Equity research - BP PLC

Mestrado em FinançasEste Trabalho Final de Mestrado consiste numa avaliação e consequente recomendação da ação da BP PLC, empresa multinacional cotada na Bolsa de valores de Londres, que opera na Indústria de Petróleo e Gás. De modo a desenvolver esta análise e apurar o price target da BP PLC no final do ano de 2020, foram aplicadas três metodologias: o Método dos Fluxos de Caixa Descontados, o Modelo dos Dividendos Descontados e ainda a Avaliação por Múltiplos. A primeira abordagem vai ao encontro da realidade da empresa, tendo em consideração a solidez na sua estrutura de capital, o segundo, deriva da estabilidade no pagamento de dividendos que a BP PLC proporciona aos seus acionistas e, o último assenta numa avaliação baseada na análise de empresas comparáveis do setor. Das abordagens mencionadas, foi dado enfase ao Método dos Fluxos de Caixa Descontados, resultando numa recomendação para manter com um price target de GBP 5.985 / ação, implicando um potencial de valorização na casa dos 14% sobre a cotação de GBP 5.002 / ação a 30 de agosto de 2019. No entanto, é fundamental alertar para o alto risco inerente a esta recomendação, com especial foco na volatilidade que os preços das commodities têm registado, o que tem provocado uma constante incerteza junto dos investidores, como também no possível efeito Brexit. As informações e referências utilizadas no desenvolvimento do relatório cingem-se a informação pública disponibilizada à data de 31 de agosto de 2019. Desta forma, qualquer informação subsequente não foi tida em consideração.This Master's Final Work consists of a valuation and consequent recommendation of BP PLC stock, a multinational company listed in the London Stock Exchange, operating in the Oil & Gas Industry. In order to develop this analysis and determine BP PLC price target at the end of 2020, three different methods were applied: the Discounted Cash Flow method; the Discounted Dividend model and the Multiple Valuation model. The first approach meets the reality of the company, taking into account the soundness of its capital structure, the second derives from the stability in dividend payments that BP PLC provides to its shareholders and, the latter proposes based in the analysis of comparable companies in the sector. Of the above approaches mentioned, the main focus was on the Discounted Cash Flow method, resulting in a hold recommendation with a price target of GBP 5.985 per share, implying a potential appreciation of around 14% against August 30th, 2019 closing price of GBP 5.002 per share. However, it is important to emphasize the high risk inherent in this recommendation, particularly on the volatility that commodity prices have experienced, which has caused constant uncertainty among investors, as well as the possible Brexit effect. The information and references used in the development of the report are limited to information made available to the public as of August 31st, 2019. Therefore, any subsequent information or events were not taken into account.info:eu-repo/semantics/publishedVersio

Clinical approach to respiratory mucormycosis in a bottlenose dolphin (Tursiops truncatus) calf under human care

