Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/17957
Título: Atresmedia Corporación de Medios de Comunicación, S.A. : equity valuation
Autor: Fernandes, Francisco Barbosa Varandas
Orientador: Martins, José Carlos Tudela
Data de Defesa: 27-Abr-2015
Resumo: It is essential that we align theory and practice in order to provide a robust and relevant equity valuation. By discussing the relevant methodologies in valuation literature we select the Adjusted Present Value and multiples approaches to value Atresmedia Corporación de Medios de Comunicación, S.A., a leading Spanish media group. Both methodologies lead us to conclude that Atresmedia is currently overvalued at €14,01 per share, which directs our recommendation to a Sell. Our target price is €11,45, which is based on our probability weighted average of three scenarios, which are built based on regulatory uncertainties and average cycle EBITDA margins. BESi’s equity research is presented as a basis for comparison, where they use another approach to value the company, a WACC-based DCF.
URI: http://hdl.handle.net/10400.14/17957
Aparece nas colecções:FCEE - Dissertações de Mestrado / Master Dissertations
R - Dissertações de Mestrado / Master Dissertations

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