Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default

Detalhes bibliográficos
Autor(a) principal: Marques, Rodrigo Miguel Gonçalves
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/23244
Resumo: Mestrado Bolonha em Finanças
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spelling Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of defaultEquity ResearchValuationRetailConglomerateMestrado Bolonha em FinançasThe present document consists of an Equity Research report on Sonae SGPS, S.A. (SON). This report was used for the local Portuguese CFA Institute Research Challenge and obtained a 2nd place. Please note that this report contains solely public information until the 14/01/2021. In addition to the standard format chosen, this report has an additional chapter in which it employs a structural approach to Sonae’s Probability of Default. Three different approaches, using different parameters and assumptions are tested on Sonae to arrive at a range of Probability of Default for the conglomerate. SON is a Portuguese conglomerate, comprised of eight business units (BU) that range from food and non-food retail to commercial real estate and telecommunications. To value the conglomerate this report uses a Sum-of-the-Parts approach, where a discounted cash flow analysis was developed for most of the business units, thoroughly reflecting its different value drivers. The valuation yielded a buy recommendation with a price target of 1.25€/sh for 2021YE, with an upside potential of 75% from the January 15th 2021 closing price of 0.71€, with a medium to low risk. To support the base case of the report, other methods were also used, such as Relative Valuation.Instituto Superior de Economia e GestãoBarros, VictorRepositório da Universidade de LisboaMarques, Rodrigo Miguel Gonçalves2022-01-24T18:27:31Z2021-102021-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/23244engMarques, Rodrigo Miguel Gonçalves (2021). "Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.info: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:RCAAP2023-03-06T14:52:45Zoai:www.repository.utl.pt:10400.5/23244Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:07:31.190140Repositório 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 research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
title Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
spellingShingle Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
Marques, Rodrigo Miguel Gonçalves
Equity Research
Valuation
Retail
Conglomerate
title_short Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
title_full Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
title_fullStr Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
title_full_unstemmed Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
title_sort Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
author Marques, Rodrigo Miguel Gonçalves
author_facet Marques, Rodrigo Miguel Gonçalves
author_role author
dc.contributor.none.fl_str_mv Barros, Victor
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Marques, Rodrigo Miguel Gonçalves
dc.subject.por.fl_str_mv Equity Research
Valuation
Retail
Conglomerate
topic Equity Research
Valuation
Retail
Conglomerate
description Mestrado Bolonha em Finanças
publishDate 2021
dc.date.none.fl_str_mv 2021-10
2021-10-01T00:00:00Z
2022-01-24T18:27:31Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/23244
url http://hdl.handle.net/10400.5/23244
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Marques, Rodrigo Miguel Gonçalves (2021). "Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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