Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : Yields Double Hedge

Mestrado em FinançasEste projeto consiste num relatório de avaliação da REN - Redes Energéticas Nacionais, S.G.P.S., S.A. O relatório contém uma extensiva análise financeira à empresa, com foco na sua estratégia de gestão da dívida, e um entendimento geral do mercado energético em Portugal, na Europa e na América Latina (LATAM). Esta analise resultou num preço alvo de €2.76, representando um potencial de crescimento de 15% face ao preço fecho de €2.43, a 9 de fevereiro de 2018. Adicionalmente, a REN paga aos seus acionistas um dividendo de €0.171 por ação, o que representa uma dividend yield de 6.89%. A avaliação foi obtida com recurso ao método da soma das partes, na qual os negócios em Portugal foram avaliados utilizando o modelo dos free cash flows descontados e a participação da Electrogás do Chile com o modelo dos dividendos descontados e um múltiplo. Como suporte à avaliação, foram utilizados modelos de complementares. O modelo de regulação providencia à empresa uma espécie de natural hedge, tendo em conta que as suas vendas aumentam quando há um aumento da taxa de juro das obrigações portuguesas a 10 anos, compensando a empresa pelo aumento causado nos custos de financiamento. Com uma perspicaz gestão da dívida, a REN melhorou esse hedge, aumentando a proporção de dívida à taxa fixa para mais de 60% protegendo ainda mais o resultado líquido contra o espectável aumento das taxas de juro, criando desse modo o Yields Double Hedge. O relatório é apresentado segundo o formato do CFA Institute.This project consists of an Equity Research Report on REN - Redes Energéticas Nacionais, S.G.P.S., S.A. It contains a comprehensive financial analysis of the company, with focus on its debt management strategy, and a brief understanding of the energy market in Portugal, Europe and Latin America (LATAM). This analysis resulted in a price target of €2.76, representing a 15% upside potential to the €2.43 closing price at February 9th, 2018. On top of that, REN pays a €0.171 dividend per share, translated in a 6.89% dividend yield. This valuation was obtained using a Sum of the parts approach, in which the businesses in Portugal where valued with the discounted free cash flow model, and the Electrogás share with the dividend discount model and a multiple. Additionally, some complementary approaches were used to support the base case valuation. The regulatory scheme provides to the company a natural hedge, in the sense that its revenues will increase when the 10Y Portuguese Yields increase, compensating the company for the losses due to the increase of the cost of debt. With crucial debt management, REN was able to improve that hedge, by increasing the share of fixed rate debt to above 60% protecting the net income, even more, against the expected increases in Yields, creating in that way the Yields Double Hedge. The report is presented under the CFA Institute Format.info:eu-repo/semantics/publishedVersio

Evaluation of feline permanent canine tooth mineral density using micro-computed tomography

The tooth is made up of three mineralized tissues, enamel, dentin, and cementum, which surround a non-mineralized tissue called the dental pulp. Micro-computed tomography (mCT) is an imaging technology based on X-rays that allows non-invasive visualization of objects at a microscopic scale, according to their radiopacity and in three dimensions (3D). Likewise, it allows the subsequent execution of morphological and quantitative analysis of the objects, such as, for example, the determination of the relative mineral density (MD). The present work aimed to describe the MD of feline teeth using mCT. The studied sample consisted of four European Shorthair cats, from which nine canine teeth were extracted per medical indication. These teeth were evaluated through dental radiography before and after their extraction. Using mCT and the CTAn software, the values of the relative mineral density of the root of each tooth and of specific segments corresponding to the coronal, middle, and apical thirds of the root were determined. Mean MD of root tissues was 1.374 ± 0040 g·cm−3, and of hard root, tissues was 1.402 ± 0.035 g·cm−3. Through mCT, it was possible to determine the mean MD values of feline canine teeth. The study of MD could become an ancillary method for the diagnosis and characterization of dental pathology.This work was funded by national funds through FCT—Foundation for Science and Technology, I.P., under the Scientific Employment Stimulus—Institutional Call-CEECINS/00127/2018 (J.F. Requicha) and supported by the projects UIDB/CVT/00772/2020 and LA/P/0059/2020

Exposição profissional a citostáticos: caracterização da exposição em unidades hospitalares portuguesas

