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Repositório Institucional da Universidade NOVA de Lisboa
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Equity research financial statement analysis and relative valuation DiaSorin S.p.A
Publication . Nuhodžić, Denis; Miguel, António Freitas
This report provides a comprehensive equity analysis of DiaSorin S.p.A., combining an in-depth financial statement analysis with a relative valuation based on trading multiples. The financial review examines revenue development, cost structure, profitability, working capital dynamics, and the evolution of the company’s financial structure between 2019 and 2024, with particular focus on the COVID-19 cycle and the strategic acquisition of Luminex. The valuation section benchmarks DiaSorin against a core and broader peer group of diagnostic companies, applying multiple-based methodologies to derive an implied equity value and investment view. This individual work has meaningful implications and contributions to the respective group work (namely, “Equity Research Report on DiaSorin S.p.A.”) and should be read as an integral part of it.
Deal or no deal: analysing M&A negotiations in the acquisition of Tiffany & Co. by LVMH-legal challenges in the LVMH Moët Hennessy Louis Vuitton and Tiffany & Co. merger and merger arbitrage
Publication . Rodrigues, Teresa de Almeida; Desai, Pranav
In late 2019, the world’s largest luxury conglomerate, LVMH, made a decisive move to acquire Tiffany & Co. as part of its strategy to strengthen its leadership in the global luxury market. What began as a straightforward deal, soon turned into a complex process characterized by delays, public disputes, and legal challenges. The outbreak of the Covid-19 pandemic added further uncertainty, leading to an attempt of termination by LVMH. The targeted acquisition highlighted the challenges and obstacles that arise in high-profile mergers amid escalating legal disputes and growing public scrutiny.
Company valuation of the Walt Disney company: a fundamental analysis
Publication . Satar, Mert; Miguel, António Freitas
This individual report presents my contribution to the fundamental valuation of The Walt Disney Company (“DIS”), focusing on the analytical components I developed independently. The work includes the construction of normalized income statements for FY2019 – Q3 FY2025, the
financial forecast framework, and the derivation of segment-specific WACCs. I further develop the full segment-level Sum-of-the-Parts (SOTP) discounted cash flow valuation. The results support the view that Disney remains undervalued, with intrinsic value concentrated in the Experiences segment and scenario-weighted outcomes aligning with
Equity research on Ferrari – shaping the future of the luxury automotive industry through innovation
Publication . Lopes, Mariana Baptista Duarte; Riva, Camillo
This report constitutes one component of a jointly prepared equity research analysis of Ferrari N.V., an ultra luxury automotive manufacturer renowned for its highly exclusive product portfolio. The valuation assessment incorporates revenue growth prospects, margin performance, and competitive positioning. Based on the analysis, a Buy recommendation is warranted, underpinned by robust cash flow generation and the enduring strength of the Ferrari brand
The sycamore-walgreens fiel lab: standalone valuation of the LBO target
Publication . Stojanov, Filip; Sacchetto, Stefano
This thesis evaluates the fairness of Sycamore Partners’ take-private offer for Walgreens Boots Alliance (WBA) from both a standalone public-market and a private-equity control perspective. The group component reviews the transaction rationale, key terms, and financing structure, and develops an APV-based LBO framework with a cash-flow-driven deleveraging profile to estimate control value and sponsor return sensitivity. The individual component builds a scenario-based standalone operating model, estimates WBA’s WACC, and values the company
using an FCFF DCF complemented by public-market comparables. Overall, the standalone valuation outcomes are lower than the control-based estimates, consistent with leverage amplifying equity value sensitivity to operating performance. The offer appears consistent with
a reasonable range under the base-case assumptions and provides downside protection, while remaining conservative relative to upside and control valuation outcomes.