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1
Tatár, Dávid. "Ocenenie skupiny AAA Auto Group N.V." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149801.
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The objective of diploma thesis is about to define a value of a international group AAA Auto Group N. V. which operates on the czech, slovak and russian market with used cars and analysis of an ability to increase shareholder's value in the future. It is structured as an expert opinion. It defines purpose, subject and exact date of valuation, valuation method's overview, strategic (macro and micro) and financial group analysis on the main markets. Consolidated financial plan was created as a prediction with a quick financial analysis. Group was evaluated by three discounted-based method - free cash flow to firm, free cash flow to equity, discounted economic value added as they were compared to market capitalization method. Final group value AAA Auto Group N. V. to 7th of December 2012 was defined by free cash flow to equity method and compared to market capitalization method, which is determined by the market.
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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.
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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.
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Lančaričová, Katarína. "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-233038.
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The master’s thesis deals with the subjective value of stock company IFE-CR, a.s. via selected revenue method. Value estimation will be made to 31. December 2013. The teoretical part explains the main concepts and describes the methodological approaches, related to the company value estimation. Theoretical basis of literature search are developed and applied to specific businness entity in practical part. This part introduces the evaluated company, includes the results of the strategic and financial analysis and in the final stage also the suggestion of value estimation.
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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.
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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.
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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.
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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.
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Lopes, Sofia Teixeira. "Equity research - Jerónimo Martins." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20841.
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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.
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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.
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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%.
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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.
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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.
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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.
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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.
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Čunková, Ludmila. "Ocenění společnosti Povltavské mlékárny, a. s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15651.
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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.
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Drbalová, Lucie. "Ocenění stavební společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16734.
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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.
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Procházka, Tomáš. "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-264905.
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The thesis assesses market value of company CENTA, spol. s r.o. for strategic decision purposes. The crucial method is income-based valuation method, which is assisted by asset-based valuation method. The first part of the thesis includes strategic, financial and SWOT analysis. Afterwards particular valuation methods are applied. In conclusion statement of value as at 31.12.2006 is reported.
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Palasová, Lenka. "Oceňování stavebního podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2012. http://www.nusl.cz/ntk/nusl-225541.
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Master`s thesis named „Evaluation of Building Company“ is focused on the explanation of the concept of value and his various forms and use, the definition of procedure of evaluation of company, some parts of the procedure are broken down, but the main part of this thesis is a description of used methods of evaluation of company. In the practical part particular company is evaluated by selected methods based on statements of accounts and other obtained information.
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Šťastný, Vojtěch. "Ocenění obchodního závodu společnosti Bankovní akademie - Gymnázium a Střední odborná škola, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-358800.
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The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.
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Rascão, Tiago Miguel Ramos. "Equity research - NOS SGPS, S.A." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21088.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO Equity Research realizado no âmbito do mestrado de Contabilidade, Fiscalidade e Finanças Empresariais do Instituto Superior de Economia e Gestão (ISEG - Universidade de Lisboa) tem como objetivo avaliar o comportamento das ações da NOS SGPS, SA. Foi efetuado um estudo do setor das telecomunicações que está a desenvolver-se cada vez mais a nível tecnológico, sendo hoje um dos serviços fundamentais para o nosso dia-a-dia. A avaliação foi realizada à data de 31-12-2020. Esta avaliação foi efetuada com a aplicação de dois métodos: Discounted Cash Flow com a abordagem Free Cash Flow to Firm e, como complemento à avaliação, o Método dos Múltiplos. No final do estudo, os resultados demonstram que há uma subvalorização, visto que o preço das ações a 31-12-2019 era de 4,80€ (Euronext Lisbon) e o target price calculado no final deste estudo foi de 6,71€ (FCFF). Embora o resultado obtido no Método dos Múltiplos seja contrário, isto representa um upside potencial de 39,83%, sendo a recomendação final, sugerida aos investidores, de compra de ações da NOS.
