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For the last years, different authors and scholars have been focusing their studies on firm valuation.
Despite the fact that this subject is, to a somewhat large extent, a matter of some controversy, almost all
of the discussions agree on the point that valuing a company is an art.
Hereupon, this dissertation aims to present an equity valuation anchored on this idea, for which purpose
attempting to combine the review of significant literature and studies with the valuation of a Portuguese
operator of electricity and natural gas networks, Redes Energéticas Nacionais, S.A. (REN).
Hence, this study proposes a price target for the company’s stock between 3.14 and 3.39 Euros, the
31st of March 2014 being the reference date for such valuation. Banco Portguês de Investimento’s
research is additionally offered as a basis for comparison, both as to methodologies followed and results
obtained.