To see the other types of publications on this topic, follow the link: Discounted cash flow valuation method.
Dissertations / Theses on the topic 'Discounted cash flow valuation method'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Discounted cash flow valuation method.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Jorová, Petra. "Ocenění společnosti TBG Betonmix, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198277.
Full textAbstract:
This Master thesis deals witht he valuation of TBG Betonmix, a. s. to the date January 1, 2013. As a valuation method was used the earnings valuation method based on discounted free cash flow to the equity (FCFE). Important parts of Master thesis are analysis of external environment, analysis of building industry and financial analysis of the company. Process of valuation was implemented on the base of well-prepared financial plan and quantification of necessary input variables such as discount rate and rate of growth. Was used regression analysis as the basic method to predict the most signifiant value generator, sales. Results were then adjusted according to the predictions published in qualitative studies of the Czech building industry. The demand for enterprise production was reduced as a result of the economic crises, it enforced production reduction and led to decline in sales and profit from year 2009 and also deterioratingof rentability indicators or long-term assets turnover.
2
Pienaar, Petrus Terblanche. "The use of the Discounted Cash Flow (DCF) method as a method of valuation within the South African property industry: A critical review." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/14125.
Full textAbstract:
The Discounted Cash Flow method of property valuation is a fairly new method and research in other English speaking countries indicated a trend towards the use of the DCF method in preference to the Capitalization method despite an initial hesitance due to the perceived complexity of the method. The aim of this study was therefore to form an understanding if similar perception of complexity exists in South Africa and how these perception influence the perceptions and preference of use of the DCF method of valuation by valuation professionals within the South African context. The research was guided by three specific research questions which probed valuers' methodology preference, valuers' education, and difficulties experienced in accessing data needed for DCF valuation input variables. A mixed method research approach was adopted using questionnaire and document surveys to gather data from valuation professionals, lecturers of valuation education programs accredited with the SACPVP, and the curricula of these programs. The results indicate a general low preference for the use of the DCF method of valuation while the Capitalisation method is indicated as the most preferred method. This low preference was found to be the result of a high degree of difficulty experienced in accessing data needed for DCF valuation input variables. It was also found that the level of valuation education increases the acceptance and preference for the use of the DCF method.
3
Nováková, Lucie. "Ocenění firmy ELIT CZ, spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261812.
Full textAbstract:
This thesis deals with methods and options of valuation of companies, valuation process and everything that goes with it. An integral part of the strategic analysis is financial analysis and financial plan to years 2016 - 2020. For the financial analysis following methods have been used: vertical and horizontal analysis, a ratio indexes and the balancing rules. The financial plan has been drawn up by value generators. The aim is to valuate a specific company ELIT CZ, Ltd., which is engaged in the purchase and sale of spareparts for cars. I used to valuation by discounted cash flow method (DCF). The company is valuated to date 31. 12. 2015.
4
Otterberg, Simon, and August Zetterberg. "Relative and Discounted Cash Flow Valuation on Swedish Listed Companies : How applicable are the methods to companies in different industries?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-85602.
Full textAbstract:
The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.
5
Kovtunov, Serafim. "Stanovení hodnoty firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124932.
Full textAbstract:
The task of the final thesis is to estimate the value of the enterprise in order to sell the minority stock to unknown buyer. Whole the work is divided to two parts. The first one is theoretic part, which is presented by description of strategic analysis, financial analysis, financial plan and valuation methods. Strategic analysis consists of analysis of external potential of company and its competitive strength. The purpose of financial analysis is to show financial condition of the company using chose ratios and other financial tools and methods. The last important part is financial plan. In accordance with financial plan are predicted future revenues and cash-flow, which is the essential for method discounted cash-flow. In the second practical part were applied strategic analysis, financial analysis of financial statements, created financial plan and estimated the value of the company by the most appropriate method of valuation of enterprise.
6
Pospíšilová, Jana. "Oceňování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222663.
Full textAbstract:
The subject of the Master´s thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary knowledge from literature and possiblities for Estimation of the Company Value. Practical part includes estamation of real company market value by profit method of discounted cash flow.
7
Lopes, Sofia Teixeira. "Equity research - Jerónimo Martins." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20841.
Full textAbstract:
Mestrado em FinançasEste projeto consiste em estimar o preço alvo da ação da Jerónimo Martins para o final do ano de 2020, de acordo com as normas do ISEG do trabalho final de mestrado de Finanças. Este relatório de avaliação está de acordo com as diretrizes recomendadas do Instituto CFA. A Jerónimo Martins é uma empresa portuguesa que opera no sector de retalho e distribuição alimentar na Portugal, Polónia e Colômbia, cotada na Euronext Lisbon desde 1989, fazendo parte do índice PSI-20, com um valor de capital social de mais de €629M. Este projeto tem como objetivo analisar as demonstrações financeiras da empresa, o seu modelo de negócio, da respetiva indústria e os maiores concorrentes, como parte do processo do relatório de avaliação para estimar o preço alvo, e apresentar uma recomendação de investimento. O método escolhido para fazer a avaliação da empresa foi através dos Fluxos de Caixa Ponderados (DCF), obtendo um preço alvo no final de 2020 de €16.36, com um potencial de valorização de 19.39% comparando com o preço da ação disponível a 30 de setembro de 2020 de €13.70. A recomendação de investimento é para comprar. Complementarmente, foi usado o método dos múltiplos comparáveis através de EV/EBITDA e EV/Revenues. A atribuição de risco para a empresa é de médio risco devido à elevada competitividade existente na indústria. Os maiores riscos considerados derivam do custo da dívida, da taxa de retorno sem risco, o prémio de risco de mercado e a taxa de crescimento perpétuo.
This project consists of estimating the target price of Jerónimo Martins for the end of 2020, according to ISEG's Master of Finance Final Work Project. This Equity Research follows the CFA Institute research report recommended guidelines. Jerónimo Martins is a Portuguese company operating in the food retail and distribution sector in Portugal, Poland, and Colombia. The company is listed in Euronext Lisbon since 1989, being one of the companies included in PSI-20, with a share capital over €629M. This Masters Final Work Project analyzes the financial statements of Jerónimo Martins, its business model, the respective industry and major competitors, as part of the equity valuation process. The aim is to estimate the market value of the share at 2020 year-end and provide an investment recommendation. The methodology chosen to perform the valuation of the company's share was through Discounted Cash Flow method (DCF) reaching a target price at the end of 2020 of €16.36, with an upside potential of 19.39% comparing with the share price displayed on 30th September 2020 of €13.70. The investment recommendation is to Buy. In addition, the valuation has also used the Multiples Valuation by using EV/EBITDA and EV/Revenues. The risk assessment for the company is based on medium risk due to this industry being highly competitive. In addition, it was considered that the main risks come from the cost of debt, risk-free rate, market risk premium and perpetual growth rate.
info:eu-repo/semantics/publishedVersion
8
Nečasová, Šárka. "Ocenění společnosti s r. o. Exterier Beton." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2013. http://www.nusl.cz/ntk/nusl-223906.
