DOCSLIB.ORG

WEEKLY IBEX 35 8,291 3.33% -3.21% -13.11% IBEX 35 3,210 2,446 2,400 4,925 Euro Stox X 50 2,651 0.78% 14.44% -5.56% Euro Stox X 50 7,358 6,524 7,325 14,831

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
WEEKLY IBEX 35 8,291 3.33% -3.21% -13.11% IBEX 35 3,210 2,446 2,400 4,925 Euro Stox X 50 2,651 0.78% 14.44% -5.56% Euro Stox X 50 7,358 6,524 7,325 14,831 IBERIA EQUITY RESEARCH 21 December 2012 TOP STORIES Telecoms - Zon announced that the Board of Directors had met and decided to initiate formal negotiations with a view to approving the merger project with Optimus. The board of Optimus also informed that it fully supports, without reservations, the convenience and opportunity of a merger between Zon and Optimus Both statements were pretty much as expected. The questions that really matter are, in one side the exchange ratio, 1.5 now, but we would not be surprised if this ratio changed in favor of Zon shareholders and in the other side the answer from the CMVM (the Portuguese security and exchange commission) to the idea of a creation of a vehicle owned by Isabel dos Santos and Sonaecom with a control stake in Zon of 50.01% (page 4). OUT THIS WEEK Snapshots/Company Reports – PT & TEF, Sonaecom & Zon Multimedia, EDPR, Sonae Price Target / Recommendation Changes – Iberdrola, Zon Multimedia, Jerónimo Martins, Mota- Engil Other News – Zon Multimedia, EDP, Retail Sector, Jerónimo Martins, Galp Energia, PT & Zon Multimedia WEEK AHEAD Monday – JM ex-date special dividend (gross €0.239 per share) Friday – Retail sales Spain PORTFOLIOS This week, Mib Aggressive Portfolio went up 2.96%, outperforming the PSI20 by 1.75pp. Novabase and Semapa were the contributors for this outperformance (page 10). This week, Mib Liquidity Portfolio went up 4.14%, outperforming the PSI20 by 2.94pp. Sonae and Semapa were the contributors for this outperformance (page 11). Stock Market Last 1W YTD 2011 Daily Vol. (€mn) 1W 1M 6M 2011 PSI 20 5,693 1.21% 3.62% -27.60% PSI 20 106 94 60 148 WEEKLY IBEX 35 8,291 3.33% -3.21% -13.11% IBEX 35 3,210 2,446 2,400 4,925 Euro Stox x 50 2,651 0.78% 14.44% -5.56% Euro Stox x 50 7,358 6,524 7,325 14,831 Forex Rates Last 1W YTD 2011 Interest Rates Last 1W C hg YE11 António Seladas, CFA EU R/U SD 1.32 0.98% 2.09% -3.17% Euribor 6m 0.32% 0.32% 0bp 1.62% +351 21 003 7826 EU R/GBP 0.81 0.33% -2.53% -2.96% 10Y Bond PT 6.98% 7.09% -11bp 13.36% EU R/BRL 2.74 -0.31% 13.28% 8.86% 10Y Bond SP 5.25% 5.39% -14bp 5.09% [email protected] Best & Worse Performers -1 Week (%) Best & Worse Performers - YTD (%) Banco Popular 12.3 BPI 106.3 Indra 11.5 Sonae 56.6 Semapa 11.2 Mota-Engil 51.7 Av. José Malhoa, Lote 27 Bankinter 10.4 Altri 37.4 1099-010 Lisboa Mota-Engil 10.2 Zon Multimedia 29.2 Sonae Capital 0.0 Impresa -34.0 Tel / Fax: +351 21 003 7800 / 09 Sonae Industria -1.0 Cimpor -36.4 Cofina -2.7 Sonae Capital -44.4 Jerónimo Martins -2.8 Martifer -46.3 EDP Renováveis -5.5 Banco Popular-67.1 -15 -5 5 15 -100 -50 0 50 100 150 Page 1 of 14 All prices are those of the end of the trading session unless otherwise indicated. For important Disclosure and Disclaimer go to the second last page. Millennium investment banking Weekly 21 December 2012 CHANGES New Previous Motive Rating Target Rating Target Zon Multimedia Neutral 3.20 Buy 3.20 Price Performance Iberdrola Buy 5.00 Buy 4.95 Moving Valuation to YE13 Jerónimo Martins Buy 16.50 Neutral 16.50 Price Performance Mota-Engil Reduce 1.50 Neutral 1.50 Price Performance EARNINGS Company 4Q2012 Investor Day Galp Energia * 21-01 BM Bankinter (e) 24-01 BM BCP 08-02 AM Galp Energia 11-02 BM 05-03-2013 Sonaecom 07-03 BM Glintt 26-03 Jerónimo Martins n.a. Portucel n.a. BPI n.a. Iberdrola n.a. Banco Popular n.a. Media Capital n.a. Novabase n.a. Semapa n.a. Impresa n.a. Brisa n.a. EDP n.a. Sonae Sierra n.a. EDP Renováveis