Equity research - EDP Renováveis

Mestrado em FinançasA EDPR é uma empresa que opera no sector da energia renovável e é hoje uma das mais importantes a trabalhar nesta área. O seu principal objectivo consiste em ser uma referência na indústria, por desenvolver, construir e operar as melhores centrais eólicas e solares no mundo. Ao contrário de muitas outras empresas que estão a ter alguns problemas com a actual conjuntura económica, a EDPR, ao investir num moderno e atractivo sector, tem conseguido ultrapassar com sucesso as dificuldades e por isso, está a construir um crescimento significativo e sólido. A elaboração deste estudo tem o propósito de obter o valor intrínseco das acções da EDPR, assente numa análise do seu desempenho operacional e do seu ambiente exógeno. O método adoptado para determinar este valor consiste no Free Cash Flow to Firm, uma vez que, de acordo com a revisão da literatura, é o mais adequado a aplicar à EDPR. A avaliação realizada levou à conclusão de que em 31/12/2014, as acções da EDPR tinham um valor intrínseco de - 6.49, estando dessa forma subvalorizadas, uma vez que a sua cotação era - 5.40 na data referida. Deste modo, com uma potencial valorização de 20.2%, foi possível dar uma recomendação de compra aos investidores interessados.EDPR is a company that operates in the sector of the renewable energy and it is today one of the most important working in this area. Its main goal consists on being a reference in the industry for developing, building and operating the best wind farms and solar plants in the world. Unlike many other companies that are having some problems with the present economic framework, EDPR, by investing in a modern and most required sector, is successfully managing to overcome the difficulties and therefore it is building a significant and solid growth. The elaboration of this study has the aim to achieve the intrinsic value of EDPR stocks, by making a research of the operational performance and its exogenous environment. The method adopted in order to determine this value consists on the Free Cash Flow to Firm, since, according with the literature review, this is the most suitable one to apply to EDPR. The valuation performed led to the conclusion that on 31/12/2014, EDPR shares had an intrinsic value of - 6.49, being thus undervalued, since its quotation was - 5.40 at the time referred to. Therefore, with a potential appreciation of 20.2%, it was able to give a buy recommendation to the interested investors

Approaching European Supervisory Risk Assessment with SupTech: A Proposal of an Early Warning System

Guerra, P., Castelli, M., & Côrte-Real, N. (2022). Approaching European Supervisory Risk Assessment with SupTech: A Proposal of an Early Warning System. Risks, 10(4), 1-23. [71]. https://doi.org/10.3390/risks10040071Risk analysis and scenario testing are two of the core activities carried out by economists at central banks. With the increasing adoption of machine learning to enhance decision-support systems, and the amount of collected data spiking, institutions provide countless use-cases for the application of these innovative technologies. Consequently, in recent years, the term sup-tech has entered the financial jargon and is here to stay. In this paper, we address risk assessment from a central bank’s perspective. The uptrending number of involved banks and institutions raises the necessity of a standardised risk methodology. For that reason, we adopted the Risk Assessment Methodology (RAS), the quantitative pillar from the Supervisory Review and Evaluation Process (SREP). Based on real-world supervisory data from the Portuguese banking sector, from March 2014 until August 2021, we successfully model the supervisory risk assessment process, in its quantitative approach by the RAS. Our findings and the resulting model are proposed as an Early Warning System that can support supervisors in their day-to-day tasks, as well as within the SREP process.publishersversionpublishe

Role of lysine and acidic amino acid residues on the insecticidal activity of Jackbean urease

AbstractCanavalia ensiformis has three isoforms of urease: Jackbean urease (JBU), Jackbean urease II and canatoxin. These isoforms present several biological activities, independent from the enzymatic property, such as entomotoxicity and antifungal properties. The entomotoxic activity is a property of the whole protein, as well as of a 10 kDa peptide released by insect digestive enzymes. Here we have used chemical modification to observe the influence of lysines and acidic residues on JBU enzymatic and insecticidal activities. Chemical modification of lysine residues was performed with dimethylamine–borane complex and formaldehyde, and acidic residues were modified by 1-ethyl-3-(3-dimethylaminopropyl) carbodiimide and ethylenediamine. Derivatized ureases, called JBU-Lys (lysine-modified) and JBU-Ac (acidic residues-modified), were assayed for their biochemical and insecticidal properties. Neither modification altered significantly the kinetic parameters analyzed, indicating that no residue critical for the enzyme activity was affected and that the modifications did not incur in any significant structural alteration. On the other hand, both modifications reduced the toxic activity of the native protein fed to Dysdercus peruvianus. The changes observed in the entomotoxic property of the derivatized proteins reflect alterations in different steps of JBU's toxicity towards insects. JBU-Ac is not susceptible to hydrolysis by insect digestive enzymes, hence impairing the release of toxic peptide(s), while JBU-Lys is processed as the native protein. On the other hand, the antidiuretic effect of JBU on Rhodnius prolixus is altered in JBU-Lys, but not in JBU-Ac. Altogether, these data emphasize the role of lysine and acidic residues on the insecticidal properties of ureases

