NSBE - MBA Thesis
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- Financial and strategic framework for contract manufacturing decisions: evaluating incremental costs in the pharmaceutical industryPublication . Wiedelmann, Paula Lina; Pinho, Paulo Soares deThis thesis develops a strategic and financial framework to help big pharmaceutical companies decide how to operate as contract manufacturers and to calculate a data-driven minimum price for contract manufacturing offers. Big pharmaceutical companies face substantial idle capacity in their production sites due to the growth of competitors in the price-competitive generic and contract manufacturing market. Research and development setbacks and patent expiration on previously high-volume products further reduce internal production demands. This results in higher per-unit costs and compressed margins as the fixed costs remain. The recommended strategy is to monetize idle capacity as a premium contract manufacturer to produce for external clients. A big pharma company can highlight its competitive advantage which enables them to compete on customer value creation rather than on price alone. Moreover, the thesis emphasizes that a clear strategic position on the level of importance of contract manufacturing for the business is essential, because each option requires distinct governance, investment and client selection rules, plus an efficient inquiry assessment process. To compete with the market and to know the minimum price, production costs for an offer need to be calculated. Therefore, product costs are defined from a traditional accounting perspective and contrasted with decision-relevant costing, which defines incremental costs as the additional costs occurring compared to an alternative decision. Methodologically, the financial framework follows three steps to classify production site costs in their cost categories, to define relevant incremental costs in comparison of a base case scenario and to construct incremental cash flows over the contract horizon. The cash flows are discounted to define the floor price and sensitivity analysis support to manage long-term prediction uncertainty. Any price above the floor price generates positive contribution and dilutes fixed costs. A worked example applies the method to a ten‑year offer with staged volumes and explicit assumptions on transfer costs, capital expenditures and materials. The example also classifies site costs into those relevant or irrelevant for the business case. The weighted average cost of capital of 4.54% is calculated based on peer analysis. With the discounted cash flow, the model sets the net present value to zero at a floor price of 335€ per kilogram active ingredient. Practically, companies should benchmark the floor price against market offers to set a competitive price to the client. Second, they should favor shorter initial contract terms and careful contract drafting to avoid unexpected costs. Third, by maintaining a clear strategic vision for production sites and the importance of CMO activities, following the financial framework, companies ensure idle capacity is converted into value while sustaining strategic control and managing risk.
- Turnaround and restructuring of synchronoss technologies, Inc.Publication . Larsen, Erik; Pinho, Paulo Soares deThe purpose of this case study is to provide readers with an example of a business in a distressed situation and the potential remedies applied by turnaround and restructuring practitioners to manage such situations. Synchronoss Technologies, Inc. (Nasdaq: SNCR) is a publicly traded technology company specializing in messaging, system integration, and cloud storage products. The business has found itself in a series of events that have led to the business’s demise and fall in market capitalization from $2.3 billion on 10 November 2014 down to $193.4 million on 17 March 2021. [1] This case study examines the history of the firm, the events that have led to the troubles at Synchronoss, and actions that were taken to prevent the collapse of the business and provide the foundation and opportunity for change in direction. This work covers the domains of turnarounds, restructuring, corporate finance, and corporate governance.
- Developing intrapreneurial culture within Portuguese organizationsPublication . Ata, Waleed Khaled Samih; Salvado, Joao CotterThis study ventures into uncharted territory in Portugal, exploring intrapreneurial culture. It delves into how organizations can cultivate this culture to survive and thrive in a dynamic and unpredictable environment. The paper underscores the importance of continuous strategic adaptation for organizational success. It posits that fostering an intrapreneurial culture is the key to unlocking innovation, driving organizational progress, and offering a future brimming with growth and success. The study identifies four key pillars of intrapreneurial culture: human behavior, organizational determinants, organization antecedents, and contextual influences. This research focuses on organizational antecedents, shortcomings, and the necessary improvements to nurture an intrapreneurial environment. The paper establishes a foundation for fostering this culture by diagnosing the current state and pinpointing deficiencies, highlighting the crucial role that each member of the organization plays in this process. The findings reveal a balanced view of management support and work discretion, with inconsistencies such as a weak link between innovation and individual rewards. Additionally, time limitations and rigid adherence to procedures are potential roadblocks to innovation. These insights underscore the organization's need to address these areas and cultivate a more conducive environment for intrapreneurial development. This study is a treasure trove of practical insights, identifying critical areas for improvement and providing a straightforward roadmap toward an intrapreneurial culture. The observed correlations between sub-factors within organizational antecedents shed light on the interplay of organizational strategy, work practices, intrapreneurial climate, and innovation levels. These findings not only lay the groundwork for future research to delve into the remaining three factors influencing intrapreneurial culture but also empower organizations to take tangible steps toward fostering innovation, instilling them with confidence and direction.
