[PDF] Top 20 Equity valuation : Vestas Wind Systems A\S

... of Vestas Wind Systems A/S will be performed, focusing on different valuation ...used valuation methods will be discussed, focusing on each advantages and ...different ... See full document

... Through Financial Statements, companies display financial information that reflects essentially their past and current performance. However, without discrediting the importance of historical and current data, if someone ... See full document

... This thesis is the final step in my university education. Throughout last few years, I had the opportunity to study in several countries, meet dozens of people of different nationalities and create a group of people, who ... See full document

... different valuation models were investigated, concluding that a WACC-based DCF valuation is the most suitable approach to obtain the fair value of ...relative valuation was performed to verify the ... See full document

... For the terminal growth rate, various potential approaches are examined. Most importantly, the long-term growth rate should not be higher than the nominal GDP growth, weighted by the countries where the company is ... 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

... 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

... Catolica Lisbon School 47 that WACC can also be used in companies with dynamic capital structure, but it involves complex procedures and in these cases, APV method is recommended (Koller et. al. 2010). This leads us to ... See full document

... Narrowing the search and the analysis to the renewable energy sector only in the U.S, it is possible to observe a positive feeling for the near future, related with the development and growth of this sub-sector. ... See full document

... Given the characteristics of Eurocash, and, according to Damodaram (2006) and Koller et al. (2005b), the most appropriate framework, in this situation, is the Adjusted Present Value triangulated by a multiple ... 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

... 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

... After presenting different kinds of valuation models, we now choose those that we will use to value Mota-Engil’s share. Throughout this chapter we pointed out each method’s advantages and disadvantages. Let us now ... 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

... relative valuation methods bypass the explicit projections and calculations of present value through the discounting of future payoffs, as extensively used in the direct valuation methods presented above, ... See full document

... relative valuation or multiples. Damodaran (2008a) defined relative valuation as an approach to find assets that are cheap or expensive relative to how similar assets are being priced by the market in the ... 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

... 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

... 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