Full textAbstract:
Goal of this Diploma thesis is determination of the value of Exterier Beton, s.r.o. company on the methods based of discounted cash flow. Theoretical part is focused on primary definitions, definition of value and the reasons why to carry out of valuation. There are also mentioned parts of valuation method and specification process during valuation in diploma thesis. The practical part deals with the characteristics of the company, strategic analysis, evaluation of the financial health of the company, setting up of financial plan and application of selected methods of valuation.
9
Xinrui, Cao. "Equity research - Wuliangye Yibin Co., LTD." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16499.
Full textAbstract:
Mestrado em FinançasEste projeto inclui uma avaliação detalhada e a respetiva estimação do valor das ações da Wuliangye Yibin para o final do ano de 2018, de acordo com as regras do projeto final do Mestrado em Finanças do ISEG. A escolha da empresa Wuliangye Yibin deve-se ao meu interesse pessoal na indústria de Baijiu, que é uma das indústrias mais tradicionais da China. O preço-alvo foi obtido através do método de avaliação absoluta, mais especificamente o método do Flow to Equity (FTE). Adicionalmente, utilizamos o método de avaliação relativa, o método dos Múltiplos, como método complementar para apoiar a recomendação final. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para analisar a robustez das estimativas obtidas. Com um preço-alvo de CNY 72.63 para FA2018 e um potencial de desvalorização de 3.78%, face ao preço de CNY 75.49 do dia 8 de março de 2018, a nossa recomendação final para a Wuliangye Yibin é de VENDA. A avaliação de risco estima um risco elevado para a empresa.
This project contains the detailed valuation and the respective estimation of Wuliangye Yibin Co., Ltd. intrinsic share value for the year end of 2018, according to ISEG?s Master in Finance final work project. The choice of Wuliangye Yibin Co., Ltd. comes from my personal interest in the Baijiu industry which is a traditional industry in China. The price target was obtained through an absolute valuation method, more specifically the Discounted Cash Flow (DCF) method. In addition, we used Relative Valuation Method approach, as a complemented method, in order to support the final recommendation. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of CNY 72.63 at YE2018, a downside potential of 3.78%, from March 8th, 2018, current price of CNY 75.49, our final recommendation for Wuliangye Yibin Co., Ltd. is to SELL, taking into consideration, the risks that may occur and that can affect the company?s performance. Our risk assessment estimates a high risk for the company.
info:eu-repo/semantics/publishedVersion
10
Pereira, Fábio Rafael Miranda. "Equity Research - Sumol+Compal, S. A." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14527.
Full textAbstract:
Mestrado em FinançasEste projeto contém uma avaliação detalhada e respetiva estimação do valor intrínseco das ações da Sumol+Compal, relativamente ao fim do ano de 2017, de acordo com o projeto final do Mestrado de Finanças do ISEG. Este relatório segue o formato recomendado pelo Instituto CFA. Sumol+Compal foi escolhida devido ao interesse pela indústria das bebidas, em geral, assim como pela notável reputação da empresa. As premissas consideradas para a avaliação, resultaram de uma análise aprofundada da informação histórica da empresa, das tendências da indústria e das projeções macroeconómicas. O preço-alvo foi obtido através de um método de avaliação absoluto, mais especificamente o método do Adjusted Present Value (APV). Adicionalmente, foi utilizado um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas com vista a complementar a análise. Com um preço-alvo de €1.93 para o FA2017, representando um potencial de valorização de 16.90%, face ao preço atual de €1.65, do dia 12 de outubro de 2017, a nossa recomendação final para a Sumol+Compal é MANTER, tendo em consta os riscos que poderão ocorrer e afetar o desempenho da empresa. A nossa avaliação do risco estima um risco médio para a empresa.
This project contains the detailed valuation and the respective estimation of Sumol+Compal´s intrinsic share value for the end of 2017, according to ISEG's Master in Finance final work project. This report follows the recommended format by the CFA Institute. Sumol+Compal was chosen due to the interest for the beverage industry in general and due to the remarkable company's reputation. The assumptions considered for the valuation, result from a deep analysis of the company's historical data, industry's trends and macroeconomic projections. The price target was obtained through an absolute valuation method, more specifically the Adjusted Present Value (APV) method. In addition was used a relative valuation method, the Comparable Multiples method. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of €1.93 for YE2017, representing an upside potential of 16.90% from October 12th, 2017, current price of €1.65, our final recommendation for Sumol+Compal is to HOLD, taking into consideration, the risks that may occur and that can affect the company's performance. Our risk assessment estimates a medium risk for the company.
info:eu-repo/semantics/publishedVersion
11
Duarte, André Miguel Brito. "Equity research - Diageo Plc." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19082.
Full textAbstract:
Mestrado em FinançasEste relatório contém uma estimação detalhada e respetiva avaliação do valor intrínseco das acções da Diageo, relativamente a junho de 2018, de acordo com o projeto final do Mestrado de Finanças do ISEG. Este projeto segue o formato recomendado pelo Instituto CFA. Diageo foi escolhida devido ao interesse pela indústria das bebidas alcoólicas assim como pela boa reputação da empresa. O preço-alvo foi calculado através de um método de avaliação absoluto, mais especificamente o método do Flow to Equity (FTE). Adicionalmente, foi utilizado um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma simulação de Monte Carlo e uma análise de sensibilidade foram também realizadas de modo a complementar a análise. Com um preço-alvo de £30.65 para junho de 2018, representando um potencial de valorização de 12.59%, face ao preço atual de £27.22, do dia 30 de junho de 2018, a nossa recomendação final para a Diageo é MANTER, tendo em conta os riscos que poderão afetar o desempenho da empresa. A nossa avaliação do risco estima um risco médio para a empresa.
This report contains a detailed estimation and the respective valuation of Diageo's intrinsic share value for June 2018, according to ISEG's Master in Finance final work project. This project follows the recommended format by the CFA Institute. Diageo Plc was chosen due to the interest in the alcoholic beverages industry and due to the firm's good reputation. The price target was computed through an absolute valuation method, more specifically the Flow to Equity (FTE) method. Additionally, a relative valuation method was used, the Comparable Multiples method. A Monte Carlo simulation and sensitivity analysis were also performed in order to complement the analysis. With a price target of £30.65 for June 2018, representing an upside potential of 12.59% from June 30th, 2018, current price of £27.22, our final recommendation for Diageo Plc is to HOLD, considering the risks that may affect the firm's performance. Our risk assessment estimates a medium risk for the firm.
info:eu-repo/semantics/publishedVersion
12
Wernerová, Kristýna. "Ocenění poradenské organizace." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72698.
Full textAbstract:
The aim of the diploma thesis is to estimate the market value of a Czech software and consulting company as of 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples).
13
Večeřová, Lucie. "Ocenění výrobního podniku Znovín Znojmo, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113350.
