Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
Autor(a) principal: | |
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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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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 |
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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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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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