Dissertação de Mestrado Integrado em Medicina VeterináriaSeveral fungi are described to cause invasive infections in dolphins, the respiratory system being a common site of involvement. Mucormycosis is considered one of the most devastating fungal infections in dolphins, associated with an elevated mortality rate, where hyphae are capable of invading blood vessels, producing tissue infarction and necrosis. A one-year-old male bottlenose dolphin (Tursiops truncatus) calf presented with a history of recurrent episodes of leukocytosis and occasional respiratory signs. During a routine faecal examination, a myriad of hyphae were found. Fungal culture revealed a mucormycete isolation, the aetiologic agent of mucormycosis. Molecular studies allowed to identify Cunninghamella bertholletiae. Thoracic radiographs showed the presence of a bronchoalveolar pattern on both the right and left lung apexes. A bronchoscopy was performed, which revealed multiple whitish lesions, diffusely distributed on the tracheal and bronchial submucosa. The antifungal therapy prescribed was a combination of posaconazole and aerosolized liposomal amphotericin B. Adjunctive therapies included bromhexine, vitamin C, vitamin B complex, probiotics, silymarin, Imuno-2865™ and ozone therapy. Follow-ups were conducted with haematology and blood biochemistry, faecal and sputum culture and direct microscopy, and bronchoscopies. There was a good overall response to treatment and antifungal therapy was discontinued. However, the infection relapsed and posaconazole therapy was restarted. Serum concentrations of posaconazole were retrospectively evaluated and the set of results did not appear to show subtherapeutic concentrations as a plausible explanation for the relapse. Although complete clinical resolution was not obtained during the timeframe considered, this case corroborates the idea that medical management of mucormycosis is possible, especially with a prompt diagnosis and treatment as well as a tight follow-up protocol. As described in the literature, mucormycosis treatment may take several years and relapses are common.RESUMO - Maneio médico de mucormicose respiratória numa cria de golfinho-roaz (Tursiops truncatus) em contexto zoológico - Várias espécies de fungos estão descritas como agentes etiológicos de infeções invasivas em golfinhos, sendo o sistema respiratório um dos locais comuns de infeção. A mucormicose é uma das infeções fúngicas invasivas com efeitos mais devastadores, associada a uma elevada taxa de mortalidade em cetáceos. Nesta dissertação é apresentado um caso clínico referente a uma cria de golfinho-roaz (Tursiops truncatus) com um ano de idade, com uma história clínica que incluía episódios recorrentes de leucocitose e ocasionais sinais clínicos de etiologia respiratória. Como parte do programa de medicina preventiva instituído, uma análise microscópica de fezes permitiu a visualização de estruturas fúngicas. A cultura fúngica permitiu o isolamento de um mucormicete, o agente etiológico da mucormicose, e através de PCR e sequenciação foi possível identificar Cunninghamella bertholletiae. Estudos imagiológicos demonstraram a presença de um ligeiro padrão broncoalveolar nos ápices pulmonares e o exame endoscópico permitiu visualizar múltiplas lesões esbranquiçadas, difusamente distribuídas pelas mucosas traqueal e brônquica. O tratamento antifúngico consistiu na administração de comprimidos gastrorresistentes de posaconazol e nebulizações com anfotericina B lipossómica. Tratamentos adjuvantes incluíram bromexina, silimarina, suplementação vitamínica, probióticos, Imuno-2865TM e ozonoterapia. O acompanhamento do caso foi feito com base em dados hematológicos e bioquímicos, análises microscópicas/cultura de fezes e exsudado respiratório e broncoscopias. O tratamento com posaconazol foi descontinuado após 95 dias de terapia, tendo em conta os resultados constantemente negativos na cultura e observação microscópica de amostras fecais e exsudado respiratório. No entanto, verificou-se a recidiva da infeção e o tratamento antifúngico foi recomeçado. As concentrações séricas do fármaco ao longo do caso clínico foram retrospetivamente analisadas e esta monitorização permitiu descartar a hipótese de não terem sido atingidas concentrações séricas terapêuticas como causa da recidiva da infeção. Apesar de não ter existido uma completa resolução clínica no período considerado, este caso corrobora o facto do maneio médico da mucormicose em cetáceos ser possível, através de um diagnóstico e tratamento precoces, além de um plano apertado de seguimento clínico. Como descrito na bibliografia, o tratamento da mucormicose pode demorar vários anos e recidivas são comuns.N/

Nucleosides Separation by Reversed-Phase, Single-column Chromatography with Recycle Lag

The purpose of this project is to experimentally validate a newly developed chromatographic platform for (bio)purification based on a novel single-column device that mimics the operation of multicolumn chromatography through ingenious management and recycling of mixed fractions. The newly developed platform shares the benefits of simulated-moving-bed (SMB) chromatography in that it not only gives significantly higher yields of purer product, but also enables processing more feed and thereby increasing the overall throughput. However, the proposed process uses a single chromatographic column. The process is based on the realization that the periodic state of an SMB process can be mimicked by a single-column chromatographic process with a recycle lag of (N−1)τ time units, where N is the number of columns of the equivalent SMB unit and τ is the switching interval (time interval between consecutive switches of the inlet and outlet ports). The recycle lag is implemented in practice by means of a special type of plug-flow tube (recycle piston) that includes a moving piston to compensate for the difference between inlet and outlet flow rates. The proper operation of inlets and outlets of such device implements an approximate “first in, first out” method of organizing and manipulating the fractions of fluid collected from the chromatography column, where the oldest (first) amount fluid, or “head” of the fraction, is the first to exit the plug-flow tube. Using the separation of nucleoside mixtures by reversed-phase chromatography as a case study, it is demonstrated that the single-column chromatographic process can mimic the operation of recent multicolumn capture and polish processes designed for the efficient separation and purification of biomolecules

Development of antibodies against the Notch pathway ligand JAG1 using phage display technology

