Equity research

: Oi S.A.

Abstract

Valuation is a fundamental instrument of the Modern World. It provides one of the foundations of society, as it establishes what is fair and what it isn’t for a certain asset. In Equity Research, one of the major and most complex fields of Valuation we must value a company relative to its industry and geographic location while trusting the data it makes available. This Thesis intends to bridge the theory and the practice of Equity Valuation, valuing Oi’s Preferred and Common Shares. Oi is one of the major Telecom companies in Brazil. After my research I arrived at a fair value price of BRL5.47 and BRL7.38 for each, leading to an Underweight recommendation for both.

Date of Award	26 Feb 2013
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)