Os citotóxicos constituem um grupo farmacoterapêutico que interfere por vários mecanismos de ação com o DNA, levando à destruição celular. Estes agentes terapêuticos são preparados diariamente em Unidades Hospitalares Portuguesas, e utilizados no tratamento de várias doenças, nomeadamente neoplasias. Dependendo do mecanismo de ação, estes fármacos podem ser agrupados em vários subgrupos: agentes alquilantes, antibióticos, antimetabolitos, geradores de radicais livres e inibidores mitóticos (Despacho nº 21 844/2004). Os agentes alquilantes interagem diretamente com o DNA de células tumorais; os antibióticos interferem com a transcrição de DNA; os antimetabolitos bloqueiam a síntese de DNA e RNA; os geradores de radicais livres produzem radicais livres reactivos que se ligam ao DNA e, finalmente, os inibidores mitóticos actuam no mecanismo mitótico necessário à cariocinese. Os fármacos antineoplásicos são cada vez mais utilizados quer na terapêutica de doenças malignas quer com intuitos profiláticos (terapêutica adjuvante) e num espetro crescente de patologia benigna (doenças autoimunes, doenças inflamatórias crónicas do foro gastroenterológico ou reumatológico, entre outras). Têm em comum o facto de poderem lesar o genoma celular (efeito genotóxico). Idealmente, deveriam afetar apenas as células neoplásicas; os fármacos disponíveis, no entanto, embora afetem preferencialmente as células malignas, são relativamente inespecíficos, afetando simultaneamente o genoma das células normais e condicionando assim efeitos adversos para a saúde quer dos doentes tratados quer dos profissionais de saúde a eles expostos. Neste contexto importa aprofundar o saber em 3 vertentes essenciais: a caracterização das exposições, os critérios de avaliação das repercussões sobre o organismo e os processos de organização dos programas preventivos. O estudo que se apresenta visou, assim, desenvolver conhecimento nas 3 vertentes assinaladas, designadamente, a exposição, a monitorização biológica e a programação da prevenção. Julgámos relevante o seu desenvolvimento face a dois grandes aspectos, designadamente a atualidade do estudo científico e a inexistência de estudos sobre esta realidade em hospitais portugueses. O estudo que se propôs pretendeu contribuir para a caracterização da exposição a citotóxicos num contexto profissional específico (salas limpas da Farmácia Hospitalar e Hospitais de Dia), identificando os fatores que a condicionam e os eventuais efeitos para a saúde dos trabalhadores decorrentes dessa exposição

Landscape - wildfire interactions in southern Europe: implications for landscape management

ReviewEvery year approximately half a million hectares of land are burned by wildfires in southern Europe, causing large ecological and socio-economic impacts. Climate and land use changes in the last decades have increased fire risk and danger. In this paper we review the available scientific knowledge on the relationships between landscape and wildfires in the Mediterranean region, with a focus on its application for defining landscape management guidelines and policies that could be adopted in order to promote landscapes with lower fire hazard. The main findings are that (1) socio-economic drivers have favoured land cover changes contributing to increasing fire hazard in the last decades, (2) large wildfires are becoming more frequent, (3) increased fire frequency is promoting homogeneous landscapes covered by fire-prone shrublands; (4) landscape planning to reduce fuel loads may be successful only if fire weather conditions are not extreme. The challenges to address these problems and the policy and landscape management responses that should be adopted are discussed, along with major knowledge gapsinfo:eu-repo/semantics/publishedVersio

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear un derstanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5–7 vast areas of the tropics remain understudied.8–11 In the American tropics, Amazonia stands out as the world’s most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepre sented in biodiversity databases.13–15 To worsen this situation, human-induced modifications16,17 may elim inate pieces of the Amazon’s biodiversity puzzle before we can use them to understand how ecological com munities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple or ganism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region’s vulnerability to environmental change. 15%–18% of the most ne glected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lostinfo:eu-repo/semantics/publishedVersio

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear understanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5,6,7 vast areas of the tropics remain understudied.8,9,10,11 In the American tropics, Amazonia stands out as the world's most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepresented in biodiversity databases.13,14,15 To worsen this situation, human-induced modifications16,17 may eliminate pieces of the Amazon's biodiversity puzzle before we can use them to understand how ecological communities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple organism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region's vulnerability to environmental change. 15%–18% of the most neglected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lost

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear understanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5,6,7 vast areas of the tropics remain understudied.8,9,10,11 In the American tropics, Amazonia stands out as the world's most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepresented in biodiversity databases.13,14,15 To worsen this situation, human-induced modifications16,17 may eliminate pieces of the Amazon's biodiversity puzzle before we can use them to understand how ecological communities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple organism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region's vulnerability to environmental change. 15%–18% of the most neglected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lost

Catálogo Taxonômico da Fauna do Brasil: setting the baseline knowledge on the animal diversity in Brazil

The limited temporal completeness and taxonomic accuracy of species lists, made available in a traditional manner in scientific publications, has always represented a problem. These lists are invariably limited to a few taxonomic groups and do not represent up-to-date knowledge of all species and classifications. In this context, the Brazilian megadiverse fauna is no exception, and the Catálogo Taxonômico da Fauna do Brasil (CTFB) (http://fauna.jbrj.gov.br/), made public in 2015, represents a database on biodiversity anchored on a list of valid and expertly recognized scientific names of animals in Brazil. The CTFB is updated in near real time by a team of more than 800 specialists. By January 1, 2024, the CTFB compiled 133,691 nominal species, with 125,138 that were considered valid. Most of the valid species were arthropods (82.3%, with more than 102,000 species) and chordates (7.69%, with over 11,000 species). These taxa were followed by a cluster composed of Mollusca (3,567 species), Platyhelminthes (2,292 species), Annelida (1,833 species), and Nematoda (1,447 species). All remaining groups had less than 1,000 species reported in Brazil, with Cnidaria (831 species), Porifera (628 species), Rotifera (606 species), and Bryozoa (520 species) representing those with more than 500 species. Analysis of the CTFB database can facilitate and direct efforts towards the discovery of new species in Brazil, but it is also fundamental in providing the best available list of valid nominal species to users, including those in science, health, conservation efforts, and any initiative involving animals. The importance of the CTFB is evidenced by the elevated number of citations in the scientific literature in diverse areas of biology, law, anthropology, education, forensic science, and veterinary science, among others