How much is worth a non-listed company?: SATA Group valuation

JEL Classifications: G32, L93SATA is an airline company founded in 1941 by five Azorean friends who desired to transform the Azores in an independent archipelago and, at the same time they want to expand the Azores and the Azoreans to the World. The fact is that nowadays SATA is a group of 6 companies owning 12 aircrafts and its main business is the transportation of passengers from and to the middle of the Atlantic (Azores archipelago). Between 2013 and 2015 this company suffered some changes in their financial results, which, probably, some of the causes were due to external factors as the crises and the seasonality. However, the true/main factors that led SATA to a distress situation are related with internal management: routes, employees, fleet management and, as well, and mainly, the passengers. Aiming to understand the causes and consequences of those results, we decided to evaluate this Azorean airline through two different methods: Discounted Cash Flows (Free Cash Flows to the Firm and Free Cash Flows to the Equity) and Multiples. It is expectable that the SATA’s results will get better, however it is necessary and urgent to understand what was wrong and how the company would do to get the best possible earnings.A SATA (Sociedade Açoriana de Transportes Aéreos) é uma companhia aérea açoriana fundada em 1941 por cinco açorianos que ambicionavam tornar os Açores independentes e, ao mesmo tempo, ligar o arquipélago ao resto do Mundo. A verdade é que hoje em dia é uma companhia que cumpriu os seus objetivos de longevidade. A SATA é atualmente constituída por 6 empresas e detém 12 aeronaves, sendo que a sua principal atividade é o transporte aéreo de passageiros. A companhia aérea açoriana tem sofrido algumas alterações nos seus resultados principalmente entre os exercícios de 2013 a 2015. Estas alterações advêm de fatores externos como a crise e sazonalidade da indústria embora estas não sejam as principais causas. Para analisar o agravamento dos resultados da SATA é necessário ter em conta fatores internos (gestão interna), bem como gestão de rotas, de funcionários, de frota e, principalmente, de passageiros. Com intuito de avaliar esta empresa e perceber as causas e consequências dos últimos resultados da empresa, foi decidido elaborar uma análise a partir de dois métodos distintos: Discounted Cash Flows (Free Cash Flows to the Firm e Free Cash Flows to the Equity) e Múltiplos. É expectável que o Grupo SATA melhore os seus resultados a partir de 2015 e por aí em diante, embora seja necessário perceber o que levou a empresa à crise e que objetivos necessitam atingir para conseguirem obter os melhores resultados possíveis

Evaluation of the evolution of the anthocyanins profile in red wine grape varieties in Alentejo

The flavonoids (including anthocyanins) are wine compounds with important anti-oxidant activity, protecting the cells against oxidative processes, preventing cardiovascular and neurodegenerative diseases, cancer, among others (Antoniolli et al. 2015; Castañeda-Ovando et al. 2009; Hosu et al. 2014; Huang et al. 2009; Kong et al. 2003). Anthocyanins in grapes at harvest are determinant to red wine quality and their development in the grape must be characterised in order to determine the most suitable date for the harvest. Thus the aim of this research is the evaluation of anthocyanins composition in two red wine grape varieties from véraison continuing through ripening. Anthocyanins were quantified by high resolution liquid chromatography (HPLC-DAD). Additionally, the total phenols content were quantified by UV-Vis Spectrometry. The anthocyanins’ profile evolution may be dependent on the variety and ripening phase. During ripening grape samples have shown an increase of coumaryl derivatives. This information may lead us to understand the anthocyanins biosynthesis pathway in different grape varieties. The development of anthocyanins from the véraison seems to follow a pattern that coincides with the increasing accumulation of soluble sugars

Jogos educativos 3D no ensino da Física e da Química : um estudo com alunos do 7ºano de escolaridade

