 150 years, accounting for 44% of the worldwide market for cork stoppers in 2018. A Free Cash Flow to the Firm approach was used to reach a BUY recommendation with a 2019YE price target of €10.9/sh, implying a +21% upside potential from the December 31st,2018 closing price of €9.0/sh. The original research is extended in the current work to address the possible hesitancy of potential investors regarding the Amorim family majority ownership of ~75%. Our analysis shows that COR is contradicting a stream of existent literature on corporate governance, proving that family-owned companies can protect minority interests when they aim to fuel the family's wealth. The information used throughout this report was publicly available as of December 31st, 2018. Thus any information or subsequent events have not been considered.
This project contains a comprehensive financial analysis of Corticeira Amorim S.G.P.S., S.A. (COR). It was conducted in accordance with ISEG's Master in Finance final work project standards and written following the CFA Institute Research Challenge guidelines. COR is a Portuguese cork manufacturer, primarily focused on the production of cork stoppers. This family-owned company has been the indisputable market leader for almost 150 years, accounting for 44% of the worldwide market for cork stoppers in 2018. A Free Cash Flow to the Firm approach was used to reach a BUY recommendation with a 2019YE price target of €10.9/sh, implying a +21% upside potential from the December 31st,2018 closing price of €9.0/sh. The original research is extended in the current work to address the possible hesitancy of potential investors regarding the Amorim family majority ownership of ~75%. Our analysis shows that COR is contradicting a stream of existent literature on corporate governance, proving that family-owned companies can protect minority interests when they aim to fuel the family's wealth. The information used throughout this report was publicly available as of December 31st, 2018. Thus any information or subsequent events have not been considered.
Descrição
Mestrado em Finanças
Palavras-chave
Equity Research Avaliação Discounted Cash Flow Empresas Familiares Política de Dividendos Valuation Family Firms Equity Research; Avaliação; Discounted Cash Flow; Empresas Familiares; Política de Dividendos (Português) Equity Research; Valuation; Discounted Cash Flow; Family Firms; Payout Policy
Contexto Educativo
Citação
Freitas, Carolina Filipa Abreu (2019). "Equity research Corticeira Amorim SGPS SA : dividend policy under a family-owned company". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão