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Abstract(s)
A dissertação aqui apresentada tem como objetivo apresentar uma avaliação para a Under Armour, - empresa que desenvolve a sua atividade na indústria do equipamento desportivo.
A Under Armour representa um exemplo de empreendedorismo, determinação e excelência, personalizada pelo seu fundador e atual diretor executivo. Kevin Plank criou a empresa em 1996, com apenas 23 anos, através do desenvolvimento de um protótipo de uma t-shirt desportiva. Entretanto, a empresa já experienciou uma OPA em 2005 e tem revelado um crescimento exponencial e consistente em termos de receitas, tendo conseguido expandir as suas operações a um nível global.
Três modelos diferentes de avaliação foram usados nesta dissertação, com o objetivo de encontrar um intervalo de valores, no qual o valor intrínseco das ações da Under Armour se encontrarão. A avaliação realizada foi ainda comparada com uma outra avaliação externa, desenvolvida por uma empresa especializada na área da avaliação financeira – The Buckingham Research Group. Pretendeu-se, assim, possibilitar uma perspetiva mais alargada ao leitor, quer quanto aos métodos usados na avaliação, quer quanto aos seus resultados.
Concluídos todos estes procedimentos, de acordo com a metodologia explanada, foi feita uma nota de investimento, com a recomendação de Buy e um preço-alvo de $37 para as ações “Class A” da Under Armour.
The present dissertation is intended to present a valuation for Under Armour – a sportswear company that has experienced incredible growth in the recent past. Under Armour represents a story of entrepreneurship, focus and greatness, personalized by the founder and current CEO. Kevin Plank created the company in 1996, when he was only 23 years old, in the form of a t-shirt prototype. Since then, the company has experienced an IPO in 2005 and revealed consistent and extreme revenue growth and has been able to expand its operations worldwide. Three different valuation models were applied, with the objective to find a range of values in which UA stock’s intrinsic value currently falls. The present valuation is also compared with an external one made by an equity research firm – The Buckingham Research Group. This comparison should contribute in giving the reader extra perspective regarding the valuation’s methodology and output. After both processes, an investment note was issued, with a Buy recommendation and a target price of $37 per share for the Class A common stock.
The present dissertation is intended to present a valuation for Under Armour – a sportswear company that has experienced incredible growth in the recent past. Under Armour represents a story of entrepreneurship, focus and greatness, personalized by the founder and current CEO. Kevin Plank created the company in 1996, when he was only 23 years old, in the form of a t-shirt prototype. Since then, the company has experienced an IPO in 2005 and revealed consistent and extreme revenue growth and has been able to expand its operations worldwide. Three different valuation models were applied, with the objective to find a range of values in which UA stock’s intrinsic value currently falls. The present valuation is also compared with an external one made by an equity research firm – The Buckingham Research Group. This comparison should contribute in giving the reader extra perspective regarding the valuation’s methodology and output. After both processes, an investment note was issued, with a Buy recommendation and a target price of $37 per share for the Class A common stock.