Air France-KLM : equity valuation
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/10400.14/40677 |
Resumo: | After the ashes have settled from the great pandemic of the 21st century, uncertainty continues to haunt airlines. The recovery of the industry, consensually aimed at the year 2024, has already caused a series of bankruptcies and threatened the sustainability of others. The present study analyses and tests the condition of Air France-KLM, one of the largest European airlines and with a history that dates back to the beginning of the 20th century. It is considered to be a major player in the Transport of Passengers and Cargo, and in the Maintenance, Repair and Overhaul business segment. For this purpose, the DCFs and Relative Valuation methods were used, supported by industry forecasts regarding future capacity, traffic, and load factors, and ending with its respective cost assessment. The macroeconomic context is firstly analysed, as well as the momentum of the industry and the idiosyncrasies of Air France-KLM. This rationale is challenged thereafter by an equity research report issued by a financial institution. In the end, the thesis suggests a price per share of €3,66, which represents a Hold in the current context. |
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Air France-KLM : equity valuationDomínio/Área Científica::Ciências Sociais::Economia e GestãoAfter the ashes have settled from the great pandemic of the 21st century, uncertainty continues to haunt airlines. The recovery of the industry, consensually aimed at the year 2024, has already caused a series of bankruptcies and threatened the sustainability of others. The present study analyses and tests the condition of Air France-KLM, one of the largest European airlines and with a history that dates back to the beginning of the 20th century. It is considered to be a major player in the Transport of Passengers and Cargo, and in the Maintenance, Repair and Overhaul business segment. For this purpose, the DCFs and Relative Valuation methods were used, supported by industry forecasts regarding future capacity, traffic, and load factors, and ending with its respective cost assessment. The macroeconomic context is firstly analysed, as well as the momentum of the industry and the idiosyncrasies of Air France-KLM. This rationale is challenged thereafter by an equity research report issued by a financial institution. In the end, the thesis suggests a price per share of €3,66, which represents a Hold in the current context.Depois das cinzas da grande pandemia do século XXI assentarem, a incerteza continua a assombrar as companhias aéreas. A recuperação do sector, consensualmente apontada para o ano de 2024, já provocou uma série de insolvências e ameaçou a sustentabilidade de outras companhias. O presente estudo analisa e testa a condição da Air France-KLM, uma das maiores companhias aéreas europeias, com uma história que remonta ao início do século XX. É considerada um dos principais players no segmento de Transporte de Passageiros e Cargas e no segmento de Manutenção, Reparação e Revisão de equipamento aéreo. Para tal, foram utilizados os métodos DCFs e de Avaliação Relativa, posteriormente suportados por estimativas da indústria face à capacidade e tráfego futuros, e pela respetiva avaliação das linhas de custo. O contexto macroeconómico é analisado em primeiro lugar, assim como o momentum da indústria e as idiossincrasias da Air France-KLM. Todo o raciocínio é desafiado posteriormente por um relatório formal emitido por uma instituição financeira. No final, a tese sugere um preço por ação de 3,66€, o que representa um Hold no contexto atual.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaGonçalves, João Diogo do Carmo2023-03-22T12:08:34Z2022-06-292022-062022-06-29T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/40677TID:203132831enginfo: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:RCAAP2023-07-12T17:46:14Zoai:repositorio.ucp.pt:10400.14/40677Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:33:22.966746Repositório 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 |
Air France-KLM : equity valuation |
title |
Air France-KLM : equity valuation |
spellingShingle |
Air France-KLM : equity valuation Gonçalves, João Diogo do Carmo Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Air France-KLM : equity valuation |
title_full |
Air France-KLM : equity valuation |
title_fullStr |
Air France-KLM : equity valuation |
title_full_unstemmed |
Air France-KLM : equity valuation |
title_sort |
Air France-KLM : equity valuation |
author |
Gonçalves, João Diogo do Carmo |
author_facet |
Gonçalves, João Diogo do Carmo |
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 |
Gonçalves, João Diogo do Carmo |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
After the ashes have settled from the great pandemic of the 21st century, uncertainty continues to haunt airlines. The recovery of the industry, consensually aimed at the year 2024, has already caused a series of bankruptcies and threatened the sustainability of others. The present study analyses and tests the condition of Air France-KLM, one of the largest European airlines and with a history that dates back to the beginning of the 20th century. It is considered to be a major player in the Transport of Passengers and Cargo, and in the Maintenance, Repair and Overhaul business segment. For this purpose, the DCFs and Relative Valuation methods were used, supported by industry forecasts regarding future capacity, traffic, and load factors, and ending with its respective cost assessment. The macroeconomic context is firstly analysed, as well as the momentum of the industry and the idiosyncrasies of Air France-KLM. This rationale is challenged thereafter by an equity research report issued by a financial institution. In the end, the thesis suggests a price per share of €3,66, which represents a Hold in the current context. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-06-29 2022-06 2022-06-29T00:00:00Z 2023-03-22T12:08:34Z |
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/10400.14/40677 TID:203132831 |
url |
http://hdl.handle.net/10400.14/40677 |
identifier_str_mv |
TID:203132831 |
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) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799132060446621696 |