Equity Valuation : Colgate-Palmolive Company

The purpose of this dissertation is to determine the intrinsic value of the operations of the multinational Soap and Cleaning Materials company, Colgate-Palmolive Company. The study focuses on recommending a buyer or seller position based on the company’s estimated share price compared to the actual trading price. In times of uncertainty caused by the COVID-19 global health crisis, Colgate has been able to maintain its growth strategy and its objective to become more efficient through a mix of investments in innovation and high-growth segments and cost-saving initiatives. Therefore, the literature review concluded that the FCFF model is the most suitable approach to value the company complemented with a Relative Valuation to obtain more accurate financial forecasts. The result of this dissertation is a value of USD 107,46 per share, representing a buy recommendation compared to the current market price on November 9 th of USD 78,05. In addition, a comparison with TheStreet Rating Stock Report on Colgate, which estimated a share price of USD 89,6, was also performed to test the consistency of the variables considered.O objetivo desta dissertação é determinar o valor intrínseco das operações da empresa multinacional de sabonetes e materiais de limpeza, Colgate-Palmolive Company. O estudo dedica-se a recomendar uma posição de comprador ou vendedor tendo por base o preço estimado das ações da empresa quando comparado com o seu valor de mercado. Em tempos de incerteza causada pela crise global do COVID 19, a Colgate conseguiu manter a sua estratégia de crescimento e o seu objetivo de se tornar mais eficiente por meio de uma combinação de investimentos em inovação e segmentos de alto crescimento, assim como iniciativas de redução de custo. A revisão de literatura permite concluir que o modelo FCFF é a abordagem mais adequada para avaliar a empresa, complementado com uma avaliação com comparáveis por forma a obter previsões financeiras mais precisas. O valor obtido desta dissertação é de USD 107,46 por ação, o que representa uma recomendação de compra quando comparado com o preço atual de mercado a 9 de dezembro de USD 78,05. Para testar a consistência das variáveis consideradas, foi também efetuada uma comparação com o TheStreet Rating Stock Report da Colgate, que estimou um preço de ação de USD 89,6

Major roads have a negative impact on the Tawny Owl Strix aluco and the Little Owl Athene noctua populations

The increasing road networks threaten ecosystems by direct effects such as increased mortality due to collision with vehicles and by various indirect effects leading to road avoidance. We censused Tawny Owls Strix aluco and Little Owls Athene noctua in 2005, 2007 and 2009 in a rural landscape in Southern Portugal in order to study the effects of roads and habitat characteristics on Tawny Owl density and Little Owl presence. The presence of both owl species in the 70 census locations was coherent among years. Our results showed that Tawny Owl density near major roads was lower, with the negative effects extending possibly up to 2 km. The probability of Little Owl presence was also negatively affected by the proximity to major roads. The negative effects of roads were significant even considering habitat preferences and spatial autocorrelation, which had the most marked effect on the density or presence of both owls. The reduced occupancy by Tawny Owls and Little Owls of habitats near major roads may be caused by several factors, including increased mortality, disturbance caused by high traffic density, and increased fragmentation. Traffic noise in particular may affect intra-specific communication and hunting efficiency. Consequently, habitat near roads may represent lower-quality territories for owls

Análise das Dificuldades Conceituais sobre o Conceitos de Termodinâmica na Formação Inicial de Professores de Química

O presente trabalho tem por objetivo investigar as dificuldades dos licenciandos em Química, no entendimento dos conceitos em termoquímica e averiguar a inserção dos aspectos submicroscópicos na abordagem deste conteúdo. Para isso, realizou-se um Grupo Focal com estudantes de um curso de licenciatura (bolsistas do PIBID), sendo evidenciada a dificuldade dos mesmos em inserir o nível submicroscópico do conhecimento químico nas discussões acerca dos fenômenos endotérmicos e exotérmicos. Acredita-se que essas fragilidades muito se deve a fragmentação dos conceitos químicos, bem como à desarticulação dos níveis do conhecimento químico: o fenomenológico, o teórico e o representacional

Imported African histoplasmosis by Histoplasma capsulatum var. duboisii in an HIV-2 infected patient