n.a. Telefónica n.a. Altri n.a. REN n.a. Cofina n.a. Zon Multimedia n.a. BES n.a. Cimpor n.a. Sonae n.a. Indra n.a. Martifer n.a. Sonae Capital n.a. Sonae Indústria n.a. Ibersol n.a. Mota-Engil n.a. Portugal Telecom n.a. ESFG n.a. Soares da Costa n.a. SAG n.a. AM - After market; BM - Before market; n.a. - Not available; (e) Expected; * Trading Update Page 2 of 14 Millennium investment banking Weekly 21 December 2012 TELECOMS Portugal Telecom Buy – Medium Risk (Target YE13: €5.30) Zon Multimedia Neutral– Medium Risk (Target YE13: €3.20) Alexandra Delgado, CFA Pt and Zon Agreement on Sport TV António Seladas, CFA Equity Analysts PT announced yesterday night that is going to acquire 25% stake in Sport TV a new entity that combines Sport TV Portugal, Sportinveste Multimedia (exploits multimedia sport rights for internet and mobile platforms) and PPTV (owns the exclusive TV rights for the vast majority of Portuguese Football clubs until the end of 2017/18 season). PT will contribute its 50% stake in Sportinveste Multimedia and €21Mn through a rights issue in Sport TV. Zon also announced that on this deal will reduce its stake in Sport TV from 50% to 25%, receiving a cash in around €46Mn (equity and shareholders loans). The new entity, owned 25% by PT; 25% by Zon and 50% by Sportinveste (the prior owner of PPTV), will have a cleaner structure than before as the exclusive TV rights of the Portuguese Football clubs are now under the umbrella of Sport TV, which was not the case before and will be the main acquirer of sports rights for the Portuguese market. It is not clear if Zon and PT will proportionally consolidate the new company, however Zon to be consistent will probably consolidate, while PT have both options. Portugal Telecom Buy – Medium Risk (Target YE13: €5.30) Telefónica Buy – Medium Risk (Target YE13: €17.35) Alexandra Delgado, CFA Brazilian Mobile Market MoM - Mobile market slowing down... Equity Analyst . The Brazilian regulator released this week night mobile subscribers’ numbers. The Brazilian mobile market reached 260.0 million clients in November 2012, which stands for 131.9% penetration of the population. Net additions during the month were 746k, which compares to 4,450k net adds in November 2011 (-83.2%). Subscriber growth in the Brazilian market has decelerated significantly in the last months, on the back of higher penetration. Subscribers grew 10.1% YoY in the last 12 months, the lowest rate on our data base (since December 2004). Vivo subscribers were down by 295k in the month which resulted in the loss of 0.2pp market share, to 29.2%. Oi captured a very positive 523k net adds in the month, raising its market share by almost 0.2pp to 18.98%. (For further details, please refer to our snapshot out this week) Sonaecom Buy – High Risk (Target YE13: €2.40) Zon Multimedia Neutral – Medium Risk (Target YE13: €3.20) Alexandra Delgado, CFA Merger proposal – The ball’s in Zon’s court Equity Analyst . Sonaecom SGPS and Isabel dos Santos announced last Friday they have reached an agreement to recommend to the Boards of Zon Multimédia and Optimus SGPS a merger between the two companies, based on the incorporation of Optimus SGPS into Zon. Sonaecom will host a conference call next Monday, December 17th, at 10:00 (GMT time). The proposed ratio values Zon as being 150% of Optimus. This exchange ratio gives 60.0% of merger synergies to Zon shareholders and 40.0% to Sonaecom shareholders. The ratio proposed is close to current market value. We have for long defended this merger because we believe it creates significant value (our estimate Page 3 of 14 Millennium investment banking Weekly 21 December 2012 is €317 mn in synergies), and therefore this first step towards a potential merger is positive. Sonaecom becomes the leading shareholder in the new company