Full textAbstract:
The aim of the diploma thesis is to estimate the market value of the Czech wine production company Znovín Znojmo, a.s. as at 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples method). The final part of the thesis includes a discussion about the results of the used methods.
14
Marcos, Francisco de Jesus. "Equity research - Daimler Group." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20731.
Full textAbstract:
Mestrado em FinançasDaimler AG é uma empresa alemã centenária, que apresenta um vasto portefólio de produtos e serviços, provenientes das suas três subsidiárias - Mercedes-Benz Cars and Vans, Daimler Trucks AG e Daimler Mobility AG. O Grupo segue uma sólida e bem estruturada estratégia focada nos seus consumidores, que permitiu à empresa manter-se na vanguarda desde a sua existência, com uma presença mundial e uma forte reputação no mercado. Em 2019, a Daimler AG vendeu mais de 3.35 milhões de unidades, apresentando uma quota de mercado de 3.7%. A estrutura deste projeto baseia-se nas recomendações do CFA Institute e tem como objetivo estimar o valor da ação da Daimler AG no final de 2020, concluindo com uma recomendação de compra, venda ou de manter a ação. Para chegar a esta conclusão, os métodos utilizados foram o Discounted Cash-Flow, o Adjusted Present Value, o Relative Valuation e o Dividend Discount Model. Com base no Discounted Cash-Flow, no Adjusted Present Value e no Relative valuation, foram obtidos preços-alvo superiores ao preço de fecho da ação a 19 de Setembro, de 45.5€. Para o Dividend Discount Model, as conclusões não foram consideradas relevantes, visto que o pagamento de dividendos irá ser severamente afetado nos próximos anos, como resultado da crise financeira causada pela proliferação pandémica mundial em 2020. Após estas análises e avaliações feitas da Daimler AG, foi considerada uma recomendação final de compra e um potencial de aumento de 26% para a ação da Daimler no final de 2020.
Daimler AG is a centenary German automotive company with a wide portfolio of products and services, provided from its three subsidiaries - Mercedes-Benz Cars and Vans, Daimler Trucks AG and Daimler Mobility AG. The Group follows a solid and well-structured strategy focused on its customers, which allowed the company to remain at the forefront since its existence, with a worldwide presence and a strong market reputation. In 2019, Daimler AG sold more than 3.35 million units, presenting a 3.7% market share. The structure of this project follows the CFA Institute recommendations and aims to estimate the fair value of a Daimler AG share at 2020 year end, concluding with a buy, hold or sell recommendation. To achieve this conclusion, the valuation methods carried out were the Discounted Cash-Flow, the Adjusted Present Value, the Relative Valuation and the Dividend Discount Model. Based on the Discounted Cash-Flow, the Adjusted Present Value and the Relative valuation, it were obtained target prices above the closed stock price on September, 19th, of 45.5€. For the Dividend Discount Model, the conclusions were not considered relevant, since the payment of dividends will be severely affect in the following years, as result of the financial crisis caused by the global pandemic that proliferated in 2020. After the analysis and valuations made on Daimler AG, it was considered a final buy recommendation, with an upside potential of 26% for the 2020 year end Daimler share.
info:eu-repo/semantics/publishedVersion
15
Tenreiro, Bruno Miguel Mendes. "Equity research - Dassault Aviation." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20812.
Full textAbstract:
Mestrado em FinançasO presente estudo contém uma avaliação detalhada da empresa francesa Dassault Aviation SA. Esta avaliação segue as normas de projeto final de mestrado bem como o formato recomendado pelo CFA Institute. O preço-alvo foi calculado com base em métodos de avaliação absolutos como o Discounted Cash Flow method (DCF). Adicionalmente foram realizadas avaliações relativas e análises de sensibilidade por forma a complementar e dar suporte à avaliação. Os pressupostos considerados no decorrer da avaliação resultam de uma abrangente análise dos relatórios anuais da empresa, dados macroeconómicos e tendências da indústria aeroespacial, com recurso a várias fontes. A recomendação final é de BUY, tendo em conta o price target calculado de 1422.15 EUR para 2021YE, representando um ganho potencial de 46.07% quando comparado com o preço de fecho 767 EUR a 6 de Novembro 2020, data que representa o fim do presente estudo.
The present study presents include a detailed valuation of the French aerospace company Dassault Aviation SA. It was elaborated following the ISEG Master Final Project rules and the recommended format from the CFA Institute. The price target was reached mainly through absolute valuation methods with the Discounted Cash Flow method (DCF), additionally a relative valuation and sensitivity analysis to provide support and complement the 5 year valuation. The assumptions considered during the report are the result of a wide analysis of the company annual reports, macroeconomic forecasts and industry trends from various different sources. The final recommendation is to BUY, considering the computed price target of 1422.15 EUR for 2021YE representing an upside potential of 46.07% from its closing price 767 EUR at 6 November 2020, which represents the date on which this study was finalized.
info:eu-repo/semantics/publishedVersion
16
Kozáková, Klára. "Ocenění společnosti Arysta LifeScience." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193265.
Full textAbstract:
The aim of this master thesis is to assess the objectified value of equity of the company Arysta LifeScience Czech s.r.o. Estimation is conducted from the parent company's perspective, assessing the value of equity before the moment of purchase of the parent company by American firm Platform Specialty Products. Discounted cash flow method based on FCFE is used for the valuation. Essential foundation for application of this method is the financial plan, which is based on internal company data and performed strategic and financial analysis. Monte Carlo simulation is applied to the DCF method in order to verify the accuracy of determining the value of equity under uncertainty. Moreover, sensitivity analysis is used to identify risk factors, which are impacting value of equity the most. Discounted cash flow method is complemented by asset-based approach, specifically by the book value method. The value of equity based on income approach is estimated to be 932 367 thousand CZK.
17
Karasová, Pavlína. "Tržní oceňování podniku jako podklad pro strategická rozhodnutí." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-376765.
Full textAbstract:
The subject of this Diploma thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary perspectives and possibilities for Estimation of the Company Market Value. This thesis presents most of using (so less using) techniques for evaluation end rocommendation for its using. Pracitical part includes estimation of real company market value by profit method of discounted cash flow.
18
Thakarshi, Bhavik Jayesh. "Equity research - The Home Depot, INC." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20850.
Full textAbstract:
Mestrado em FinançasEste estudo contém a avaliação do The Home Depot, Inc, elaborado em conformidade com o Projeto de Trabalho Final do Programa de Mestrado em Finanças do Instituto Superior de Economia e Gestão (ISEG). O Relatório de Avaliação segue as recomendações do Instituto CFA (Pinto, Henry, Robinson e Stowe, 2010). Esta pesquisa é emitida tendo em conta a informação pública sobre The Home Depot, Inc disponível em 30 de Outubro de 2020. Deste modo, o relatório não tem em consideração eventos ou circunstâncias que tenham ocorrido após essa data. Os pressupostos considerados para realização deste trabalho foram o resultado de uma análise de dados históricos divulgada publicamente pela empresa, das tendências da indústria e das projeções macroeconómicas. A preço-alvo foi obtido com recurso a métodos de avaliação absoluta, especificamente o método de Discounted Cash Flow (DCF). Adicionalmente, foi utilizado o Dividend Discount Model (DDM) e um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para complementar a análise. Com um preço-alvo de $312.23 para o fim do ano 2020, representando uma potencial valorização de 18% aquando comparado com o preço de fecho a 30 Outubro de 2020 de $265.70, a recomendação final para The Home Depot, Inc é de 'Compra', tendo em consideração os riscos que podem ocorrer e afetar o desempenho da empresa. A nossa avaliação de risco estima um médio para a empresa.
