Lecture 25

14 Maio 2026, 16:00 • José Eusébio Santos

---

Revision and exam preparation session: consolidation of key concepts from the course, discussion of typical exam-style questions, and space for students to clarify doubts and practise the reasoning steps required for the final exam.

Lecture 24

12 Maio 2026, 11:00 • José Eusébio Santos

---

The role of derivatives in corporate financial risk management: use of forwards, futures, swaps and options as instruments to manage currency, interest-rate and commodity-price exposures. Analysis of how derivative contracts can transfer undesired exposures without changing the underlying business, and the distinction between the use of derivatives for hedging and for speculation.

Lecture 23

12 Maio 2026, 09:30 • José Eusébio Santos

---

Financial risk management: sources of value creation through risk management and the rationale for selective hedging. Analysis of how hedging policies may reduce financial distress costs, improve financing capacity, and support investment decisions, together with the distinction between hedging, speculation and selective hedging in corporate finance.

Lecture 22

5 Maio 2026, 11:00 • José Eusébio Santos

---

Continuation of solving practical cases of corporate valuation, with application of valuation by multiples using comparable firms and sector benchmarks, and discussion of the interpretation of valuation ranges.

Lecture 21

5 Maio 2026, 09:30 • José Eusébio Santos

---

Valuation by multiples: relative valuation logic, peer-group selection, equity-value and enterprise-value multiples, practical implementation issues, and interpretation of valuation ranges. Control premiums and synergies in acquisitions: stand-alone value, value creation through synergies, main types of synergies, and the need for valuation discipline. Capital structure and valuation: how leverage choices influence enterprise value, equity value and the use of multiples.