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Esta tese consiste na avaliação do valor de uma ação do grupo Carrefour a 31 de Dezembro de 2017. Irão ser desenvolvidas quatro diferentes métodos de avaliação: Discounted Cash Flow, DuPont, Relative Valuation and Dividend Discount Model.
O Carrefour é um dos maiores retalhistas no mundo. É, por isso, essencial compreender como é que um retalhista Francês ganha tamanha proporção na industria do retalho alimentar. Desta forma, após a Revisão Literária, será realizada uma análise à indústria.
O Carrefour possuí duas diferentes atividades: a banca e o retalho. Estas serão analisadas em separado através dos métodos DCF e DuPont, respetivamente. Carrefour, como um todo, é analisado através do DCF, DDM e Relative Valuation.
Os resultados são depois comparados com uma avaliação desenvolvida pela Societe Generale, a 28 de Agosto de 2017.
Através da diversidade de métodos desenvolvidos e da comparação final com o resultado da Societe Geenrale, é possível assegurar a credibilidade e exatidão do preço da ação obtido nesta tese.
This thesis consists in an equity valuation of Carrefour, and aims to present a valuation for Carrefour stock at December 31st of 2017, comprising four valuations, through the most commonly used methods: Discounted Cash Flow, DuPont, Relative Valuation and Dividend Discount Model. Carrefour is one of the largest food retailers in the world, hence it is crucial to study how a French retailer became one of the largest and most influent companies in food retail industry. Thus, subsequently to the Literature Review, a Retail industry inspect was assessed. The Retail and Banking activities were analyzed as separate, using the DCF and DuPont methods, respectively. Carrefour was evaluated as a whole through DCF, DDM and Relative Valuation. The results of these approaches were after compared with an equity research note issued by Societe Generale, in August 28th of 2017 . This valuation division allowed to cross check the different results and ensure the exactness of the final price outcome, which is believed to be accurate.
This thesis consists in an equity valuation of Carrefour, and aims to present a valuation for Carrefour stock at December 31st of 2017, comprising four valuations, through the most commonly used methods: Discounted Cash Flow, DuPont, Relative Valuation and Dividend Discount Model. Carrefour is one of the largest food retailers in the world, hence it is crucial to study how a French retailer became one of the largest and most influent companies in food retail industry. Thus, subsequently to the Literature Review, a Retail industry inspect was assessed. The Retail and Banking activities were analyzed as separate, using the DCF and DuPont methods, respectively. Carrefour was evaluated as a whole through DCF, DDM and Relative Valuation. The results of these approaches were after compared with an equity research note issued by Societe Generale, in August 28th of 2017 . This valuation division allowed to cross check the different results and ensure the exactness of the final price outcome, which is believed to be accurate.