Equity valuation : Essilor International Compagnie Générale d'Optique SA

• Autor(a) principal: Almeida, Laura Rodrigues de
• Data de Publicação: 2016
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.14/20347
• topic: Domínio/Área Científica::Ciências Sociais::Economia e Gestão

This dissertation aims to expose the analysis and methodology followed to construct a consolidated valuation assessment for Essilor International S.A. This process included the development of a literature review, an exploration of the macroeconomic environment where the company is inserted and a microeconomic analysis comprising activities diversification, past performance scrutiny and strategy implementation. Afterwards, model input projections are presented and a DCF-WACC valuation method, an EVA model and a relative valuation exercise are implemented. Upon, disperse results and valuation models drawbacks, the first model employed is believed to deliver the most accurate results. Therefore, the resultant output marketed a target share price expectation, referent to 2016, at 125,04€. This valuation is the object of a sensitivity analysis that tested inputs, such as cost of sales, terminal growth rate, WACC and currencies exchange rates effects on revenues. The exercise ends with a comparison with an equity research note on Essilor issued by Société Générale.