Equity valuation of PUMA SE
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/29289 |
Resumo: | The purpose of the dissertation is to determine a target price per share for the sportswear pro-ducer PUMA SE that is listed on the German MDAX. Based on this value and relative to the current market price, a buy, hold or sell recommendation is provided. Hence, the underlying research question of this dissertation is: “What is the fair value per share for PUMA SE on 31 December 2018 and the implied investment recommendation on 13 February 2019?”. The ob-tained share price is based on a combination of two valuation methods: The discounted cash flow model and a relative valuation approach based on multiples that result in a price per share of €505.91. The valuation is an outcome of a comprehensive market, industry and company analysis. By comparing the computed share price with the current market price of €481.50 as of 13 February 2019, a hold recommendation with upside potential of 5.07% is issued. Finally, selected assumptions and results are compared with the equity report of PUMA SE from War-burg Research. All information and data in this publication stem from publicly available sources. |
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Equity valuation of PUMA SEEquity valuationCorporate financeShare priceDCFMultiplesPUMA SEDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe purpose of the dissertation is to determine a target price per share for the sportswear pro-ducer PUMA SE that is listed on the German MDAX. Based on this value and relative to the current market price, a buy, hold or sell recommendation is provided. Hence, the underlying research question of this dissertation is: “What is the fair value per share for PUMA SE on 31 December 2018 and the implied investment recommendation on 13 February 2019?”. The ob-tained share price is based on a combination of two valuation methods: The discounted cash flow model and a relative valuation approach based on multiples that result in a price per share of €505.91. The valuation is an outcome of a comprehensive market, industry and company analysis. By comparing the computed share price with the current market price of €481.50 as of 13 February 2019, a hold recommendation with upside potential of 5.07% is issued. Finally, selected assumptions and results are compared with the equity report of PUMA SE from War-burg Research. All information and data in this publication stem from publicly available sources.A dissertação tem como propósito determinar o preço intrínseco por ação da marca desportiva PUMA SE, cotada na bolsa alemã MDAX. Com base nesta avaliação é recomendada uma es-tratégia de compra, venda ou neutral face ao preço de mercado atual. Deste modo, esta dis-sertação pretende responder à seguinte pergunta: “Qual era o valor intrínseco por ação da PUMA SA a 31 de dezembro de 2018 e qual a estratégia de investimento recomendada a 13 de fevereiro de 2019?” Tendo em conta a análise do mercado e da indústria em que a PUMA SE se insere, o valor intrínseco por ação da empresa é de €505.91 Esta avaliação baseou-se essen-cialmente em dois métodos de avaliação: cash flows descontados e múltiplos prospetivos, util-zando múltiplos de mercado. Comparando o valor intrínseco da empresa com o preço de mer-cado registado a 13 de fevereiro de 2019, recomenda-se uma estratégia de neutral, com um ganho potencial de 5,07% caso o preço de mercado iguale o valor intrínseco da empresa. Por último, toda a informação necessária para esta análsie foi recolhida em fontes públicas e todos os resultados e assunções presentes foram comparados com o previsão sobre Puma SE do War-burg Research”.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaArndt, Fabian2020-01-17T12:20:31Z2019-07-0220192019-07-02T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/29289TID:202271501enginfo: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:RCAAP2023-07-12T17:34:50Zoai:repositorio.ucp.pt:10400.14/29289Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:23:31.367051Repositório 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 of PUMA SE |
title |
Equity valuation of PUMA SE |
spellingShingle |
Equity valuation of PUMA SE Arndt, Fabian Equity valuation Corporate finance Share price DCF Multiples PUMA SE Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Equity valuation of PUMA SE |
title_full |
Equity valuation of PUMA SE |
title_fullStr |
Equity valuation of PUMA SE |
title_full_unstemmed |
Equity valuation of PUMA SE |
title_sort |
Equity valuation of PUMA SE |
author |
Arndt, Fabian |
author_facet |
Arndt, Fabian |
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 |
Arndt, Fabian |
dc.subject.por.fl_str_mv |
Equity valuation Corporate finance Share price DCF Multiples PUMA SE Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Equity valuation Corporate finance Share price DCF Multiples PUMA SE Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The purpose of the dissertation is to determine a target price per share for the sportswear pro-ducer PUMA SE that is listed on the German MDAX. Based on this value and relative to the current market price, a buy, hold or sell recommendation is provided. Hence, the underlying research question of this dissertation is: “What is the fair value per share for PUMA SE on 31 December 2018 and the implied investment recommendation on 13 February 2019?”. The ob-tained share price is based on a combination of two valuation methods: The discounted cash flow model and a relative valuation approach based on multiples that result in a price per share of €505.91. The valuation is an outcome of a comprehensive market, industry and company analysis. By comparing the computed share price with the current market price of €481.50 as of 13 February 2019, a hold recommendation with upside potential of 5.07% is issued. Finally, selected assumptions and results are compared with the equity report of PUMA SE from War-burg Research. All information and data in this publication stem from publicly available sources. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-07-02 2019 2019-07-02T00:00:00Z 2020-01-17T12:20:31Z |
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/10400.14/29289 TID:202271501 |
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http://hdl.handle.net/10400.14/29289 |
identifier_str_mv |
TID:202271501 |
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eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
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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