The Notch signaling pathway is a cell-to-cell communication system that plays crucial roles during the embryonic development and in the tissue homeostasis. In mammals, this pathway is constituted by four Notch receptors (Notch1-4) and five Notch ligands (DLL1, 3 and 4, and JAG1 and 2). Binding of the ligands to the receptors in adjacent cells leads to the activation of the Notch pathway and the regulation of a multitude of genes that control many cellular processes such as stem cell self-renewal, cell differentiation, proliferation, and survival. Deregulated expression of Notch signaling components are observed in many cancers, including breast, and shown to be implicated in tumor growth, recurrence and drug resistance. JAG1 is one of the five Notch ligands that is overexpressed in aggressive cancers and mediates many of the Notch signaling tumorigenic functions. JAG1 overexpression promotes cancer cell survival, proliferation, migration, metastasis, cancer stem cell population maintenance, tumor-associated angiogenesis, and allows tumor cells to escape the immune surveillance. The goal of this work was to develop specific anti-JAG1 antibodies using phage display technology. To achieve that we used the Human Single Fold scFv Tomlinson library I+J and recombinant JAG1-EGF3-Fc protein as antigen. After several rounds of selections, 84 scFv clones capable to recognize and bind to recombinant JAG1 proteins were isolated. The binding of the 84 scFvs towards the JAG1 was tested by ELISA assays using recombinant JAG1 proteins. Additionally, the binding of anti-JAG1 scFvs to endogenous cellular JAG1 was tested by flow cytometry. Sequencing analysis of the selected clones allowed the identification of 19 unique anti-JAG1 scFvs. One was reformatted into two anti-JAG1 IgGs: one with a glycosite in HCDR2 and the other without. These IgG molecules were characterized by ELISA and SDS-PAGE, and our data showed that after reformatting they were no longer able to recognize JAG1

Indoor Air Quality Monitoring for Enhanced Healthy Buildings

Since most people spend 90% of their time indoors, the indoor environment has a determining influence on human health. In many instances, the air quality parameters are very different from those defined as healthy values. Using real-time monitoring, occupants or the building manager can decide and control behaviors and interventions to improve indoor air quality. The historical database is also useful for assisting doctors to support the medical diagnosis. The continuous technological advancements notably, as regards, networking, sensors, and embedded devices have made it possible to monitor and provide assistance to people in their homes. Smart objects with great capabilities for sensing and connecting could revolutionize the way we are monitoring our environment. This chapter consists of a general overview of several real-time monitoring systems developed and published by the authors. In this chapter, the authors present several new open-source and cost-effective systems that had been developed for monitoring environmental parameters, always with the aim of improving indoor air quality for enhanced healthy buildings

Um Bongo and sport: how can a brand communicate through its mascots

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThe aim of this study is to analyze if young children (5 to 9 years old) are more aware and have more knowledge of brands that use mascots to communicate their products compared with brands that do not use mascots. Trade characters are useful to create awareness, and consumers that are able to establish empathy with a mascot will also have preference for the product with which the mascot is associated. The brand in which this study will be focused is Um Bongo. Also, this study will try to ensure that Um Bongo contains the essential components that every children need to practice Sport or any Physical Activity and that Um Bongo can create an incentive within its target to practice sport. Brand mascots also have the capability to be a symbol of the main attributes of a product and to communicate key product benefits of the product, like for example an association with sport. A specific type of Qualitative Research, Focus Group Analysis was performed with a sample of 30 children, with the objective of gathering information about the brand image of Um Bongo, awareness of brands and also the importance of sports in creating value for Um Bongo. The results suggest that the use of mascots provide more awareness for a brand, within young children. Moreover, the association with any sport or physical activity may also ensure an increase in the affective values for a given brand, although ethical concerns have to be used in the evaluation of using such claims, namely by checking if the product is nutritionally suitable to be consumed in sports occasions

Intuition and common sense: Self-Efficacy in interacting with patients in preclinical years

