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The purpose of this thesis is to obtain the value of an equity investment through a
deep study of the company and industry fundamentals. The selection of the firm was
based on my big interest in the construction industry, which I developed from my
work experience in a real estate company, as an intern. Particularly, Mota-Engil’s
impressive position among the top European players captured my attention leading to
the choice of developing a broad analysis of its past and future performance.
The valuation methodology results from the analyzed literature review on the topic of
equity valuation conciliating the theory and the practice.
According to the chosen company specificities, several methods were selected and
resulted in an extensive equity valuation project.
With this work it has been possible to reach the conclusion that Mota-Engil’s stocks
are undervalued in the market with an upside potential of 18% resulting from the
obtained price per share of 1,6€. This information can be translated into a Buy
recommendation. This is the mirror of the company’s strong international presence in
emerging markets and its diversification policy that allows attractive profitability
levels.