The Equity Research carried out as part of the master's degree in Accounting, Taxation and Corporate Finance at the Instituto Superior de Economia e Gestão (ISEG - University of Lisbon) aims to evaluate the behaviour of NOS SGPS, SA shares. We analysed the telecommunications sector, which is developing more and more at a technological level, being today one of the fundamental services for our daily life. The evaluation was computed out on 31-12-2020. This evaluation was performed with the application of two methods: Discounted Cash Flow with the Free Cash Flow to Firm approach and, as a complement to the evaluation, the Multiples approach. At the end of the study, the results show that there is an undervaluation, as the share price on 31-12-2019 was 4.80€ (Euronext Lisbon) and the target price calculated at the end of this study was 6,71€ (FCFF). Although the result obtained in the Multiples method is the opposite, this represents a potential upside of 39,83%, with the final recommendation, suggested to investors, to buy NOS shares.
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Brdička, Karel. "Návrh tržního ocenění podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221958.
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This diploma thesis deals with the company valuation. It contains theoretical background of valuation and description of the most important current methods and attitudes towards determination of market, liquidation and book company value. Subsequently, the theoretical methods are applied on the data of company EUROliftCZ s.r.o. Therefore financial, SWOT and strategic analysis is implemented and future development is forecasted. In concluding part different levels of company value are proposed. The outcome of the thesis is to be used by owners of the company.
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Correia, Jossline Jesus. "Comparação entre o market value added e o discounted cash flow : o caso da Coca-Cola Co." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19805.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO presente trabalho propõe-se realizar a comparação entre dois métodos distintos de avaliação de empresas - Discounted Cash Flow (DCF) e o Market Value Added (MVA), demonstrando a aplicabilidade destes dois modelos de avaliação no caso da Coca-Cola Co. É possível verificar que o disposto na literatura não é consensual. Da mesma maneira que há autores que defendem a utilização do DCF, existem outros que aconselham a utilização do MVA. Dada a falta de concordância em relação aos mencionados métodos, este trabalho pretende, também, contribuir para o presente debate. Para tal, foi realizada uma análise estratégica e financeira da empresa e do setor com base nos dados financeiros disponíveis relativos ao período de 2014 a 2018 e foram estimados os Free Cash-Flows (FCF) e o Economic Value Added (EVA©) para 2019-2023. Deste modo, foi possível estimar o valor da empresa pelos métodos do DCF e do MVA Os resultados obtidos nos dois métodos foram comparados entre si concluindo-se que os mesmo não coincidem, apesar do apresentado na literatura. Além disso, estes resultados foram comparados com o valor de mercado das ações da Coca-cola, Co. a 31 de dezembro de 2018 e apontaram para uma melhor estimação por parte do DCF em relação ao MVA.
This paper proposes to compare two different companies? valuation methods - the Discounted Cash Flow Method (DCF) and the Market Value Added (MVA), demonstrating the applicability of these two valuation models in the case of Coca-Cola, Co.. It?s possible to verify that the statements in the literature are not consensual. At the same time that some authors defend the use of DCF, there are others who advise the use of MVA. Given the lack of agreement in relation to the aforementioned methods, this work also intends to contribute to the present debate. To this end, a strategic and financial analysis of the company and the sector was carried out based on the available financial data for the period from 2014 to 2018 and Free Cash-Flows (FCF) and Economic Value Added (EVA ©) were estimated for 2019 to 2023. In this way, it was possible to estimate the company's value using the DCF and MVA methods. The results obtained in both methods were compared with each other, concluding that they do not coincide, despite the arguments presented on the literature. In addition, these results were compared to the market value of Coca-Cola, Co.'s shares at December 31st, 2018 and pointed a better estimation from the DCF relatively to the MVA.
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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.
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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.
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Martinho, Paulo Manuel Tomaz. "Métodos de avaliação de bancos : aplicação a uma instituição financeira portuguesa." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10396.
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Mestrado em FinançasO setor bancário carateriza-se por possui um elevado grau de regulamentação, incerteza e risco. Devido a essas características os métodos de avaliação de empresas não financeiras têm de ser adaptados de forma a poderem ser utilizados numa avaliação bancária. Esta dissertação seleciona uma instituição bancaria portuguesa para demonstrar os métodos de avaliação existentes e aplica-los a uma instituição bancaria portuguesa. Dadas as cateterísticas do banco em análise, da economia e dos métodos utilizados, encontraram-se divergências entre os resultados obtidos pelos vários métodos. Os resultados obtidos são objeto de discussão.