Contexto: No início da educação médica, o senso de autoeficácia dos alunos para interagir com os pacientes é baseado nas suas ideias e intuição. A investigação científica tem dado pouca atenção ao "leigo" senso de autoconfiança dos alunos em relação a essa interação. No entanto, a autoeficácia pode ter influência direta no desempenho dos indivíduos e a autoconfiança dos alunos sobre alguns aspetos da interação médico-paciente pode exigir atenção especial por parte da educação médica. Os objetivos deste estudo transversal foram avaliar o senso de autoeficácia em anos pré-clínicos e como o mesmo difere após um curso de competências de comunicação clínica (CS), investigando também diferenças em relação a características individuais. Métodos: Um grupo de 223 alunos no final do 1º ano do curso de medicina (G1) e outro grupo de 245 alunos no final do 2º ano (G2) responderam ao questionário de autoeficácia (SE-12). Os alunos do grupo G2 frequentaram um curso de CS durante o 2º ano. As análises foram baseadas em diferenças de grupo e associações de variáveis. Resultados: A autoeficácia média dos alunos do G1 foi de 74,56, um valor um pouco acima do ponto médio da escala SE-12. A autoeficácia média dos alunos do grupo G2 foi significativamente maior (M=87,94; p<0,01). Ambos os grupos relataram maior autoeficácia em relação ao componente emocional (vs. conteúdo/estrutura) da entrevista clínica, embora alguns aspetos da interação tenham mudado de posição nos rankings de autoeficácia dos alunos. Os homens apresentaram um valor de autoeficácia significativamente maior do que as mulheres, tanto no grupo G1 como no grupo G2. Contatos anteriores com médicos por problemas graves de saúde associaram-se a maior autoeficácia, mas apenas no grupo G2 (p=0,014). Conclusão: No início do curso de medicina, os alunos apresentam níveis médios de autoconfiança em relação à sua capacidade de interagir com os pacientes. Um curso de CS pode aumentar o senso de autoeficácia dos alunos mesmo em anos pré-clínicos e a autoconfiança em relação a alguns aspetos, em relação a outros, pode mudar após o curso. O género e contactos na vida real com médicos devido a problemas médicos graves também podem desempenhar um papel no senso de autoeficácia dos alunos.Context: In the beginning of medical education, students' sense of self-efficacy about interacting with patients is based on their ideas and intuition. Research has paid little attention to students' "lay" sense of self-confidence regarding this interaction. Yet, self-efficacy can have a direct influence on individuals' performance and students' self-confidence about some aspects of the doctor-patient interaction might require special attention in medical education. The goals of this cross-sectional study were to assess this sense of self-efficacy in preclinical years and how it differs after a communication skills (CS) course, also investigating differences regarding individual characteristics. Methods: A group of 223 students at the end of their 1st year of medical school (G1) and another group of 245 students at the end of their 2nd year (G2) responded to the self-efficacy questionnaire (SE-12). G2 students had attended a CS course during their 2nd year. Analyses were based on group differences and variable associations. Results: G1 students' mean self-efficacy was 74.56, a value somewhat above the SE-12 scale's midpoint. G2 students' mean self-efficacy was significantly higher (M=87.94; p<0.01). Both groups reported greater self-efficacy regarding the emotional component (vs. content/structure) of the clinical interview, although some aspects of the interaction changed positions in students' self-efficacy rankings. Men exhibited significantly greater self-efficacy than women, in both G1 and G2. Previous contacts with physicians due to severe health problems were associated with greater self-efficacy but only in G2 (p=0.014). Conclusion: In the beginning of medical school, students display average self-confidence levels regarding their ability to interact with patients. A CS course can increase students' sense of self-efficacy even in preclinical years and self-confidence regarding some aspects, relative to others, can change after the course. Gender and real-life contacts with physicians due to severe medical problems can also play a role in students' sense of self-efficacy