Objectives: African histoplasmosis caused by the fungus Histoplasma capsulatum var. duboisii, is a rare endemic mycosis occuring in western and central regions of sub-Saharian Africa. For unknown reasons, although HIV infection and H. capsulatum var. duboisii coexist in Africa, this coinfection remains rare. In Europe, diagnosed cases of African histoplasmosis are all imported. We describe a case of African histoplasmosis on a Portuguese war veteran co-infected with HIV-2 who fought in Guiné-Bissau in 1963-65 and Angola in 1972. Methods: We report a case of a 76-year-old man, diagnosed with HIV-2 infection in the previous year (under combined antiretroviral therapy) presenting an ulcerated skin lesion on the right tight (image 1), just above the knee. He was diagnosed pulmonary tuberculosis the year before and was finishing one year treatment. The solitary skin lesion begun as a small non-pruriginous eritematous papule, evolving in 6 month to a painless 3-4cm ulcer with raised borders surrounded by a hiperpigmented halo. There were no adenopathies or bone lesions. Respiratory samples and blood cultures were systematically negative for Histoplasma capsulatum. He was treated with IV liposomal Amphotericin-B for one month, followed by oral itraconazol (now on the first month), with a favourable clinical outcome. Results: Histopathology of skin biopsy revealed a superficial ulceration with underlying granulomatous infiltrate with many giant cells, where numerous round mononucleated yeasts measuring 7-8µm were evident and highlighted with PAS and Grocott stain (image 2, left side). Skin biopsy was observed on a wet mount with KOH and revealed numerous round yeasts that were also seen on Gram stain, measuring 7-8µm. Culture of skin biopsy on two Sabouraud dextrose agar (with and without cicloheximide) showed growth of a filamentous fungus compatible with Histoplasma capsulatum (image 2, right side), with large thick-walled spherical macroconidia with finger-like projections (tuberculate conidia) that arise from short conidiophores, and small oval microconidia arising on short stalks from undifferentiated hyphae. Reversion to the yeast fase has not been succeed yet. Identification was further confirmed by sequencing of genomic DNA fragments using the universal fungal primers ITS1 and ITS4. The sequences obtained were compared with sequences deposited in the GenBank and the result was: Histoplasma capsulatum var. duboisii (99% homology). Conclusion: With banalization of business or leisure trips, endemic mycosis are becoming frequently diagnosed in countries outside their natural geographic endemic areas and only a high index of suspicion makes the diagnosis possible. Apart from trips, nowadays in Portugal 4% of the resident population is immigrant, mostly from Brasil (25.5%) but also from Angola and Guiné-Bissau (9.2%), being the former an endemic country of American histoplasmosis and the later of both American and African histoplasmosis. We consider histoplasmosis a probable underdiagnosed disease that should be suspected mainly in immunodeficient HIV positive individuals with a past history of travel or residence in an endemic area

An alternative storage method for characterization of the intestinal microbiota through next generation sequencing

Gut microbiota has been the subject of various molecular studies mainly due to its importance and wide-ranging relationships with human hosts. However, the storage of fecal samples prior to DNA extraction is critical when characterizing the composition of intestinal microbiota. Therefore, we aimed to understand the effects of different fecal storage methods to characterize intestinal microbiota using Next Generation Sequencing (NGS) as well as to establish an alternative conservation method of bacterial genetic material in these samples using guanidine. Stool samples from 10 healthy volunteers were collected. Each sample was divided into five aliquots: one aliquot was extracted immediately after collection (fresh) and two aliquots were subjected to freezing at -20 °C or -80 °C and extracted after 48 h. The other two aliquots were stored in guanidine at room temperature or 4 °C and extracted after 48 h. The V4 hypervariable regions of the bacterial and archeal 16S rRNA gene were amplified by PCR and sequenced using an Ion Torrent PGM platform for NGS. The data were analyzed using QIIME software. Statistical significance was determined using a nonparametric Kruskal-Wallis test. A total of 11,494,688 reads with acceptable quality were obtained. Unweighted principal coordinate analysis (PCoA) revealed that the samples were clustered based on the host rather than by the storage group. At the phylum and genus levels, we observed statistically significant differences between two genera, Proteobacteria (p=0.013) and Suterella (p=0.004), comparing frozen samples with guanidine-stored samples. Our data suggest that the use of guanidine can preserve bacterial genetic materials as well as freezing, providing additional convenience

