Equity valuation: Greenvolt Energias Renováveis S.A.
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/26879 |
Resumo: | This research was developed with the objective of estimating the fair value of Greenvolt shares at 31st December 2021. Also, to understand if at the time the firm was undervalued or overvalued by the market, while comparing the actual market value with the estimated fair value. Greenvolt Energias Renováveis S.A. is a Portuguese company that produces energy from renewable sources, such as forestry biomass, solar and wind. It aims to become one of the main players in the production of renewable energy. In July 2021 it did its Initial Public Offering by listing in the EuroNext Lisbon stock exchange. In this dissertation it was made a valuation on Greenvolt using the Discounted Cash Flows (DCF) applying the Free Cash Flow to the Firm (FCFF) method, and Relative Valuation. The assumptions made are supported by both the firms’ own projections and its historical performance, as well as, an analysis of the macroeconomic environment and industry. The results obtained in the two methodologies used suggest different conclusions. However, the DCF method suggests that the market price Greenvolt was lower than the fair value, at 31st December 2021. |
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Equity valuation: Greenvolt Energias Renováveis S.A.GreenvoltAvaliação -- EvaluationDCF Discounted Cash Flow --Relative analysisMúltiplosThis research was developed with the objective of estimating the fair value of Greenvolt shares at 31st December 2021. Also, to understand if at the time the firm was undervalued or overvalued by the market, while comparing the actual market value with the estimated fair value. Greenvolt Energias Renováveis S.A. is a Portuguese company that produces energy from renewable sources, such as forestry biomass, solar and wind. It aims to become one of the main players in the production of renewable energy. In July 2021 it did its Initial Public Offering by listing in the EuroNext Lisbon stock exchange. In this dissertation it was made a valuation on Greenvolt using the Discounted Cash Flows (DCF) applying the Free Cash Flow to the Firm (FCFF) method, and Relative Valuation. The assumptions made are supported by both the firms’ own projections and its historical performance, as well as, an analysis of the macroeconomic environment and industry. The results obtained in the two methodologies used suggest different conclusions. However, the DCF method suggests that the market price Greenvolt was lower than the fair value, at 31st December 2021.Este relatório foi desenvolvido com o intuito de estimar o justo valor das ações da Greenvolt a 31 de dezembro de 2021. Tal como, verificar se à data a empresa estava subvalorizada ou sobrevalorizada pelo mercado, ao comparar o preço real do mercado, com o justo valor estimado da empresa. A Greenvolt Energias Renováveis S.A. é uma empresa portuguesa de produção de energia através de fontes renováveis, como a Biomassa, a energia solar e eólica. Espera nos próximos anos tornar-se um dos principais participantes no mercado de produção de energia renovável. Em julho de 2021 estreou-se na bolsa de valores EuroNext Lisbon ao fazer uma Oferta Pública Inicial. Nesta dissertação procedemos a avaliação da Greenvolt através dos modelos de Fluxos de caixa descontados, mais concretamente o Free Cash Flow to the Firm (FCFF), e a avaliação de comparáveis através de múltiplos. Os pressupostos foram fundamentados pelo desempenho histórico e pelas projeções da própria empresa, tal como pela análise do contexto macroeconômico e do sector. Os resultados obtidos nas duas metodologias sugerem resultados diferentes. No entanto o modelo dos fluxos de caixa descontados sugere que o valor das ações da Greenvolt estavam cotadas abaixo do seu justo valor, em 31 de Dezembro de 2021.2023-11-29T00:00:00Z2022-11-29T00:00:00Z2022-11-292022-10info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10071/26879TID:203127382engMota, João Carreira Reis Ballesterinfo: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:RCAAP2023-12-03T01:17:41Zoai:repositorio.iscte-iul.pt:10071/26879Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:14:13.174762Repositório 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: Greenvolt Energias Renováveis S.A. |
title |
Equity valuation: Greenvolt Energias Renováveis S.A. |
spellingShingle |
Equity valuation: Greenvolt Energias Renováveis S.A. Mota, João Carreira Reis Ballester Greenvolt Avaliação -- Evaluation DCF Discounted Cash Flow -- Relative analysis Múltiplos |
title_short |
Equity valuation: Greenvolt Energias Renováveis S.A. |
title_full |
Equity valuation: Greenvolt Energias Renováveis S.A. |
title_fullStr |
Equity valuation: Greenvolt Energias Renováveis S.A. |
title_full_unstemmed |
Equity valuation: Greenvolt Energias Renováveis S.A. |
title_sort |
Equity valuation: Greenvolt Energias Renováveis S.A. |
author |
Mota, João Carreira Reis Ballester |
author_facet |
Mota, João Carreira Reis Ballester |
author_role |
author |
dc.contributor.author.fl_str_mv |
Mota, João Carreira Reis Ballester |
dc.subject.por.fl_str_mv |
Greenvolt Avaliação -- Evaluation DCF Discounted Cash Flow -- Relative analysis Múltiplos |
topic |
Greenvolt Avaliação -- Evaluation DCF Discounted Cash Flow -- Relative analysis Múltiplos |
description |
This research was developed with the objective of estimating the fair value of Greenvolt shares at 31st December 2021. Also, to understand if at the time the firm was undervalued or overvalued by the market, while comparing the actual market value with the estimated fair value. Greenvolt Energias Renováveis S.A. is a Portuguese company that produces energy from renewable sources, such as forestry biomass, solar and wind. It aims to become one of the main players in the production of renewable energy. In July 2021 it did its Initial Public Offering by listing in the EuroNext Lisbon stock exchange. In this dissertation it was made a valuation on Greenvolt using the Discounted Cash Flows (DCF) applying the Free Cash Flow to the Firm (FCFF) method, and Relative Valuation. The assumptions made are supported by both the firms’ own projections and its historical performance, as well as, an analysis of the macroeconomic environment and industry. The results obtained in the two methodologies used suggest different conclusions. However, the DCF method suggests that the market price Greenvolt was lower than the fair value, at 31st December 2021. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-11-29T00:00:00Z 2022-11-29 2022-10 2023-11-29T00:00:00Z |
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 |
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publishedVersion |
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http://hdl.handle.net/10071/26879 TID:203127382 |
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eng |
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eng |
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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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