with a 32% stake. Isabel dos Santos will hold 25%. The decision is now on Zon shareholders’ side, assuming Zon’s Board approves the deal. However, the structure announced is more complex than a merger between Sonaecom and Zon Multimédia and penalizes Sonaecom shareholders. Sonaecom will become a holding with an economic interest of 32% in Zon Optimus plus SSI and Público, therefore trading at a discount vs. the new company. (For further details, please refer to our snapshot out this week) Zon Optimus Merger Zon announced that the Board of Directors had met this week and decided to initiate formal negotiations with a view to approving the merger project with Optimus. For this purpose the board deliberated: (1) to delegate in the executive committee the management and orientation of the negotiation process with the Board of Directors of OPTIMUS; (2) to appoint an Ad-hoc Committee to oversee the negotiations, consisting of Non-Executive Members of the Board of Directors and (3) to hire BESI and Caixa BI as financial advisors to the company for the merger process. Lately, the board of Optimus also informed that it fully supports, without reservations, the convenience and opportunity of a merger between Zon and Optimus and is entirely available to negotiate with Zon the preparation of a a merger project, to be submitted to the Shareholder Meetings of Zon and Optimus. Both statements were pretty much as expected. The questions that really matter are, in one side the exchange ratio, 1.5 now, but we would not be surprised if this ratio changed in favor of Zon shareholders and in the other side the answer from the CMVM (the Portuguese security and exchange commission) to the idea of a creation of a vehicle owned by Isabel dos Santos and Sonaecom with a control stake in Zon of 50.01% UTILITIES Iberdrola Buy – Low Risk (Target YE13: €5.00) Vanda Mesquita, Shrinking debt to ensure a healthier future Equity Analyst .
Load more

Recommended publications
  • The Navigator Company Reaps the Fruit of Success at Vila Velha De Ródão Mill
    THE NAVIGATOR COMPANY REAPS THE FRUIT OF SUCCESS AT VILA VELHA DE RÓDÃO MILL. The Navigator Company is a leading Who is The Navigator Company? producer of forestry, pulp & paper, What are your main products and tissue and energy. In 2015, it how are you positioned in terms of acquired AMS-BR Star Paper, S.A., market share? an established tissue producer that Joaquim Belfo: In 2009, we started owned two Toscotec AHEAD-2.0S up the second paper mill of Setubal tissue machines at its Vila Velha industrial complex - which includes De Ródão mill: PM1, started up in a pulp mill and two paper mills – 2009, 110 t/d capacity, 1,900 m/ and we called it “About the Future”. min operating speed, and PM2, in This undertaking decisively boosted operation since 2015, 115 t/d capacity Portugal’s industrial capacity and it and 2,000 m/min operating speed. positioned the Navigator Company as Europe’s leading manufacturer Joaquim Belfo, Mill Manager BU of uncoated woodfree paper (UWF) Tissue VVR and Pedro Antunes, Tissue and the sixth largest manufacturer Production Manager, shared their worldwide. Secondly, we are one of views on the efficiently integrated industrial unit at Vila Velha De Ródão and the cooperation with Toscotec, the mill’s tissue manufacturing turnkey supplier. the largest producers of bleached 29% of the company’s shares and Zoom eucalyptus kraft pulp (BEKP) in the Investment holds the remaining 2%. world, for which we rank first in Europe. We currently have an installed What can you tell us about your first capacity of 1.6 million tonnes of pulp cooperation with Toscotec in 2009, - of which 1.1 million integrated with PM1 at Vila Velha De Ródão mill? 10 paper production - and 1.6 million years on, how is PM1 performing? tonnes of paper.