Orientação: Nubélia Bravo ; co-orientação: Manuel LoureiroA utilização das novas tecnologias em sala de aula é hoje uma prática comum. O caso particular da utilização de jogos educativos tem despertado o interesse de diversos autores conduzindo a estudos sobre o seu efeito na aprendizagem. Com o objetivo de determinar se a utilização de um jogo educacional, em paralelo com as práticas pedagógicas aplicadas no ensino tradicional, produz efeitos na aquisição de conhecimentos, elaborou-se um estudo recorrendo a um design quasi-experimental com dois grupos de alunos do 7º ano de escolaridade. Para implementação deste estudo, foi construído um jogo utilizando o Thinking Worlds, uma aplicação para criação de simulações e jogos 3D. Anteriormente à lecionação dos conteúdos avaliados, 48 alunos, divididos em dois grupos, experimental e de controlo, realizaram um pré-teste. Depois de cumprida toda a lecionação da unidade didática em estudo, os alunos do grupo experimental jogaram durante quatro aulas o jogo previamente construído. Os conhecimentos finais foram avaliados com recurso a um pós-teste. Verificou-se uma melhoria nos resultados em ambos os grupos tendo o grupo experimental apresentado ganhos superiores aos do grupo de controlo. As médias finais foram semelhantes no entanto, o grupo experimental inverteu a tendência registada no pré-teste e revelou melhor desempenho, embora não o suficiente para que a diferença fosse estatisticamente significativa. Tendo em consideração algumas das limitações desta investigação, pode concluir-se que a utilização de um jogo educativo 3D não foi visivelmente eficaz no contributo para melhorar a aprendizagem, sendo no entanto uma ferramenta que estimula e propicia um maior envolvimento dos alunos. Assim, este trabalho pode servir como ponto de partida para a reflexão e aprofundamento das condições em que a utilização destes jogos pode influenciar o desempenho dos alunos nos diferentes domínios da Física e da Química.The use of new technologies in classroom is usual nowadays. Educational games learning effectiveness has been studied by several authors due to its interest in this new technology. Aiming to examine if the use of an educational game along with traditional classes results in an improvement in learning, a quasi-experimental study was undertaken with two groups of students from 7th grade. In order to conduct this study, a game has been created using a tool for simulations and 3D game creation, Thinking Worlds. Previously to having any classes about the content, 48 students of the two groups answered pre-test questions. The experimental group played for 4 classes and at the end both groups did the same post-test. Results showed that both groups improved but that the experimental group revealed better gain. Even though final average was similar in the two groups and no statistical difference was found, the experimental group overturned the pre-test results, reaching better average in post-test. Regarding all the limitations of this research, one can conclude that the use of educational games was once more inconclusive about student learning, however, games motivate and engage students. Having these facts as background, this work stands as a starting point for discussion and analysis of the conditions in which the use of such games can influence the performance of students in different fields of physics and chemistry

Quality Assessment of Red Wine Grapes through NIR Spectroscopy

Red wine grapes require a constant follow-up through analytical chemistry to assure the greatest wine quality. Wet chemical procedures are time-consuming and produce residues that are hard to eliminate. NIR (near infrared radiation) spectroscopy has been referred as an accurate, rapid, and cost-efficient technique to evaluate quality in many fruit species, both in field and in industry. The main objective of this study was to develop predictive models using NIR spectroscopy to quantify important quality attributes in wine grapes. Soluble solids content (SSC), titratable acidity (TA), total phenolic content, total flavonoids, total anthocyanins, and total tannins were quantified in four red wine grape varieties, ‘Aragonês’, ‘Trincadeira’, ‘Touriga Nacional’, and ‘Syrah’. Samples were collected during 2017 and 2018 along véraison. Prediction models were developed using a near-infrared portable device (Brimrose, Luminar 5030), and spectra were collected from entire grapes under near field conditions. Models were built using a partial least square regression (PLSR) algorithm and SSC, TA, total anthocyanins, and total tannins exhibited a determination coefficient of 0.89, 0.90, 0.87, and 0.88, respectively. The Residual Prediction Deviation (RPD) values of these models were higher than 2.3. The prediction models for SSC, TA, total anthocyanins, and total tannins have considerable potential to quantify these attributes in wine grapes. Total flavonoids and total phenolic content were predicted with a slightly lower capacity, with R2 = 0.72 and 0.71, respectively, and both with a RPD of 1.6, indicating a very low to borderline potential for quantitative predictions in flavonoids and phenols model

Evaluation of the Potential of Opuntia Ficus-Indica Cladodes as a Natural Flocculant for Wastewater Treatment through Simple Procedures

Nowadays there is a search for new alternatives to replace harsh and expensive chemical methods to wastewater treatments. The common methods include the usage of chemicals that negatively affect the environment and the human health. The cladodes of Opuntia ficus-indica (L.) Mill have a great potential for use in innovative, cheap, renewable and eco-friendly water treatment due to their flocculant properties. In this work, different water treatments including fresh cladodes, lyophilized cladodes and the material obtained through mucilage extraction were tested. The turbidity of the water was measured, and it was concluded that the use of 60 g of small pieces of fresh cut cladodes was the method with the best results, reaching 4 NTU of turbidity. It confirmed the ability of O. ficus-indica (L.) Mill cladodes to promote the flocculation of clay in water, enabling to turn the unused material waste into a useful raw material

