Browsing by Author "Klotzner, Julian"
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- Equity valuation : Continental AGPublication . Klotzner, Julian; Martins, José TudelaThe main goal of this dissertation is to find the fair value of German top-tier automotive and tire supplier Continental AG. The fair value of the company is computed by making use of different methodologies such as the Discounted Cash Flow (DCF) model and the Multiples approach. The aim of this dissertation lays in issuing a buy, hold or sell recommendation based on the target price computed in comparison with the trading price at the end of the data collection period. The DCF approach led to a fair value of EUR 177 per share, while the multiples method valued Continental between EUR 141 p.s. and EUR 157 p.s.. The analysis of the different methods led to the conclusion that a share price of EUR 158 per share as of 01.01.2019 supports an upside potential of about 30% and a buy recommendation. The recommendation is in line with top-tier investment banks and leading equity research institutes. This dissertation discusses differences between the valuation of Continental AG by Credit Suisse (EUR 174 p.s.; hold; 08.2018) , Warburg Research (EUR 200 p.s.; buy; 12.2018) and the author (EUR 158 p.s.; buy; 12.2018).