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Josefsson, Niklas, i Anders Karlsson. "Stock Price Valuation : A Case study in Dividend Discount models & Free Cash Flow to Equity models". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-16794.
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Lehmann, Christopher, i Alexander Alfredsson. "Intrinsic Equity Valuation : An Emprical Assessment of Model Accuracy". Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30377.
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The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each model is affected by an extension of the forecast horizon. The study finds that AEGM outperforms the other models, both before and after extending the horizon. Our analysis was conducted by looking at accuracy, spread and the inherent speculative nature of each model. Taking all this into account, RIVM outperforms the other models. In this sense, one can question the rationale behind investor’s decision to primarily use the discounted cash flow model in equity valuation.
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Blomberg, Albin. "Market valuation : Observed differences in valuation between small and large cap stocks, when Dividend Discount Model and Free Cash Flow to Equity is applied in the Swedish stock market". Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Center for Finance and Governance (CFG), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48686.
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Purpose:This thesis is examining two of the most common valuation methods put into practice on firms of different sizes in order to see if the market capitalization has any impact on said valuations. Relevance: Despite the widespread use of the intrinsic valuation methods both in academia and the professional world the amount of coverage concerning real life usage and analysis seems to be somewhat lacking. The numerous studies that cover the pros and cons of different valuation models and their supposed accuracy towards current stock prices. The studies rarely try to analyze whether or not the invisible hand of the market treats the firms differently depending on the market capitalization. Method: In this thesis the Free Cash Flow to Equity and Dividend Discount Model have been applied to 10 different firms of different sizes. The 10 firms were from a market capitalization perspective viewed as 5 “large” and 5 “small”. For comparison matter, for each of the “large” firms there was one corresponding “small” firm that operates in a similar line of business. The future growth projections were based on historical data and for the discount rate the Capital Asset Pricing Model (CAPM) was used. Conclusion: The two valuation models showed remarkably similar results, even when applied to firms of greatly different market capitalizations. Within the constraints and delimitations of this thesis, the conclusion is that according to Free Cash Flow to Equity model and Dividend Discount Model models the market does not value the firms differently with regards to market capitalization. In fact the divergencies in terms of absolute numbers of the valuations as a whole only show a 1% percentage unit difference in the Dividend Discount Model and a 2% percentage unit of difference in the Free Cash Flow to Equity model between the large and small cap segments.
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Claesson, Gustav. "Firm Valuation : Which model gives me the most accurate share price, the Dividend Discount Model or the Free Cash Flow to Equity model?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15647.
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Purpose: The purpose of this thesis is to investigate the applicability of the Free Cash Flow to Equity Model and the Dividend Discount Model on ten large cap firms on the Stockholm Stock Exchange. Moreover the author intends to examine whether these valuation methods differs in regards of the companies’ operational segment, business cycle and turnover. The target prices will hereafter be benchmarked with actual closing prices and professional analysts to observe similarities and deviations. Method: The focus lies on Swedish companies listed on Nasdaq OMX Stockholm’s Large Cap list. The companies are valued by collecting financial information from 2006- 2010 in order to find out what the share price in the beginning of 2011 should be. The models that are used to value the share are the Dividend Discount Model, which basically discounts actual dividends in order to find the present value of the share, and the Free Cash Flow to Equity model, which is discounting the firms’ cash flow available to its stockholders, i.e. the potential dividends. Since both of the valuation models require assumptions on future growth to be made, a combination of calculations and goals presented by the companies has been made in order to assume growth rates. Findings: The findings reveal that out of the twenty valuations that were made half of the most accurate ones came from the Dividend Discount Model, and half came from the Free Cash Flow to Equity model. It was however the Dividend Discount Model that provided the most accurate share prices, in comparison to the actual share prices from January 2011. It is also concluded that the turnover of the firm being evaluated does not have an impact on the valuation process, whilst the industry in which the firm operates as well as its payout ratio are factors that need to be taken into consideration when choosing between the Dividend Discount Model and the Free Cash Flow to Equity model.
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Sotkasiira, Monica, i Fredrik Enberg. "Aktievärdering : En kvantitativ studie i värdering med Dividend Discount Model och Residual Income Model i förhållande till P/B-tal som referensvärde". Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-16601.
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Stoffers, Rickard, i 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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Reis, Tomé Alexandre Torres dos. "Equity research - Kering S.A". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19999.