The banking sector is characterized by a high degree of regulation, uncertainty and risk. Due to these characteristics the methods of assessment of non-financial companies have to be adapted in such a way that they can be used in an evaluation. This dissertation selects a Portuguese bank institution to demonstrate the existing assessment methods and applies them to a Portuguese bank institution. Given the Bank's analysis, the characteristics of the economy and the methods used, we found some differences between the results obtained by various methods. The results obtained are subject to discussion.
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Stoffers, Rickard, and Deibrant Helena Eriksson. "Business Valuation : A study of the accuracy of the free cash flow to equity approach and the dividend discount model." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-43883.
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Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to conclude if they are considered to be accurate valuation models and to determine if one of the methods gives a more accurate estimation of the companies’ share prices than the other. Additionally, the report will examine if one model is preferred for a specific sector and if a payout ratio exists where the DDM generates a particularly realistic valuation. Method: A database will be produced to estimate share prices for each company using both the FCFE approach and the DDM over five consecutive years. The accuracy of the models will be evaluated by dividing the projected share prices with their corresponding actual stock prices to calculate the percentage deviations. The smaller the percentage deviation, the more accurate is the estimated share price considered to be. Conclusion: It is evident from the findings of this thesis that the FCFE approach and the DDM produce accurate valuations for Swedish companies. It is difficult to determine that one is preferred over the other altogether, instead the FCFE approach is preferred in some cases and the DDM in others. This depends on the companies’ actual stock prices, which industry the companies operate in and the amount the companies are assumed to pay out as dividends.
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Nunes, João Eduardo. "Equity research on BPI bank." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10680.
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Mestrado em FinançasDurante as últimas décadas, têm vindo a ser criados e desenvolvidos vários modelos de avaliação de empresas. Estes métodos de avaliação, alguns deles com um alto nível de complexidade técnica, têm por objectivo determinar com o melhor grau de precisão, o valor intrínseco de uma empresa. Geralmente, não há resposta certa para o problema da avaliação de empresas. Na minha opinião, o processo de avaliação está mais perto de uma arte do que uma ciência. Que suposições deveram ser feitas, e quais são os métodos mais adequados para seguir ainda continuam em debate, depois de todos esses anos. O objetivo desta dissertação é identificar caracterizando os principais métodos apresentados pela literatura, com o intuito de escolher os que são os mais utilizados, especificamente com o propósito de um equity research sobre empresas financeiras.
During the last decades, it has been created and developed several mechanisms models of business valuation. These evaluation methods, some of them with a high level of technical complexity, aim to determine with the greatest degree of precision, the intrinsic value of a company. Generally, there is no right answer to the problem of valuation of companies. In my opinion, the evaluation process is closer to an art than a science. Which assumptions should be made, and what are the most adequate methods to follow is still on debate, after all this years. The aim of this dissertation is to identify featuring the key methods presented by the literature, in order to peek which of those are the most used ones, specifically with the purpose of an equity research about financial companies.
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Oliveira, Filipa Dias Fiúza de. "Trabalho de projecto - Equity Research Efacec." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7632.
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Mestrado em FinançasEfacec é uma empresa que tem sofrido diversas alterações ao longo do tempo, passando de uma pequena empresa industrial para o maior grupo português no campo eléctrico. As suas principais características são o mercado internacional, o constante investimento em inovação e as novas tecnologias. Para além disso tem uma força de trabalho altamente qualificada, resultando numa posição persistente na vanguarda dos sectores em que desenvolve as suas atividades. O principal objectivo deste projeto é a determinação do valor intrínseco das ações da Efacec, através de uma análise detalhada da performance operacional da empresa, o seu ambiente externo e as suas perspectivas de crescimento. A avaliação foi baseada no método Free Cash Flow to Firm, o que de acordo com a revisão da literatura é o melhor método para avaliar a Efacec. De acordo com os pressupostos definidos, o valor da Efacec é 401.666.793 euros e o valor acionista é 12.457.793 euros (0,30 euros por ação). Como a Efacec não é uma empresa cotada em bolsa, o múltiplo Price Earnings Ratio foi usado para decidir se os investidores devem ou não comprar as suas ações. Tendo isto em conta, o indicador da Efacec de 1,51 é extremamente baixo comparativamente ao seu peer group (14,60). Consequentemente, o valor das ações da Efacec está desvalorizado, apesar de ser considerada umas das maiores multinacionais portuguesas. Portanto, a recomendação é de não comprar as ações da Efacec.
