Equity research - Ryanair Holding PLC

Mestrado em FinançasDe acordo com o projeto de trabalho final do Mestrado em Finanças, o presente Equity Research visa a avaliação detalhada da empresa Ryanair Holdings Plc, segundo as recomendações do CFA Institute. Inicialmente decidi estudar uma empresa da indústria da aviação uma vez que é uma indústria que me suscita interesse e gostava de conhecer a forma como se organiza. Posto isto, elegi a Ryanair porque apesar de ser uma empresa europeia da indústria da aviação, é pioneira em operar com tarifas ultra-baixas oferecendo mais de 2000 voos de curta distância por dia, servindo mais de 200 aeroportos através da Europa. Este relatório comtempla apenas a informação disponibilizada até 26 de Outubro de 2018, qualquer informação ou evento posterior a esta data não foram considerados. O preço alvo foi calculado através do método de avaliação absoluto, o método dos Fluxos de Caixa Atualizados (DCF), sendo complementado pelo método de avaliação relativa, o método dos múltiplos comparáveis. É expectável que no final de 2019 o preço-alvo seja de €10.18, representando uma potencial desvalorização de 17.07% face ao preço corrente de €12.27. Os principais riscos inerentes ao preço-alvo são o aumento do preço dos combustíveis ou o aumento do prêmio de risco de mercado. Deste modo, a nossa recomendação final para a Ryanair Holding Plc é VENDER.According to the final work project of the Master of Finance, this Equity Research aims at the detailed evaluation of the company Ryanair Holdings Plc, according to the recommendations of the CFA Institute. Initially I decided to study an aviation industry company since it is an industry that appeals to me and I would like to know how it is organized. That said, I have chosen Ryanair because despite being a European airline company, it is pioneering to operate at ultra-low fares offering more than 2000 short-haul flights a day, serving more than 200 airports across Europe. This report contemplates only the information made available until October 26, 2018. Any information or events after this date have not been considered. The target price was calculated using the absolute valuation method, the discounted cash flow method (DCF), and was supplemented by the relative valuation method and the comparable multiples method. It is expected that at the end of 2019 the target price will be €10.18, representing a potential downside of 17.07% against the current price of €12.27. Thus, based on the analysis conducted on Ryanair Holding Plc, our final recommendation is to SELL.info:eu-repo/semantics/publishedVersio

Characterisation of microbial attack on archaeological bone

As part of an EU funded project to investigate the factors influencing bone preservation in the archaeological record, more than 250 bones from 41 archaeological sites in five countries spanning four climatic regions were studied for diagenetic alteration. Sites were selected to cover a range of environmental conditions and archaeological contexts. Microscopic and physical (mercury intrusion porosimetry) analyses of these bones revealed that the majority (68%) had suffered microbial attack. Furthermore, significant differences were found between animal and human bone in both the state of preservation and the type of microbial attack present. These differences in preservation might result from differences in early taphonomy of the bones. © 2003 Elsevier Science Ltd. All rights reserved