Equity valuation Airbnb, Inc.

This dissertation aims to determine the target fair-value price of Airbnb, a dynamic and fast-growing Online Travel Agency that has established itself as a leader in providing short-term rentals, and that has been a key part of changing consumer trends in what related to tourist accommodation, even benefiting from the devastating effects of the COVID-19 pandemic. To achieve this goal, two different valuation methodologies were used, the first being a Discounted Cash-flow valuation that was performed on three different growth scenarios, the second being a relative valuation using forward-multiples, that was used as a levelling tool to approximate the result to the current peer and industry levels. The valuation was based on a detailed analysis of the company, industry, and global market forces. The valuation resulted in a BUY recommendation with an average target price of USD 153.51, +46.3% of potential upside compared to the trading price at 25th of July 2022 of USD 104.95. Lastly, a comparison was performed between the dissertation and the May 4th , 2022, HSBC Global Research equity report on Airbnb.Esta dissertação procura determinar o preço justo da empresa Airbnb, Inc., uma Agência de Viagens Online dinâmica e em grande crescimento que se estabeleceu como líder a providenciar alugueres de curta duração e que tem sido uma peça chave nas recentes alterações de padrões de consumo relacionadas com alojamentos turísticos, beneficiando inclusivamente dos devastadores efeitos da recente pandemia de COVID19. Para atingir este objetivo, duas metodologias de avaliação diferentes foram usadas. A primeira foi o método dos fluxos de caixa descontados que foi aplicada em três cenários de crescimento distintos. A segunda foi uma avaliação relativa usando múltiplos, que foi usada como nivelador do resultado em comparação com os pares e indústria da Airbnb. Esta avaliação foi baseada numa análise detalhada da empresa, da indústria e das forças de mercado mundiais. A avaliação resultou numa recomendação de compra com um preço alvo de 153.51 dólares, um equivalente a +46.3% de potencial valorização quando comparado com o preço original de 104.95 dólares a 25 de julho de 2022. Por último, foi efetuada uma comparação entre a dissertação e o relatório da HSBC Global Research de 4 de maio de 2022

A Framework for the Design and Implementation of Learning Objects: a Competence-based Approach

This paper presents a framework for the design and implementation of learning objects using a competence-based approach. This framework is illustrated by the development of a standalone Windows application (Trilho GOA) whose primary purpose is to create standardized pedagogical contents trough the aggregation and standardization of instructional resources in several formats that can be used later on a Learning Management System (LMS) supporting SCORM 1.2. The paper contains a brief introduction to the developed software, its system architecture, main features and several pedagogical advantages for its users

Simulated visually-guided paw placement during quadruped locomotion

Autonomous adaptive locomotion over irregular terrain is one important topic in robotics research. In this article, we focus on the development of a quadruped locomotion controller able to generate locomotion and reaching visually acquired markers. The developed controller is modeled as discrete, sensory driven corrections of a basic rhythmic motor pattern for locomotion according to visual information and proprioceptive data, that enables the robot to reach markers and only slightly perturb the locomotion movement. This task involves close-loop control and we will thus particularly focus on the essential issue of modeling the interaction between the central nervous system and the peripheral information in the locomotion context. This issue is crucial for autonomous and adaptive control, and has received little attention so far. Trajectories are online modulated according to these feedback pathways thus achieving paw placement. This modeling is based on the concept of dynamical systems whose intrinsic robustness against perturbations allows for an easy integration of sensory-motor feedback and thus for closed-loop control. The system is demonstrated on a simulated quadruped robot which online acquires the visual markers and achieves paw placement while locomotes