    [Show full text]
  • Curricular Information OFFICIAL AUDITOR (Representatives of the Audit Company Pricewaterhousecoopers & Associados, SROC
    Curricular Information OFFICIAL AUDITOR (Representatives of the Audit Company PricewaterhouseCoopers & Associados, SROC, L.da and Alternate Member) António Alberto Henriques Assis Nationality Portuguese Position Partner in the Assurance and Business Advisory (Assurance) Line of Service. Currently leader of the Advisory Line of Service For several years he was - Member of the “Territory Leadership Team” Territory Human Resources Partner Responsible for the Cape Verde office Academic and Degree in Business Management, Lisbon School of Economics (ISE) professional Degree in Accounting and Management, Lisbon Accounting and Management qualifications Institute (ISCAL) Registered Statutory Auditor (ROC) Registered Public Accountant Attendance of several internal and external training courses in Portugal and abroad on management, auditing, accounting, information systems, taxation and soft skills Professional Broad auditing experience in local and international commercial, industrial, banking, and business insurance and service companies and non-profit organizations in addition to a relevant tax experience experience Selected major client responsibilities: In Portugal • Industrial, commercial and service companies ° Portucel Group (pulp and paper production) ° Amorim Group ° Sonae Group ° Shell Portuguesa ° Siderurgia Nacional (national steal manufacturer) ° Cap Gemini Ernst & Young ° Portugália ° Euromarché (Portugal) ° Avis (Portugal) ° Brisa ° Cruz Vermelha Portuguesa ° Sapec Group ° Prosegur (Portugal) ° Goodyear ° Hospital da Cruz Vermelha
    [Show full text]
  • Tese Carla Quintas Inclui As Críticas Do Júri Teste1
    A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Dissertação apresentada ao Instituto Politécnico de Viana do Castelo para obtenção do Grau de Mestre em Gestão das Organizações, Ramo de Gestão de Empresas Orientada por: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 A redução de custos face à atual conjuntura de crise: Evidência empírica nas empresas do PSI-20 Carla Marlene Silva Quintas Orientação: Professor Doutor Nuno Domingues Viana do Castelo, fevereiro de 2016 RESUMO A globalização é um fenómeno inevitável e que afeta todas as organizações. Os concorrentes deixaram de ser as empresas da mesma área geográfica e passaram a ser todas as que, a nível mundial, competem no mesmo mercado. Neste sentido, é inevitável por parte das empresas a procura da melhoria da qualidade do seu produto/serviço e a preços cada vez mais competitivos. Esta discussão não é recente mas torna-se proeminente em função da crise económica e social que se atravessa. A redução dos custos e, principalmente, o aumento dos lucros são necessários a qualquer empresa que tem como principal objetivo a sobrevivência neste mercado global. Deste modo, este estudo incide sobre quais as medidas que as maiores empresas portuguesas (PSI-20, cotadas em 2011) tomaram no sentido de reduzir custos face à atual conjuntura de crise. As conclusões apontam no sentido de todas as empresas analisadas demonstrarem preocupação com a temática, sendo que as medidas tomadas nem sempre são possíveis de apurar. As medidas relacionadas com os custos com pessoal são utilizadas por diversas empresas mas possuem várias nuances : redimensionamento do quadro de colaboradores, anulação/corte de remuneração variável, contenção de aumentos salariais, reconversão de quadros, formação, renegociação/reestruturação de seguros de saúde e corte nas horas extraordinárias.