This study contains the valuation of The Home Depot, Inc elaborated in accordance with the Lisbon School of Economics & Management´s (ISEG) Finance Master´s Final Work Project. Our Equity Research follows the adaptable format of a research report recommended by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This research is issued considering the public available information on The Home Depot, Inc on October 30th, 2020. Thus, the report does not consider any events or circumstances which have arisen after this date. The assumptions considered to conduct this work were the result of a historical data analysis publicly disclosed by the company, industry's trends and macroeconomic projections. The price target was obtained through an absolute valuation method, specifically the Discounted Cash Flow (DCF) approach. In addition, was used the Dividend Discount Model (DDM) and a relative valuation method, the Multiples approach. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of $312.23 for YE2020, representing an upside potential of 18% when compared to the closing price on October 30th 2020 of $265.70, the final recommendation for The Home Depot, Inc stands for 'Buy', taking into consideration, the risks that may occur and that can affect the company's performance. Our risk assessment estimates a medium risk for the company.
info:eu-repo/semantics/publishedVersion
19
Ferreira, Ricardo João Dias Fernandes Lopes. "Equity Research - Sport Lisboa e Benfica - Futebol, SAD." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14474.
Full textAbstract:
Mestrado em FinançasO presente estudo efetua uma análise detalhada da Sport Lisboa e Benfica SAD (SLBEN). A necessidade da realização deste estudo prende-se com o constante crescimento da Industria do futebol, com a hegemonia desportiva alcançada pelo Sport Lisboa e Benfica e ainda com o objetivo traçado pelos Diretores da empresa que pretendem efetuar uma grande mudança na sua estrutura de capital. Todo o estudo segue as normas e recomendações do CFA Institute. Para a realização deste estudo, foi tida em consideração toda a informação disponível à data de 7 de Setembro de 2017, sendo que quaisquer informações ou eventos ligados à Benfica SAD, ou ao mercado envolvente após essa data não tem qualquer impacto ou relevância para os resultados obtidos. Foram efetuadas duas abordagens para o cálculo do preço-alvo: uma avaliação relativa, de acordo com o método dos múltiplos e uma avaliação absoluta, tendo por base o método dos Fluxos de Caixa Descontados. De referir que por ambas as abordagens o preço-alvo atingido foi de €1.84, representado um potencial de valorização de 101.3%, uma vez que à data do levantamento do preço histórico da ação, encontrava-se valorizada a €0.92. Com base nesta informação a recomendação para as ações do SLBEN é de compra. De referir ainda que é assumido um risco médio uma vez que se trata de uma industria volátil em que os resultados desportivos tem alguma influencia nos resultados financeiros, bem como a baixa liquidez das ações referidas.
The present study makes a detailed analysis of Sport Lisboa and Benfica SAD (SLBEN). The need to carry out this study is related to the constant growth of the Football Industry, with the sporting hegemony achieved by Sport Lisboa and Benfica and also with the objective drawn by the Directors of the company that intend to make a major change in its capital structure. The entire study follows the standards and recommendations of the CFA Institute. In order to carry out this study, all information available as of September 7, 2017 has been taken into account, and any information or events related to Benfica SAD or to the surrounding market after this date has no impact or relevance to the results obtained. Two approaches were used to calculate the target price: a relative valuation according to the multiples method and an absolute valuation based on the Discounted Cash Flow method. It should be noted that for both approaches the target price reached was €1.84, representing a potential appreciation of 101.3%, since at the date of the historical price of the share, it was valued at €0.92. Based on this information the recommendation for the shares of SLBEN is to purchase. It should also be noted that an average risk is assumed since it is a volatile industry in which sports results have some influence on the financial results as well as the low liquidity of the referred actions.
info:eu-repo/semantics/publishedVersion
20
Almeida, Michael Aparício de. "Equity research da Air France - KLM." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19085.
Full textAbstract:
Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisA Air France-KLM (AF-KLM) é a companhia de bandeira da França, é resultado da fusão entre as empresas Air France (francesa) e KLM (holandesa) possuindo dois hubs principais situados em Paris e Schipol. O grupo é atualmente líder da europa em termos de tráfego e tem como objetivo ser uma das maiores companhias à escala global. O trabalho final de mestrado que se segue tem como objetivo principal estimar o valor intrínseco das ações da AF-KLM para 31 de dezembro de 2018. Este projeto é composto por uma revisão bibliográfica onde são analisados os métodos de avaliação possíveis e a partir da qual é definida a metodologia para este mesmo projeto. Foi também feita uma análise em relação ao ambiente macroeconómico, da indústria e especificamente da AF-KLM. De forma a calcular o valor intrínseco procedeu-se à avaliação por fluxos de caixa atualizados baseado em valores de FCFF pelo qual foi determinado um valor intrínseco de 11.33 euros para as ações da AF-KLM para a data de 31 de dezembro de 2018. Este valor sugere que as ações se encontram subvalorizadas e que possuem um potencial de crescimento de 19.55% face ao preço de 9.48 euros registado a 31 de dezembro de 2018. Através da avaliação relativa foram utilizados dois múltiplos, em que o enterprise valueto-EBITDA resultou num preço de 23.5 euros por ação e o price-to-earnings foi igual a 5.3 euros por ação culminando numa média de 14.43 euros por ação que corresponde a um potencial de crescimento de 52.2%.
Air France-KLM (AK-KLM) is the flag carrier of France resulted of the fusion between Air France (french) and KLM (dutch). It has two main hubs located in Paris and Schipol. The group is the current european leader in passenger traffic and aims to be one of the world's best airline companies. The following project aims to estimate the intrinsic value of AF-KLM's stock price as of December 31, 2018. It consists of a literature review where possible evaluation methods are analysed from which the methodology of this project is defined. An analysis was also made of the macroeconomic environment, industry and the company's specifics. In order to estimate the intrinsic value, cash flow discount model based on FCFF values was carried out whereby an intrinsic value of 11.33 euros was determined for AFKLM's shares as of 31 December 2018. This result suggests that shares are undervalued and have a growth potential of 19.55% compared to the closing price of 31 December 2018 (9.48 euros). Through the relative valuation two multiples were used, in which enterprise-value-to-EBITDA resulted in 23.5 euros per share and where the price-toearnings ratio gave a price of 5.3 euros per share, culminating in an average of 14.43 euros per share which corresponds to a growth potential of 52.2%.
info:eu-repo/semantics/publishedVersion
21
Salgado, Nicky. "Equity research - Skechers U.S.A. Inc." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19663.