The market value of corporate votes: an option-based approach

The voting right is fundamental to any shareholder who wishes to have control and make important decisions in companies. Its market value is not directly observed nor easily calculated. Derivatives market, offer an empirical solution to infer the vote value and, through de put-call parity, it is possible to replicate a synthetic non-vote stock but with the same cash flow. The difference between this theoretical stock price and its market value results in the quantification of the vote value. Kalay, Karakas and Pant (2013) implemented this methodology with historical dividends but we apply a new approach by forecasting dividends through the futures market. With a sample of 60 companies retrieved from the S&P100 index, we document a positive value of the vote right equal, on average, to 0.1423% of the stock price. We consider this methodology to offer a good estimation of the voting rights value for the shareholders, contributing in this way to corporate governance studies.O direito de voto é fundamental para qualquer acionista que deseja deter o controlo e tomar decisões importantes nas empresas. O seu valor de mercado não é observável de forma direta nem é de fácil cálculo. O mercado de derivados oferece uma solução empírica para a inferência do valor do voto e, através do recurso à paridade "put-call", é possível replicar uma ação sintética que reproduz o mesmo "cash flow", mas sem o direito de voto. A diferença entre o valor teórico da ação assim obtido e o seu valor de mercado resulta na quantificação do valor de mercado do voto. Esta metodologia foi implementada por Kalay, Karakas e Pant (2013) com recurso a dividendos históricos, mas, nós aplicamos uma nova abordagem ao estimar os dividendos via mercado de futuros. Com uma amostra de 60 empresas retiradas do índice S&P100, documentamos que esta metodologia determina um valor do direito de voto, sendo o resultado em média de 0.1423% do preço da ação. Consideramos que este modelo é um bom estimador do valor dos direitos de voto do acionista, contribuindo desta forma para o estudo da governação corporativa

Collaborative geographic visualization

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para a obtenção do grau de Mestre em Engenharia do Ambiente, perfil Gestão e Sistemas AmbientaisThe present document is a revision of essential references to take into account when developing ubiquitous Geographical Information Systems (GIS) with collaborative visualization purposes. Its chapters focus, respectively, on general principles of GIS, its multimedia components and ubiquitous practices; geo-referenced information visualization and its graphical components of virtual and augmented reality; collaborative environments, its technological requirements, architectural specificities, and models for collective information management; and some final considerations about the future and challenges of collaborative visualization of GIS in ubiquitous environment

eABC: scientific publications bibliografic archive

The paper intends to present eABC – Scientific Publications Bibliographic Archive of University of Aveiro’. It describes the motivation that induced its implementation, advantages for users and for all those whom the system serves. Some of the systems functionalities will be presented, along with a description on how to use them. Finally, the current status of the system - as it is being used by the University of Aveiro - will be presented, with the addition of an explanation on how this system helps in the creation of mechanisms that enable the adaptability and flexibility of systems to improve the scientific community dynamics

Tracking system using texture cue based on wavelet transform

This paper presents an approach for tracking objects whose principal discriminate characteristic is its texture. The presented system extracts texture features based on the wavelet transform and uses a fuzzy grammar classifier. The feature vector consists of 6 characteristics extracted from the wavelet detail images. The overall system was integrated on the platform developed by sony – AIBO robot. This application ensures a real time tracking approach and can be parameterized in order to be flexible in face of different types of texture

Two vision-guided vehicles : temporal coordination using nonlinear dynamical systems

This article addresses the problem of generating timed trajectories and temporally coordinated movements for two wheeled vehicles, when relatively low-level, noisy sensorial information is used to steer action. The generated trajectories have controlled and stable timing (limit cycle type solutions). Incoupling of sensory information enables sensor driven termination of movement. We build on a previously proposed solution in which timed trajectories and sequences of movements were generated as attractor solutions of dynamic systems. We present a novel system composed of two coupled dynamical architectures that temporally coordinate the solutions of these dynamical systems. The coupled dynamics enable synchronization of the different components providing an independence relatively to the specification of their individual parameters. We apply this architecture to generate temporally coordinated trajectories for two vision-guided mobile robots in a non-structured simulated environment, whose goal is to reach a target within a certain time independently of the environment configuration or the distance to the target. The results illustrate the robustness of the proposed decision-making mechanism and show that the two vehicles are temporal coordinated: if a robot movement is affected by the environment configuration such that it will take longer to reach the target, the control level coordinates the two robots such that they terminate approximately simultaneousl

Á Comunicação Institucional e o Papel das Relagoes Públicas e do Protocolo na Sociedade Contemporánea