Processo orçamentário no estado do Rio Grande do Sul: uma proposta alternativa de participação popular na elaboração e fiscalização do orçamento público estadual

Este artigo se constitui, em primeiro lugar, num esforço de mostrar o funcionamento do processo de elaboração do orçamento público anual do Estado do Rio Grande do Sul. No caso do RS, tanto o Orçamento Participativo (OP-RS) como o Fórum Democrático são instrumentos de consulta popular. O primeiro é de iniciativa do Governo do Estado e o segundo, da Assembléia Legislativa. Em segundo lugar, propõe-se uma alternativa de participação popular autônoma na elaboração e fiscalização do orçamento público estadual. Em linhas gerais, tal proposta implica transformar a atual estrutura estatal de consulta popular num canal aberto para as propostas de emendas populares ao orçamento público anual a serem elaboradas por entidades representativas e grupos de, no mínimo, quinhentos eleitores.

Mastectomia versus tratamento cirúrgico conservador: impacto na qualidade de vida de mulheres com câncer mamário

OBJECTIVES: to compare the impact of mastectomy and conservative surgery on the quality of life of patients with breast cancer. METHODS: an assessment was made of the quality of life of patients undergoing mastectomy or segmentary mastectomy, at the Pouso Alegre Clinical Hospital, in the Brazilian State of Minas Gerais, using SF-36. The patients were grouped by age (50 years) and years of schooling (8 years). The Mann-Whitney test was used to compare the groups with regard to the age and schooling domains of SF-36. RESULTS: a significant difference between the two groups was found in the domains of physical functioning (p=0.04) and pain (p=0.01): with the patients undergoing a mastectomy registering the worst scores. Young patients who had undergone a mastectomy displayed the worst quality of life in terms of physical functioning (p=0.03), pain (p=0.01) and social functioning (p=0.01); those undergoing conservative surgery aged over 50 years scored worst on role emotional (p=0.05). Patients undergoing a mastectomy with lower levels of schooling scored lower in physical functioning (p=0.01), role physical (p=0.05) and pain (p=0.05). Among those who had attended school for more than eight years, those having undergone a mastectomy scored less in the pain domain (p=0.04). CONCLUSIONS: patients who had undergone a mastectomy had worse results in the physical component of the evaluation of quality of life and this negative impact was more strongly felt among younger patients and those with lower levels of schooling.OBJETIVOS: comparar o impacto da mastectomia e da cirurgia conservadora na qualidade de vida de pacientes com câncer mamário. MÉTODOS: avaliou-se qualidade de vida de pacientes submetidas à mastectomia ou à mastectomia segmentar, no Hospital das Clínicas de Pouso Alegre, Minas Gerais, Brasil, utilizando-se o SF-36. As pacientes foram estratificadas quanto à idade (50 anos) e escolaridade (8 anos). Aplicou-se o teste de Mann-Whitney para comparar os grupos quanto aos domínios do SF-36, idade e escolaridade. RESULTADOS: observou-se diferença significante entre os grupos nos domínios capacidade funcional (p=0,04) e dor (p=0,01): as pacientes mastectomizadas com piores resultados. Pacientes mastectomizadas mais jovens apresentaram pior qualidade de vida em capacidade funcional (p=0,03), dor (p=0,01) e aspectos sociais (p=0,01); as submetidas à cirurgia conservadora, com mais de 50 anos, resultado pior em aspectos emocionais (p=0,05). Pacientes mastectomizadas com menor escolaridade apresentaram escores menores em capacidade funcional (p=0,01), aspectos físicos (p=0,05) e dor (p=0,05). Entre as que frequentaram a escola por mais de oito anos, as mastectomizadas pontuaram menos no domínio dor (p=0,04). CONCLUSÕES: pacientes mastectomizadas apresentaram piores resultados no componente físico da qualidade de vida, e este impacto negativo foi mais acentuado entre pacientes mais jovens e com menor escolaridade.Universidade do Vale do SapucaíUniversidade Federal de São Paulo (UNIFESP)UNIFESPSciEL

Criatividade, psycap e liderança: a visão dos profissionais das organizações de saúde

