| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 995.79 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
Voestalpine AG is a steel-based technology and capital goods group and a world
leader in the manufacture, processing, and development of sophisticated steel
products. The Group supplies technology-intensive sectors, such as the automotive,
railway, aviation, and energy industries.
The Group had adopted the development strategy for the decade, targeting 2 billion
EUR in total revenue by 2020, which is 73% higher compared to the most recent
result. The strategy also implies the steady investments of 800 – 1000 million EUR
per year.
The reports considers all the public information provided by the Voestalpine Group,
careful investigation of global economic prospects and separate study of each of the
industries operated by the Group.
The main valuation was done by means of Enterprise Discounted Cash Flow model,
which was chosen as the most appropriate approach assuming all the inputs. By taking
into consideration the possible scenarios of economic and market development, the
target price was accompanied with VAR and extended range for target price.
The thesis target price is compared to the report provided by JP Morgan. Even though
the results do not match, the difference is moderate.