[PDF] Top 20 Equity valuation of Tesco Plc.

... Fur thermore th is va lua t ion work was deve loped on the assump t ion tha t opera t ing expenses are forecas ted as a percen tage of revenue... GDP forecas ts are supp[r] ... See full document

... piles of cash for many years but it didn’t pay any dividends to its shareholders from 1995 until ...course of 17 years? The answer is obviously no and shows one clear limitation of this ...rate ... See full document

... Multiple Valuation should start with the peers identification and according to Global Industry Classification Standard (GICS) Arsenal is classified as an Entertainment company, however the quoted football clubs ... See full document

... solicitation of an offer to buy or sell any security, nor is it an investment recommendation as defined by Article 12º A of the Código do Mercado de Valores Mobiliários (Portuguese Securities Market ... See full document

... number of shares will be used, practice that considers all the shares outstanding if all options were to be exercised ...value of 3.054p per share, which is higher than the market value of the ... See full document

... solicitation of an offer to buy or sell any security, nor is it an investment recommendation as defined by Article 12º A of the Código do Mercado de Valores Mobiliários (Portuguese Securities Market ... See full document

... intrinsic valuation, the method used was the Discounted Cash Flow (DCF) approach, particularly the Flow to Equity ...(Cost of Equity) applied to the company’s forecasted FCFE (Free Cash Flow ... See full document

... project of the Master of Finance, this Equity Research aims at the detailed evaluation of the company Ryanair Holdings Plc, according to the recommendations of the CFA ... See full document

... terms of scheduled revenues (product of number of passengers for the average fare), we forecast an increase in next years, mainly because of a big rise in number of ...goal of ... See full document

... drawbacks of this ...undervaluation of the ...lack of transparency concerning the assumptions and multiples used, in order to achieve the desired value through this ...predictors of value”, ... See full document

... set of multiples that performs worse and does not express profitability until expenses are taken into ...rate of 2012 (168,18%) were taken into consideration and they were assumed stable through the ... See full document

... majority of flights through secondary airports, meaning that the client will have to ride bigger distances to reach his final destination on the city ...terms of opportunities, we can highlight the ... See full document

... Report of FY2019 with some signs of deterioration in its financial accounts, showing the worst net income of the last 4 ...aspects of FY2019 and outlined the next ...middle of FY2021 ... See full document

... value of money theory. The worth of any assets today is not constant over time and is expected to change as inflation rates are fluctuating and as the ability of a firm in generating profit is ... See full document

... objective of this master thesis is to analyze and understand some of the concepts of equity ...one of the company’s PSI-20 (the Portuguese stock exchange) in which, that will be ... See full document

... First of all, Milleniumbcp used an explicit period of 2011-2021 and a Terminal Value in 2022, whereas I assumed that Impresa will reach a steady state in ...the valuation model selected was ... See full document

... on equity, the rate at which we discount our cash- flows we notice that a slightly variation in the variables that make up this rate had a great impact on the value of both ...data of Damodaran site ... See full document

... strategy of diversification of geographic markets focused in the exposure to high-growth markets where the company wasn’t present, with special focus in Asian markets and more specific in ...costs of ... See full document

... relative valuation is perceived as a complementary model to the DCF one, by analyzing the price per share estimated with each multiple in 2014, the prices are close to the one achieved in the previous ... See full document

... (FCFF) of the company, and the Multiples approach will be ...and equity and for this reason is more relevant to use the Free Cash Flow to the Firm on this valuation than the Free Cash Flow to the ... See full document