O enquadramento geral do tema encontra-se subjacente à área comunicacional, mais particularmente as Relações Públicas e Protocolo, nomeadamente o empresarial, como técnicas de extrema importância e relevância no contexto organizacional do mundo moderno. O enquadramento geral do tema encontra-se subjacente à área comunicacional, mais particularmente as Relações Públicas e Protocolo, nomeadamente o empresarial, como técnicas de extrema importância e relevância no contexto organizacional do mundo moderno. O enquadramento geral do tema encontra-se subjacente à área comunicacional, mais particularmente as Relações Públicas e Protocolo, nomeadamente o empresarial, como técnicas de extrema importância e relevância no contexto organizacional do mundo moderno. As Relações Públicas são o modo formal das organizações comunicarem com os seus públicos, assente num planeamento comunicacional que estruture todas as componentes organizacionais. As Relações Públicas têm origens longínquas, pois já os mercadores anunciavam os seus produtos através de explicações persuasivas, de forma a garantir e fazer identificar uma determinada imagem. Há quem defenda que em Portugal esta actividade existe desde o século XVI, na Época dos Descobrimentos, com a publicação de um regulamento oficial para o cumprimento de regras de atendimento. O Protocolo é um conjunto de regras, baseando-se em normas, usos, costumes e valores vigentes nas atitudes e comportamentos sociais. Podemos que as Relações Públicas e o Protocolo são conceitos distintos, embora se complementem inteiramente. Também se fala do perfil deve ter o líder protocolar.El marco general de las temáticas subyace en el área de comunicación, en particular las Relaciones Públicas y Protocolo, en particular las empresas, como las técnicas de extrema importancia y relevancia en el contexto de la organización del mundo moderno. El marco general de las temáticas subyace en el área de comunicación, en particular las Relaciones Públicas y Protocolo, en particular las empresas, como las técnicas de extrema importancia y relevancia en el contexto de la organización del mundo moderno. El marco general de las temáticas subyace en el área de comunicación, en particular las Relaciones Públicas y Protocolo, en particular las empresas, como las técnicas de extrema importancia y relevancia en el contexto de la organización del mundo moderno. Relaciones Públicas es la manera formal de las organizaciones a comunicarse con sus audiencias, sobre la base de un plan de comunicación que las estructuras de todos los componentes de la organización. Las Relaciones Públicas tienen orígenes lejanos, debido a que los comerciantes han anunciado sus productos a través de explicaciones convincentes, para asegurar e identificar una imagen en particular. Algunos argumentan que esta actividad existe en Portugal desde el siglo XVI, la época del descubrimiento, con la publicación de una reglamentación oficial para cumplir con las normas de asistencia. El Protocolo es un conjunto de reglas, basado en normas, prácticas, costumbres y valores en las actitudes y comportamientos sociales. Nosotros, los de Relaciones Públicas y Protocolo son conceptos distintos, aunque es totalmente complementarios. También se habla del perfil debe tener el protocolo principal

Control of an industrial desktop robot using computer vision and fuzzy rules

Desktop robots are suitable for various production line systems in industrial applications like dispensing, soldering, screw tightening, pick’n place, welding or marking. Despite their capabilities to meet diverse requirements, they have to be programmed off-line using waypoints and path information. Misalignments in the workspace location during loading cause injuries in the workpiece and tool. Further, in modern flexible industrial production, machinery must adapt to changing product demands, both to the simultaneous production of different types of workpieces and to product styles with short life cycles. In this paper, visual data processing concepts on the basis of fuzzy logic are applied to enable an industrial desktop robot to raise its flexibility and address these problems that limit the production rate of small industries. Specifically, a desktop robot performing dispensing tasks is equipped with a CCD camera. Visual information is used to autonomously change previously off-line stored robot programs for known workpieces or to call worker’s attention for unknown/misclassified workpieces. A fuzzy inference classifier based on a fuzzy grammar, is used to describe/identify workpieces. Fuzzy rules are automatically generated from features extracted from the workpiece under analysis. Regarding the evaluation of the system performance, different types of workpieces were tested and a good rate performance, higher than 90%, was achieved. The obtained results illustrate both the flexibility and robustness of the proposed solution as well as its capabilities for good classification of workpieces. The overall system is being implemented in an industrial environment