- The unbearable lightness of valuing companies in IPOs: who got it right in DoorDash Inc.'s IPO?Publication . Ferreira, Hugo Filipe de Andrade Rosa; Pinho, Paulo Soares deThe valuation of companies in anticipation of their Initial Public Offerings (IPOs) poses a significant challenge, particularly when it involves high-growth, non-profitable startups. This thesis examines the evolution of the valuation of DoorDash Inc. through its successive funding rounds leading up to the IPO, followed by the substantial first-day rally of the stock, which saw an 85% increase from its IPO price on its debut, against the backdrop of its significant underpricing speculation. Our focus is on how much of DoorDash’s IPO valuation and first-day rally were the result of realistic forecasting of its future business performance, and how much was influenced by the different and in some cases opposite interests of the stakeholders involved, including the founders, underwriters, and investors. We explore the intersection between traditional valuation methods, such as Discounted Cash Flows and Comparables Analysis, and behavioral economics to try to explain the market dynamics at play during the IPO. We look into the role of underwriters in potentially underpricing the IPO to benefit from the surge in stock prices post-listing and we dive into investor psychology, particularly how behavioral biases like FOMO and herd behavior may have influenced the stock's performance on its first day of trading. Our analysis is designed to shed some light onto the understanding of the implications of IPO valuations on company strategy, investor returns, and market perception. We aim to contribute to a deeper understanding of the complex motivations and outcomes associated with IPO valuations, particularly in the tech sector, providing insights for stakeholders in future high-stakes public offerings.
- Carbon credits and the challenge of public market valuation of carbon project developersPublication . Kupfer, Paul; Anjos, FernandoThis dissertation explores the Voluntary Carbon Market (VCM) and conducts a case study in the valuation of the public company Base Carbon Inc., a carbon project developer. After a summary of the research and past development of the markets, their mechanisms and challenges, it condenses different market outlooks from observers and experts to project potential scenarios for the development of future prices of carbon offsets. These are used to value Base Carbon Inc. through its discounted cashflows in probability-weighted scenarios. The financial analysis is then put in the context of other comparable companies on the public and private market to discuss benchmarks and useful ratios to compare this new asset class. The valuation and comparisons show that the current market capitalization plausibly does not fully capture the company’s value and explores possible explanations for this, like limited market access, market maturity and general investor mismatch. The findings are put in the broader context of the difficulties and uncertainties the market faces and that make valuations of carbon developers challenging. The thesis closes with practical takeaways and potential fields of further academic research.
- On the sustainability of the €0,9Trn fashion industryPublication . Dória, João Afonso Murteira; Wagner, LauraFollowing a period of relatively robust expansion (~5% CAGR2014-19), the fashion industry (“Industry”) was severely hit by the Covid-19 pandemic (global revenues contracted by €260,6Bn in 2020), eventually leading to the sometimes-denominated retail apocalypse. The reality is that prior to the widespread collapse, the Industry was already destroying the equivalent to €30,0Bn of economic value per annum (€63,5Bn in 2020), suggesting Covid-19 was an excuse, rather than the cause. Value destruction is a longstanding issue and deeply engrained in the Industry (+75% of the players destroy economic value annually), explained by both operational imbalance and inefficient capital allocation – but this doesn’t need to be the case! Through the development of brand-agnostic B2B platforms, the Industry has the ability to create a new liquidity pool and synthetically replicate Inditex’s operational model at scale – convergence with the One Inventory System metrics would lower inventory needs by +50% and push gross margins +10% higher. This may seem a disruptive idea or just wishful thinking, but enough for the Industry to achieve long-term sustainability and start complying with the objectives set out by the 2030 Paris Agreement relatively quick (instead of becoming the second largest polluter and on track to exceed carbon emissions by ~50%).
