1 research outputs found
Valuation of a Portuguese company: Novabase, SGPS
Novabase is the Portuguese leader in the Information Technology industry and it is present in
more than 35 countries. This company operates in two business segments ā Business Solutions
and Venture Capital ā and is listed on the Euronext Lisbon stock exchange.
The aim of this thesis is to determine the value of Novabaseā shares.
The valuation was based on three valuation models: Discounted Cash Flow (DCF), through the
Free Cash Flow to the Firm; Economic Value Added (EVA); and relative valuation (multiples
and comparables).
To better frame this valuation was made an analysis of the company and its main competitors,
an analysis of the macroeconomic environment and an analysis of the Novabaseās main
industry.
The valuation using the DCF model resulted in a share value of 1,87 euros, while through the
EVA model was obtained a value per share of 2,10 euros. The relative valuation presented a
lower value for the Novabaseā shares, resulting in an average share price of 1,83 euros.
A sensitivity analysis for the DCF and EVA was made to assess the impact of the main
assumptions, such as perpetual growth rate and discount rate used, in the share values obtained.
Lastly, the results of the valuation were compared to the market values at the end of 2017 and
at the end of August of 2018 (3,05 euros and 2,72 euros, respectively); and to the valuation
recommendations and values given by BPI and IM Valores SV (2,75 euros and 2,50 euros,
respectively).
The final recommendation given is Sell.Novabase Ć© a empresa portuguesa lĆder em Tecnologias de InformaĆ§Ć£o e estĆ” presente em mais
de 35 paĆses. Esta empresa opera em dois segmentos de negĆ³cio ā SoluƧƵes Empresariais e
Capital de Risco ā e estĆ” cotada na bolsa de valores Euronext Lisboa.
O objetivo desta tese Ʃ determinar o valor das aƧƵes da Novabase.
A avaliaĆ§Ć£o foi baseada em trĆŖs modelos de avaliaĆ§Ć£o: Discounted Cash Flow (DCF), atravĆ©s
do Free Cash Flow to the Firm; Economic Value Added (EVA); e avaliaĆ§Ć£o relativa (mĆŗltiplos
e comparƔveis).
Para melhor enquadrar esta avaliaĆ§Ć£o foi feita uma anĆ”lise da empresa e seus principais
concorrentes, uma anĆ”lise do ambiente macroeconĆ³mico e uma anĆ”lise da indĆŗstria principal
da Novabase.
A avaliaĆ§Ć£o pelo modelo DCF resultou num valor por aĆ§Ć£o de 1,87 euros, enquanto atravĆ©s do
modelo EVA foi obtido um valor por aĆ§Ć£o de 2,10 euros. A avaliaĆ§Ć£o relativa apresentou um
valor mais baixo para as aƧƵes da Novabase, resultando num preƧo das aƧƵes mƩdio de 1,83
euros.
A anƔlise de sensibilidade para o DCF e EVA foi feita para avaliar o impacto dos principais
pressupostos, como taxa de crescimento perpƩtuo e taxa de desconto, nos valores das aƧƵes
obtido.
Por fim, os resultados da avaliaĆ§Ć£o foram comparados com os valores de mercado no final de
2017 e no final de agosto de 2018 (3,05 euros e 2,72 euros, respetivamente); e com as
recomendaƧƵes e valores da avaliaĆ§Ć£o dados pelo BPI e IM Valores SV (2,75 euros e 2,50
euros, respetivamente).
A recomendaĆ§Ć£o final Ć© de Venda