Equity valuation: Manchester United Plc

This project’s principal goal is to perform an Equity Valuation of Manchester United Plc, in order to determine an implied share price resorting to forecasting future cash flows. Hence, to be able to perform this valuation, a company and industry analysis was conducted, as well a projection of its evolution. Manchester United Plc is the company which runs Manchester United Football Club, one of England’s biggest clubs and also one of the most well-known clubs in the World, with a great amount of supporters and followers in every continent. Like every football club, its business is conducted through three main segments: Commercial, Broadcasting and Matchday. To assess the company’s enterprise value, there were utilized two different methodologies, DCF and Multiples Valuation. However, due to Manchester United trading at a clear premium and the small number of publicly traded football clubs, Multiples Valuation was deemed not significant. With the Discounted Cash Flow method, the implied share price was $11,86, which was compared with the stock price at two different moments. Comparing with the market in 21/11/2022, before the Board’s announcement that they are looking to sell the club, it represented a depreciation of 9comparing with the share price in 25/11/2022, we recommend selling it, due to a downside of 44In conclusion, considering the latest development, a recommendation to buy is made.O objetivo desta dissertação é fazer uma avaliação global do Manchester United Plc, com o intuito de calcular o preço da ação recorrendo à previsão dos seus Cash Flows futuros. Assim, para a avaliar a empresa, foi efetuada uma análise da própria empresa e da indústria onde está inserida, bem como a previsão da sua evolução. A Manchester United Plc é a empresa que gere o Manchester United Football Club, um dos maiores clubes de Inglaterra, bem como um dos maiores e mais famosos clubes do Mundo, com um grande número de fãs e apoiantes em todos os continentes. Tal como todos os clubes de futebol, o clube opera através de três principais segmentos: Comercial, Transmissões Televisivas e Bilheteira. Para avaliar o valor da empresa foram utilizadas duas metodologias, DCF e Múltiplos. No entanto, tendo em conta que a ação do clube é transacionada a um valor muito superior aos seus pares e que não existem muitos clubes cotados em bolsa, a avaliação de Multiplos não foi considerada significante. De acordo com o método DCF o preço da ação calculado foi$11,86, tendo sido comparado com o preço do mercado em dois momentos diferentes. Em 21/11/2022, antes da Direção anunciar a sua intenção de venda, o valor representava uma depreciação de 9%, para a qual recomendamos manter a ação. Por outro lado, após o anúncio a recomendação é vender a ação, visto representar uma desvalorização de 44%. Em conclusão, considerando os recentes acontecimentos, é obtida uma recomendação de venda

Optimization of zirconia surface textured designs using Nd:Yag laser for biomedical applications

The development of surface textured designs has influence in primary stability of surgically placed implants since a textured surface allows to firmer mechanical link to the surrounding tissue. Laser technology has been investigated to develop new surface designs on green zirconia compacts by cold pressing. Nd:Yag laser were used to produce several strategies and different laser parameters (laser power, speed and laser passages) were tested to evaluate their impact on cavities geometry and depth. The surface texture designs were analysed by Scanning Electron Microscopy (SEM) and regular geometries such as cavities or pillars were observed. The distance between lines have a strong impact on texturing quality and should be combined with optimum power and speed conditions. Regarding the optimized conditions, several surface textured patterns were created in both green and sintered zirconia compacts. This study allowed to conclude that only some texturing strategies are suitable to obtain high quality surface textured patterns. Otherwise, the remaining strategies are potential solutions for obtaining high quality machined structures (laser does not machine cavities but crosses the entire bulk). High strength zirconia scaffolds were machined by laser and CNC machining technologies and the two promising technologies were compared.This work is supported by FCT (Fundação para a Ciência e a Tecnologia) through the grant SFRH/BD/148031/2019, the project UIDB/04436/2020 and UIDP/04436/2020

Catálogo Taxonômico da Fauna do Brasil: setting the baseline knowledge on the animal diversity in Brazil

The limited temporal completeness and taxonomic accuracy of species lists, made available in a traditional manner in scientific publications, has always represented a problem. These lists are invariably limited to a few taxonomic groups and do not represent up-to-date knowledge of all species and classifications. In this context, the Brazilian megadiverse fauna is no exception, and the Catálogo Taxonômico da Fauna do Brasil (CTFB) (http://fauna.jbrj.gov.br/), made public in 2015, represents a database on biodiversity anchored on a list of valid and expertly recognized scientific names of animals in Brazil. The CTFB is updated in near real time by a team of more than 800 specialists. By January 1, 2024, the CTFB compiled 133,691 nominal species, with 125,138 that were considered valid. Most of the valid species were arthropods (82.3%, with more than 102,000 species) and chordates (7.69%, with over 11,000 species). These taxa were followed by a cluster composed of Mollusca (3,567 species), Platyhelminthes (2,292 species), Annelida (1,833 species), and Nematoda (1,447 species). All remaining groups had less than 1,000 species reported in Brazil, with Cnidaria (831 species), Porifera (628 species), Rotifera (606 species), and Bryozoa (520 species) representing those with more than 500 species. Analysis of the CTFB database can facilitate and direct efforts towards the discovery of new species in Brazil, but it is also fundamental in providing the best available list of valid nominal species to users, including those in science, health, conservation efforts, and any initiative involving animals. The importance of the CTFB is evidenced by the elevated number of citations in the scientific literature in diverse areas of biology, law, anthropology, education, forensic science, and veterinary science, among others

Definition of the Portuguese frameworks with international relevance as an input for the European geological heritage characterisation

This work constitutes the first contribution for the systematisation of the geological heritage knowledge in Portugal, following the international recomendations for the characterisation of geological heritage (IUGS, ProGEO). The application of the ProGEO methodology has resulted on the creation of fourteen frameworks with international relevance, established by consensus among the Portuguese geological community. The description of each category in this paper is not exhaustive and just the most relevant scientific settings are presented. The following are the three key outcomes of this work: i) At a national level, the most important geosites are identified, indicating where geoconservation efforts should be prioritised through scientific justification; ii) At a regional level, conditions have been developed to foster dialogue with Spanish colleagues in order to create Iberian frameworks; iii) At an international level, is now possible to integrate Portuguese geosites in the global inventories promoted by IUGS, UNESCO, and ProGEO

O inventário nacional do património geológico : abordagem metodológica e resultados = The national inventory of geological heritage : methodological approach and results

A existência de um inventário nacional de património geológico é fundamental para se poderem implementar estratégias de geoconservação. Este trabalho apresenta a metodologia usada no desenvolvimento do mais completo inventário de geossítios. realizado até ao momento em Portugal, assim como os principais resultados obtidos. O inventário vai integrar o Sistema de Informação do Património Natural e o Cadastro Nacional dos Valores Naturais Classificados, ambos geridos pelo Instituto de Conservação da Natureza e da Biodiversidade

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