Equity research - Alibaba Group

Mestrado em FinançasEste projeto compreende uma análise e avaliação detalhada do valor intrínseco do Grupo Alibaba para o final de 2018, de acordo com o projeto final do Mestrado em Finanças do ISEG. Este trabalho segue o formato recomendado pelo Instituto CFA. A Alibaba é uma das maiores empresas multinacional que tem constatemente mudado as regras de fazer negócios, concentrando-se em pequenas e médias empresas chinesas. A avaliação teve em conta fatores externos, como tendências macroeconômicas, projeções da indústria e evolução geopolítica e os relatório e contas da empresa. O valor intrínseco foi obtido pelo método de avaliação absoluta, mais especificamente o Custo Médio Ponderado de Capital (WACC) e pelo método relativo, o método dos múltiplos. Adicionalmente, realizou-se uma análise de sensibilidade e uma simulação de Monte Carlo para testar a robustez dos pressupostos utilizados. O preço-alvo no final de 2018, é de 237.80 US$, representando um potencial de valorização de 52.44$, no dia 30 de Setembro 2018. Considerando também o alto risco estimado para a empresa, a nossa recomendação final é COMPRA.This project comprehends an exhaustive analysis and valuation of Alibaba Group's intrinsic value for the end of 2018, according to ISEG's Master's in finance final work project. This work follows the format recommended by the CFA Institute. Alibaba is an international player, which has continuously changed the rules of doing business, focusing primary on small and medium Chinese enterprises. The valuation takes into account the external factors such as macroeconomic trends, industry projections and geopolitical evolution and the company's annual accounts. We compute the intrinsic value by using an absolute valuation method, more specifically the Weighted Average Cost of Capital (WACC) and a relative valuation method, considering the multiples method. Additionally, a sensitivity analysis and Monte Carlo simulations were used to evaluate the robustness of the assumptions. The final target price by the end of 2018 is 237.80 US$, representing a growth potential of 52.44$ in September 30th, 2018. Considering also the estimated high risk for the company, our final recommendation is BUY.info:eu-repo/semantics/publishedVersio

PCR detection of Fusarium oxysporum f. sp. basilici on basil

Sixty-nine amplified DNA fragments, generated from different isolates of Fusarium oxysporum f. sp. basilici, were tested for F. oxysporum f. sp. basilici–specificity in a dot blot assay. One 1,038-bp fragment hybridized to DNA from all F. oxysporum f. sp. basilici isolates but not to DNA obtained from F. oxysporum isolates nonpathogenic to basil or representatives of other formae speciales of F. oxysporum, or from isolates of F. redolens, F. tabacinum, Rhizoctonia solani, Sclerotinia sclerotiorum, S. minor, and Pythium ultimum obtained from diseased basil. This fragment was cloned and sequenced, and three pairs of F. oxysporum f. sp. basilici– specific primers were designed, giving rise to amplification products of 943, 382, and 330 bp. A nested PCR assay allowed detection of F. oxysporum f. sp. basilici in diseased seedlings and in artificially and naturally contaminated seeds. The theoretical detection limit of this system was 102 fungal propagules per 100 seeds on artificially contaminated samples, while on naturally contaminated commercial seed lots, 32 propagules per 100 seeds were detected