    [Show full text]
  • Banco BPI 1.º Semestre De 2017”
    This document is a translation from the Portuguese original “Relatório e Contas Banco BPI 1.º semestre de 2017”. In the event of any inconsistency the Portuguese version shall prevail. BANCO BPI 1st half 2017 Public held company Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 Headquarters: Rua Tenente Valadim, n.º 284, 4100-476 Porto, PORTUGAL Share Capital: EUR 1 293 063 324.98 Registered in Oporto C.R.C. and tax identification under the sole number 501 214 534 This page was intentionally left blank. 2009 Report and Accounts| Management report 2 Index REPORT Leading business indicators 4 Summary of first half 2017 results 5 Financial structure and business 6 Governing bodies 7 Human resources 8 Distribution channels 9 Background to operations 10 Financial review 13 Rating 36 Banco BPI Shares 37 Annex - Recommendations from Bank of Portugal 38 Annex - Alternative Performance Indicators 40 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 43 Consolidated financial statements 44 Notes to the consolidated financial statements 49 Statement 236 Audit report prepared by an auditor registered at the Portuguese Securities Market 237 Commission (CMVM) Banco BPI | Report and Accounts 1st half 2017 3 Leading business indicators (Figures in millions of euros, except where indicated otherwise) 1st half 17, excl. 1st half 16 Results and profitability 1st half 17 non-recurring 1 pro forma Net profit 187.8 (101.7) 105.9 Net profit per share (euros) 0,129 (0,070) 0,073 Weighted average number of shares (in millions) 1,455.7
    [Show full text]
  • Curriculum Vitae
    Curriculum Vitae Jorge Catulo Partner Portugal Education and Participation in Professional Organization: Graduated in Economics by the Universidade Católica Portuguesa (1989). Qualified as Certified Public Accountant (1997). Partner Deloitte & Associados, SROC S.A. Most Relevant Projects: (Portugal) Partner responsible for the audit work of Empresa de Av. Engº Duarte Pacheco, 7 Eletricidade da Madeira, Generg Group, Iberwind, Logoplaste 1070-100 Lisboa Group, Siderurgia Nacional, TrustEnergy, Luis Simões Group, INAPA Group, Lusoponte Group, among others. Tel. +351 210 427 617 [email protected] Partner responsible for the audit work of ENACOL (Cape Verde) and ENAPOR (Cape Verde) in previous years. Review of internal control procedures under the Sarbanes- Oxley Act project for EDP Group, Tejo Energia and International Power. Partner responsible for the audit work of Galp Energia Group (Petrogal, GDP and Galp Power - includes companies from cogeneration, combined cycle and energy including Wind Farms), from 2004 to 2010. Supported the conversion of financial statements to IAS / IFRS in the group Galp Energia, Lusoponte, Metropolitano de Lisboa, among others. Supported Galp Energia Group in its Initial Public Offering (IPO). Supported Galp Energia Group in the development and definition of accounting policies and practices concerning the activity of Petroleum Exploration and Production. Audit of recoverable costs as part of Concession Contracts and Production Sharing Agreements for several oil exploration and production companies in Angola (Total E&P Angola, Chevron and Sonangol Pesquisa & Produção). Between 1996 and 2001 was the Manager responsible for the audit work of Semapa Group and Secil Group. Between 2001 and 2003 was the Partner responsible for the audit work of Secil.
    [Show full text]
  • Equity Research
    EQUITY RESEARCH NOS Telecoms Tailwinds from competition Buy (YE15 Price Target upgraded from €5.30 to €6.30; Buy Medium Risk Recommendation) January 2015 4 Positive signs from competition: All the operators announced price increases in the range of 3-4% for 2015. But given the weight of Portugal customers under promotional prices, the impact is bound to be NOS vs. PSI20 vs. Eurostoxx Telco limited. However, VOD has also increased its 3-Play base price from € 24.90 to € 25.90, which has been the base for the promotional prices in the 3-Play segment for all the operators. Perhaps, more important 120 than the direct impact this will have when renewing the promotions is Eurostoxx the sign VOD is giving the market. We remain conservative in our 110 Telco estimate for sector revenues (CAGR13-18F of -1.2%), but acknowledge upside risks. Apart from this, PT Portugal continues to 100 be strongly conditioned by PT/Oi events which is bound to benefit its competitors and NOS in particular. 90 NOS 4 Still the best positioned player in the sector: NOS continues to have 80 the largest NGN coverage in the country (3.2mn and plans to reach 3.6mn in YE15) and its large 3P customer base is the most powerful 70 argument to surf the wave of convergence. On top of that, NOS is the PSI20 only player that can match PT in network capacity, expertise and 60 reach in the enterprise segment. As pricing pressure fades in the 3- Jan-14 May-14 Sep-14 Jan-15 Play segment, revenue accretion by the strong growth in mobile subs.
