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Browsing by Issue Date, starting with "2016-02-23"

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  • Equity valuation : Aena, SA
    Publication . Matos, Maria Inês Viegas Aleixo de; Martins, José Carlos Tudela
    This dissertation presents the valuation of Aena SA, traded on Madrid Stock Exchange. Two methods were applied – Adjusted Present Value and Relative Valuation – and a sensitivity analysis was performed to challenge the values obtained. Through Adjusted Present Value methodology a share price of €121,4 per share was obtained. Thus, an Overweight recommendation applies. Relative valuation was considered only as a validation tool and, therefore, the recommendation was not based on its results. Lastly, a comparison was made between the results obtained on the dissertation and the ones reported by J.P. Morgan Cazenove investment bank on 25 June 2015, highlighting the major differences between the two.
    2016-02-23Master thesis Open access Show more
  • Equity valuation : Corticeira Amorim
    Publication . Rocha, Beatriz Landeiro Negrão Silva; Martins, José Carlos Tudela
    Through this thesis, I present an equity valuation exercise on the world leader in the cork industry, Corticeira Amorim. In line with the company’s recommendations and the industry research, I was able to construct its future scenario and come up with a fair 2015 year end value per share of EUR 8,80 and a BUY recommendation. A broad overview of the Equity Valuation literature was essential to support the assumptions taken and to improve the valuation coherence. Finally, I have discussed conceptual differences between my valuation and BPI’s methodology, the bank that more closely follows Corticeira Amorim.
    2016-02-23Master thesis Restricted access Show more
  • Equity Valuation Research Nestlé S.A.
    Publication . Pereira, Sebastião d'Orey Colares; Martins, José Carlos Tudela
    This dissertation focuses on the Equity Valuation of Nestlé S.A., the world's biggest food company. In a period of economic unpredictability, Nestlé has been able to continue its trend of sustainable growth, even facing challenges such as the currency volatility, which is particularly relevant to a multinational Swiss company that reports in its national currency, the Swiss Franc. The main objective is to provide an investment recommendation, based on the estimated equity value of the company. Throughout the dissertation, all the essential topics to come up with an accurate valuation are addressed, namely: 1) different valuation approaches, based on state of the art articles; 2) company overview; 3) external environment overview; 4) forecast assumptions; 5) comparison between this dissertation analysis and the one of the J.P. Morgan analysts. A FCFF valuation approach was chosen, along with the relative valuation approach, this one to complement and test the accuracy of the first approach. Finally, a Buy recommendation is given, as the company is valued in CHF 97.64 per share.
    2016-02-23Master thesis Open access Show more