Full textAbstract:
Mestrado em FinançasO trabalho elaborado consiste numa avaliação do preço por ação da Skechers U.S.A. Inc. para o final de 2019FY, de acordo com o projeto final do Mestrado em Finanças do ISEG. Este relatório tem por base pressupostos que considero futuramente viáveis para os próximos cinco anos de atividade e que baseiam no histórico da performance dos últimos três anos, das tendências da indústria e de projeções macroeconómicas. Todo o estudo é feito através do formato CFA Institute.O preço-alvo foi obtido através de um método de avaliação absoluto do Discounted Cash Flow, especificamente Free Cash Flow to the Firm. Adicionalmente, para complementar a nossa recomendação, foi utilizado o método do Adjusted Present Value. Foi utilizado o método de avaliação relativa, o método dos Múltiplos Comparáveis, foram usados o EV/EBITDA e o EV/SALES.A análise de sensibilidade e uma simulação de Monte Carlo foi realizada para complementar a análise. A recomendação final para a Skechers U.S.A. Inc é de STRONG BUY, com um preço alvo de 43.38 dólares por ação, representando um potencial de valorização de 27.01%, face ao valor atual de 31.66 dólares por ação no dia 30 de Agosto de 2019. A nossa avaliação de risco estima um risco médio para a empresa. Para esta recomendação, considero que os principais riscos vão para a taxa de crescimento perpétua, a taxa de imposto, a taxa de retorno sem risco e para o prémio de risco de mercado.
The elaborated work consists on an Equity Research of Skechers U.S.A. Inc. for the end of 2019F, according to ISEG's master's in finance final work project. This report was based on the assumptions that I consider to be available for the next five years based on the historical performance of the last three years, industry's trends and macroeconomic projections. The entire study is done through the CFA Institute format. The price target was obtained through an absolute valuation method, the Discounted cash Flow, more specifically the Free Cash Flow to the Firm. In addition, to support our recommendation, we performed the Adjusted Present Value method. We used a relative valuation method, the Comparable multiples, using EV/EBITDA and EV/SALES. A sensitivity analysis and a Monte Carlo simulation were performed to complement the analysis. Our final recommendation for Skechers U.S.A. Inc. is to STRONG BUY, with a price target of 43.38 dollars per share, representing an upside potential of 27.01%, in comparison with the closing price of 31.66 dollars per share in August 30st, 2019. Our risk assessment estimates a medium risk for the company. For this recommendation, we consider that the mains risks are related to perpetual growth rate, tax rate, risk-free rate and market risk premium.
info:eu-repo/semantics/publishedVersion
22
Silva, David Tenreira Dias Marques. "Equity research - Nike, Inc." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19266.
Full textAbstract:
Mestrado em FinançasEste projeto contém uma avaliação detalhada e respetiva estimativa do valor das açõoes da Nike, Inc para o final do ano fiscal de 2020, tendo em conta o projeto final do Mestrado em Finanças do ISEG. A escolha da empresa Nike, Inc deriva do meu gosto pessoal por ténis e roupa de desporto, especialmente da marca Nike, que eu tenho vindo a usar desde os meus tempos de criança. O preço-alvo foi obtido através de um modelo absoluto de avaliação, mais concretamente, o método do Flow to Equity (FTE). Adicionalmente, usámos o método de avaliação relativa, de maneira a complementar a decisão do método anterior e usámos ainda o método de Desconto de Dividendos, com o intuito de obter um preço-alvo baseado no desconto de dividendos futuros, uma vez que a empresa tem uma politica de dividendos atraente para os investidores, mas com a limitação de uma conservadora taxa de pagamento de dividendos, resultou numa recomendação de venda e um preço-alvo irrealista. Foi realizada uma análise de sensibilidades de maneira a complementar e dar apoio à decisão de investimento. Com um preço alvo de $88.66 no FA fiscal de 2020, um potential de valorização de 15.23% em relação ao preço em 31 de Maio de 2019, a nossa recomendação final é de compra das ações da Nike, tendo em consideração os riscos que poderão ocorrer e afetar o desempenho da empresa.
This project contains the detailed valuation and the respective estimation of Nike, Inc intrinsic shares value for the fiscal 2020YE, according to ISEG´s Master in Finance final work project. The choice of Nike, Inc comes from my personal interest in footwear and sports apparel, and mainly from Nike products, which I´ve been using and wearing since my childhood days. The price target was obtained through an absolute valuation model, more specifically, the Discounted Cash Flow (DCF) model. In addition, we used the Relative Valuation approach as a complement method to support the final recommendations, and the Dividend Discount Model (DDM), with the purpose of obtaining the price target based on the discount of future dividends, since the company has an attractive dividend policy for investors, but with the limitation of a conservative payout ratio, resulted in a sell recommendation and unrealistic price target. A sensibility analysis was performed in order to complement and support the investing recommendation. With a price target of $88.66 at fiscal 2020 YE, an upside potential of 15.23% relative to the price on May 31st 2019, our final recommendation for Nike, Inc shares is to BUY, taking into consideration the risks that may occur and affect the company´s performance.
info:eu-repo/semantics/publishedVersion
23
Siničáková, Gabriela. "Ocenenie spoločnosti Rodinný pivovar Bernard a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9319.
Full textAbstract:
The goal of the thesis is to valuate the company Rodinný pivovar Bernard a.s. for the purpose of possible sale or merger in the future. The thesis is divided into a theoretical and a practical part. The theoretical part explains the valuation procedure, particular analyses and methods used in the practical part. A discounted cash flow method was applied, specifically the two-phased model using free cash flow to the firm. The practical part started with a strategic and financial analysis, which helped to build a financial plan. The financial plan made a basis for valuation of the company by income method.
24
Skřivánek, Michal. "Ocenění podniku LIPOVICA trade s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-15902.
Full textAbstract:
Business valuation of micro trading company LIPOVICA trade s.r.o; main business activity of the company is selling and distribution of aluminum radiators on the markets in the Czech and Slovak republic. The valuation is based on discounted cash flows method, economic value added method, capitalization of profits method and simple liquidation method.
25
Vrábľová, Michaela. "Ocenění majetku podniku pro účely jeho prodeje s promítnutím rizika do diskontní sazby." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232861.
Full textAbstract:
The diploma thesis deals with a valuation of a company for a selling purpose by using the discounted cash flow method with an entity approach. Initially the theoretical basis gets defined. Afterwards the theoretical findings are applied in the practical part, which consists of a strategic and a financial analysis ending up in a financial plan. In the following the value of the company gets calculated and finally a range from a pessimistic to an optimistic company value results.
26
Pereira, Catarina Novais Simões. "Equity research - Carlsberg A/S." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19778.
