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Publicação
Riscos climáticos e avaliação de ativos: o impacto dos fatores ESG
| Nome: | Descrição: | Tamanho: | Formato: | |
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| Projeto de graduação_2023114440 | 848.76 KB | Adobe PDF |
Orientador(es)
Resumo(s)
O presente projeto de graduação analisa a integração dos fatores ESG na avaliação de ativos financeiros, focando-se no impacto material dos riscos climáticos sobre o tecido empresarial. Num cenário macroeconómico e regulatório em célere mutação, impulsionado pela introdução das normas europeias de reporte de sustentabilidade (ESRS) do EFRAG e pelas diretrizes prudenciais do Banco Central Europeu, os riscos ambientais transitaram de meras externalidades para vetores críticos de risco financeiro material. Adotando uma metodologia qualitativa assente num estudo de caso múltiplo, a investigação examina e compara as estratégias de duas grandes empresas cotadas no mercado português, operando em setores distintos: a Sonae, exposta predominantemente a riscos climáticos físicos, e a The Navigator Company, altamente influenciada por riscos de transição. Através da análise documental dos relatórios financeiros e de sustentabilidade de 2025, o estudo demonstra como os fenómenos climáticos extremos e a descarbonização impactam diretamente as demonstrações financeiras das organizações. Os resultados revelam que a Sonae mitiga os riscos físicos agudos através da proteção do justo valor dos seus ativos imobiliários (Sonae Sierra) e do fortalecimento de sistemas de gestão de risco corporativo (Enterprise-Wide Risk Management). Por sua vez, a Navigator responde aos riscos de transição por via de uma reconfiguração expressiva do seu investimento de capital (CapEx), direcionando recursos significativos para a eficiência energética e transição fabril a fim de evitar a obsolescência de ativos (stranded assets). Conclui-se que uma governação robusta e um desempenho ESG sólido atuam diretamente como redutores do prémio de risco e do custo médio ponderado de capital (WACC), preservando o valor e a continuidade das empresas. Adicionalmente, o estudo adverte para a premente necessidade de transpor estas práticas de resiliência e planos de contingência climática para o universo das Pequenas e Médias Empresas (PMEs) em Portugal, cuja vulnerabilidade estrutural ameaça a sua estabilidade operacional e avaliação de mercado.
This undergraduate thesis analyzes the integration of ESG factors in the valuation of financial assets, focusing on the material impact of climate risks on the business sector. In a rapidly changing macroeconomic and regulatory landscape, driven by the introduction of the European Sustainability Reporting Standards (ESRS) of EFRAG and the prudential guidelines of the European Central Bank, environmental risks have transitioned from mere externalities to critical vectors of material financial risk. Adopting a qualitative methodology based on a multiple case study, the research examines and compares the strategies of two large companies listed on the Portuguese market, operating in distinct sectors: Sonae, predominantly exposed to physical climate risks, and The Navigator Company, highly influenced by transition risks. Through the documentary analysis of financial and sustainability reports up to 2025, the study demonstrates how extreme weather events and decarbonization directly impact the organizations' financial statements. The results reveal that Sonae mitigates acute physical risks by protecting the fair value of its real estate assets (Sonae Sierra) and strengthening its corporate risk management systems (Enterprise-Wide Risk Management). In turn, Navigator responds to transition risks through a significant reconfiguration of its capital investment (CapEx), directing significant resources towards energy efficiency and factory transition in order to avoid asset obsolescence (stranded assets). It is concluded that robust governance and solid ESG performance act directly as reducers of the risk premium and the weighted average cost of capital (WACC), preserving the value and continuity of companies. Additionally, the study warns of the pressing need to transpose these resilience practices and climate contingency plans to the universe of Small and Medium Enterprises (SMEs) in Portugal, whose structural vulnerability threatens their operational stability and market valuation.
This undergraduate thesis analyzes the integration of ESG factors in the valuation of financial assets, focusing on the material impact of climate risks on the business sector. In a rapidly changing macroeconomic and regulatory landscape, driven by the introduction of the European Sustainability Reporting Standards (ESRS) of EFRAG and the prudential guidelines of the European Central Bank, environmental risks have transitioned from mere externalities to critical vectors of material financial risk. Adopting a qualitative methodology based on a multiple case study, the research examines and compares the strategies of two large companies listed on the Portuguese market, operating in distinct sectors: Sonae, predominantly exposed to physical climate risks, and The Navigator Company, highly influenced by transition risks. Through the documentary analysis of financial and sustainability reports up to 2025, the study demonstrates how extreme weather events and decarbonization directly impact the organizations' financial statements. The results reveal that Sonae mitigates acute physical risks by protecting the fair value of its real estate assets (Sonae Sierra) and strengthening its corporate risk management systems (Enterprise-Wide Risk Management). In turn, Navigator responds to transition risks through a significant reconfiguration of its capital investment (CapEx), directing significant resources towards energy efficiency and factory transition in order to avoid asset obsolescence (stranded assets). It is concluded that robust governance and solid ESG performance act directly as reducers of the risk premium and the weighted average cost of capital (WACC), preserving the value and continuity of companies. Additionally, the study warns of the pressing need to transpose these resilience practices and climate contingency plans to the universe of Small and Medium Enterprises (SMEs) in Portugal, whose structural vulnerability threatens their operational stability and market valuation.
Descrição
Projeto de Graduação apresentado à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Licenciada em Ciências Empresariais.
Palavras-chave
Riscos climáticos Fatores ESG Avaliação de ativos Governação Climate risks ESG factors Asset valuation Governance