Browsing by Author "Hans, Henning Lasse"
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- Equity valuation of Beiersdorf AGPublication . Hans, Henning Lasse; Martins, José TudelaThis thesis presents a valuation of Beiersdorf AG, a prominent German global player in the personal care and self-adhesive products industry. Using suitable valuation methods, an investment recommendation is provided for (potential) investors, based on an assessment of the company’s intrinsic value relative to its current share price. The valuation incorporates a financial forecast that anticipates Beiersdorf leveraging its strong market position to benefit from social trends such as the demand for anti-aging products, strategic price adjustments, addressing market "white spots," and capitalizing on its robust R&D capabilities. However, the Beauty and Personal Care sector faces significant challenges arising from macroeconomic factors which are expected to moderate the industry's growth. The focal point of the dissertation is the valuation of Beiersdorf for which a Discounted Cash Flow valuation supplemented by a relative valuation to validate the plausibility of the derived share price. The analysis estimates a target share price of EUR 126.2, reflecting a 1.80% premium over the share price observed on October 31, 2024. A comparison with the equity report by mwb research, which sets a higher target price of EUR 143, highlights differences in valuation assumptions but aligns with this thesis’s overall investment recommendation to Hold Beiersdorf AG.