Daimler AG equity valuation
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/10400.14/29206 |
Resumo: | This dissertation aims to estimate the fair value of a Daimler AG share at the end of 2018, concluding with a buy, hold or sell recommendation. To accomplish this, the methodologies used are the Discounted Cash-Flow (DCF), the Dividend Discount Model (DDM) and Relative Valuation. Regarding this last model, the multiples used are the Price-Earnings Ratio, the Enterprise Value to EBITDA and the Enterprise Value to Sales. To introduce the assumptions taken, an overview of the firm is presented, as well as a sector and macroeconomic outlook. The firm overview comprises a description of Daimler’s business model, detailing its segments and recent performance. The sector outlook enlightens the future of the automotive industry and its renovating trends, whereas the macroeconomic outlook set out the basis for the future economic growth. The DCF model estimates a fair value for Daimler’s share of €93. Relative Valuation results were not consistent, as each multiple produces a different recommendation. The DDM retrieves a share price of €37, while the stock is trading at €59, as of April 2019. Hence, this dissertation produces a buy recommendation, based on the DCF, regarded as the most accurate model. Supporting this result, is Morningstar Equity Research that estimates a fair value of €85, yielding also a buy recommendation. A comprehensive comparison with Morningstar model is not possible due to lack of information provided. |
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Daimler AG equity valuationEquity valuationCash-flow modelsRelative ValuationDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis dissertation aims to estimate the fair value of a Daimler AG share at the end of 2018, concluding with a buy, hold or sell recommendation. To accomplish this, the methodologies used are the Discounted Cash-Flow (DCF), the Dividend Discount Model (DDM) and Relative Valuation. Regarding this last model, the multiples used are the Price-Earnings Ratio, the Enterprise Value to EBITDA and the Enterprise Value to Sales. To introduce the assumptions taken, an overview of the firm is presented, as well as a sector and macroeconomic outlook. The firm overview comprises a description of Daimler’s business model, detailing its segments and recent performance. The sector outlook enlightens the future of the automotive industry and its renovating trends, whereas the macroeconomic outlook set out the basis for the future economic growth. The DCF model estimates a fair value for Daimler’s share of €93. Relative Valuation results were not consistent, as each multiple produces a different recommendation. The DDM retrieves a share price of €37, while the stock is trading at €59, as of April 2019. Hence, this dissertation produces a buy recommendation, based on the DCF, regarded as the most accurate model. Supporting this result, is Morningstar Equity Research that estimates a fair value of €85, yielding also a buy recommendation. A comprehensive comparison with Morningstar model is not possible due to lack of information provided.Esta dissertação pretende estimar o justo valor de uma ação da Daimler no final de 2018, concluindo com uma recomendação de compra, venda ou de manter a ação. Para o efeito, os modelos usados foram o Discounted Cash-Flow (DCF), o Dividend Discount Model (DDM) e o Relative Valuation. Em relação a este último modelo, os múltiplos utilizados são o Price-Earnings Ratio, o EV to EBITDA e o EV to Sales. De forma a explanar as suposições tidas, é realizado um resumo sobre a empresa, bem como perspetivas de mercado e macroeconómicas. O resumo sobre a empresa contém uma descrição do modelo de negócios, detalhando os seus segmentos e desempenho recente. A perspetiva de mercado procura elucidar sobre o futuro da indústria automóvel e as suas tendências renovadoras, enquanto a macroeconómica estabelece a base do futuro crescimento económico. O modelo DCF estima que o justo valor de uma ação da Daimler é de €93. Os resultados do Relative Valuation não são consistentes, já que cada múltiplo deu origem a uma recomendação diferente. O DDM obtém um preço por ação de €37, enquanto esta está a ser transacionada no mercado a €59 a abril de 2019. Desta forma, esta dissertação recomenda comprar a ação, com base no DCF, considerado o modelo mais fiável. Este resultado é corroborado pela Morningstar Equity Research, que estima um preço por ação de €85, dando também uma recomendação de compra. Uma comparação pormenorizada com o modelo da Morningstar não é possível, dado a informação providenciadaMartins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaLourenço, Gonçalo Lampreia Caeiro Cargaleiro2020-01-13T12:18:08Z2019-07-0420192019-07-04T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/29206TID:202271102enginfo: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:RCAAP2023-07-12T17:34:43Zoai:repositorio.ucp.pt:10400.14/29206Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:23:26.728123Repositório 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 |
Daimler AG equity valuation |
title |
Daimler AG equity valuation |
spellingShingle |
Daimler AG equity valuation Lourenço, Gonçalo Lampreia Caeiro Cargaleiro Equity valuation Cash-flow models Relative Valuation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Daimler AG equity valuation |
title_full |
Daimler AG equity valuation |
title_fullStr |
Daimler AG equity valuation |
title_full_unstemmed |
Daimler AG equity valuation |
title_sort |
Daimler AG equity valuation |
author |
Lourenço, Gonçalo Lampreia Caeiro Cargaleiro |
author_facet |
Lourenço, Gonçalo Lampreia Caeiro Cargaleiro |
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 |
Lourenço, Gonçalo Lampreia Caeiro Cargaleiro |
dc.subject.por.fl_str_mv |
Equity valuation Cash-flow models Relative Valuation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Equity valuation Cash-flow models Relative Valuation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
This dissertation aims to estimate the fair value of a Daimler AG share at the end of 2018, concluding with a buy, hold or sell recommendation. To accomplish this, the methodologies used are the Discounted Cash-Flow (DCF), the Dividend Discount Model (DDM) and Relative Valuation. Regarding this last model, the multiples used are the Price-Earnings Ratio, the Enterprise Value to EBITDA and the Enterprise Value to Sales. To introduce the assumptions taken, an overview of the firm is presented, as well as a sector and macroeconomic outlook. The firm overview comprises a description of Daimler’s business model, detailing its segments and recent performance. The sector outlook enlightens the future of the automotive industry and its renovating trends, whereas the macroeconomic outlook set out the basis for the future economic growth. The DCF model estimates a fair value for Daimler’s share of €93. Relative Valuation results were not consistent, as each multiple produces a different recommendation. The DDM retrieves a share price of €37, while the stock is trading at €59, as of April 2019. Hence, this dissertation produces a buy recommendation, based on the DCF, regarded as the most accurate model. Supporting this result, is Morningstar Equity Research that estimates a fair value of €85, yielding also a buy recommendation. A comprehensive comparison with Morningstar model is not possible due to lack of information provided. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-07-04 2019 2019-07-04T00:00:00Z 2020-01-13T12:18:08Z |
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/10400.14/29206 TID:202271102 |
url |
http://hdl.handle.net/10400.14/29206 |
identifier_str_mv |
TID:202271102 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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.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 |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
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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