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O objetivo desta dissertação é determinar o valor justo dos capitais próprios da Distribuidora Internacional de Alimentación. O setor do retalho de produtos alimentares foi investigado detalhadamente, bem como a empresa e o seu modelo de negócio. A Revisão Literária apresenta uma discussão de diferentes abordagens teóricas de avaliação de empresas e considera que o método dos fluxos de caixa descontados com soma das partes e uma avaliação por múltiplos são os métodos mais apropriados para avaliar a empresa. Com esta avaliação, é razoável assumir que as ações da empresa estão cotadas abaixo do seu valor intrínseco, €4,79, o que representa um potencial de valorização de 11,3% e, assim, uma recomendação de “compra”. Esta avaliação é também comparada com um equity research do BPI, focando-se nas metodologias e pressupostos usados em ambos os trabalhos.
The aim of this dissertation is to determine the fair value of Distribuidora Internacional de Alimentación equity. The retail food sector was research in detail, as well as the company and its business model. The Literature Review presents a discussion of different valuation theoretical approaches and it considers that a sum of the parts discounted cash flow valuation and a multiple valuation are the most accurate methods to evaluate the company. With this evaluation, it is reasonable to assume that the company’s shares are trading below their intrinsic value, €4,79, which represents a 11,3% potential appreciation and, thus, a “buying” recommendation. This valuation is also compared with an equity research from BPI, focusing on the methodologies and assumptions used on both works.
The aim of this dissertation is to determine the fair value of Distribuidora Internacional de Alimentación equity. The retail food sector was research in detail, as well as the company and its business model. The Literature Review presents a discussion of different valuation theoretical approaches and it considers that a sum of the parts discounted cash flow valuation and a multiple valuation are the most accurate methods to evaluate the company. With this evaluation, it is reasonable to assume that the company’s shares are trading below their intrinsic value, €4,79, which represents a 11,3% potential appreciation and, thus, a “buying” recommendation. This valuation is also compared with an equity research from BPI, focusing on the methodologies and assumptions used on both works.