Efacec is a company that has undergone several changes, going from being a small industrial company to the largest group in the electric field. Its core emphases are the international market among its constant investment in innovation and new technologies. Furthermore, it has a highly skilled workforce resulting in a persistent position at the forefront of the sectors where it develops its activities. The goal of this project is to determine the intrinsic value of Efacec's shares, through a detailed analysis of the operational performance of the company, its external environment and its growth prospects. The valuation was based on the Free Cash Flow to Firm method, which according to the literature review represents the best method to assess Efacec. According to the assumptions defined, the firm value of Efacec is 401.666.793 euros and the equity value is 12.457.793 euros (0,30 euros per share). Since Efacec is not a quoted company the Price Earnings Ratio multiple was used to decide whether or not if investors should buy the shares. Taking this into account, the indicator for Efacec of 1,51 is extremely low when compared with its peer group (14,60). Consequently, Efacec's share price is undervalued, despite being considered one of the largest Portuguese multinationals. Thus the recommendation is not to buy Efacec shares.
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Carneiro, Ana Beatriz Jorge. "Equity Research - Meliá Hotels International." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12645.
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Mestrado em FinançasO objetivo deste projeto é estimar o valor intriseco das ações do Grupo Meliá, utilizando para o isso o método de avaliação mais adequado às características da firma estudada, através de uma análise detalhada da empresa, do Grupo e do seu ambiente externo. Esta avaliação foi baseada com no método Free Cash Flow to the Firm que, de acordo com a revisão de literatura, é a melhor metodologia para a avaliar a empresa. Nesta pesquisa, o Grupo Meliá Hotels International, é avaliado em €2 878M, o que conduz a um price tarfe de €12,53 por ação. Como tal, o preço teórico está acima do preço de mercado, então, é dada uma recomendação de compra para estas ações.
The purporse of this project is to estimate the intrinsic value of the Meliá's shares using the most adequated valuation approaches to the features of the studied firm and trough a detailed analysis of the firm, the Group and its external environment. This valuation was based on the Free Cash Flow to the Firm method, which according to the Literature Review is the best methodology to evaluate the company. In this research, Melia Hotels International is valued at €2 878M, which leads to a target share price of €12,53. Therefore, the theoretical price is above the quoted share price. Thus, a buy recommendation is given for this company shares.
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Jorová, Petra. "Ocenění společnosti TBG Betonmix, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198277.
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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.
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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.
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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.
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Baião, Marcos Miguel Lourenço dos Santos. "Equity Research - Pfizer Inc." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10705.
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Mestrado em FinançasA Pfizer Inc é uma empresa líder no desenvolvimento e comercialização de produtos biofarmacêuticos com um portfólio global que inclui medicamentos e vacinas, bem como diversos produtos de cuidados de saúde mundialmente conhecidos. Nos últimos anos, a empresa tem crescido essencialmente através de fusões e aquisições. Em fevereiro de 2015, a Pfizer adquiriu a Hospira, Inc., líder mundial na comercialização de medicamentos injetáveis e tecnologias de infusão, bem como no desenvolvimento de biosimilares. O objetivo deste projeto é determinar o valor intrínseco das ações da Pfizer através de uma análise detalhada do desempenho operacional e financeiro da empresa, assim como da indústria e ambiente macroeconómico em que se insere. O método de avaliação usado para determinar o valor intrínseco da Pfizer foi o método do Free Cash Flow to the Firm, o qual, de acordo com a literatura, se apresenta como o modelo mais adequado dadas as características da empresa. De acordo com os pressupostos assumidos, a Pfizer tem um valor final de $249.380,2 milhões que, atualizado ao custo médio ponderado do capital de 8,89%, corresponde a um valor atual de $223.412,6 milhões. Atualmente a empresa tem $6.167,4 milhões de ações disponíveis à negociação, o que leva à obtenção de um preço da ação de $36,23. Tendo em conta que o preço atual da ação da Pfizer é de $33,18, pode-se concluir que o preço da ação se encontra subvalorizado.
