Publicação
Equity valuation: NOS, SGPS
| Resumo: | This project was developed with the intent of estimating the share value of NOS, SGPS at the end of 2022, in order to conclude if the shares were being traded at its fair value in the market. To do so, a comparison was performed between the actual value at which the shares were being traded, and the estimated value from a financial model. Only then, it is possible to deliver a final recommendation to potential investors on whether they should buy, sell, or hold these shares. NOS, SGPS is a Portuguese group of communications and entertainment, resulting from the merger between Zon Multimédia and Optimus Telecomunicações in 2013 – which at the time were two companies among the biggest players in the sector. The execution of the Equity valuation was carried out with the support of two methodologies: the Discounted Cash Flow approach, performing the Free Cash Flow to the Firm; and the Relative Valuation (multiples method). Additionally, data and information were extracted from the company’s Annual Reports and from other sources to support the analysis. The results obtained from the Equity valuation process suggest that the shares of NOS were undervalued at the period under analysis. Therefore, the final recommendation for potential investors is to buy the company’s shares. |
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| Autores principais: | Silva, Bernardo José Pacheco Resendes de Sousa da |
| Assunto: | NOS, SGPS Equity Valuation DCF Discounted Cash Flow -- Relative valuation Avaliação de empresas -- Business valuation Fluxos de caixa descontados Avaliação por múltiplos Valuation using multiples |
| Ano: | 2023 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | ISCTE |
| Idioma: | inglês |
| Origem: | Repositório ISCTE |
| Resumo: | This project was developed with the intent of estimating the share value of NOS, SGPS at the end of 2022, in order to conclude if the shares were being traded at its fair value in the market. To do so, a comparison was performed between the actual value at which the shares were being traded, and the estimated value from a financial model. Only then, it is possible to deliver a final recommendation to potential investors on whether they should buy, sell, or hold these shares. NOS, SGPS is a Portuguese group of communications and entertainment, resulting from the merger between Zon Multimédia and Optimus Telecomunicações in 2013 – which at the time were two companies among the biggest players in the sector. The execution of the Equity valuation was carried out with the support of two methodologies: the Discounted Cash Flow approach, performing the Free Cash Flow to the Firm; and the Relative Valuation (multiples method). Additionally, data and information were extracted from the company’s Annual Reports and from other sources to support the analysis. The results obtained from the Equity valuation process suggest that the shares of NOS were undervalued at the period under analysis. Therefore, the final recommendation for potential investors is to buy the company’s shares. |
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