- Meaningful VdA: case study of the Portuguese law firm on meaning-based leadershipPublication . Mendes, Samantha Husenaje; Sousa, Milton deThe quest for purpose and meaning is transversal and intrinsic to the human experience. This single-organization case study explores the emergence of Meaningful Leadership, a construct that bridges the gap between Transformational and Servant Leadership theories, within the context of a Portuguese law firm, VdA. By applying a mixed-methods approach, this paper explores the evidence and impact of Meaningful Leadership within VdA and how the construct unfolds in practice. The study aims to search for evidence of Meaningful Leadership at VdA, how it fosters an organizational culture that embodies Meaningful Leadership principles, and how these actionable dimensions affect collaborators' sense of meaning and purpose at work. We found significant correlations between Engagement, Meaning at work, and Meaningful leadership. This research contributes to the leadership scholarship of Frémeaux & Pavageau (2022) and Lips-Wiersma & Wright (2012) and adds to the Meaningful Leadership Assessment Instrument developed by de Sousa (2024). The findings offer insights into how leaders can embody an expanded awareness, motivation to serve, and determination to positively transform themselves and their organizations in pursuit of a common, long-term collective work purpose that is intrinsically meaningful.
- Siemens cybersecurity: solving challenges in talent management through positivity?Publication . Kulicke, Marcel; Cunha, Miguel Pina eWhy does cybersecurity at Siemens needs an approach to talent management and how could it look like? This rather simple question is the core of this case. Through a combination of a specific sector, cybersecurity, that is found in every vertical, the large field of application that a multinational organization as Siemens provides, and with the specifics of both combined, a stage is set that shows the complexity of applied talent management and its challenges. The case has the objective to give an introduction into Siemens as a conglomerate and its culture as this sets some of the boundaries for the later discussion as well as explanations for the activities presented in the later stage of the case. It highlights the difficulties to bring together the necessities of the field and the limitations through rules of a large entity while shedding light on the question of the individual merit and its significance for a field. The basic question is: Do the merits in a field justify an unequal compensation or handling? With a presentation of the arguments for both sides, the question is asked for a student-driven solution for this narrow managerial problem. To further foster the discussion, the teaching notes are used to draw connections to wider impacts of the decisions here, such as organizational conflict, productivity vs. employee satisfaction and make-or-buy decisions. As common with managerial problems, no definitive answer can be provided which remains valid in every setting. Therefore, this case stipulates the discussion on the pros and cons of each approach in a fixed situational setting.
- IT smart sourcing – global sourcing of IT servicesPublication . Braccini, Cesare; Bohnsak, RenéIn the rapidly evolving global business landscape, near-offshoring of IT services has emerged as a transformative strategy for companies seeking efficiency, innovation, and competitive advantage. Over the past two decades, businesses have increasingly adopted global sourcing, moving beyond entire engineering departments and high-value activities. This shift, once hindered by concerns over geographical distance and coordination, has been propelled by the COVID-19 pandemic and the advent of hybrid working models, demonstrating that physical co-location is no longer a prerequisite for value delivery in the globalized IT landscape. Crafting a Comprehensive Sourcing Strategy The development of a comprehensive sourcing strategy showed to be critical for businesses aiming to leverage near-offshoring effectively. Such a strategy must encompass a thorough evaluation of the company's current operations, an assessment of enterprise risks and opportunities, and a clear understanding of the legal and regulatory landscape. This strategic framework ensures that nearoffshoring aligns with the company's broader objectives, enhancing operational efficiency, fostering innovation, and securing a competitive position in the market. The evolving landscape of Sourcing The future of sourcing is poised to be shaped by several key drivers, including technological advancements, changing workforce dynamics, and the global redistribution of skills. Cloud computing, artificial intelligence, and robotic process automation stand as precursors of the next wave of business model innovation, promising to redefine the parameters of IT services and sourcing. As low-code platforms kick-in, the democratization of IT through citizen developers is set to broaden participation in digital solution development, altering the traditional landscape of IT sourcing and talent utilization. As companies navigate this shifting terrain, the focus will increasingly turn towards smart sourcing strategies that not only seek cost efficiencies, but also prioritize agility, quality, and strategic fit with global business goals. The rise of a new global sourcing model, transitioning from near-offshoring to smart sourcing, underscores the need for a nuanced approach that balances cost, talent, and innovation dynamics across diverse geographical landscapes. Adaptability, strategic vision, and a deep understanding of global talent ecosystems will be key determinants of success in the global market.
- Branding in the crossfire: consumer responses to brands tackling social issuesPublication . Franieck, Lucas; Consiglio, IreneThis dissertation examines consumers’ responses to brands tackling social issues. Chapter 1 investigates how sparking controversy with a stand on socio-political issues affects consumers brand perceptions, illuminating an important reason why brand activism may not pay off for brands. Chapter 2 leverages insights from chapter 1 and identifies conditions under which brand activism instead leads to more favorable outcomes for brands, notwithstanding controversy. Finally, Chapter 3 reveals that consumers’ political orientation determines consumer responses towards brands employing plus-size models.