Pfizer Inc is a leading company in manufacture and sale of biopharmaceutical products with a global portfolio that includes medicines and vaccines as well as many of the world's best known consumer health care products. In recent years, the company has grown by mergers and acquisitions. In February 2015, Pfizer acquired Hospira, Inc., the world's leading provider of injectable drugs and infusion technologies and a global leader in biosimilars. The goal of this project is to determine the intrinsic value of Pfizer´s shares through a detailed analysis of the company's operational and financial performance as well as the industry sector and macroeconomic environment. The valuation method used to determine Pfizer´s intrinsic value was the Free Cash Flow to the Firm method which, according to the literature review, is the most appropriate method given the company´s characteristics. According to the assumptions defined, Pfizer has a terminal value of $249.380,2 million, with a present value of $223.412,6 million using, as discount rate, the weighted average cost of capital of 8,89%. Currently the company has $6.167,4 million outstanding shares which leads to a share price of $36,23. Given Pfizer's current share price of $33,18 the share price is undervalued.
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Daysal, Sercan. "Equity Research of Turkish Airlines." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/7718.
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Mestrado em FinançasA Turkish Airlines (THY) é a companhia aérea nacional da Turquia e tem como objetivo ser uma referência global no setor das companhias aéreas. A THY tem uma vantagem competitiva dada a sua localização central em Istambul. O Trabalho Final de Mestrado que se segue tem como objetivo principal a estimatıva do valor intrínseco das ações da THY, a partir de Dezembro de 2013. Este projeto inclui uma revisão literária aos diferentes métodos de avaliação, enfatizando os seus pontos fortes e fracos. É feita uma análise específica ao nível do sector e da empresa. Procede-se uma avaliação da THY através do método Discounted Cash-Flow, resultando um valor intrínseco de 8,08 TL por ação, indicando uma subvalorização face ao preço atual de 6,44 TL. Esta avaliação indica um potencial de valorização na ordem dos 25,53% do preço por ação. Por fim, aplica-se o método de avaliação relativa para estimar a posição da THY no seu sector de atividade.
Turkish Airlines (THY) is the flag carrier airline of Turkey and it aims to be a permanent global actor in the airlines sector. THY considers itself having a constant competitive advantage since it is located on a natural hub, Istanbul. The following Master's Final Work is completed with an aim of discovering an intrinsic value for the stocks of THY as of December 2013. This project includes a literature review presenting pros and cons of different valuation techniques followed by an industry and company specific analysis. It continues with the actual valuation of THY performed by using Discounted Cash-Flows method. The final outcome using this method suggested an intrinsic value of 8.08 TL for THY stocks of those are undervalued with a price of 6.44 TL. This result indicates a 25.53% potential appreciation of the stock price for THY. Finally, relative valuation method is also applied to identify THY's position compared to how other companies in airline industry are being evaluated.
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Quinta, André Filipe Rodrigues. "Contabilidade e avaliação de empresas : aplicação prática do residual income model." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17766.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO presente trabalho tem como principal objetivo demonstrar a utilização do Residual Income Model (RIM). O trabalho é desenvolvido tendo uma abordagem teórica e prática da aplicação do Residual Income Model, sendo constituído pelo enquadramento teórico do modelo e de avaliação de empresas, bem como por um business case de aplicação prática do modelo à Airbus. O segundo objetivo é comparar a utilização do RIM com uma das metodologias mais aceites na avaliação de empresas, o Discounted Free Cash Flow to Equity (DFCFE). O caso é assim resolvido pelos dois modelos, o RIM e o DFCFE, de forma a comparar os procedimentos e os resultados obtidos por cada modelo. Para a conceção do business case foram utilizados unicamente dados reais, disponíveis publicamente, e está estruturado de forma a permitir diferentes abordagens e conclusões. O intervalo de preços obtido representa um desvio face à cotação no período de referência de 33% para o RIM e -16% para o DFCFE. Os resultados expõem a dificuldade de implementar os mesmos pressupostos para ambos os modelos, que podem ser influenciados tanto pelos dados considerados como pelos procedimentos utilizados para o forecast, nomeadamente no que diz respeito ao grau de detalhe necessário para os modelos. Ao mesmo tempo, os valores obtidos servem referência de intervalo de preço para o que poderá ser o valor justo da ação da Airbus.