Colonic Lipoma Causing Bowel Intussusception: An Up-to-Date Systematic Review

Lipoma colónico; CirugíaLipoma colònic; CirurgiaColonic lipoma; SurgeryBackground: Colonic lipomas are rare and can sometimes cause intussusception. The aim of this review was to define the presentation and possible management for colocolic intussusception caused by colonic lipomas. Methods: A systematic search for patients with colocolic intussusception caused by colonic lipoma, including all available reports up to 2021. Epidemiological, clinical, laboratory, and instrumental data and details about the treatments performed were gathered. Results: Colocolic intussusception caused by lipoma is more frequent in women (57%), occurring between 40 and 70 years of age. Up to 83% of patients report abdominal pain, followed by constipation (18%), rectal bleeding (16%), and diarrhea (12%), with abdominal tenderness (37%), and distension in 16%, whereas 24% have a negative exploration. CT (72%) and colonoscopy (62%) are more commonly able to diagnose the entity. The most common location of intussusception is the transverse colon (28%). The surgical operation varies according to the site. The average dimensions of the lipoma are 59.81 × 47.84 × 38.9 mm3. Conclusions: A correct preoperative diagnosis of colonic lipoma causing intussusception might not be easy. Despite nonspecific clinical and laboratory presentation, cross-sectional imaging can help differential diagnosis. Surgical treatment depends on the localization.This research received no external funding

Shifting paradigms in two common abdominal surgical emergencies during the pandemic

During the pandemic there was a reduction in access to the hospital and surgical treatment of appendicitis and cholecystitis at a global level. Some strategies adopted during this challenging time could be applied even after the emergency has been controlled

Abdominal versus perineal approach for external rectal prolapse: systematic review with meta-analysis

BACKGROUND: External rectal prolapse (ERP) is a debilitating condition in which surgery plays an important role. The aim of this study was to evaluate the outcomes of abdominal approaches (AA) and perineal approaches (PA) to ERP. METHODS: This was a PRISMA-compliant systematic review with meta-analysis. Studies published between 1990 and 2021 were retrieved. The primary endpoint was recurrence at the last available follow-up. Secondary endpoints included factors associated with recurrence and function. All studies were assessed for bias using the Newcastle-Ottawa Scale and Cochrane tool. RESULTS: Fifteen studies involving 1611 patients (AA = 817; PA = 794) treated for ERP were included, three of which were randomized controlled trials (RCTs; 114 patients (AA = 54; PA = 60)). Duration of follow-up ranged from 12 to 82 months. Recurrence in non-randomized studies was 7.7 per cent in AA versus 20.1 per cent in PA (odds ratio (OR) 0.29, 95 per cent confidence interval (c.i.) 0.17 to 0.50; P < 0.001, I2 = 45 per cent). In RCTs, there was no significant difference (9.8 per cent versus 16.3 per cent, AA versus PA (OR 0.82, 95 per cent c.i. 0.29 to 2.37; P = 0.72, I2 = 0.0 per cent)). Age at surgery and duration of follow-up were risk factors for recurrence. Following AA, the recurrence rates were 10.1 per cent and 6.2 per cent in patients aged 65 years and older and less than 65 years of age, respectively (effect size [e.s.] 7.7, 95 per cent c.i. 4.5 to 11.5). Following PA, rates were 27 per cent and 16.3 per cent (e.s. 20.1, 95 per cent c.i. 13 to 28.2). Extending follow-up to at least 40 months increased the likelihood of recurrence. The median duration of hospital stay was 4.9 days after PA versus 7.2 days after AA. Overall, incontinence was less likely after AA (OR 0.32), but constipation occurred more frequently (OR 1.68). Most studies were retrospective, and several outcomes from RCTs were not consistent with those observed in non-RCTs. CONCLUSION: The overall risk of recurrence of ERP appears to be higher with PA versus AA. Incontinence is less frequent after AA but at the cost of increased constipation. Age at surgery and duration of follow-up are associated with increased risk of recurrence, which warrants adequate reporting of future studies on this topic

Bariatric Surgery and Rheumatic Diseases: a Literature Review

Obesity is a disabilitating growing condition and represent a challenge for every surgeon. It is associated with the activation of the inflammatory pathway and this may have a negative impact on the natural history of some rheumatic diseases. Bariatric surgery, reducing obesity, could bring to a minor activation of the well-known inflammatory pathway with improvement of these diseases. The aim of this review is to investigate the role of weight loss, achieved through bariatric surgery, in rheumatic diseases

Influence of diabetes mellitus on inflammatory bowel disease course and treatment outcomes. A systematic review with meta-analysis

Diabetes Mellitus (DM) may occur in IBD and influence the disease progression