Equity research - Continental AG

Mestrado em FinançasO seguinte trabalho final de mestrado faz uma avaliação da empresa Continental AG, baseada apenas em informação publica até 24 de abril 2019. Esta avaliação segue o formato recomendado pelo CFA institute. A Continental AG é um dos líderes de mercado na indústria dos pneus e do equipamento original automóvel. Foi fundada em 1871 em Hanover, Alemanha, como resultado de uma fusão entre Continental-Caoutchouc e Gutta-Percha Compagnie, e, hoje é a empresa mãe do grupo Continental. Esta avaliação realizou uma análise intrínseca do valor da empresa, baseada no método de fluxos de caixa atualizados, através da perspetiva dos fluxos de caixa para a empresa, suportada por uma avaliação relativa e coerente com o consenso da Reuters. O preço alvo final é de €167.4/ação para a empresa Continental no final do ano de 2019 e a respetiva recomendação é de manter, baseada num potencial de subida de 9% comparado com o preço da ação em 24 de abril 2019 e num perfil de risco médio.The following project is a valuation of the company Continental AG, based solely in public information until the 24th of April 2019. It follows the format recommend by the CFA institute. Continental AG is one of the global players in the tyre and automotive Original Equipment Manufacturer (OEM) industries. It was founded in 1871 in Hanover, Germany, as result of a merger between Continental-Caoutchouc and Gutta-Percha Compagnie, and, today is the parent company of the Continental group. This valuation derived from an intrinsic valuation, based in a Discounted Cash Flow (DFC) method through a Free Cash Flow to the Firm (FCFF) perspective, supported by a relative valuation and coherent with the Reuters consensus. The final target price is €167.45/sh for Continental at 2019YE and a respective HOLD recommendation, based on a upside potential of 9% compared to Continental share price at 24th of April 2019 and a medium risk profile.info:eu-repo/semantics/publishedVersio

A business management approach to the industrial strategy of Greece

World trade nowadays is dominated by developed countries. Less developed countries find it difficult to increase their standard of living because of concentration of technology in those highly industrialised countries, thus, constraints are imposed to their development. Technological concentration varies between products and industries and therefore, the ordinary macroeconomic approach to development used in many countries is not sufficient. An industrial strategy followed in any country should pay attention to these differences on the industry level, because these differences determine the success of a country. This means that a business management approach to industrial strategy should be followed for a country and its industries. Such an approach will identify the competitiveness of the country and its industries and will result in a more efficient policy formulation. This dissertation describes this approach and illustrates its use by taking the example of Greece and her electrical domestic appliances and footwear industries. Details of the findings are in Chapter 10

Who Really Made Your Car?: Restructuring and Geographic Change in the Auto Industry

The authors present the key characteristics of the vast network of auto parts suppliers and describe the changing geography of U.S. motor vehicle production at the local, regional, national, and international levels.https://research.upjohn.org/up_press/1011/thumbnail.jp

The impact of product visual aspects on development processes and success in the component supply industry

This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.The study describes how product visual aspects affect development processes and success in the component supply industry. Past research has demonstrated the importance of the product development function to component supply companies. Previous publications have also shown that visual and aesthetic properties are important for the success of manufactured products. The objective of the study was firstly, to establish on a general level how supply companies control the development process and whether supplier involvement in component development affects their business success. The second stage was to examine more specifically whether visual aspects of products affect development control and business success in the supply industry. The thesis is presented as six chapters. Chapter 1 provides an introduction. Chapter 2 sets up a model of product development in the supply industry, conducts a series of case studies in industry and develops three hypotheses predicting the impact of product visuals on the development process and success in the component supply industry. In chapter 3 develops a research method for an extensive survey. Chapter 4 plots the data collected in the survey. Chapter 5 discusses the plots examining the three hypotheses. It was shown that supplier control in the development of component visuals decreased with the visual significance of the component in the final product. Furthermore, component profits for supply companies increased with the visual significance of the component in the final product. Finally in chapter 6 conclusions are made.Financial support was obtained from HIBY TEC Gmb

