Equity research - Electronic Arts, Inc.

Mestrado em FinançasEste projeto visa a analisar e avaliar a empresa Electronic Arts, Inc. (EA). Este trabalho enquadra-se no âmbito do Trabalho Final do Programa de Mestrado em Finanças, do Instituto Superior de Economia e Gestão (ISEG), Universidade de Lisboa, elaborado de acordo com o formato recomendado pelo Chartered Financial Analyst Institute. Em termos de avaliação, passamos a analisar as finanças e a administração da empresa, nos últimos sete anos, e prevemos o seu desempenho financeiro para os próximos cinco anos. A pesquisa realizada tem por base a investigação bibliográfica e documental disponíveis a 31 de março de 2018, consideradas da maior relevância para este estudo. Nenhuma informação, evento ou circunstância, posterior a esta data, foi considerada. A avaliação para determinar o preço-alvo foi conseguida por meio de uma média de dois métodos de avaliação, em particular pelo método do Fluxo de Caixa Descontado, usando o modelo de crescimento da perpetuidade e o método múltiplo sobre o valor terminal. As premissas consideradas para realizar a previsão financeira foram o resultado dos dados disponíveis divulgados publicamente pela empresa. Após o estudo realizado, que aqui apresentamos, consideramos como recomendação a compra de ações da EA, com um preço alvo de USD $107.89 para o ano de 2019, representando um potencial de valorização de 34$80.37, a 2 de janeiro de 2019.This project aims to analyze and evaluate the company Electronic Arts, Inc. (EA). This work is part of the Final Work of the Master's in Finance Program of the Instituto Superior de Economia e Gestão (ISEG), Universidade de Lisboa, prepared according to the format recommended by the Chartered Financial Analyst Institute. In terms of valuation, we have reviewed the company's finances and management over the past seven years and forecast its financial performance over the next five years. The research conducted is based on the bibliographic and documentary research available up to March 31, 2018, considered of major relevance to this study. No information, event or circumstance after this date has been considered. The valuation to determine the target price was achieved by averaging two valuation methods, using the discounted cash flow method, applying the perpetuity growth model and the multiple method over the terminal value. The assumptions considered to make the financial forecast were the result of the available data publicly disclosed by the company. Given the study developed, we consider a buy recommendation over EA stocks, with a target price of USD $107.89 for 2019, representing an appreciation potential of 34$80.37 release on January 2, 2019.info:eu-repo/semantics/publishedVersio

Modelling the hydrodynamic and morphosedimentary response of an beach-headland system (Algarve, Southern Portugal)

Future behaviour of beaches within a headland-beach system is of fundamental interest on coastal evolution since they act as a buffer between the waves’ attack and the cliffs backing them. The beaches at the cliffs’ foot anchored between headlands are space-limited environments to morphosedimentary processes.info:eu-repo/semantics/publishedVersio

Large scale additive manufacturing of eco-composites

The evolution of additive manufacturing processes is enabling the production of parts with improved dimensional accuracy, mechanical, physical and chemical properties [1]. New materials also contribute to this trend, and in this scope, eco-composites, materials with environmental and ecological advantages, which include natural polymers, have been acquiring increased relevance [2]. The purpose of this study is to develop composite material parts manufactured from recycled thermoplastics and natural fibres, in this case, wood residues. Additive manufacturing (fused deposition modelling) will be accomplished using a robot combined with extrusion unit. The objective is to access the influence of the main manufacturing parameters, such as temperature, distance between layers or deposition speed, on the final part characteristics, especially dimensional accuracy. Reverse engineering and several material analysis techniques will be employed to achieve this goal.info:eu-repo/semantics/publishedVersio

Solar thermal collector yield: experimental validation of calculations based on steady-state and quasi-dynamic test methodologies

The characterization of collector efficiency is the fundamental tool for long term calculation of collector yield. It is, thus, one of the most important inputs in software tools aiming the design of solar thermal systems. Presently two test methodologies are available for characterization of the efficiency of glazed collectors: i) steady state test and ii) quasi-dynamic test, methodologies based in different model approaches to a solar collector, providing different collector efficiency curve parameters and, consequently, imposing different power calculation algorithms. Moreover, Horta et al (2008) demonstrated that the use of the collector efficiency curve derived from steady state test method is not enough for a thorough characterization of the long term performance of a collector. The present work takes into account the introduction of the above referred test methodologies in the European Test Standard for Solar Thermal Collectors, and aims at clarifying how each test results should be used in long term thermal performance calculations. The paper presents a synthesis of the different efficiency parameters provided by each test methodology and corresponding algorithms, applicable in the calculation of delivered power. Application of these algorithms to two days of measured data allows for a comparison of the results obtained with these different methodologies. For validation purposes, results of tests performed on a CPC type collector with a concentration ratio C=1.72 are used. Measurement sequences are used to validate the calculation of power delivered by the collector using both algorithms based on steady-state methodology (with and without correction) and quasi-dynamic methodology

