Equity research: group Inditex
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/6908 |
Resumo: | A company valuation is a complex process that requires a rich set of assumptions from the analyst – understanding the mechanisms behind valuation is crucial to make value-added decisions. The aim of this thesis is to value Inditex, one of the world´s largest fashion retailers. For this end, different valuation methodologies are described, used and compared, (the reasons concerning them will be explained), combining the academic approach with the most used practices in the valuation market. The equivalence between different discounted cash flow methods (such as the weighted average cost of capital, the adjusted present value, and the flow to equity) is an element of pedagogical interest in this master’s final work. Finally, the valuation result obtained will be subject to sensitivity analysis, to comparison with the traded market value, and comparison with the results obtained from a well-known Portuguese investment bank (Banco Português de Investimento), evidencing the main differences between both analysis. |
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Equity research: group InditexValuationCash-flowFirm valueEquity valueFinançasA company valuation is a complex process that requires a rich set of assumptions from the analyst – understanding the mechanisms behind valuation is crucial to make value-added decisions. The aim of this thesis is to value Inditex, one of the world´s largest fashion retailers. For this end, different valuation methodologies are described, used and compared, (the reasons concerning them will be explained), combining the academic approach with the most used practices in the valuation market. The equivalence between different discounted cash flow methods (such as the weighted average cost of capital, the adjusted present value, and the flow to equity) is an element of pedagogical interest in this master’s final work. Finally, the valuation result obtained will be subject to sensitivity analysis, to comparison with the traded market value, and comparison with the results obtained from a well-known Portuguese investment bank (Banco Português de Investimento), evidencing the main differences between both analysis.III Rita Tiago Rebelo II. RESUMO A avaliação de empresas é um processo complexo que requer a definição de um vasto conjunto de pressupostos pelo analista. A compreensão dos mecanismos de suporte de uma avaliação é fundamental para que possam ser tomadas decisões de valor acrescentado. O objectivo desta tese é avaliar o Grupo Inditex, um dos maiores retalhistas de moda do mundo. Para este fim foram descritas, analisadas, aplicadas e comparadas diferentes metodologias de avaliação (as razões subjacentes a cada uma serão apresentadas), combinando a abordagem académica com as práticas mais utilizadas no mercado de avaliações. A equivalência existente entre os diversos métodos de discounted cash flow (tais como o weighted average cost of capital, o adjusted present value, e o flow to equity) é um elemento de interesse pedagógico neste trabalho final de mestrado. Por último, o resultado obtido da avaliação será sujeito a análises de sensibilidade, a comparações com o valor de mercado e com os resultados obtidos por um conhecido banco de investimento Português (Banco Português de Investimento), evidenciando as principais diferenças entre ambas as análises.2014-04-11T14:33:30Z2013-01-01T00:00:00Z20132013-04info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/6908engRebelo, Rita Tiagoinfo: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:RCAAP2023-11-09T17:45:19Zoai:repositorio.iscte-iul.pt:10071/6908Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:21:38.669985Repositório 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: group Inditex |
title |
Equity research: group Inditex |
spellingShingle |
Equity research: group Inditex Rebelo, Rita Tiago Valuation Cash-flow Firm value Equity value Finanças |
title_short |
Equity research: group Inditex |
title_full |
Equity research: group Inditex |
title_fullStr |
Equity research: group Inditex |
title_full_unstemmed |
Equity research: group Inditex |
title_sort |
Equity research: group Inditex |
author |
Rebelo, Rita Tiago |
author_facet |
Rebelo, Rita Tiago |
author_role |
author |
dc.contributor.author.fl_str_mv |
Rebelo, Rita Tiago |
dc.subject.por.fl_str_mv |
Valuation Cash-flow Firm value Equity value Finanças |
topic |
Valuation Cash-flow Firm value Equity value Finanças |
description |
A company valuation is a complex process that requires a rich set of assumptions from the analyst – understanding the mechanisms behind valuation is crucial to make value-added decisions. The aim of this thesis is to value Inditex, one of the world´s largest fashion retailers. For this end, different valuation methodologies are described, used and compared, (the reasons concerning them will be explained), combining the academic approach with the most used practices in the valuation market. The equivalence between different discounted cash flow methods (such as the weighted average cost of capital, the adjusted present value, and the flow to equity) is an element of pedagogical interest in this master’s final work. Finally, the valuation result obtained will be subject to sensitivity analysis, to comparison with the traded market value, and comparison with the results obtained from a well-known Portuguese investment bank (Banco Português de Investimento), evidencing the main differences between both analysis. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-01-01T00:00:00Z 2013 2013-04 2014-04-11T14:33:30Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/masterThesis |
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masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/6908 |
url |
http://hdl.handle.net/10071/6908 |
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eng |
language |
eng |
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openAccess |
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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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