Research on authentic leadership and its impact on employees' psychological capital and creativity is almost non-existent In the health sector. To reduce this gap, this paper aims to identify to what extent the perception of authentic leadership and psychological capital influence the creativity of professionals in a large Portuguese hospital. Data were collected on the key concepts of authentic leadership, psychological capital and creativity. via a three-part questionnaire focusing respectively on positive authentic leadership, psychological capital, and demographic and functional data, which was administered to a sample of 61 middle managers in the various hospital services. 22 departments and 183 randomly-selected other employees. Fatorial analysis and structural equation modelling were used to process the results. The results confirmed two of the three hypotheses considered in the study, indicating that while a strong relationship existed both between authentic leadership and psychological capital, and between the latter and creativity, authentic leadership did not directly explain creativity. Our conclusion is that, in organizations providing health services, authentic leadership and psychological capital are phenomena that are interrelated in that they influence professionals' creativity.Nas organizações do sector de saúde, a pesquisa sobre liderança e o seu impacto no capital psicológico e na criatividade, em qualquer tipo de contexto organizacional, é quase inexistente. Para reduzir essa lacuna, o objetivo deste texto foi identificar em que medida a percepção de uma liderança autêntica e o capital psicológico influenciam a criatividade dos profissionais de um Centro Hospitalar Português. Os dados relacionados com os conceitos de liderança, capital psicológico e criatividade foram obtidos por meio de um questionário constituído por três partes: capital psicológico positivo; liderança autêntica, e dados demográficos e funcionais, numa amostra de 61 líderes das chefias intermédias dos diversos serviços dos 22 departamentos de Centro Hospitalar, bem como de 183 colaboradores selecionados aleatoriamente pelos líderes. As respostas foram analisadas através da utilização das análises fatoriais e das equações estruturais. Os resultados obtidos confirmaram duas das três hipóteses consideradas no estudo, sugerindo a existência de uma forte relação entre a liderança autêntica e o capital psicológico, e entre este e a criatividade, não sendo explicada diretamente a criatividade pela liderança. Concluiu-se ainda que a liderança e ocapital psicológico têm, nas organizações de saúde, uma forte relação com a criatividade dos seus profissionai

Multidisciplinary therapy of extensive oligodontia: a case report

Oligodontia is a rare congenital disorder consisting in the absence of six or more teeth. This case report describes a multidisciplinary treatment approach for a 12-year-old male with absence of 11 permanent teeth. Prior to any procedure, all primary teeth were scheduled for extraction due to poor crown-to-root ratio. The treatment plan comprised two phases: 1. orthodontic and speech therapy aimed at overbite and anterior open bite adjustment, as well as tongue position improvement; and 2. prosthetic treatment by insertion of removable temporary partial dentures. The multidisciplinary treatment involving orthodontics, speech and prosthetic therapies have reestablished the masticatory function and aesthetics, allowing the patient to achieve greater self-esteem and better social acceptance.Oligodontia is a rare congenital disorder consisting in the absence of six or more teeth. This case report describes a multidisciplinary treatment approach for a 12-year-old male with absence of 11 permanent teeth. Prior to any procedure, all primary teeth were scheduled for extraction due to poor crown-to-root ratio. The treatment plan comprised two phases: 1. orthodontic and speech therapy aimed at overbite and anterior open bite adjustment, as well as tongue position improvement; and 2. prosthetic treatment by insertion of removable temporary partial dentures. The multidisciplinary treatment involving orthodontics, speech and prosthetic therapies have reestablished the masticatory function and aesthetics, allowing the patient to achieve greater self-esteem and better social acceptance242174178A oligodontia é uma doença rara, congênita, caracterizada pela ausência de seis ou mais dentes. Este relato de caso descreve uma abordagem terapêutica multidisciplinar de um adolescente de 12 anos de idade com ausência de 11 dentes permanentes. Antes de qualquer procedimento, todos os dentes decíduos foram extraídos devido à pobre relação coroa-raiz. O plano de tratamento foi constituído por duas fases: 1. terapia ortodôntica e fonoaudiológica com o objetivo de ajuste de sobre-mordida e mordida aberta anterior, bem como melhoria da posição da língua, e 2. tratamento reabilitador protético através da instalação de próteses parciais removíveis provisórias. A abordagem multidisciplinar envolvendo os tratamentos ortodônticos, fonoaudiológico e protético reestabeleceram a função mastigatória e a estética, melhorando a autoestima e aceitação social do pacient