Equity valuation : Vestas Wind Systems A\S
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/22068 |
Resumo: | The goal of this Thesis is to evaluate Vestas Wind Systems A\S. For this purpose, the current valuation methodologies were discussed. The conclusion was to use three valuation methodologies. Firstly, the Discounted Cash Flow methodology was performed due to its acceptability both among researchers and professionals. Three scenarios were created to account for the uncertainty tied with the cyclicality of the business, and probabilities were assigned based on the economical reasonability of each. A final price of kr. 300,51 was reached, implying that the firm is undervalued (market prices kr. 250). Secondly the Economic Value Added approach was conducted, providing insight on the periods in which the company is able to generate economic profit. The three scenarios were also used. The final price of kr. 356,62 was reached yielding a buy opportunity. Thirdly the multiples valuation was performed in order to better understand the industry and the company’s peers. A forward looking enterprise value to EBIT multiple was used and a final price of kr. 302,01, also implying that the company is undervalued. In addition a Value at Risk analysis was performed to access the risk of our recommendation. Finally our valuation target price (from 300 to 360) was compared with the valuation from Skandinaviska Enskilda Banken, and reached the conclusion that although results are similar, methods and business assumptions differs. |
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Equity valuation : Vestas Wind Systems A\SDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe goal of this Thesis is to evaluate Vestas Wind Systems A\S. For this purpose, the current valuation methodologies were discussed. The conclusion was to use three valuation methodologies. Firstly, the Discounted Cash Flow methodology was performed due to its acceptability both among researchers and professionals. Three scenarios were created to account for the uncertainty tied with the cyclicality of the business, and probabilities were assigned based on the economical reasonability of each. A final price of kr. 300,51 was reached, implying that the firm is undervalued (market prices kr. 250). Secondly the Economic Value Added approach was conducted, providing insight on the periods in which the company is able to generate economic profit. The three scenarios were also used. The final price of kr. 356,62 was reached yielding a buy opportunity. Thirdly the multiples valuation was performed in order to better understand the industry and the company’s peers. A forward looking enterprise value to EBIT multiple was used and a final price of kr. 302,01, also implying that the company is undervalued. In addition a Value at Risk analysis was performed to access the risk of our recommendation. Finally our valuation target price (from 300 to 360) was compared with the valuation from Skandinaviska Enskilda Banken, and reached the conclusion that although results are similar, methods and business assumptions differs.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaCastro, João Gonçalves Alves de2017-04-20T13:43:06Z2015-02-0320152015-02-03T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/22068TID:201181606enginfo: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:RCAAP2024-01-16T01:42:25Zoai:repositorio.ucp.pt:10400.14/22068Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:18:24.796453Repositório 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 : Vestas Wind Systems A\S |
title |
Equity valuation : Vestas Wind Systems A\S |
spellingShingle |
Equity valuation : Vestas Wind Systems A\S Castro, João Gonçalves Alves de Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Equity valuation : Vestas Wind Systems A\S |
title_full |
Equity valuation : Vestas Wind Systems A\S |
title_fullStr |
Equity valuation : Vestas Wind Systems A\S |
title_full_unstemmed |
Equity valuation : Vestas Wind Systems A\S |
title_sort |
Equity valuation : Vestas Wind Systems A\S |
author |
Castro, João Gonçalves Alves de |
author_facet |
Castro, João Gonçalves Alves de |
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 |
Castro, João Gonçalves Alves de |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The goal of this Thesis is to evaluate Vestas Wind Systems A\S. For this purpose, the current valuation methodologies were discussed. The conclusion was to use three valuation methodologies. Firstly, the Discounted Cash Flow methodology was performed due to its acceptability both among researchers and professionals. Three scenarios were created to account for the uncertainty tied with the cyclicality of the business, and probabilities were assigned based on the economical reasonability of each. A final price of kr. 300,51 was reached, implying that the firm is undervalued (market prices kr. 250). Secondly the Economic Value Added approach was conducted, providing insight on the periods in which the company is able to generate economic profit. The three scenarios were also used. The final price of kr. 356,62 was reached yielding a buy opportunity. Thirdly the multiples valuation was performed in order to better understand the industry and the company’s peers. A forward looking enterprise value to EBIT multiple was used and a final price of kr. 302,01, also implying that the company is undervalued. In addition a Value at Risk analysis was performed to access the risk of our recommendation. Finally our valuation target price (from 300 to 360) was compared with the valuation from Skandinaviska Enskilda Banken, and reached the conclusion that although results are similar, methods and business assumptions differs. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-02-03 2015 2015-02-03T00:00:00Z 2017-04-20T13:43:06Z |
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/10400.14/22068 TID:201181606 |
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http://hdl.handle.net/10400.14/22068 |
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TID:201181606 |
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eng |
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eng |
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openAccess |
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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 |
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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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