Full textAbstract:
Mestrado em FinançasEste projecto consiste numa avaliação da Carlsberg A/S, com base no desempenho histórico da empresa nos últimos cinco anos, bem como a informação publicamente disponível até á data de 8 de julho de 2019 que considerei relevantes para minhas análises e pressupostos. Qualquer evento posterior não está refletido na avaliação. Adicionalmente, este projecto foi desenvolvido de acordo com o formato e recomendações do CFA Institute. Após desenvolver a análise adequada e os pressupostos para o período projetado, foram aplicados três modelos diferentes de avaliação: Adjusted Present Value, Dividend Discount Model and Relative Valuation through multiples, sendo que todas as variáveis associadas aos mesmos foram exclusivamente calculadas por mim. O APV foi considerado o modelo principal, com um preço-alvo de DKK 1206, atingindo um potencial de crescimento 32,87% em comparação com a cotação de 8 de julho de 2019, DKK 908. Esta avaliação levou a uma recomendação final de STRONG BUY.
This report contains a detailed Equity Valuation of Carlsberg A/S, based on the company's historical performance of the last five years as well as the public information that was available until 8th July 2019 that I consider relevant for my analysis and forecasts. Any further event is not reflected on this valuation. Also, this report was developed according to the CFA's institute format and guidance. After developing the proper analysis and future estimates for the projected period, three valuation models were applied: Adjusted Present Value, Dividend Discount Model and Relative Valuation through multiples, with all the associated variables computed by me. APV was considered the primary model, with a target price of DKK 1206, reaching an upside potential of 32,87%, compared to the closing price of 8th July 2019, DKK 908. This valuation lead to a STRONG BUY final recommendation.
info:eu-repo/semantics/publishedVersion
27
Holeček, Václav. "Business Valuation - Budweiser Budvar, National Corporation." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-165534.
Full textAbstract:
The goal of this master thesis is to appraise Budweiser Budvar, national corporation to 1st August 2013 with the purpose of selling the company to an unknown potential buyer. The thesis is divided into theoretical and practical part. In the theoretical part, all the important theoretical aspects are defined and methods for business valuation used in this thesis are described. In the second -- practical -- part, theory is applied to the particular company. Firstly, the appraised company is introduced followed by its strategic and financial analysis, value generators, and financial plan. The core valuation methods used are the two phase discounted free cash flow method and method based on industry multiples.
28
Schneider, Christine. "Principais métodos de avaliação utilizados pelos analistas financeiros no Brasil." Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/2247.
Full textAbstract:
Mestrado em FinançasOs relatórios escritos por analistas financeiros de bancos de investimento assumem uma fonte de consulta indispensável de apoio à decisão dos investidores, englobando geralmente previsões de resultados, recomendações de estratégias de investimento (compra ou venda de acções) e target prices. A definição correcta do target price depende da escolha da metodologia de avaliação e esta, por sua vez, tem em conta pressupostos e/ou características específicas da empresa. Para justificar o valor da empresa, os analistas financeiros preferem a utilização de modelos de Discounted Cash Flow (DCF -fluxos de caixa actualizados) ou modelos baseados em múltiplos (market comparables - comparação com o mercado), ou da combinação dos dois modelos. Embora a utilização do método do Discounted Cash Flow é largamente referenciada na teoria, na prática é o metódo dos múltiplos que tem maior presença na avaliação de empresas. O presente estudo tem como objectivo determinar quais os métodos de avaliação mais utilizados pelos analistas financeiros no Brasil para o período de Julho de 2006 à Junho de 2007 e comparar os resultados obtidos com os estudos anteriormente efectuados. Os dados de pesquisa foram obtidos através de relatórios escritos por analistas financeiros referentes às acções de empresas que compõe a carteira do Índice BOVESPA. A base de dados utilizada foi a Thomson One Analytics. Os resultados da pesquisa mostraram que analistas brasileiros preferem a utilização do Discounted Cash Flow para avaliar as empresas, utilizando frequentemente os múltiplos para complementar a avaliação. O modelo do Abnormal Earnings não foi citado nos relatórios selecionados. As análises descritiva, univariada e multivariada mostraram que a combinação de métodos foi a metodologia adoptada para justificar o target price em empresas onde o processo de avaliação é considerado uma tarefa desafiante.
29
Huxham, Annalie. "Property development : feasibility and impact parameters in the Vaal Triangle / A. Huxham." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4437.
Full textAbstract:
One of the important operational and in some cases, also strategic business decisions, is in respect of the investment of funds. Although there are a number of assets to invest in, two particular popular investment asset classes are land and/or property. Land however, is becoming a very scarce resource. It can be argued that many companies investing in the property sectors' main income is generated from the sale of land. A new way of gaining a sustainable income stream is followed. This is done by investing in different kinds of property development projects.
One of the problems that companies face is to determine whether a property development project is a good investment, meaning that it will generate sustainable and acceptable profits in the long term.
Companies evaluate prospective investment opportunities by assessing whether the expected return, adjusted for project risk, exceeds the company?s required return.
Different impact parameters exist and were identified in the study. Valuation methods used in determining the overall feasibility were discussed and evaluated to see the impact on the property development project.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.
30
Gonçalves, Bernardo Manuel Aragão Aleixo Marques. "Equity research - Goodyear Tire & Rubber CO." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19241.
Full textAbstract:
Mestrado em FinançasO trabalho elaborado consiste numa avaliação do preço por ação da Goodyear Tire and Rubber Co. para o fim do ano de 2019, tendo por base pressupostos de performance para os próximos cinco anos, bem como os dados históricos dos últimos cinco anos. A decisão de avaliar a Goodyear baseia-se no desejo de proceder a uma análise de uma empresa que se enquadre na indústria dos pneus e borracha. O relatório baseia-se no formato do CFA Institute e tem como inicio a descrição da empresa, a qual contém um breve resumo dos acontecimentos marcantes da sua história até a data.
The following work consists on an Equity Research of Goodyear Tire and Rubber for the year ending 2019F, based on assumptions considered to be viable for the next five years, as well as, in the historical performance of the last five years. The decision to evaluate a company such as Goodyear Tire and Rubber came from a personal preference to further develop an analysis of a Tire and Rubber industry company. The research report follows the CFA Institute format and begins with the company overview, which contains a brief history that summarizes the main events up to date.
info:eu-repo/semantics/publishedVersion
31
Cueto, Guillermo Elvis Luis, and Malpica Alejandro García. "Valoración de pequeñas empresas." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/626419.
Full textAbstract:
Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones.
El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia.The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy.
Trabajo de Suficiencia Profesional
32
Silva, Francisco Miguel Duarte da. "Equity research - Kingfisher PLC." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20810.