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Mestrado em FinançasEquity research a Kering S.A com o intuito de determinar um determinado price target para o valores das acções da Kering S.A a 31 de Dezembro de 2019. No processo para determinar o price target foram utilizados 3 modelos de avaliação distintos, Discounted Cash Flow Model, Dividend Discount Model e Multiples Valuation dos quais se obteve um price target de 576.44 EUR representando um upside de 8.9% face ao preço base utilizado para esta analise de 520.10 EUR de 1 de Julho de 2019.
This project is mainly comprised on an Equity Research of Kering S.A. to determine a certain price target of Kering's stock by 31st December 2019. This assessment is mostly assembled by a set of assumptions, made the author of these document, for the time period of 2019F-2023F which reflect the historical performance of the company and the current market settings that may impact such target price. In regards of the computations around the price target definition, three valuation models were covered, the Discounted Cash Flow Model, which discounted all future cash flows generated in the period under analysis and through perpetuity, totaling a price of 580.12 EUR / share, and the Dividend Discount Model and Multiples Valuation Model which totaled 567.00 EUR and 582.22 EUR respectively. Based on these there valuation models, by assigning an equal weight to each one of them, a price target of 576.44 EUR was reached translating into a 8.9% upside potential regarding the reference date of analysis of 525.10 EUR in 1st July 2019. Once, computed the price target, the final recommendation for these equity research document was defined based on the risk criteria that better described Kering S.A market environment settings, providing this way a solid statement for Kering's share price within the period under analysis
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Juráš, Dalibor. "Analýza metód océňovania bánk". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-80923.
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The diploma thesis deals with the bank valuation and this theme is viewed on in terms of standard as well as brand new approach. In its first part, the thesis focuses on understanding of the difference between the valuation of non-financial companies and banks in particular. The following section describes the above mentioned basic method which is represented by the dividend discount model and it also analyzes some partial problems associated with it. The core of this thesis represents the Sonntag model,that solves the evaluation by closing of counter-positions arising from the individual business cases -- namely taking of deposits and lending. Another part of this thesis is devoted to the issue of the discount rate, respectively the discounted value. Here I concentrate on the evaluation of applicability of the CAPM model in domestic conditions and compare it with the certainty equivalent concept based on the Black-Scholes theory of option valuation. Finally, the thesis presents a practical example -- i.e. valuation of Banco Popolare ČR (nowadays Equa Bank), application and comparison of the both mentioned models and formulation of the final recommendations for appraisers
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Kálal, Tomáš. "Fundamentální a technická analýza akcie Telefonica 02 Czech Republic, a. s". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15468.
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First part of this graduation theses "Fundamental and technical analysis of the Telefonica O2 Czech Republic, a.s. equity" concern more about the teoretical approach of the characteristics of the company Telefonica O2, his competitors on the country level as well as on the regional level. This description should prepare the reader to know better the telecomunication sector. The second part is a empirical study. Primarily from the fundamental approach and then from the technical one. These two parts concern about discovering the "buy" os "sell" recommendation for a real investor. Each of the methods are first described and then a brief comment of the results is made.
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Mašek, Pavel. "Fundamentální analýza vybrané investiční příležitosti". Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360674.
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The aim of the thesis is to decide, whether to invest in the shares of E4U, a. s. as of January 1st, 2016. The work is divided into several parts, which can be grouped in notional terms into thirds. The first one deals with the analysis of the surveyed company, from the macroeconomic environment and its development, in which the subject is working, to the internal financial strength. The second third is devoted to the forecast of the future of the company, which is shown in its financial plan. The last part, which is developed in 3 scenarios to see how the results can change, deals with the determining of the possible length of the investment and its expected return.
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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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Brandt, Oskar, i Rickard Persson. "The relationship between stock price, book value and residual income: A panel error correction approach". Thesis, Uppsala universitet, Statistiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-254344.
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In this paper we examine the short and long-term relations between stock price, book value and residual income. We employ a panel error correction model, estimated with Engle & Granger’s (1987) two-step procedure and the single equation methodology. The models are estimated with FE-OLS and the MG-estimator. We find that stock prices adjust previous periods equilibrium error. Further, we find that book value has short and long-term effects on stock prices. Finally, this paper finds mixed results regarding residual incomes impact on stock prices. The MG-estimator finds evidence for a short-term relationship, while the FE-OLS provides insignificant or weak support for short-term effects. FE-OLS and MG-estimator find insignificant or weak support regarding residual incomes long-term effects.
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Guňka, Pavel. "Fundamentální analýza". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222723.