Oxidative stress is tightly regulated by cytochrome c phosphorylation and respirasome factors in mitochondria

Respiratory cytochrome c has been found to be phosphorylated at tyrosine 97 in the postischemic brain upon neuroprotective insulin treatment, but how such posttranslational modification affects mitochondrial metabolism is unclear. Here, we report the structural features and functional behavior of a phosphomimetic cytochrome c mutant, which was generated by site-specific incorporation at position 97 of p-carboxymethyl-l-phenylalanine using the evolved tRNA synthetase method. We found that the point mutation does not alter the overall folding and heme environment of cytochrome c, but significantly affects the entire oxidative phosphorylation process. In fact, the electron donation rate of the mutant heme protein to cytochrome c oxidase, or complex IV, within respiratory supercomplexes was higher than that of the wild-type species, in agreement with the observed decrease in reactive oxygen species production. Direct contact of cytochrome c with the respiratory supercomplex factor HIGD1A (hypoxia-inducible domain family member 1A) is reported here, with the mutant heme protein exhibiting a lower affinity than the wild-type species. Interestingly, phosphomimetic cytochrome c also exhibited a lower caspase-3 activation activity. Altogether, these findings yield a better understanding of the molecular basis for mitochondrial metabolism in acute diseases, such as brain ischemia, and thus could allow the use of phosphomimetic cytochrome c as a neuroprotector with therapeutic applications.España, Junta de Andalucía BIO-198España MINECO BFU2015-71017/BM

Discurso del Sr. Juan Cueto sobre Las vicisitudes de nuestras antiguas cortes hasta su incorporación a las de Castilla, e influencia de este suceso en el establecimiento de la unidad política

Copia digital. Valladolid : Junta de Castilla y León. Consejería de Cultura y Turismo, 201

Microfluidics in Membraneless Fuel Cells

In the 1990s, the idea of developing miniaturized devices that integrate functions other than what normally are carried out at the laboratory level was conceived, and the so-called “lab-on-a-chip” (LOC) devices emerged as one of the most important research areas. LOC devices exhibit advantages related to the use of microfluidic channels such as small sample and reagent consumption, portability, low-power consumption, laminar flow, and higher surface area/volume ratio that enhances both thermal dissipation and electrochemical kinetics. Fuel cells are electrochemical devices that convert chemical energy to electrical energy. These are considered as one of the greener ways to generate electricity because typical fuel cells produce water and heat as the main reaction byproducts. The technical challenges to develop systems at the microscale and the advantages of microfluidics exhibited an important impact on fuel cells for several reasons, mainly related to avoid inherent problems of gaseous-based fuel cells. As a result, the birth of a new type of fuel cells as microfluidic fuel cells (MFCs) took place. The first microfluidic fuel cell was reported in 2002. This MFC was operated with liquid fuel/oxidant and had the advantage of the low laminar flow generated using a “Y” microfluidic channel to separate the anodic and cathodic streams, resulting in an energy conversion device that did not require a physical barrier to separate both streams. This electrochemical system originated a specific type of MFCs categorized as membraneless also called colaminar microfluidic fuel cells. Since that year, numerous works focused on the nature of fuels, oxidants and anodic/cathodic electrocatalysts, and cell designs have been reported. The limiting parameters of this kind of devices toward their use in portable applications are related to their low cell performances, small mass activity, and partial selectivity/durability of electrocatalysts. On the other hand, it has been observed that the cell design has a high effect on the cell performance due to internal cell resistances and the crossover effect. Furthermore, current technology is growing faster than last centuries and new microfabrication technologies are always emerging, allowing the development of smaller and more powerful microfluidic energy devices. In this chapter, the application of microfluidics in membraneless fuel cells is addressed in terms of evolution of cell designs of miniaturized microfluidic fuel cells as a result of new discoveries in microfabrication technology and the use of several fuels and electrocatalysts for specific and selective applications

Crisol sagrado, histórico, politico, moral, funebre declamado en la sumptuosas exequias que en la Iglesia Parroquial de N. Sra. de los Remedios dedicò su ... Ciudad de la Laguna à la exemplar regia memoria del señor Fernando VI ...

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