The current project aims to demonstrate the application of the Residual Income Model. The project is based both on a theoretical and practical approach, consisting of a framework regarding the model itself and enterprise valuation, as well as a business case with the practical application of the model to Airbus. The second objective is to compare the model with one of the most accepted methods, the Discounted Free Cash Flow to Equity. Therefore, the case is solved by using two different approaches, the Residual Income Model and the Discounted Free Cash Flow to Equity, in order to compare the procedures and obtained results through each model. For the business case conception, only real and publicly available data was used, and it is structured to allow different approaches and conclusions. The obtained price range represents a variance from the price per share at the reference date of 33% through RIM and -16% through DFCFE. The results disclose the difficulty of implementing the same assumptions for both models, which can be influenced both by the methods used for the forecast as by the considered data, specifically to what regards the degree of detail required for the models. At the same time, the results can serve as a reference for the price range of what might be the fair price of Airbus' shares.
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Julficarali, Sara. "Equity research - Sumol+Compal." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10681.
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Mestrado em FinançasA Sumol+Compal é a líder do setor das bebidas não-alcoólicas, e a única empresa portuguesa de bebidas cotada no índice NYSE Euronext Lisboa. Detendo uma quota de mercado superior a 25%, a empresa foca a inovação e a diversificação como parte da sua estratégia. Desta forma, conseguiu aumentar as suas vendas e expandir o seu negócio, fortalecendo o seu posicionamento internacionalmente. Através de uma análise detalhada à empresa e aos seus resultados, aos objetivos e estratégias da empresa, e à indústria envolvente, este trabalho pretende avaliar a Sumol+Compal e determinar um preço às suas ações. O método utilizado para a avaliação foi o Free Cash Flow to the Firm (FCFF), uma vez que de acordo com a revisão de literatura, era o método mais adequado à empresa. Através dos resultados da avaliação, foi possível concluir que as ações da Sumol+Compal estão subavaliadas. O preço a 31 de Agosto de 2015 foi de 1,90€, sendo menor que o preço da avaliação (2,06€). De 31 de Dezembro de 2014 a 31 de Agosto 2015, o preço subiu quase 70%, de 1,13€ para 1,90€. Desta forma, a recomendação de compra seria dada aos investidores, na medida em que poderiam ter maiores retornos no futuro.
Sumol+Compal is the leader of non-alcoholic beverages in Portugal and the single Portuguese beverages firm present on the NYSE Euronext Lisbon. Having a market share superior to 25%, the firm focuses on strategies based on innovation and diversification. As a result, the company managed to increase its sales and expand its business, strengthening their footprint internationally. Through a detailed analysis of the firm and its results, its future goals and strategies, and its industry, this project aims to evaluate Sumol+Compal and determine a fair value of its shares. The valuation used was Free Cash Flow to the Firm (FCFF) method, once according to the literature review, fitted best the company. From the results obtained in the valuation, it was possible to conclude that Sumol+Compal's shares are undervaluated. The price quoted at 31 of August 2015 was 1,90€, which is lower than the target price reached of 2,06€. From 31 of December 2014 to 31 of August 2015, the price rose almost 70%, from 1,13€ to 1,90€. Hence, the recommendation to future investors would be to buy the shares, once they may provide larger returns in the future.
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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.
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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.
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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.
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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.
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Rainha, Bernardo Damasceno Pina. "Equity research - Sporting Clube de Portugal – Futebol, SAD." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17636.
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Mestrado em Contabilidade, Fiscalidade e Finanças EmpresariaisO seguinte trabalho tem como objetivo a avaliação das ações da Sporting Clube de Portugal - Futebol, SAD (Sporting SAD). Para tal, foi feito um estudo da indústria do futebol, um segmento da indústria desportiva que tem vindo a atrair cada vez mais adeptos/espectadores assim como a gerar mais receitas. No entanto, quanto ao caso em estudo, a Sporting SAD não tem apresentado uma estrutura de capital sólida, estando muito dependente tanto dos resultados desportivos como da venda de jogadores para atingir bons resultados financeiros. Esta avaliação foi realizada à data 30/06/2017. De referir que quaisquer informações ou acontecimentos relacionados com a Sporting SAD ou com o sector após maio de 2018 não foram considerados no nosso estudo. Esta avaliação foi feita seguindo o método Discounted Cash Flow tendo-se optado pela abordagem dos Free Cash Flow to Firm (FCFF). De forma a obter uma recomendação mais robusta e sustentada, a avaliação foi complementada com uma metodologia de avaliação relativa, o Método dos Múltiplos. O resultado obtido foi a subvalorização das ações uma vez que o preço histórico da ação é de 0,62€ e o target price obtido foi de 0,92€ (FCFF), apresentando um upside potencial de 47,96% que leva a uma recomendação final de compra de ações da Sporting SAD. Este resultado foi ainda reforçado pela avaliação relativa.
