Implementação de uma metodologia de avaliação à fusão entre a Sonaecom e a Zon

  • Ana Catarina Pereira Curral (Student)

Student thesis: Master's Thesis


Within Labor Masters Final, I have made an internship in Mergers & Acquisitions and Structured Financing at Santander Totta Bank under the theme "Analysis Process and Enterprise Valuation". The work in that internship sparked curiosity about one of the valuation methods used by most financial analysts - the multiples method. In this sense, and from what was proposed in the internship, we deepened our knowledge about this method. We began this work with a theoretical framework that allows readers to know what the multiples method, its advantages and disadvantages, and the many different categories used by financial as well as the respective explanation. In order to contextualize and develop the method chosen, we evaluate a merger between two Portuguese companies in the Telecommunications sector, Sonaecom and Zon. Starting from a database with multiples of the same sector, we selected the ones more relevant and identified if target companies of the merger were been under or overvalued, as well as a range of values for each one. It should be noted that in this study with multiples, the main goal was not to define a value for target, but to acquire all the knowledge behind the process that goes from the knowledge of the method multiple of itself, and also of the business and Telecommunication sector.
Date of Award2013
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPaulo Alves (Supervisor) & Eduardo Teixeira de Sousa (Supervisor)


  • Multiples
  • Valuation
  • Merger
  • Telecommunications


  • Mestrado em Finanças

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