Technology Entrepreneurship : A Treatise on Entrepreneurs and Entrepreneurship for and in Technology Ventures. Band 2

The treatise is the first coherent and comprehensive presentation of the important sub-field of "technology entrepreneurship" emphasizing the science and engineering perspectives. It is a presentation of technology entrepreneurship as an inter-cultural approach referring to the US and Germany. It integrates micro- and macro aspects referring to numerous cases of firms\u27 foundations. The book provides also a new semi-quantitative approach to growth of new technology ventures

Essays on Creative Ideation and New Product Design

Creative ideation, i.e., the generation of novel ideas, represents the terminus-a-quo in the design and development of innovative products. In my dissertation essays, I examine two approaches employed by firms for creative ideation, (1) channeled ideation, a closed approach, which involves applying replicable patterns or properties observed in historical innovations and (2) idea crowdsourcing, an open approach where firms invite crowds to contribute ideas to solve a specific challenge. In my studies, I clarify how firms can incorporate market-related information in the channeled ideation process and examine how the selection of ideas in crowdsourcing challenges relates to local and global novelty. In Essay 1, “Attribute Auto-dynamics and New Product Ideation,” I introduce a replicable property – attribute auto-dynamics, observed in several novel products, where a product possesses the ability to modify its attributes automatically in response to changing customer, product-system, or environmental conditions. I propose a typology of attribute auto-dynamics, based on an analysis of U.S. utility patents. Based on this typology, I specify a procedural framework for new product ideation that integrates market-pull relevant knowledge and technology-push relevant knowledge. I also illustrate how managers and product designers can apply the framework to identify new product ideas for specific target markets using a channeled ideation approach. In Essay 2, “Selection in Crowdsourced Ideation: Role of Local and Global Novelty,” I examine how the selection of ideas in crowdsourced challenges depends on the form of novelty – local or global. Firms often turn to idea crowdsourcing challenges to obtain novel ideas. Yet prior research cautions that ideators and seeker firms may not select novel ideas. To reexamine the links between idea novelty and selection, I propose a bi-faceted notion of idea novelty that may be local or global. Examining data on OpenIDEO, I find that the selection of novel ideas differs according to the selector, the form of novelty, and the challenge task structure. I also specify a predictive model that seeker firms can leverage when ideator selection metrics such as likes are unavailable.Doctor of Philosoph

A Note on Culture-sensitive Knowledge Management in OE-sales Area of Robert Bosch GmbH

A knowledge oriented culture is often considered as a basic infrastructure for successful Knowledge Management. Decentralized knowledge activities at Bosch follow the given company culture and do not try to affect cultural aspects at short notice. The internal analysis of knowledge culture bases on a Bosch-specific three-level model. This model is used for research activities on Bosch internal knowledge markets . As result, a specific Knowledge Culture Index can be defined. This Index helps to show the potentials of knowledge management solutions in one single organizational context

Upgrading across Organisational and Geographical Configurations

__Abstract__ This thesis deals with upgrading: a process of learning and knowledge sourcing in order to generate value added. We analyse how upgrading takes place across various organisational configurations: formal collaboration, clusters, projects, and events. Moreover, we investigate the process of upgrading within, as well as between, different spatial scales, and analyse the role of different actors, upgrading mechanisms, and the symbolic and synthetic knowledge bases. We study the upgrading process in a number of empirical case studies of the Chinese automotive industry. We find that in addition to upgrading in formal collaboration – through joint-ventures in particular – upgrading also takes place in other organisational configurations. We unveil that clusters and events are of particular importance for upgrading via ‘monitoring’ and ‘buzz’. Hereby, we stress the critical role of event organisers as ‘temporary cluster managers’, acting as a bridge between the global and Chinese automotive industry. We also show the importance of the project configuration which crosses over other organisational configurations, and upgrading in projects takes place via nearly all upgrading mechanisms. In addition, we provide new empirical evidence for the importance of physical co-presence of different specialists in the automotive industry on the (temporary) local scale to enable non-verbal communication, while on the other hand, we demonstrate that upgrading of the synthetic and symbolic knowledge bases has a global dimension as well