| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 3.81 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
A seguinte dissertação abrange a avaliação do capital próprio da Daimler AG, a fabricante alemã de veículos automóveis e fornecedora de serviços relacionados com a venda e cedência desses mesmos veículos, mais conhecida mundialmente pela sua divisão Mercedes-Benz Cars.
O negócio industrial compreende a unidade de veículos automóveis, denominada Mercedes-Benz Cars. No âmbito dos ligeiros de mercadorias, apresenta a Mercedes-Benz Vans. Ao nível dos pesados de mercadorias, apresenta a Mercedes-Benz Trucks e por fim, no que diz respeito aos pesados de passageiros, apresenta a unidade Mercedes-Benz Buses.
A sua quinta divisão, que se demarca das anteriores por não ter nenhum processo industrial, mas sim de disponibilização de serviços, entre os quais a disponibilização de serviços financeiros, serviços de mobilidade e de aluguer de veículos, até 2019 chamada Daimler Financial Services, irá ver o seu nome revisto para Daimler Mobility.
Para a avaliação do Capital Próprio da Daimler AG, realizou-se uma pesquisa na literatura referente ao tema e tentou-se selecionar os métodos mais adequados consoante as características da Daimler AG.
Dessa forma, foi usado o método dos Discounted Cash Flows com o WACC. Para além deste método, foi também usado o método da avaliação relativa, recorrendo a diferentes múltiplos. Por último, foi também adotado o método denominado Dividend Discount Model.
Tendo em consideração o modelo financeiro desenvolvido nesta dissertação, a sugestão para os investidores é a de manter a ação da Daimler AG, dado que foi avaliada em €52.67, a 31 de dezembro de 2019.
The dissertation below contains the equity valuation of Daimler AG, a German Automotive manufacturer that operates worldwide, and it is mainly known by its division Mercedes-Benz Cars. The group’s industrial business also comprises the Mercedes-Benz Trucks, Mercedes-Benz Vans, and finally Mercedes-Benz Buses. Apart from having the Industrial Business, Daimler has another unit, which is called Daimler Financial Services. This unit is expected to be renamed next year as Daimler Mobility. It provides support to the industrial business divisions’ customers providing financial services, either by financing or leasing vehicles, either by delivering mobility solutions worldwide. In order to estimate Daimler’s value, we further research the present literature regarding equity valuation. After that, we tried to select the most suitable methods in order to deliver an exact and reliable valuation. In that sense, we decided to use the DCF method that stands for discounted cash flows by employing the WACC. Also, we decided to perform a relative valuation, using acceptable and coherent multiples given the industry and Daimler’s core business. Lastly, we also use a Dividend Discount Model valuation that we can compare to the other two methods used previously. Based on the financial model put in place, we suggest our investors to hold Daimler’s share, given the fact that its stock is valued at €52.67, on 31st December 2019.
The dissertation below contains the equity valuation of Daimler AG, a German Automotive manufacturer that operates worldwide, and it is mainly known by its division Mercedes-Benz Cars. The group’s industrial business also comprises the Mercedes-Benz Trucks, Mercedes-Benz Vans, and finally Mercedes-Benz Buses. Apart from having the Industrial Business, Daimler has another unit, which is called Daimler Financial Services. This unit is expected to be renamed next year as Daimler Mobility. It provides support to the industrial business divisions’ customers providing financial services, either by financing or leasing vehicles, either by delivering mobility solutions worldwide. In order to estimate Daimler’s value, we further research the present literature regarding equity valuation. After that, we tried to select the most suitable methods in order to deliver an exact and reliable valuation. In that sense, we decided to use the DCF method that stands for discounted cash flows by employing the WACC. Also, we decided to perform a relative valuation, using acceptable and coherent multiples given the industry and Daimler’s core business. Lastly, we also use a Dividend Discount Model valuation that we can compare to the other two methods used previously. Based on the financial model put in place, we suggest our investors to hold Daimler’s share, given the fact that its stock is valued at €52.67, on 31st December 2019.
Description
Keywords
Avaliação Previsão DCF Daimler AG Fabricante de equipamento original de luxo Valuation Forecast Luxury OEM