Determinação das principais antocianinas em castas tintas no Alentejo

Os compostos fenólicos (incluindo as antocianinas) estão presentes no vinho e possuem atividade antioxidante relevante, protegendo as células contra processos oxidativos, podendo ser importantes na prevenção de doenças cardiovasculares, neurodegenerativas e cancerígenas, entre outras. O objetivo deste trabalho é a avaliação da composição em antocianinas em castas de uvas tintas desde ao pintor até ao final da maturação. As antocianinas foram quantificadas por HPLC. Adicionalmente o conteúdo total em compostos fenólicos foi determinado por espectrometria UV-Vis. Observou-se nos resultados de todas as análises efetuadas um padrão repetido e consistente de evolução dos compostos em estudo. Foi ainda testado neste trabalho a quantificação das antocianinas totais, de malvidina-3- glucósido e dos compostos fenólicos totais através de um método espectroscópico baseado no espectro de absorção da zona UV. Embora a calibração deste método não tenha apresentado valores muito robustos, poderá no futuro ser utilizada como método alternativo rápido para a quantificação de antocianinas e compostos fenólicos; Abstract: «Quantification of Anthocyanins in Red Wine Grapes in Alentejo» Phenolic Compounds (including anthocyanins) are present in wine and possess significant antioxidant activity, protecting cells against oxidative processes, and preventing prevent cardiovascular, neurodegenerative and cancer diseases, among others. The aim of this study is the evaluation of the anthocyanins composition in red wine grapes from the verásion until the end of ripening. Anthocyanins were quantified by HPLC. Additionally the total content of phenolic compounds was determined by UV-Vis spectrometry. It was possible to verify in all tests that the results have a consistent evolution pattern considering different tested compounds. Anthocyanins, malvidin-3-glucoside and phenolic compounds were also quantified by a spectroscopic method based on the UV absorption spectrum. Although the calibration of this method has not presented very sturdy values, it should be improved in the future and used as an alternative method for rapid quantification of anthocyanins and phenolic content

Wine Grapes Ripening: A Review on Climate Effect and Analytical Approach to Increase Wine Quality

Red wine grapes have an important impact on the economy of many regions, both for wine quality and for their richness in phenolic compounds, which have many health benefits. Climate has been changing substantially in the last years, which affects greatly grape polyphenolic composition and wine quality. In this review, we will unveil the importance of climate in grape development, both physically and chemically, the different methodologies used to evaluate grape quality, the interesting new approaches using NIR spectroscopy, and the functional properties of grapes and red wine, due to their high phenolic content. Climate has an impact in the development of phenolic compounds in grapes, namely in the anthocyanins biosynthesis. The phenolic chemical composition changes during maturation, therefore, it is essential to keep on track the accumulation of these key compounds. This information is crucial to help producers choose the best harvest date since specific compounds like polyphenols are responsible for the color, taste, and mouthfeel of wines, which directly affects wine quality. The usage of different methodologies to assess quality parameters in grapes and wine, can be used to provide essential information to create the chemical profile of each variety to develop calibration methods. NIR spectroscopy seems to be a reliable method to be used in vineyards during grape maturation to provide real time information on quality parameters to producers since many reliable calibration models have been developed over time

Evaluation of the Potential of Opuntia Ficus-Indica Cladodes as a Natural Flocculant for Wastewater Treatment through Simple Procedures

Nowadays there is a search for new alternatives to replace harsh and expensive chemical methods to wastewater treatments. The common methods include the usage of chemicals that negatively affect the environment and the human health. The cladodes of Opuntia ficus-indica (L.) Mill have a great potential for use in innovative, cheap, renewable and eco-friendly water treatment due to their flocculant properties. In this work, different water treatments including fresh cladodes, lyophilized cladodes and the material obtained through mucilage extraction were tested. The turbidity of the water was measured, and it was concluded that the use of 60 g of small pieces of fresh cut cladodes was the method with the best results, reaching 4 NTU of turbidity. It confirmed the ability of O. ficus-indica (L.) Mill cladodes to promote the flocculation of clay in water, enabling to turn the unused material waste into a useful raw material

Revestimentos edíveis em frutos

Os revestimentos edíveis apresentam resultados promissores no aumento da vida útil de alguns frutos e respondem à preferência dos consumidores por alimentos conservados de forma natural. A Universidade de Évora investiga revestimentos edíveis à base de produtos naturais, como amido e quitosano, tendo testado a sua aplicação em morango, uva de mesa e cereja