Comparação morfológica e sedimentar de duas praias com diferente exposição às ondas (Praia da Galé e Praia de Olhos de Água)

As praias encastradas são sistemas semifechados, sendo por essa razão áreas de estudo interessantes. Neste trabalho estudou‐se duas praias com diferentes exposições face à ondulação dominante, Praia da Galé e Praia dos Olhos de Água. Como objetivo principal, pretendeu-se compreender as condicionantes morfológicas da área de estudo, através da análise granulométrica, topográfica e a sua relação com a agitação marítima. As associações granulométricas características de cada praia, estão relacionadas com fatores locais como o pendor, exposição face à onda incidente.PTDC/CTEGIX/111230/2009 (EROS), financiado pela Fundação para a Ciência e Tecnologia (FCT

Wave transformation on shore platform and adjacent sandy beach - Southern Portugal

The knowledge on coastal processes is not only of basic and practical importance (for instance in engineering applications) but also of socio-economic relevance. Crenulated coasts are complex geomorphic environments where both erosive (into headlands) and depositional processes (in embayed beaches) occur simultaneously. Waves represent an important morphogenic factor and the most important source of energy to coastal zones. However, field data reporting the interaction between waves and rocky coastal features is still scarce, leading to a poor understanding on rates and drivers of surf attenuation at rocky shores. Waves abrasion and erosion on shore platforms depend on the platform properties, morphology of the adjacent continental shelf, and water depth upon the platform surface, which is controlled by tides, available sediment and wave climate (e.g.,Stephenson and Kirk, 2000; Marshall and Stephenson, 2011). Shore platforms extending in the intertidal zone at the rocky cliffs’ toe are natural morphological barriers to wave propagation and energy attenuation (Ogawa et al., 2011). Over short time scales the beaches in a crenulated coast are modified mainly by waves causing setup and set down in the surf zone leading to a very complex pattern and circulation modified by the interaction between the currents induced by waves and the incident waves. The mechanisms involved in morphological modifications in those environments are still not well understood (Silva et al., 2010). This work aims to compare the waves behavior both on a shore platform and adjacent pocket beach in response to exactly the same offshore wave conditions.This work was supported by a grant SFRH/BD/64497/2009, and is a contribution for the research project PTDC/CTEGIX/111230/2009 both supported by Portuguese Foundation for Science and Technology (FCT)

Three Dimensional Lagrangian Structures in Turbulent Flows: Application to Oceanic Processes

[EN] The dynamics of the ocean is characterized by multiple time and space scales of motion driven by the energy input at the large scale ocean gyres. Through the mechanism of baroclinic instability, a substantial part of this energy input is transferred to mesoscale motions, characterized by time and space scales of weeks to months and tens to hundreds of kilometers. These mesoscale motions are ubiquitous in the global ocean and occur as Rossby waves or mesoscale eddies. These last are masses of uid in nonlinear rotation, typically with diameters of the order of 100 kms and depths up to 1000 meters. They are long lived (life spans reaching few months) and can carry diferentiated water masses through hundreds of kilometers across the open ocean. Water masses in the ocean move principally in the horizontal, and vertical veloc- ities are normally negligible due to the combined ffect of rotation and stratification. However, vertical motions are at the core of extremely important processes in the ocean, specially in the vertical exchange of tracers between the stratfied interior and the well mixed superficial layers. The supply of nutrients to the usually nutrient depleted surface waters, where photosynthesis and production of new organic matter occurs, is one of such processes. Mesoscale motions are an important driver of these vertical exchanges and are responsible for a large supply of nutrients to the euphotic layer.[ES] La dinamica del océano se caracteriza por múltiples escalas espacio-temporales regidas por el suministro de energía en los giros oceánicos de gran escala. A través del mecanismo de inestabilidad baroclínico una gran parte de esta energía es tranferida a los movimientos de mesoescala caracterizados por escalas espacio-temporales de semanas a meses y de decenas a cientos de kilómetros. Estos movimientos de mesoescala son comunes en el océano y ocurren como ondas de Rossby o remolinos de mesoescala. Estos últimos constituyen uido en rotación nolineal, típicamente con diámetros del orden de los 100 kilómetros y profundidades de hasta los 1000 metros. Estos tienen un tiempo de vida extenso alcanzando algunos meses de existencia y pueden transportar masas de agua diferenciadas cientos de kilómetros a través del océano. Las masas de agua en el océano se mueven principalmente en la horizontal y las velocidades verticales son normalmente despreciables debido al efecto combinado de la rotación y la estratificación del océano. Sin embargo, los movimientos verticales están en el núcleo de procesos oceánicos muy importantes, especialmente en el intercambio vertical de los trazadores entre el interior estratficado del océano y las capas superficiales bien mezcladas. Uno de estos procesos es el suministro de los nutrientes hacia las aguas superficiales, usualmente desprovistas de nutrientes, donde la fotosíntesis y la producción del nuevo material orgánico ocurren. Los movimientos de mesoescala son un importante conductor de estos intercambios verticales y son los responsables de una gran aportación de nutrientes a la capa eufótica.Peer Reviewe