The following thesis' main goal is to make a valuation of Sporting Clube de Portugal - Futebol, SAD (Sporting SAD). In that sense, the football industry was studied, a sports' industry segment that has been attracting more people/spectators over time as well as generating more revenue. However, Sporting SAD does not present a solid capital structure, being very dependent on both the sports results and players' sales to achieve good financial results. This valuation was made on the 30th of June, 2018. It should be referred that any information or events related to Sporting SAD or the sector May of 2018 have no influence on the results obtained. This valuation was made following the Discounted Cash Flow method and the Free Cash Flow to Firm (FCFF) approach was chosen. To obtain a more robust and sustained recommendation, the valuation was complemented by a relative valuation methodology, the Market Approach. The result obtained was that Sporting SAD shares are undervaluated since the historical price of the share was 0,62€ and the target price was 0,92€ (FCFF), presenting a potential upside of 47,96% that leads to a final recommendation to buy Sporting SAD's shares. This result was further reinforced by the relative valuation.
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Abreu, José Pedro Gomes Mota Pinto de. "Equity research : Novabase SGPS SA." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10969.
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Mestrado em FinançasEste estudo contém uma avaliação da Novabase elaborada de acordo com o Projeto de Trabalho Final do Programa de Mestrado em Finanças do ISEG. O Relatório de Avaliação segue as recomendações do CFA Institute (Pinto, Henry, Robinson, e Stowe, 2010). O presente relatório é emitido considerado a informação pública sobre a Novabase disponível em 23 de Outubro de 2015. Deste modo, o relatório não tem em consideração eventos ou circunstâncias que tenham ocorrido posteriormente a esta data. O preço-alvo foi obtido com recurso a métodos de avaliação absoluta, especificamente o método dos Fluxos de Caixa Descontados (DCF). Os pressupostos considerados neste estudo resultaram de uma análise exaustiva tanto de dados históricos divulgados publicamente pela empresa, como de bases de dados, como o S&P Capital IQ, Bloomberg L.P. e a Thomson Reuters Datastream. Com um preço-alvo de €2,46 para FA16 e um potencial de valorização de 10,9% face ao atual €2,21, a recomendação final para a Novabase SGPS SA (NVQ) é de "Redução".
This study contains the valuation of Novabase elaborated in accordance with ISEG´s 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 Novabase on October 23rd, 2015. Thus, the report does not take into account any events or circumstances which have arisen after this date. The target price was derived recurring to absolute valuation methods, specifically to the Discounted Cash Flow (DCF) Approach. The assumptions considered to conduct this study were the result of a thorough analysis of both the historical data publicly disclosed by the company and data from various sources, such as S&P Capital IQ, Bloomberg L.P. and Thomson Reuters Datastream. With a price target of €2.46 for YE16 and an upside potential of 10.9% from current €2.21, the final recommendation for Novabase stands for "Reduce"
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Zapletal, Tomáš. "Ocenění společnosti ZAPA beton a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71770.
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The aim of this Master's thesis was to find out enterprise value dated 1.1. 2011, characterise risk connected with this value, for example as a variability of possible results and to judge how the enterprise was affected by the economic crises. I used method discounted cash flow in variant FCFF to calculate enterprise value. I used regression analysis as the basic method to predict the most significant value generator, sales, then I adjusted the results 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 in years 2009 and 2010, deteriorating of rentability indicators and long-term assets turnover. I found out the enterprise value with the help of software Crystal Ball also by the stochastic model. In this case I regarded the factors influencing the enterprise value as random quantities. Variability of the possible results ranges between upper and lower limit, i.e. between 1,8 and 3,2 billion crowns.