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This thesis deals with a fundamental share analysis of the Czech ČEZ Group. The theoretical part summarizes the most frequent techniques and methods of a fundamental share analysis. In the practical part these findings are used to analyze the shares of ČEZ. The core of the fundamental analysis itself lies in the calculation of the intrinsic value of the share. And finally, investment recommendations are proposed on the basis of the comparison between the acquired intrinsic value and the current market price of the shares.
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Carneiro, Duarte Maria Filipe. "Equity research - Airbus SE". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20702.
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Mestrado em FinançasO seguinte Relatório de Equity Research da Airbus foi escrito em conformidade com o formato recomendado pelo Instituto CFA, e reflecte a informação pública da empresa publicada até 30 de Junho de 2020. O projecto começa com uma descrição empresarial da empresa, incluindo uma introdução à sua história, uma análise detalhada a cada segmento operacional, e as estratégias concebidas para o futuro. Além disso, o ESG é também destacado no presente relatório. Além disso, uma análise aprofundada da Indústria menciona as tendências A&D, as perspectivas económicas, o modelo PESTEL, e os motores da oferta e da procura da Indústria. O Posicionamento Competitivo é também fornecido, através da análise SWOT. O Preço Alvo de 74,81 euros para 30 de Junho de 2021, equivalente a um potencial de +17,80% de aumento em relação ao preço fechado em 30 de Junho de 2020 (63,52 euros) foi calculado através do modelo DCF, utilizando o Fluxo de Caixa Livre para a Empresa (FCFF). Foram utilizados outros métodos de avaliação, incluindo o Modelo de Desconto Dividido, o Valor Presente Ajustado, o FCFE, a Avaliação Relativa através de múltiplos de pares. Foi realizada uma simulação de Monte Carlo. O relatório inclui a análise de sensibilidade a alguns riscos seleccionados para o preço-alvo, nomeadamente as taxas de produção de aeronaves comerciais, o custo médio ponderado do capital (WACC) e a taxa de crescimento do terminal (g). Traduzido com a versão gratuita do tradutor - www.DeepL.com/Translator
The following Equity Research Report on Airbus was written in line with the research report format recommended by the CFA Institute, and it reflects the public information of the company published until 30th June 2020. The project starts with a business description of the Company, including an introduction to its history, a detailed analysis to each operational segment, and the strategies designed for the future. In addition, ESG is also highlighted in the present report. Moreover, an In-depth Industry analysis mentions the A&D trends, the economic outlook, the PESTEL model, and the supply and demand drivers of the Industry. The Competitive Positioning is also provided, through the SWOT analysis. The Price Target of €74.81 for 30th June 2021, equivalent to a +17.80% upside potential from the close price on 30th June 2020 (€63.52) was computed through the DCF model, using the Free Cash Flow to Firm (FCFF). Other valuation methods were used, including the Dividend-Discount Model, the Adjusted Present Value, the FCFE, the Relative Valuation through Peers' multiples. A Monte Carlo Simulation was performed. The report includes sensitivity analysis to a few selected risks to the price target, namely the Commercial Aircraft production rates, the weighted average cost of capital (WACC) and the terminal growth rate (g).
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Pestr, Jiří. "Fundamentální analýza vybrané akcie". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224547.
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This thesis is dedicated to fundamental analysis of the company ČEZ and tries to assess whether it is appropriate in the circumstances, to invest in the company or not. To determine the intrinsic value of a share in this work the use of dividend discount models, cash flow, profit models and other. Assessing the economic situation is then performed based on various ratios of the company's performance.
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Patey, Julia. "Is the housing market in Sweden overrated? : A Study Of The Hypothetical Yield Of The Residential Real Estate In Stockholm". Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-355240.
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This paper presents a method to value the residential real estate portfolio of an economy by summarizing the future discounted values of the net operating income. The motivation for this choice of subject is the concern for a house bubble in Sweden due to the double-digit rise in housing prices which the economy has experienced during many consecutive years. However, the method is general and can be applied anywhere where relevant statistics is available. The challenge to use an income approach to residential real estate valuation lies in the fact that there is no obvious net operating income, as the owner and the end user is in many cases the same person. To solve this challenge, we determine the maximum possible net operating income by taking the households’ disposable incomes and subtracting their expenses. This will be a fictional value for the maximum possible net operating income or the imputed income for real estate owners. When this fictional net operating income is compared to the mean prices of properties, a maximum potential yield to capital invested in residential real estate is extracted. The current number for this maximal potential yield on the Stockholm market seem to be 6,4 percent, 2017. The main contribution of this paper to the science of economy is that it presents a way to use classical fundamental valuation methods to evaluate the price level of residential real estate, that, due to lack of tangible net operating income is not as straightforward as the valuation of the commercial real estate market.
