Equity valuation

: NOS SGPS, S.A.

Abstract

This thesis presents a comprehensive valuation of NOS SGPS, the leading Portuguese telecommunications, entertainment, and media group. The primary objective is to estimate the company’s fair share price at the end of 2024. To achieve this, the analysis relies mainly on the Discounted Cash Flow (DCF) methodology, employing the Free Cash Flow to Firm (FCFF) approach, complemented by a Relative Valuation based on market multiples. Furthermore, particular attention is given to the acquisition of Claranet Portugal in 2025, a cloud computing and IT services provider, whose valuation is estimated by using comparable companies. In addition, a Sensitivity Analysis was conducted to evaluate the impact of variables on the model. The findings provide insights into the drivers of NOS’s enterprise value and highlight the relevance of combining different valuation methodologies to ensure robust and reliable results. According to the valuation performed, the fair value of NOS’s shares is EUR 4.51 which indicates that at the of 2024, the company is undervalued. Therefore, the final recommendation is to buy NOS’s shares.

Date of Award	17 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Reis (Supervisor)