Percorrer por autor "Rekawiczny, Marcin"
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- Equity valuation : CCC S.A.Publication . Rekawiczny, Marcin; Martins, José Carlos TudelaThe aim of this dissertation is to determine the target share price of CCC S.A. as of 15th March 2019 (publication date of financial data for FY2018) and to issue an appropriate investment recommendation (buy, hold, sell) relative to the market price on that day. The target company is listed on the Warsaw Stock Exchange (Poland), operates in the footwear retail industry and is the key player on the Central-Eastern Europe market. As such, the underlying research question is: “What is CCC S.A. fair value per share as of 15th March 2019 and how does it differ from the price on the market?”. The valuation process is built upon a thorough analysis of the company, its competitive environment, current macroeconomic conditions and expected market trends in the clothing retail industry. The primary valuation method used was the Discounted Cash-Flows model, aiming to reflect the intrinsic value of the company. This valuation was complemented with a relative valuation method, that utilizes forward-looking trading multiples for Comparable Companies. The valuation methods determined a target price range of PLN 283,01 to 333,08 per share. Given a closing price of 203,20 PLN per share on Friday, the 15th March 2019 (publication of end-of-year financial statements) a BUY recommendation has been issued. The recommendation is in line with equity research report issued by J.P. Morgan on 25th April 2019 (buy recommendation with target price of 274 PLN).