    [Show full text]
  • Markowitz Efficient Frontier and Capital Market Line – Evidence from the Portuguese Stock Market
    MARKOWITZ EFFICIENT FRONTIER AND CAPITAL MARKET LINE – EVIDENCE FROM THE PORTUGUESE STOCK MARKET 1 2 The European Journal of Management Teresa Garcia and Daniel Borrego Studies is a publication of ISEG, 1 Universidade de Lisboa. The mission of ISEG – Lisbon School of Economics and EJMS is to significantly influence the domain of management studies by Management, Universidade de Lisboa, and UECE, publishing innovative research articles. Portugal; 2ISEG – Lisbon School of Economics and EJMS aspires to provide a platform for Management, Universidade de Lisboa thought leadership and outreach. Editors-in-Chief: Luís M. de Castro, PhD ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Abstract Portugal Gurpreet Dhillon, PhD This paper estimates the efficient frontier and the capital Virginia Commonwealth University, USA market line using listed stocks of the Portuguese capital Tiago Cardão-Pito, PhD ISEG - Lisbon School of Economics and market that are part of the PSI20 index, considering two Management, Universidade de Lisboa, different periods - before and after the 2008 financial crisis, Portugal known as the Global Financial Crisis. The results show the Managing Editor: impact of the 2008 financial crisis on the global minimum Mark Crathorne, MA ISEG - Lisbon School of Economics and variance portfolio and on the market portfolio. The sensitivity Management, Universidade de Lisboa, analysis of the results to the inclusion or not of the year 2008 Portugal is also considered1. ISSN: 2183-4172 Volume 22, Issue 1 www.european-jms.com Key words: Markowitz portfolio theory. Mean-variance theory. Efficient Frontier. Capital Market Line. PSI20. 1 The authors would like to acknowledge the financial support received from FCT (Fundação para a Ciência e a Tecnologia), Portugal.
    [Show full text]
  • The Financial Crisis Impact on the Composition of an Optimal Portfolio in the Stock Market - Study Applied to Portuguese Index PSI 20
    International Journal of Business and Social Science Volume 8 • Number 10 • October The Financial Crisis Impact on the Composition of an Optimal Portfolio in the Stock Market - Study Applied to Portuguese Index PSI 20 Carlos Santos Pinho Phd in Management Universidade Aberta Universidade Europeia – Visiting Professor Rua da Escola Politécnica, 141 1269-001 Lisboa, Portugal Augusto Melo Phd in Management Student Universidade Europeia Quinta do Bom Nome, Estr. Correia 53 1500-210 Lisboa, Portugal Abstract In order to maximize their utility function, investors select some assets over others, choosing the portfolio that will allow them to maximize their wealth. Each asset is chosen considering the relationship between the risk of that particular investment (usually measured by variance) - and the profitability it can offer, as well as the risk between this and other assets (measured by covariance). The purpose of this study consisted of constructing the minimum variance portfolio, using data from the PSI-20 (2008-2016) representative asset quotation, where investors are risk reluctant and wish to minimize risk while maintaining the same level of profitability, or on the other hand, maintaining the same level of risk but maximizing expected profit. In order to do this, a comparison of the optimal portfolio in 2004-2017 was carried out, compared to the minimum variance portfolio after the financial crisis (2008-2016). The method used to estimate each asset’s expected profitability that makes up the PSI-20 consists of extracting the obtained historical quotations. The optimal portfolio composition, in the period after the financial crisis, shows that the energy sector has an optimal portfolio weight reduction of 39.15%, that the big distribution sector (23.85%) was introduced into the portfolio and by last, the industrial sector stands its ground in the composition of the optimal portfolio.