Full textAbstract:
Mestrado em FinançasEste projeto contêm uma avaliação detalhada e uma estimação do valor intrínseco das ações da empresa Kingfisher plc para o final do ano 2020, de acordo com o projeto de trabalho final do Mestrado de Finanças do ISEG. Estre projeto é apresentado com o formato recomendado pelo instituto CFA. A empresa Kingfisher plc foi escolhida devido à sua reputação como uma das maiores empresas retalhistas de produtos de melhoria habitacional e devido a o seu contexto específico de fazer a sua atividade através das suas diferentes subsidiárias. Os pressupostos considerados para a avaliação têm por base dados históricos da empresa, estimações macroeconómicas e tendências da indústria. O preço-alvo é obtido através de um método de avaliação absoluta, o método do Discount Cash Flow (DCF). Para fortalecer a análise, foi utilizado um método relativo de avaliação, o método dos Múltiplos Comparáveis. A análise foi completada com uma análise de sensibilidade e uma simulação Monte Carlo. Com um preço-alvo de £ 2.75 para o FA2020, representando um potencial de desvalorização de -7.39% do dia 30 de Setembro de 2020, preço corrente de £ 2.97, a nossa recomendação para a Kingfisher plc é VENDER, tomando em consideração os riscos que possam ocorrer e afetar a empresa. A nossa avaliação do risco estima um risco médio para a empresa.
This project delivers the detailed valuation and forecast of Kingfisher plc's intrinsic value for the end of 2020, according to ISEG's Master in Finance final work project. This project is presented with the recommended format by CFA institute. Kingfisher plc was chosen due to its reputation as one of the biggest Home Improvement Retail companies in the world and due to the specific context of operating through its retail banners throughout Europe. The assumptions considered for the valuation result from the firm's historical data, macroeconomic estimates and industry tendencies. The price target was obtained through an absolute valuation method, the Discount Cash Flow (DCF) Valuation. To strengthen the analysis, it was used a relative valuation method, the Comparable Multiples method. The analysis was completed with a sensitivity analysis and a Monte Carlo simulation. With a price target of £ 2.75 for YE2020, representing a downside potential of -7.39% from September 30th, 2020, current price of £ 2.97, our final recommendation for Kingfisher plc is to SELL, taking into account the risks that may appear and affect the company's performance. Our risk assessment estimates a medium risk for the firm.
info:eu-repo/semantics/publishedVersion
33
Dostál, Jiří. "Oceňování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223372.
Full textAbstract:
The subject of this master’s thesis is estimation of company value. Theoretical part defines basic concepts such as value, categories of value, company, financial analysis and methods of valuation. The practical part deals with strategic analysis, financial analysis and estimation of real company market value by profit method of discounted cash flow.
34
Velebová, Štěpánka. "Valuation of the company Gerresheimer Horsovsky Tyn spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124952.
Full textAbstract:
The goal of this master thesis is to appraise the medical plastic systems producer Gerresheimer Horsovsky Tyn spol. s r.o. as of July 1, 2012 with the purpose of selling the company to an unknown buyer. The thesis is divided into theoretical and practical part. In the theoretical part there are defined all the important theoretical aspects and methods for business valuation used in this thesis. In the second, practical, part theory is applied to the particular company. Firstly, the appraised company is introduced followed by its strategic and financial analysis, value generators, and financial plan. The core valuation methods used are the two phase discounted cash flows method and the comparable companies method. At the end, the estimated business value is discussed.
35
Fonseca, Inês Tavares da. "Equity research – LVMH Moët Hennessy Louis Vuitton SE." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17803.
Full textAbstract:
Mestrado em FinançasEste relatório contém uma avaliação da LVMH - Moët Hennessy Louis Vuitton SE. Este estudo segue as regras do Trabalho Final de Mestrado do ISEG e as recomendações do CFA Institute. A razão que me levou à escolha da LVMH como empresa de estudo foi essencialmente o facto de o sector do luxo ser um sector que tem estado em crescimento nos últimos anos. O preço-alvo foi alcançado usando o método mais apropriado em termos de avaliação absoluta, o método dos Fluxos de Caixa Descontados (DCF). No final de 2018, o preço alvo é de € 281.31, sendo a nossa recomendação final para a LVMH - Moet Hennessy Louis Vuitton SE de compra. Este relatório foi realizado através da informação pública disponível até ao dia 12 de outubro de 2018, informações e eventos após esta data não foram considerados.
This report contains a valuation of LVMH - Moet Hennessy Louis Vuitton SE. It follows the rules of ISEG´s Master Final Project and the recommendations of CFA Institute. The reason why I have chosen LVMH as a study company was essentially because the luxury sector is a sector that has been growing in recent years. The price target was reached by using the most appropriate method in terms of absolute valuation, the Discounted Cash Flow (DCF) Approach. At the end of 2018 the target price is € 281.31, our final recommendation for LVMH - Moet Hennessy Louis Vuitton SE is to buy. This report was made using public available information as of October 12, 2018, information and events after this date were not considered.
info:eu-repo/semantics/publishedVersion
36
Hrabicová, Tereza. "Ocenění podniku XYZ s.r.o." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-232786.
Full textAbstract:
The thesis is focusing on the valuation of the company XYZ Ltd. using the vield method. The first part of the thesis defines the theoretical basic of the evaluation. The analytic part of the tesis is dealing with strategic analysis, award-winning enterprise, and finaly there is a preparation of the financial plan. In the practical part of this thesis there is an enterprise valuation using the yield discounted cash flow method and the conclusion of the thesis contains the value appreciation on 1. 1. 2012.
37
Kovandová, Klára. "Oceňování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-254266.
Full textAbstract:
This master´s thesis deals with the valuation of the chosen company OPTICONTROL, s.r.o. by using income-based method. The thesis is divided into three parts, namely the theoretical, analytical and practical . The theoretical part defines basic terms used in the valuation of companies, selected methods and valuation procedures required for application to a chosen company. The analytical part then consists of practical application of theoretical basis. Thus the content of the analytical part is strategic analysis, financial analysis and financial plan . In the last practical part there is valuation of the company itself.
38
Wagner, Jiří. "Ocenění podniku VETROPACK MORAVIA GLASS, akciová společnost." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75108.
Full textAbstract:
The aim of this thesis is to estimate the market value of the company VETROPACK MORAVIA GLASS, a.s. on the date 31st March 2011 in order to eventual sale to an unknown buyer, using earnings valuation method. Within the frame of this valuation there is also presented the company and its history, realized the strategic analysis and the financial analysis and created the financial plan.
39
Marešová, Andrea. "Ocenění společnosti Hotel Slavia, spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16712.
Full textAbstract:
The aim of this thesis is to estimate the market value of the Hotel Slavia, Ltd. at 1st January 2010 in order to sell the company to an unknown buyer. The thesis is divided into the theoretical and the practical part. The theoretical part involves the theoretical aspects and methods of valuation of the company. In the second part, theoretical knowledge is applied to the selected firm. First of all the object and the purpose of valuation are introduced. They are followed by a strategic analysis, financial analysis and financial plan. Valuation is performed with the use of the discounted cash flow to the equity. The resulting value is compared with a book value of the firm.
40
Bartošková, Andrea. "Stanovení hodnoty podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241582.