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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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Shcherba, Yuliya. "Specifika a problémy spojené s ohodnocováním akcií bank". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76018.
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The principal aim of the thesis is to suggest a follow-up procedure for a bank's stock valuation for investors and to help them make a decision about the prospects of buying or selling bank shares. The particular strategic and fundamental factors influencing the intrinsic value of a bank are described in detail. Special attention is paid to determining the intrinsic value of the banks' brand. An example of particular methods of determining the intrinsic value of a bank's stock is given in the last chapter where the intrinsic value of the biggest Russian bank Sberbank Rossii is calculated with a decision at the end on whether the market pricing is correct.
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Pavlíková, Ilona. "Analýza specifik odvětví bankovního průmyslu". Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359461.
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Diploma thesis focuses on the analysis of the banking industry, which uses the tools of fundamental analysis. The aim of this thesis is to identify and evaluate the characteristics of the banking industry which distinguishes it from the other sectors. The first part deals with the characteristics of the banking sector, to use global and sectoral fundamental analysis. In the second part there is a comparison of the banking sector with other sectors such as commodity companies, cyclical companies and companies engaged in the production and sale of comsumer goods. The third part is the calculation of the intrinsic value of a company Komerční banka, a.s. A dividend discount model, profit models and an Excess return model are used in the third part.
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Novotný, Tomáš. "Náklady vlastního kapitálu pro tržní ocenění podniku v podmínkách ČR s důrazem na rizikovou prémii kapitálového trhu". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-199061.
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The aim of the work is to analyze the theoretical basis of determination of the market risk premium in conditions of the national market in the Czech Republic with CAPM and practical procedures of its determination using the market data provided by Bloomberg. The work addresses some open problems of practical determination of market risk premium as a choice between historical and implied risk premium, determination of credit spread as a representative of country risk and accurate determination of the equity and bond market volatility ratio. The thesis also contains research on the cost of equity and single-factor sensitivity analysis demonstrating the significant influence of a small change in one parameter entering the calculation of the discount rate on the resulting value.
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Havránek, Dalibor. "Fundamentální analýza vybraných akcií na českém kapitálovém trhu". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222013.
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The subject of this dissertation is to do a fundamental analysis based on chosen shares on the czech capital market. The chosen corporations are Telefonica O2 Czech Republic, a.s. and ČEZ, a.s. In this dissertation I have set the share value, the prediction of the progression of dividends and the amount of ratio index. Further I have made a recommendation for future investors and the timing of their commerce.
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Miah, Samir. "Fundamental analysis of Greggs Plc". Master's thesis, 2020. http://hdl.handle.net/10400.14/31288.
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A fundamental analysis of Greggs Plc is carried out using the Dividend Discount Model
(DDM); with ‘Beta’ calculated using the historical data method and used to calculate the Cost
of Equity (CAPM – Capital Asset Pricing Method). An industry analysis and Greggs’ relative
strength using Porter’s Five Forces is also examined. Ratio analysis focuses on the ‘key
indicators’ frequently reported on in the industry. These three aspects are combined to
provide a final recommendation on whether or not to invest in Greggs Plc under different
scenarios. All scenarios assume the investor is looking to invest in UK equities only.Uma análise fundamental de Greggs Plc é feita usando o Dividend Discount Model (DDM); sendo que o ‘Beta’ foi calculado usando o método de dados históricos e usado para calcular o Cost of Equity (CAPM – Capital Asset Pricing Method). Uma análise da indústria e da força relativa de Greggs usando as Cinco Forças de Porter é também examinada. A análise de rácios foca-se nos ‘indicadores-chave’ frequentemente reportados na indústria. Estas três componentes são combinados de modo a atingir uma recomendação final relativa a investir ou não na Greggs Plc consoante diferentes cenários. Todos os cenários são baseados na premissa de que o investidor está apenas disposto a investir em capital próprio do Reino Unido.
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Li-Wen, Hung. "An Empirical Investigation of the Ohlson Model and the Dividend Discount Model". 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0009-2206200608345700.
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Hung, Li-Wen, i 洪莉雯. "An Empirical Investigation of the Ohlson Model and the Dividend Discount Model". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/80097166111421647219.