    [Show full text]
  • Lisbon - Derivatives 21 February 2020
    Euronext Lisbon - Derivatives 21 February 2020 Contract name Contract Contract Date Volume Open Change Settlement High Low Product group Market code delivery Interest Price PSI20 Index Future PSI Mar 20 2020-02-21 13,383 0 5,385.0000 Index Futures Lisbon PSI20 Index Future PSI Jun 20 2020-02-21 5,203.0000 Index Futures Lisbon PSI20 Index Future PSI Sep 20 2020-02-21 5,172.5000 Index Futures Lisbon PSI20 Index Future PSI Dec 20 2020-02-21 5,164.5000 Index Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Feb 20 2020-02-21 2.7140 Stock Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Mar 20 2020-02-21 2.7129 Stock Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Apr 20 2020-02-21 2.7118 Stock Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Jun 20 2020-02-21 2.5893 Stock Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Sep 20 2020-02-21 2.5853 Stock Futures Lisbon CTT-Correios De Portugal - Stock Future CT6 Dec 20 2020-02-21 2.5817 Stock Futures Lisbon Galp Energia SGPS SA - Dividend Future GE8 Dec 20 2020-02-21 0.5000 Stock Futures Lisbon Galp Energia SGPS SA - Dividend Future GE8 Dec 21 2020-02-21 0.5000 Stock Futures Lisbon Galp Energia SGPS SA - Dividend Future GE8 Dec 22 2020-02-21 0.5000 Stock Futures Lisbon Galp Energia SGPS SA - Dividend Future GE8 Dec 23 2020-02-21 0.5000 Stock Futures Lisbon Galp Energia SGPS SA - Dividend Future GE8 Dec 24 2020-02-21 0.5000 Stock Futures Lisbon Galp Energia, SGPS, S.A.
    [Show full text]
  • Preliminary Notice of Launch of Tender Offer
    July 6th, 2004 - PRESS RELEASE PRELIMINARY NOTICE OF LAUNCH OF PUBLIC OFFER TO PURCHASE SHARES ISSUED BY PORTUCEL – EMPRESA PRODUTORA DE PASTA E PAPEL, S.A. Public notice is hereby given of the launch by SEMAPA Investments B.V., identified in greater detail below, of a Public Offer to Purchase shares representing the share capital of Portucel – Empresa Produtora de Pasta e Papel, S.A. (hereinafter called the “Offer”), on the terms and conditions set out in this preliminary notice: 1. The Offeror is SEMAPA Investments B.V., company existing under the laws of The Netherlands, with registered offices at Starwinskylaan 3.105, 7, 1.077ZX, with share capital fully subscribed and paid up in cash of € 90,000, registered with the Amsterdam Chamber of Commerce and Industry under no. 33.232.905 (hereinafter called the “Offeror”). 2. The Offeree Company is Portucel – Empresa Produtora de Pasta e Papel, S.A., Public Limited Company, with registered offices at Península da Mitrena, Parish of Sado, in Setúbal, with share capital fully subscribed and paid up in cash of 767,500,000 Euros, corporate person no. 503.025.798, registered with the Setúbal Companies Registry under number 05.888/200001204 (hereinafter called the “Offeree Company”). 3. The Financial Intermediaries responsible for assisting the Public Offer to Purchase, under the terms and for the purposes of the provisions of articles 113 and 337 of the Securities Market Code, are Caixa – Banco de Investimento, S.A., with registered offices at Rua Barata Salgueiro, no. 33, in Lisbon, with share capital fully subscribed and paid up in cash of € 81,250,000, corporate person number 501.898.417, registered with the Lisbon Companies Registry under number 67.081, and Banco Espírito Santo de Investimento, S.A., with registered offices at Rua Alexandre Herculano no.
