NSBE - Finance
URI permanente para esta coleção:
Navegar
Entradas recentes
- Intraday Volatility : Evidence from the Euronext Lisbon Equity MarketPublication . Soares, Sílvia Leal; Costa, J. C. Rodrigues daDaily stock price volatility is found to be significantly and frequently different whether measured via successive open or close prices. This induced different authors to the analysis of the volatility behaviour during the trading session in several important Stock Exchanges around the globe. This paper focuses on the analysis of the Portuguese case. The major finding is that intraday volatility tends to depict a U-shaped curve for the average variance of returns measured during the trading session. This has important implications for regulators and practioniers since it suggests that prices discovered both at the opening and at the closing periods may not clearly reflect the market dynamics around these two moments. Few reasons are predicted for such misrepresentation. This analysis covers the main share index - PSI 20 - and three individual shares selected from different industrial sectors and with different levels of liquidity.
- Bank-firm relationships and financial crisisPublication . António, Pedro Afonso Gomes; Ferreira, MiguelThis Working project examines if the shock of financial events, during the recent financial crisis, impacted differently on bank-dependent firms and firms with access to the public debt market. I devote a special attention to the Lehman Brothers bankruptcy event and its effect on U.S. and European firms. Given the global integration of the financial sector, I investigate the propagation of financial shocks from one economy to another. I also study the impact of Central Banks monetary policy decisions and the biggest bailout of $ 700 billion to the U.S. financial sector on bank-dependent firms.
- Energias de Portugal EDP - Electric UtilitiesPublication . Merino, Paulo; André, Maria do Rosário
- ZON Multimedia: TelecommunicationsPublication . Nogueira, Vera Falcão; André, Maria do Rosário
- BRISA: Transportation & MotorwaysPublication . Moita, Marta; André, Maria do RosárioBrisa dedicates its core business to the operation and maintenance of tolled motorways even though is able to provide related services through its subsidiaries – supply of electronic toll system with Via-Verde or car inspections with Controlauto are two examples of possible services. Brisa’s main competitive advantage stands for it’s know how and expertise in the concession sector as well as in toll equipments’ technology.
- Jerónimo Martins: Food RetailPublication . Ventura, Maria do Carmo; André, Maria do RosárioThis Equity Research aims to deeply study Jerónimo Martins Company. At a starting point, we developed our valuation model, which main inputs and assumptions will be exposed later on in this report. Once the analytical side of the work is completed, it was time to proceed to an analysis of some aspects considered the company’s “Extra Keys of Analysis”. So, the latter together with our analytical model and the assessment of the trends in the markets where the company operates, allowed us to come up with our final investment conclusion. The final objective of this Research is to estimate the per share target of Jerónimo Martins FY2010 and we converged to a final value of 7.07€.
- Galp Energia: Oil & GasPublication . Henriques, Marco; André, Maria do RosárioThe present company report aims to highlight the opportunities, threats and decisions Galp will face looking forward in E&P, R&M and G&P segments. We recognize the coming years to be of crucial importance for the overall success of the company. Still, we are sure that the roots being created will sustain an attractive growth rate if Galp responds wisely to the actual challenges especially in R&M and focus its attention in E&P, namely in Brazil and Angola.
- Millennium BCP: BanksPublication . João, Luís Mendes
- Millennium BCP: BankingPublication . Ferreira, Luís; André, Maria do RosárioOur analysis is divided in two steps. Firstly, we analyse the core activity of the Bank which comprises loaning activity and banking services provided by the Bank. Secondly, we analyse non-core activity, which includes mainly investing and trading activity of the Bank that are not directly linked with core activity. After analysing in detail the major components of each activity, we assess their individual profitability and perform a comprehensive valuation of the Bank. Subsequently, we performed a risk analysis of our valuation starting with a sensitivity analysis for key variables followed by a scenario analysis in order to capture the correlation among them. Succinctly, the major highlights of our analysis are: Currently, rising funding costs is one of the major hindrances to Bank’s profitability. Deposits spreads for BCP went an average of -120 b.p. before 2009, to more than 100 b.p. in 2009. Likewise, spreads on Bank’s debt securities have increased nearly 150 b.p.. Besides general increase of cost of risk, deteriorating credit quality of the Bank contributes significantly for the sharp increase in spreads. The high level of indebtedness and bleak prospects for Portuguese economy that makes international funds more expensive and deteriorates the quality of Bank’s assets, namely its vast loans portfolio, and the weak capital ratios of the Bank, are two of the main causes for the expensiveness of Bank’s debt funds. Non-performing loans (NPL) in loans portfolio is another serious problem for the Bank, having increased more than €1.300 Million since 2007. Shrinking coverage margins have kept this problem from showing up in net earnings. However, with coverage ratios below 100%, and the expected poor performance of Portuguese economy with skyward unemployment rates, we expect loans impairment losses to surpass €900 Million, within 3 years. The likely increase in market reference interest rates along with significant spreads increases in loans may escalate the problem drastically, especially if Portuguese economy fails to recover considerably from current crisis. Problems mentioned above would be less worrying to shareholders if the Bank was able to transfer, entirely and rapidly, these extra costs to customers. However, a great part of loans portfolio is composed by long-term mortgage loans whose contract terms are fairly fixed, thus retarding significantly the repricing of portfolio. Yet, the major problem is the limited capacity of Portuguese families and small and medium companies to absorb this new extra cost of their loans, with little or none increase of their income. Indeed, in many cases, the Bank will have to manage a delicate balance between spread increases and increased probability of default and occurrence of significant capital losses. In response to these adversities, we expect that the Bank will continue to improve its operational efficiency that has had a considerable development in last years.
- Portugal Telecom: Portugal/ DJ Euro Stoxx TelecomPublication . Gonçalves, João Bôto; André, Maria do Rosário