Perspective of the clinical control of the disease

Background: Asthma control is harder to assess in elderly asthmatics due to the presence of co-morbidities that can mimic asthma symptomatology and due to the lack of perception of asthma symptoms on the part of the patients. Moreover, impairment of cognitive functions and decrease of lung function due to aging also contribute to the flawed control assessment in this age group. This study aims to assess asthma control as well as its impact on the quality of life in elderly and non-elderly asthmatics, and to find out predictors of poor asthma control in these two age groups of asthmatics. Methods: Cross-sectional assessment of a sample of 92 elderly and 100 non-elderly patients with the clinical diagnosis of Bronchial Asthma being followed up at Centro Hospitalar Cova da Beira, Covilhã, Portugal. All volunteers signed a written informed consent form. Clinical and sociodemographic data were collected first and then standardized and validated questionnaires were used to evaluate depression, cognitive state, asthma control, quality of life and knowledge about the disease. Assessment of inhaler technique by the patients was also carried out. Results were analysed using the Software Package for Social Sciences®, version 23.0. Results: The majority of the asthmatics were well controlled according to ACT and partially controlled according to GINA. When control was studied using CARAT in elderly asthmatics with allergic rhinitis, most of them were not controlled. Non-elderly patients with well controlled and partially controlled asthma had better quality of life than well controlled and partially controlled elderly patients. Regarding predictors of poor control on EA, higher Graffar class and exposure to tobacco smoke were predictors of poor control on CARAT lower airways component and global components, respectively. For the NEA, higher Graffar class and higher number of exacerbations in the last year were predictors of poor control on the CARAT and ACT, respectively. Conclusions: Although most of the patients were at least partially controlled, those with concurrent rhinitis have worse asthma control. When compared to non-elderly asthmatics, elderly patients have similar levels of control, although their quality of life tends to be worse than in younger patients. In terms of factors that predict worse asthma control, low socioeconomic status may be a predictor of poor asthma and allergic rhinitis control in the two age groups and exposure to tobacco smoke may also be a predictor of worse control in elderly asthmatics with rhinitis.Introdução: Avaliar o controlo da Asma nos idosos é difícil, devido à presença de comorbilidades que imitam a sintomatologia da asma, bem como à falta de percepção dos sintomas. Além do mais, os défices cognitivos e a diminuição da função pulmonar devido ao envelhecimento também contribuem para uma avaliação defeituosa do controlo neste grupo etário. Este estudo tem como objectivos avaliar o controlo da asma em idosos e não idosos asmáticos, o seu impacto na qualidade de vida e encontrar preditores de mau controlo, comparando sempre os dois grupos etários em questão. Métodos: Avaliação transversal de uma população alvo de 92 idosos e 100 não-idosos com o diagnóstico clínico de Asma Brônquica seguidos no Centro Hospitalar Cova da Beira, em Portugal. Todos os voluntários assinaram um consentimento informado. Primeiro obtiveram-se os dados clínicos e sociodemográficos e depois usaram-se questionários estandardizados e validados para avaliar depressão, estado cognitivo, controlo da asma, qualidade de vida e auto-conhecimento da doença. Também foi avaliada a técnica inalatória. Os resultados foram analisados usando o Software Package for Social Sciences®, versão 23.0. Resultados: A grande maioria dos asmáticos encontrava-se bem controlada segundo o ACT e parcialmente controlada segundo o GINA. No subgrupo dos asmáticos com rinite, segundo o CARAT a maioria estava não controlada. Os idosos asmáticos bem e parcialmente controlados apresentavam pior qualidade de vida do que não idosos asmáticos bem e parcialmente controlados, respectivamente. Uma alta classe de Graffar e a exposição ao tabaco estavam associados a pior controlo no CARAT, na parte das vias inferiores e na parte global respectivamente. Nos asmáticos não idosos, uma alta classe de Graffar e um aumento do número de exacerbações da asma no último ano estavam associadas a pior controlo no CARAT e no ACT, respectivamente. Conclusões: Independentemente da idade, em doentes asmáticos com a doença, no mínimo, parcialmente controlada, a co-morbilidade com rinite está associada apior controlo da asma. Quando comparados com os asmáticos não idosos, os asmáticos idosos têm semelhantes níveis de controlo, embora a qualidade de vida tenda a ser pior nos idosos. Em termos de preditores de pior controlo da asma, um nível socioeconómico baixo está associado a pior controlo em asmáticos com rinite de ambos os grupos etários, e a exposição ao fumo do tabaco está associada a pior controlo nos idosos asmáticos com rinite

EmoStatus - Estimating the emotional state of people using electrodermal activity

Tese de mestrado, Engenharia Informática (Engenharia de Software) Universidade de Lisboa, Faculdade de Ciências, 2019Emotional recognition is an area with growing importance, with applications in areas such as medicine, advertising and even software design. Electrodermal Activity is one of the physiological signals most used to perform emotional recognition. There are many ways researchers use this signal to predict emotions, but generally they use a small set of emotions, are not concerned with the speed of the algorithm, and very few look into the differences between men and women. As such, this work intends to develop an algorithm that can predict any emotion in real-time and to determine if separating data from men and women improves the results. To do so, we studied the current methods for emotion recognition and chose the ones that best fit our purposes in terms of speed and accuracy. We also identified the common general steps that most researchers use for emotion recognition. With algorithmic speed in mind, and with the knowledge obtained from the research, we built a general purpose emotional recognition framework which uses small blocks that communicate amongst each other and execute in paralell, removing any possible delay in the estimation thus allowing real-time estimation. We implemented our algorithm using this framework. Experimental evaluation showed that our algorithm achieves estimations with very small errors in the AMIGOS dataset and an accuracy for the estimation of quadrants of 96% for both genders, 97% for males and 94% for females. For the DEAP dataset, values of 82% for both genders and 85% for males and females were achieved. When compared with existing works, our algorithm presents better results, both for the estimation of valence and arousal and for the estimation of the quadrants. Finally, our algorithm performs its estimations in under 10ms, therefore it can be used for real-time experiments