Equity valuation : Ferrari N.V.
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/31317 |
Resumo: | The aim of this dissertation is to determine the target price of Ferrari, a leading player in the luxury performance car industry and the most successful race team in the Formula 1 history, in order to issue an investment recommendation relative to its market price. First, analyzing the state-of-art of the equity valuation techniques, it was concluded that the WACC-based DCF valuation represented the most suitable approach for the valuation of Ferrari. In addition, it was than complemented by a relative valuation, using forward-multiples. The valuation itself is based on a detailed analysis of the industry in which the company is positioned, the forces that it faces in this environment, and its historical performance and future prospects. It results in a median target price of EUR 157.33 within the range of EUR 153.44-161.30. Compared to the trading price as of 30th April 2020, at EUR 143.40, this represents an upside potential of 9.71%, which is then translated in a BUY recommendation. Finally, the main assumptions and the stock rating obtained are confronted with an equity report issued by a leading investment bank, namely UBI Banca, and the general consensus in the market. Despite minor differences in some basic assumptions, the recommendations share numerous commonalities and appear in line with the mean consensus. |
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Equity valuation : Ferrari N.V.FerrariFormula 1Luxury performance car industryEquity valuationIndústria de carros de luxoAvaliação de empresasDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe aim of this dissertation is to determine the target price of Ferrari, a leading player in the luxury performance car industry and the most successful race team in the Formula 1 history, in order to issue an investment recommendation relative to its market price. First, analyzing the state-of-art of the equity valuation techniques, it was concluded that the WACC-based DCF valuation represented the most suitable approach for the valuation of Ferrari. In addition, it was than complemented by a relative valuation, using forward-multiples. The valuation itself is based on a detailed analysis of the industry in which the company is positioned, the forces that it faces in this environment, and its historical performance and future prospects. It results in a median target price of EUR 157.33 within the range of EUR 153.44-161.30. Compared to the trading price as of 30th April 2020, at EUR 143.40, this represents an upside potential of 9.71%, which is then translated in a BUY recommendation. Finally, the main assumptions and the stock rating obtained are confronted with an equity report issued by a leading investment bank, namely UBI Banca, and the general consensus in the market. Despite minor differences in some basic assumptions, the recommendations share numerous commonalities and appear in line with the mean consensus.O objetivo desta dissertação é determinar o preço-alvo da Ferrari, empresa líder na indústria de carros de luxo e a equipa de corrida mais bem-sucedida na história da Fórmula 1, a fim de emitir uma recomendação de investimento relativamente ao seu preço de mercado. Primeiramente, tendo em conta as técnicas de avaliação de capital uma empresa, concluiu-se que o modelo de avaliação DCF, baseado na taxa de desconto WACC, representa a abordagem mais adequada para a Ferrari. Em segundo plano, esta foi complementada por uma avaliação relativa, baseada no modelo de avaliação forward-multiples. A avaliação em si demonstra uma análise detalhada da indústria onde esta empresa se posiciona, os desafios que enfrenta no seu meio, a sua performance histórica e as suas perspetivas futuras. A avaliação resulta num preço-alvo médio de EUR 157.33, incluindo-se numa variação de valores entre EUR 153.44-161.30. Comparativamente ao preço de EUR 143.40, negociado a 30 de Abril de 2020, este representa uma valorização positiva de 9.71%, traduzindo-se, assim, numa recomendação de compra. Finalmente, o conjunto das premissas mais relevantes e classificação das ações obtidas são confrontadas com os relatórios de capital emitidos por um banco de investimento líder, o UBI Banca, e o consenso generalizado de mercado. Embora existam diferenças mínimas em pressupostos básicos, as recomendações prestadas nesta dissertação partilham diversos pontos comum e situam-se em linha com o consenso médio.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaMorsiani, Simone2020-11-10T10:39:26Z2020-06-3020202020-06-30T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/31317TID:202517586enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:36:50Zoai:repositorio.ucp.pt:10400.14/31317Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:25:13.630749Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Equity valuation : Ferrari N.V. |
title |
Equity valuation : Ferrari N.V. |
spellingShingle |
Equity valuation : Ferrari N.V. Morsiani, Simone Ferrari Formula 1 Luxury performance car industry Equity valuation Indústria de carros de luxo Avaliação de empresas Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Equity valuation : Ferrari N.V. |
title_full |
Equity valuation : Ferrari N.V. |
title_fullStr |
Equity valuation : Ferrari N.V. |
title_full_unstemmed |
Equity valuation : Ferrari N.V. |
title_sort |
Equity valuation : Ferrari N.V. |
author |
Morsiani, Simone |
author_facet |
Morsiani, Simone |
author_role |
author |
dc.contributor.none.fl_str_mv |
Martins, José Carlos Tudela Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Morsiani, Simone |
dc.subject.por.fl_str_mv |
Ferrari Formula 1 Luxury performance car industry Equity valuation Indústria de carros de luxo Avaliação de empresas Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Ferrari Formula 1 Luxury performance car industry Equity valuation Indústria de carros de luxo Avaliação de empresas Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The aim of this dissertation is to determine the target price of Ferrari, a leading player in the luxury performance car industry and the most successful race team in the Formula 1 history, in order to issue an investment recommendation relative to its market price. First, analyzing the state-of-art of the equity valuation techniques, it was concluded that the WACC-based DCF valuation represented the most suitable approach for the valuation of Ferrari. In addition, it was than complemented by a relative valuation, using forward-multiples. The valuation itself is based on a detailed analysis of the industry in which the company is positioned, the forces that it faces in this environment, and its historical performance and future prospects. It results in a median target price of EUR 157.33 within the range of EUR 153.44-161.30. Compared to the trading price as of 30th April 2020, at EUR 143.40, this represents an upside potential of 9.71%, which is then translated in a BUY recommendation. Finally, the main assumptions and the stock rating obtained are confronted with an equity report issued by a leading investment bank, namely UBI Banca, and the general consensus in the market. Despite minor differences in some basic assumptions, the recommendations share numerous commonalities and appear in line with the mean consensus. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-11-10T10:39:26Z 2020-06-30 2020 2020-06-30T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
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publishedVersion |
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http://hdl.handle.net/10400.14/31317 TID:202517586 |
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TID:202517586 |
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eng |
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eng |
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openAccess |
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application/pdf |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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