Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.

Bibliographic Details
Main Author: Lopes, Luís Miguel Gonçalves
Publication Date: 2023
Format: Master thesis
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10400.5/28114
Summary: Mestrado Bolonha em Finanças
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network_name_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
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spelling Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.Payout PolicyEmployee Stock OptionsBuybacksEquity ValuationCapital StructureMestrado Bolonha em FinançasThe fast growth in share repurchases and the decrease of dividend payout rates in the late 1990s led analysts to put less weight on equity valuation tools based on firms’ dividend yields. A reasonable adjustment to think of is to add to the dividend yield a share repurchase yield, for instance. However, repurchasing shares can have many more reasons of being than to be a shareholder payout method and can be much more irregular than the most commonly used payout method: dividends. In fact, many corporations that repurchase shares also issue new shares, primarily, but not exclusively, to fund employee stock options’ exercises. Given the growing and related importance of these operations, incorporating information on share repurchases into valuation models became more complicated. At the same time, the use of financial engineering as a tool for managing earnings per share (EPS) has also grown, in order to increase perceived value to attract stakeholders or to increase executives’ bonuses, when these are attributed depending on metrics as such. This case study requires students to not only analyse the impact of repurchases and issuances on EPS, but also to measure and evaluate the overall impact of cash dividends, repurchases and issuances on the firm’s capital structure, equity valuation models and relevant yields. The case was built using real world information extracted from the company’s reports and announcements, as well as other public information regarding equity valuations done by real investment banking firms over the studied period, although the characters presented in the story are fictitious.Instituto Superior de Economia e GestãoVieira, Pedro RinoRepositório da Universidade de LisboaLopes, Luís Miguel Gonçalves2023-08-21T11:18:35Z2023-072023-07-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/28114engLopes, Luís Miguel Gonçalves (2023). “Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestãoinfo:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-03-17T15:30:19Zoai:repositorio.ulisboa.pt:10400.5/28114Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-29T03:45:21.157131Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
title Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
spellingShingle Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
Lopes, Luís Miguel Gonçalves
Payout Policy
Employee Stock Options
Buybacks
Equity Valuation
Capital Structure
title_short Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
title_full Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
title_fullStr Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
title_full_unstemmed Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
title_sort Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.
author Lopes, Luís Miguel Gonçalves
author_facet Lopes, Luís Miguel Gonçalves
author_role author
dc.contributor.none.fl_str_mv Vieira, Pedro Rino
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Lopes, Luís Miguel Gonçalves
dc.subject.por.fl_str_mv Payout Policy
Employee Stock Options
Buybacks
Equity Valuation
Capital Structure
topic Payout Policy
Employee Stock Options
Buybacks
Equity Valuation
Capital Structure
description Mestrado Bolonha em Finanças
publishDate 2023
dc.date.none.fl_str_mv 2023-08-21T11:18:35Z
2023-07
2023-07-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/28114
url http://hdl.handle.net/10400.5/28114
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Lopes, Luís Miguel Gonçalves (2023). “Case study : quantifying payout policies’ impacts on the value of Davide Campari-Milano N.V.”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
_version_ 1833601822518935552

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