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碩士元智大學
會計學系
94
There is a considerable incentive to study the long-run equilibrium relationship between stock price and the fundamental value of corporations in Ohlson (1995) accounting-based equity valuation model. We performed an investigation in an attempt to establish the long-run equilibrium relationship between stock price and accounting variables according to the Ohlson (1995) accounting-based equity valuation model through the panel cointegration tests. Subsequently, we evaluated the predictive power of Ohlson (1995) accounting-based equity valuation model for future stock price assessment. Since the Ohlson (1995) model is build upon the dividend discount model, we also examine the validity and the predictive power of the dividend discount model as a basis for comparison. Sample firms were selected from five listed industries in the United States. A total of 380 firms that had fulfilled our requirements were identified between 1986 and 2004. We employed the tests of the conventional time-series and the panel cointegration tests by Mark and Sul (2001) to evaluate the extent of cointegration of accounting variables with market value of common equity. Our results indicated that the hypothesis of no cointegration can be easily rejected under panel cointegration tests. Its forecasting performance was studied by adopting the Theil’s U statistic. The results confirmed that the Ohlson (1995) model was able to forecast future stock price movements much more accurately in any predict horizon. Overall, our evidence suggests that the correlation between the stock price and the Ohlson (1995) model is much stronger than that between the stock price and the DDM.
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Dowelani, Musimuni. "Comparing share valuation models in boom and recession conditions : a South African study". Diss., 2012. http://hdl.handle.net/2263/30119.
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The study’s main concern was the extent to which the price earnings (P/E) valuation model and constant growth dividend discount valuation model (DDM) can estimate the intrinsic value of a share. The context within which the concern was addressed is the boom and recession conditions of South Africa during the period 1994–1999. The study used the following descriptive statistics to make a comparison of the performance of each model: - Theil’s inequality coefficient;
- coefficient of variation;
- percentage improvement in the inter-quartile range (%IMP); and
- the Wilcoxon test and the Kruskal-Wallis test.
- the DDM is more efficient in estimating the intrinsic value in the boom period compared to the recession period.
- P/E is more efficient in estimating the intrinsic value in the recession period than the boom period.
- When the business cycle changed from a boom to a recession the %IMP increased for the DDM and the P/E model showing that there was no improvement in performance. Instead, it showed an increase in the IQR of each model. The increase in the DDM was smaller than that of the P/E model.
- The difference between the absolute valuation errors of the DDM across the two phases of the business cycle (boom and recession) was not statistically significant while those of the P/E were significant.
Dissertation (MCom)--University of Pretoria, 2012.
Financial Management
unrestricted
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Noronha, Ana Teresa Lopes Pires Bettencourt de. "Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016". Master's thesis, 2017. http://hdl.handle.net/10071/15738.
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Banco BPI is one of the biggest Portuguese commercial banks and, on April 2016,
was targeted by a voluntary takeover bid for all of its share capital by one of its
shareholders, CaixaBank, a bank that is part of the Spanish financial group "la Caixa"
Banking Foundation. The bidder offered €1.113 per share for the aim of becoming BPI's
majority shareholder.
Therefore, BPI's board of directors issued a report in which they analyze the
conditions proposed by CaixaBank and present a bank valuation based on multiples of
comparable companies.
The main purpose of this thesis is to perform an equity valuation of Banco BPI
based on other methodologies such as: free cash flow to the equity, dividend
discount model and also relative valuation based on multiples of comparable
companies, in order to achieve a final price per share that can be compared to the one
offered by the CaixaBank and bring another perspective to this matter.O Banco BPI é um dos maiores bancos comerciais portugueses e, em abril de 2016, foi alvo de uma oferta pública de aquisição (OPA), por parte de um dos seus acionistas, o CaixaBank, um banco que integra o grupo financeiro espanhol "la Caixa" Banking Foundation. O oferente propôs um preço de €1.113 por ação com o intuito de se tornar o acionista maioritário do BPI. Consequentemente, o Conselho de Administração do BPI emitiu um relatório no qual analisa as condições propostas pelo CaixaBank e apresenta uma avaliação do banco baseada em múltiplos de empresas comparáveis. O principal objetivo desta tese é realizar uma avaliação dos capitais próprios do Banco BPI tendo por base outras metodologias: o "free cash flow to the equity", o "dividend discount model" e múltiplos de mercado de forma a obter um preço por ação final que possa ser comparado ao que foi oferecido pelo CaixaBank e desta maneira trazer uma nova perspetiva a este assunto.