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Kozáková, Klára. "Ocenění společnosti Arysta LifeScience." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193265.
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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.
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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.
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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.
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Wernerová, Kristýna. "Ocenění poradenské organizace." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72698.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Kiškis, Sigitas. "Elektros inžinerinių paslaugų sektoriaus įmonių verslo vertės valdymas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2013. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20130110_094517-13905.
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Baigiamajame magistro darbe nagrinėjamos Lietuvos elektros inžinerinių paslaugų sektoriaus įmonių verslo vertės valdymo problemos ir plėtros aktualijos. Atlikta išsami mokslinės literatūros analizė, numatytos inovacijų, rizikos valdymo panaudojimo galimybės teoriniu aspektu, nagrinėjami įmonių susijungimai ir įsigijimai: analizuojama sandorių samprata, pateiktos šių sandorių rūšys ir skirtumai, išskirtos pagrindinės sandorių priežastys, taip pat aprašyti susijungimų ir įsigijimų proceso etapai ir išanalizuoti pagrindiniai įmonių ir sandorio vertinimo metodai, bei pasiūlyti konkretūs sprendimai šio sektoriaus įmonių veiklos tobulinimui, įtakosiantys jų veiklos efektyvumą, teikiamų paslaugų kokybę ir konkurencingumą. Išnagrinėta verslo strategijų, rizikos valdymo, inovacijų reikšmė ir aktualumas įmonės veikloje. Išnagrinėjus teorinius bei praktinius verslo vertės valdymo įmonėje aspektus, parengiau rekomenduotiną vadybinių procesų ryšių ir tarpusavio sąveikos schemą. Atlikta sisteminė organizacijos esamos padėties analizė, praktinis įmonės įvertinimas. Apskaičiuota įmonės vertė ir tikėtina sinergijos nauda, įmonėms susijungiant. Darbo pabaigoje pateiktos išvados ir pasiūlymai.This master theses analyses business value management problems in the enterprises in the sector of electrical engineering services enterprises in Lithuania. The author has performed a thorough scientific literature on the topic analysis and took it as the background for the identification of risk and innovation processes and determination of possibilities to use it in sector enterprises` business value management activities. This paper analyses processes of mergers and acquisitions, concept, types, differences and reasons of transactions. The author has analyzed the steps of merging enterprises process as well as the methods of transaction valuation and prepared a set of proposed decisions for the development of the activities of electrical engineering services sector enterprises that could enhance activity efficiency, services` quality and competitiveness as well. Strong emphasis has been put on the business strategies, risk and innovation management of the enterprises` activities. The author having analyzed theoretical and practical business value management aspects prepared a scheme of interaction of managerial processes, performed systematic analyses of the enterprise including activity valuation while estimating synergy benefit from the merging process of two enterprises and at the end presented conclusions and recommendations.
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Hlavenka, Dušan. "Stanovení hodnoty vybrané společnosti." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377987.
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The diploma thesis deals with the issue of determinig the value of the company operating in the automotive industry. The thesis deals with summarizing the theoretical backgrounds, which also explain the methods and procedures that are related to the valuation of economic subjects themselves. The analytical part identifies the company, processes the financial statements and, on the basis of them, creates the prerequisite for a correct numerical representation of the strategic and financial analysis. The valuation itself is part of the final portion, which is based on discounted cash flow and economic value added. Consequently, a summary evaluation of the achieved results for the monitored period 2012 – 2017 is produced.
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Hamplová, Lucie. "The company evaluation." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75107.
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The aim of this diploma thesis is to estimate the market value of the company T-Mobile Czech Republic a.s., in order to sell the company to an unknown investor. The valuation is based on publicly known sources available to 01st December 2010. Thesis consits of two parts. In the theoretical part are defined common basics needed for valuation of the company. Second part covers all the steps resulting in final valuation.
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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.
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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.
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Cygonková, Lenka. "Návrh ocenění podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224551.
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This master thesis deals with the proposal of a chosen company by using the income-based methods called Discounted Cash Flow and Economic Value Added. The theoretical part provides the description of the methodology of business valuation process. The practical part presents financial, strategic and SWOT analysis of the company. Furthermore particular valuation methods are applied. In conclusion statement of value is reported.
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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.
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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.
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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.
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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.
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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.
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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.
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