    [Show full text]
  • Seleção De Carteiras De Ações Nos Índices PSI20 E CAC40 Mikael Alexandre Oliveira Fernandes
    Seleção de carteiras de ações nos índices PSI20 e CAC40 Mikael Alexandre Oliveira Fernandes Dissertação de Mestrado Mestrado em Contabilidade e Finanças Porto – 2018 INSTITUTO SUPERIOR DE CONTABILIDADE E ADMINISTRAÇÃO DO PORTO INSTITUTO POLITÉCNICO DO PORTO Seleção de carteiras de ações nos índices PSI20 e CAC40 Mikael Alexandre Oliveira Fernandes Dissertação de Mestrado apresentado ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Doutor Luís Pereira Gomes Porto – 2018 INSTITUTO SUPERIOR DE CONTABILIDADE E ADMINISTRAÇÃO DO PORTO INSTITUTO POLITÉCNICO DO PORTO Agradecimentos Quero agradecer a todos aqueles que privaram comigo ao longo do meu percurso académico no Instituto Superior de Contabilidade e Administração do Porto. A elaboração desta dissertação é para mim a realização de um objetivo pessoal e profissional muito importante. Ao Doutor Luís Pereira Gomes um especial obrigado, por me ter aceite como orientando, pela atenção me dada ao longo da realização desta dissertação e pela disponibilidade demonstrada para esclarecer as muitas dúvidas que foram surgindo. Aos meus amigos e em especial à minha namorada, por nunca me fazerem desistir e me incentivarem à conclusão desta dissertação. Aos meus pais, obrigado por todo o apoio me dado durante este tempo. i Resumo: Os investidores que praticam gestão ativa de carteiras, acreditam em ineficiências específicas no mercado, podendo as mesmas ser explorados de forma a tentar “vencer” o mercado. Na gestão passiva, os investidores tentam replicar o retorno de um determinado índice, já na gestão ativa selecionam ações com possibilidade de rendibilidade superior ao índice de referência.
    [Show full text]
  • Avoiding Tax in Times of Austerity Energias De Portugal (EDP) and the Role of the Netherlands in Tax Avoidance in Europe
    SO M O Avoiding Tax in Times of Austerity Energias de Portugal (EDP) and the Role of the Netherlands in Tax Avoidance in Europe Rodrigo Fernandez, Katrin McGauran & Jesse Frederik September 2013 Colophon Avoiding Tax in Times of Austerity Energias de Portugal (EDP) and the Role of the Netherlands in Tax Avoidance in Europe September 2013 Authors: Rodrigo Fernandez (SOMO/KU Leuven - University), Katrin McGauran (SOMO) and Jesse Frederik (Follow the Money) Cover photo: iStockphoto Translation: Elvira Willemsen Editing: Katrin McGauran ISBN: 978-94-6207-029-5 Acknowledgements: We thank Roos van Os, Kees Hudig, João Romão and Jo Creemers for their contribution to this report. Financed by: This publication was made possible with financial support from The Sigrid Rausing Trust. The contents of this publication are the sole responsibility of SOMO and cannot be attributed in any way to The Sigrid Rausing Trust. Published by: Centre for Research on Multinational Corporations Sarphatistraat 30 1018 GL Amsterdam The Netherlands Tel: + 31 (20) 6391291 Fax + 1 (20) 6391321 Email: [email protected] Website: www.somo.nl This document is subject to the Creative Commons Attribution- NonCommercial-NoDerivateWorks 3.0 license. The Centre for Research on Multinational Corporations (SOMO) is an independent, not-for-profit research and network organisation working on social, ecological and economic issues related to sustainable development. Since 1973, the organization investigates multinational corporations and the consequences of their activities for people and the environment around the world. 1 Avoiding Tax in Times of Austerity Table of contents Abbreviations .................................................................................................................. 3 1. Introduction ..................................................................................................... 4 2. Portugal in crisis - tax avoidance via the Netherlands ..............................
    [Show full text]