Fractionating of synthetic biology waste stream into nutrient rich extract for cosmetic industry

Amyris is a world-leading manufacturer of sustainable ingredients producing environmentally friendly products. Biofene® (or trans-β-farnesene) is a synthetic biology derived product using yeast fermentation of sugarcane. This production originates spent broth, an aqueous waste stream typically applied to land by fertirrigation. On one hand, spent broth contains recoverable added-value compounds; on the other hand, an improper disposal of this waste stream could result in negative effects and give rise to environmental concerns. Hence the importance of implementing the bio-waste refinery and circular bio-economy concepts for recovering high-value bio-products. Cosmetic industries are committed to find natural, sustainable, and functional ingredients meeting consumer’s and entities rigorous demands. Spent broth may be a source of such ingredients. Thus, the objective of this work was to assess the fractionation of the spent broth stream from Biofene® production to obtain a concentrated nutrient rich extract with potential application on cosmetics. The spent broth’s was pretreated for mineral recovery, using a chemical free process developed within the Alchemy Project. The pre-treated spent broth was then fractionated in a cascade membrane filtration process, in an attempt to recover a rich peptide and minerals fractions. This process comprised three steps: Microfiltration (MF), ultrafiltration (UF), and nanofiltration (NF). The composition of the obtained fractions was monitored in terms of total proteins and minerals contents, amino acids profile, and antioxidant capacity. All experiments were done in a crossflow filtration unit (Sepa CF, Sterlitech), coupled to a pump (G13-X, Hidra-Cell®) applying a feed recirculation of ca. 250 L/h. Microfiltration aimed to the clarification of the pre-treated spent broth, removing suspended mineral and organic particles; a Toray’s sanitary TMF membrane presented a total solids rejection factor of 51.1%, and rejection factors towards total proteins and minerals of 60.5% and 26.4%, respectively. The antioxidant capacity was higher in the obtained permeate than in the pre-treated spent broth (560 ±59 and 317 ±56 μmol TE/g by ORAC, respectively). The subsequent ultrafiltration of the MF permeate with a 5 kDa MWCO membrane (Toray Sanitary TUF) had rejection factors towards total proteins of 5.9% and of 20.0% towards minerals. The retained fraction had an interesting antioxidant capacity (685 ±64 μmol TE/g by ORAC), amino acids content (61.9 ±0.9 mg/g-dw), comprising mainly glutamic acid and aspartic acid (27 and 26 wt%, respectively), and minerals (103.6 ±5.6 mg/g-dw), mainly calcium (ca. 65 wt%). The UF permeate was further filtrated using a Toray’s sanitary NF membrane, which retained 61% of total solids, thus being a concentration step. The retained fraction was similar to that retained on the UF membrane, presenting higher antioxidant capacity (738 ±64 μmol TE/g by ORAC) and minerals content (232.4 ±17.7 mg/g-dw, mainly calcium ca. 65 wt%). The fractions resultant from the cascade filtration process, namely the UF and the NF retentates, presented interesting characteristics for cosmetics applications, particularly significant amino acids and minerals contents, and high antioxidant capacity. Indeed, amino acids are highly desired in cosmetics for their capacity to improve skin and hair quality [1]; mineral based salts, including calcium and magnesium act as absorbents, abrasives, and astringent agents, promoting skin softening and moisture [2]. Powerful antioxidant and free radical scavenging properties are also extremely valuable in anti-aging and skin protection products [3]. This work demonstrates a potential practical valorization for developing increased value bio-derived products from the Biofene® fermentation spent broth stream. The product preliminary characterization reveals interesting nutrients and bioactivities, suggesting a potential application in cosmetic industry.info:eu-repo/semantics/publishedVersio