Full textAbstract:
The subject of this master´s thesis is value estimation of a company. Theoretical part defines basic concepts such as company, categories of value, financial analysis and methods of valuation. The practical part deals with strategic analysis, financial analysis and value estimation of a company by profit method of discounted cash flow.
41
Tomáš, Milan. "Určování hodnoty podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2021. http://www.nusl.cz/ntk/nusl-444249.
Full textAbstract:
This diploma thesis deals with the determination of the value of company Reda a.s. to 31.12.2019, by using income-based method. The first part of thesis defines the theoretical assumptions and procedure for determining the value of company. The analytical part contains a strategic analysis, financial analysis, prognosis of value generators and the compilation of a financial plan. At the end of the diploma thesis, the value of the company is determined using the discounted cash flow method.
42
Svitaňová, Mária. "Určení hodnoty podniku Environchem." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-222852.
Full textAbstract:
This thesis contains business valuation of company CHEMOSVIT ENVIRONCHEM, a.s. based on income approach. The first part discusses theoretical concepts and methods of valuation. The second part includes strategic, financial and SWOT analysis, financial plan and income based discounted cash flow valuation. In conclusion, the valuation statement as at 31.4.2011 is reported.
43
Horta, João Filipe Beja Orrico. "Equity research - Electronic Arts, Inc." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19168.
Full textAbstract:
Mestrado em FinançasEste projeto visa a analisar e avaliar a empresa Electronic Arts, Inc. (EA). Este trabalho enquadra-se no âmbito do Trabalho Final do Programa de Mestrado em Finanças, do Instituto Superior de Economia e Gestão (ISEG), Universidade de Lisboa, elaborado de acordo com o formato recomendado pelo Chartered Financial Analyst Institute. Em termos de avaliação, passamos a analisar as finanças e a administração da empresa, nos últimos sete anos, e prevemos o seu desempenho financeiro para os próximos cinco anos. A pesquisa realizada tem por base a investigação bibliográfica e documental disponíveis a 31 de março de 2018, consideradas da maior relevância para este estudo. Nenhuma informação, evento ou circunstância, posterior a esta data, foi considerada. A avaliação para determinar o preço-alvo foi conseguida por meio de uma média de dois métodos de avaliação, em particular pelo método do Fluxo de Caixa Descontado, usando o modelo de crescimento da perpetuidade e o método múltiplo sobre o valor terminal. As premissas consideradas para realizar a previsão financeira foram o resultado dos dados disponíveis divulgados publicamente pela empresa. Após o estudo realizado, que aqui apresentamos, consideramos como recomendação a compra de ações da EA, com um preço alvo de USD $107.89 para o ano de 2019, representando um potencial de valorização de 34%, em comparação com o último preço de fecho divulgado, de USD $80.37, a 2 de janeiro de 2019.
This project aims to analyze and evaluate the company Electronic Arts, Inc. (EA). This work is part of the Final Work of the Master's in Finance Program of the Instituto Superior de Economia e Gestão (ISEG), Universidade de Lisboa, prepared according to the format recommended by the Chartered Financial Analyst Institute. In terms of valuation, we have reviewed the company's finances and management over the past seven years and forecast its financial performance over the next five years. The research conducted is based on the bibliographic and documentary research available up to March 31, 2018, considered of major relevance to this study. No information, event or circumstance after this date has been considered. The valuation to determine the target price was achieved by averaging two valuation methods, using the discounted cash flow method, applying the perpetuity growth model and the multiple method over the terminal value. The assumptions considered to make the financial forecast were the result of the available data publicly disclosed by the company. Given the study developed, we consider a buy recommendation over EA stocks, with a target price of USD $107.89 for 2019, representing an appreciation potential of 34% compared to the last closing price US $80.37 release on January 2, 2019.
info:eu-repo/semantics/publishedVersion
44
Drbalová, Lucie. "Ocenění stavební společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16734.
Full textAbstract:
The aim of the diploma thesis is to determine the value of the construction company as at March 1, 2010. The thesis is divided into 2 parts -- theoretical and practical. Theoretical part deals with techniques, methods, and tools of company evaluation. Practical part applies these methods to the company. Basic information about the company is presented in the beginning of the practical part. The following strategic analysis consists of analysis of development of macro-environment and micro-environment, and financial analysis, which evaluates the performance of the company. The financial plan of the company is prepared based on acquired information. Two-phase discounted cash flow method in the version of FCFF was applied for the valuation of the company.
45
Kostková, Naděžda. "Návrh ocenění podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222449.
Full textAbstract:
The thesis assesses market value of company REHAU, s.r.o. The theoretical part discusses methods of valuation. The practical part of this thesis includes strategic, financial and SWOT analysis. The company is valuated by discounted cash flow valuation method. In conclusion statement of value as at 31.12.2008 is reported.
46
Čunková, Ludmila. "Ocenění společnosti Povltavské mlékárny, a. s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15651.
Full textAbstract:
The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.
47
Hálová, Kristína. "Stanovení hodnoty podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377953.
Full textAbstract:
The master thesis deals with the determination of the value of the company Pekárna XYZ s.r.o. by using the income-based method. The thesis is divided into three main parts. The first part defines the theoretical background of the thesis. The second part firstly introduces the company, followed by strategic and financial analysis, including its evaluation. In the third part, the most appropriate valuation method is selected, and subsequently the value of the selected company is determined, as of January 1st, 2017.
48
Hanzalová, Mirka. "Stanovení hodnoty podniku CRV Czech Republic, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359375.
Full textAbstract:
An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.
49
Bouchalíková, Aneta. "Ocenění podniku s promítnutím rizika do diskontní sazby." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-233042.
Full textAbstract:
Diplom´s thesis deals with the valuation of the company Zeltr Agro a. s. The first part of the thesis are defined theoretical bases required for the valuation of the company. The practical part contains strategic analysis, financial analysis and financial plan. Subsequently the method of valuation is applied. In conclusion the value of the company is determined to 1.1.2013.
50
Lipka, Lukáš. "Ocenění firmy Jan Becher - Karlovarská Becherovka a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205704.
Full textAbstract:
The aim of this diploma thesis is to estimate the value of the company Jan Becher - Karlovarská Becherovka a.s. The valuation is made by June 30, 2015 for the purposes of current company shareholders. First part of the thesis is dedicated to the theoretical instruments of the company valuation, which are subsequently applicated in the second part of the thesis. First of all, the valuated company is briefly introduced and afterwards follows the strategic and financial analyses. The main goal of these analyses is to set a strategic background of the company, asses its current as well as expected future market position and its overall financial results. Based on these analyses, the main value drivers are specified and afterwards, with use of gained data, financial plan containing balance sheets and profit and loss accounts for the years 2016-2020 is compiled. This financial plan serves as a foundation stone to the valuation. The valuation itself is done using a yield method of discounted cash flow in variant of FCFF. At the end of this thesis, the estimated value of the company is also compared with the book value of the company.