Publication
Unilever Group : equity valuation
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | |
| dc.contributor.advisor | Martins, José Carlos Tudela | |
| dc.contributor.author | Pires, Susana Sofia Castelo | |
| dc.date.accessioned | 2015-02-10T14:19:06Z | |
| dc.date.available | 2015-02-10T14:19:06Z | |
| dc.date.issued | 2014-10-28 | |
| dc.date.submitted | 2014 | |
| dc.description.abstract | The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its shares when comparing to the actual price of € 31.86. Further on, a relative valuation (selecting a specific peer group and applying multiples) is suggested, as a complementary analysis to the DCF, leading to a target price of €34.15 using a forward enterprise-value multiple for 2014. Meaning, once again, a buy recommendation is issued, since the market currently yields a lower value. As a final assessment and basing the target price on the present value of future dividends, a Dividend Discount Model (DDM) is performed. This model indicates Unilever’s is priced at €18.65, leading to an overvalued market price and, consequently, a selling opportunity. Lastly, a comparison is made between these results and the target price reached by a JP Morgan’s analyst, being the last one priced at €27.00 using a DCF-WACC methodology (representing a selling opportunity). All details are further addressed in this Thesis. | por |
| dc.identifier.tid | 201113678 | |
| dc.identifier.uri | http://hdl.handle.net/10400.14/16592 | |
| dc.language.iso | eng | por |
| dc.title | Unilever Group : equity valuation | por |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | por |
| rcaap.type | masterThesis | por |
| thesis.degree.name | Mestrado em Gestão |