Impresa, SGPS, SA

: equity valuation

Abstract

The aim of this dissertation is to value IMPRESA – SGPS, S.A.. Its fundamental goals are to determine how much the company is worth, as well as to provide a buy or sell recommendation, based on a comparison between the calculated/estimated value and the current market price of the same company. In the first place, the state of the art about equity valuation is carefully addressed, starting with an overview of the models and techniques available. Given that, IMPRESA – SGPS, S.A. was valued by using the Discounted Cash Flows method and a Multiples Valuation. After that, the media and communications industry is analyzed, paying special attention to the environment in which the company operates. Later on, a brief overview of the company itself is conducted. As a result, IMPRESA – SGPS, S.A. was valued at ! 1,07 per share and, for that reason, a Buy recommendation was decided, given that it was trading in the market at ! 0,47. To conclude, a comparison with the valuation of Caixa Banco de Investimento is conducted and the major differences analyzed.

Date of Award	21 Jul 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)