Consolidation in the luxury sector : study of a merger between LVMH and Hermès

The current degree of globalization that characterizes most of the world’s modern markets has created a fertile ground for the advent of focused, multinational groups of companies. The complexity of these entities presents itself both as a remarkable achievement in sociological terms but also gives way to new and challenging aspects that human rationality must explore, counting on its inherent curiosity. In this context, this thesis makes an attempt to tackle the problem of valuing multinational firms and providing a possible outcome to a hypothesized merger between two global players in the luxury sector: LVMH and Hermès. The goal that this work proposes to achieve includes an analysis of both companies financial history, coupled with forecasted future performance and valuation as a means to infer on the potential synergetic effects that might arise from a merger. This is done by using methodologies that follow state of the art valuation approaches and are heavily supported by economic and financial theory, while still recognized by the top practitioners working in the areas of corporate finance and investment analysis. The outcome of this study has yielded mainly two conclusions: the fact that, by the end of 2010, both Hermès and LVMH’s stock seem to be overvalued by the market and that a merger would effectively give way to the creation of synergies, thus making it a sensible decision in economic and financial terms. In this sense, the share prices of LVMH and Hermès have been estimated at €118,83 and €126,26 per share, respectively, while the value of synergies was found to be approximately €10B

When native species become invasive: the case of bamboos in fragmented forests of Southern Brazil.

ESA 2013. Abstract. COS 29-2

Forest succession stagnation in southern Brazil forests: the role of bamboos.

Edição dos abstracts do 24º IUFRO World Congress, 2014, Salt Lake City. Sustaining forests, sustaining people: the role of research

Sistemas agroflorestais: restauração ambiental e produção no âmbito da Floresta Ombrófila Mista.

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Variação da habilidade combinatória em população restauradora para o desenvolvimento de genitores de híbridos de arroz.

Baseia-se na exploração da macho-esterilidade genética utilizada na população restauradora em processo de seleção recorrente

Bamboo influence on natural regeneration - a case study in a Araucaria Forest fragment in Brazil.

IUFROLAT 2013. Disponibilizado online. Resumen

Avaliação do comportamento da regeneração natural em duas subtipologias de Floresta Ombrófila Mista.

Resumo

Electrical and raman scattering studies of ZnO:P and ZnO:Sb thin films

A study on the structure, electrical and optical properties of ZnO thin films produced by r.f. magnetron sputtering and implanted either with phosphorous (P) or antimony (Sb) is reported in this work. Raman spectroscopy, X-ray diffraction, optical transmittance and Hall effect measurements have been employed to characterize the samples. X-ray diffraction and Raman scattering patterns confirm that, after a 500ºC annealing, the doped films keep a polycrystalline nature with (002) preferred orientation. These films are very transparent and Hall effect results show that all have p-type conduction, despite doping ion and dose. The electric resistivity reaches values of 0.012 (cm) and 0.042 (cm) for the P and Sb-doped samples, respectivel