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Resumo(s)
It is essential that we align theory and practice in order to provide a robust and relevant equity
valuation. By discussing the relevant methodologies in valuation literature we select the
Adjusted Present Value and multiples approaches to value Atresmedia Corporación de
Medios de Comunicación, S.A., a leading Spanish media group. Both methodologies lead us
to conclude that Atresmedia is currently overvalued at €14,01 per share, which directs our
recommendation to a Sell. Our target price is €11,45, which is based on our probability
weighted average of three scenarios, which are built based on regulatory uncertainties and
average cycle EBITDA margins. BESi’s equity research is presented as a basis for
comparison, where they use another approach to value the company, a WACC-based DCF.