Equity valuation : Eurocash Group

Detalhes bibliográficos
Autor(a) principal: Branco, Ana Isabel Antunes de Azevedo
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/10400.14/18246
Resumo: Equity valuation is an extremely complex and subjective process, it depends not only on the theoretical models but also on the analysis and assumptions used by the analyst. This thesis focuses on the valuation of Eurocash Group, a leading wholesale distributor of fast moving consumer goods (FMCG) in Poland. In order to present stronger conclusions we decided to use two different models: the discounted cash-flow (DCF) model and the multiples method as a complement. The combination of both lead us to a price target of roundly PLN 35,42 while shares were trading at PLN 32,96 (02/03/2015), so our recommendation was to buy. Our valuation was compared with the equity research from Wood & Company, “a leading independent investment bank in central and Eastern Europe”. The research team used also the DCF model and the multiples method to perform the valuation and reach out a price target of PLN 39 while shares were trading at PLN 32,2 (04/11/2014), so their recommendation was also to buy.
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spelling Equity valuation : Eurocash GroupEquity valuation is an extremely complex and subjective process, it depends not only on the theoretical models but also on the analysis and assumptions used by the analyst. This thesis focuses on the valuation of Eurocash Group, a leading wholesale distributor of fast moving consumer goods (FMCG) in Poland. In order to present stronger conclusions we decided to use two different models: the discounted cash-flow (DCF) model and the multiples method as a complement. The combination of both lead us to a price target of roundly PLN 35,42 while shares were trading at PLN 32,96 (02/03/2015), so our recommendation was to buy. Our valuation was compared with the equity research from Wood & Company, “a leading independent investment bank in central and Eastern Europe”. The research team used also the DCF model and the multiples method to perform the valuation and reach out a price target of PLN 39 while shares were trading at PLN 32,2 (04/11/2014), so their recommendation was also to buy.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaBranco, Ana Isabel Antunes de Azevedo2015-09-15T13:43:30Z2015-07-0620152015-07-06T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/18246TID:201169878enginfo: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:RCAAP2024-02-06T01:35:09Zoai:repositorio.ucp.pt:10400.14/18246Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:15:14.566443Repositório 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 : Eurocash Group
title Equity valuation : Eurocash Group
spellingShingle Equity valuation : Eurocash Group
Branco, Ana Isabel Antunes de Azevedo
title_short Equity valuation : Eurocash Group
title_full Equity valuation : Eurocash Group
title_fullStr Equity valuation : Eurocash Group
title_full_unstemmed Equity valuation : Eurocash Group
title_sort Equity valuation : Eurocash Group
author Branco, Ana Isabel Antunes de Azevedo
author_facet Branco, Ana Isabel Antunes de Azevedo
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 Branco, Ana Isabel Antunes de Azevedo
description Equity valuation is an extremely complex and subjective process, it depends not only on the theoretical models but also on the analysis and assumptions used by the analyst. This thesis focuses on the valuation of Eurocash Group, a leading wholesale distributor of fast moving consumer goods (FMCG) in Poland. In order to present stronger conclusions we decided to use two different models: the discounted cash-flow (DCF) model and the multiples method as a complement. The combination of both lead us to a price target of roundly PLN 35,42 while shares were trading at PLN 32,96 (02/03/2015), so our recommendation was to buy. Our valuation was compared with the equity research from Wood & Company, “a leading independent investment bank in central and Eastern Europe”. The research team used also the DCF model and the multiples method to perform the valuation and reach out a price target of PLN 39 while shares were trading at PLN 32,2 (04/11/2014), so their recommendation was also to buy.
publishDate 2015
dc.date.none.fl_str_mv 2015-09-15T13:43:30Z
2015-07-06
2015
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