[PDF] Top 20 Equity valuation Carlsberg A/S

... da Carlsberg A/S, à data de 28 de fevereiro de 2019, foi examinado para identificar se este está sub- ou sobreavaliado ou se tem um preço ...a Carlsberg é capaz de se adaptar aos desafios do setor e ... See full document

... of valuation results. Yet, to test the reliability of valuation model, we complement our study with a relative valuation, which revealed to be consistent with our final ... See full document

... The valuation process is built upon a thorough analysis of the company, its competitive environment, current macroeconomic conditions and expected market trends in the clothing retail ...primary valuation ... See full document

... The table above reveals that, even though the peer group was defined based on the resemblance of growth and cash flow profiles, companies are not being traded at similar multiples. There is a high dispersion of value ... See full document

... The cost of equity used by the research team is 1,7 pp higher than ours (9,8% against 8,1%). This means that Wood & Company are assuming that equity holders require a higher return. At the same time ... See full document

... Throughout this thesis, the industry and environment in which the company is positioned has been analyzed, in order to assess the competitive forces, potential risks and growth opportunities faced by Ferrari. Next, ... See full document

... liquid equity market indices (such as the S&P, EuroStoxx, DAX) are being used to represent the market portfolio and should be selected in accordance to the currency of a company’s ... See full document

... relative valuation becomes somewhat ...relative valuation, but rather used it to create a value range between which the company’s price target may ... See full document

... other valuation methods, several authors consider valuation using multiples a complement to these other ...the valuation process, after performing the valuation using another ... See full document

... Starting with demand, for 2015, I took the growth verified in 2015 9M, in homologous terms, and assumed it would have the same value for the whole year (5%). Despite not using the FCFF from 2015 for the ... See full document

... Relative or Multiples Valuation is, in addition to discounted cash flow models, one of the most popular company valuation tools. As (Baker & Ruback, 1999) state, “it applies the only the most basic ... See full document

... Modigliani and Miller (1958) develop the model assuming that a company’s choice of financing structure will not affect the value of its economics assets. Only market imperfections, such as taxes and distress costs affect ... See full document

... Equity valuation requires the usage of assumptions for the construction of valuation ...the valuation models, in this case, in the DCF model, may affect its ...of equity, given ... See full document

... Let us explain the components of the formula above (excluding cost of equity, previously described and explained). The cost of debt- - represents the cost that the firm has to incur in to get funding from external ... See full document

... As it was said in the literature review section, the main method used to perform the evaluation of Siemens will be the DCF with the APV approach. In order to get a more realistic and market-based result, I will also ... See full document

... The key answer that any person trying to choose the best model to apply has to bear in mind is that “every popular valuation approach is simply a different way of expressing the same underlying model” (Young et ... See full document

... In the last five periods, PUMA´s growth outpaced the sports apparel market as well as the global nominal GDP. This trend is expected to continue by gaining market shares and expanding to emerging markets, mainly ... See full document

... The most used models to evaluate options are the Binomial and the Black & Scholes models, which find the option’s value through a portfolio’s replication, based on the underlying asset and the risk free rate. As ... See full document

... this valuation is the Discounted Cash Flow method, using FCFF discounted at WACC, using forecasts based on the analysis covered in earlier chapters, and the company’s financial data presented in exhibit 3A, 3B and ... See full document

... Relative Valuation is the one that is most used among analysts and investors to value a ...whole valuation on the multiples of the company’s considered to be in the peer group of the company under ... See full document