[PDF] Top 20 Unilever Group : equity valuation

... Furthermore, Goedhart et al. (2005) include three major problems while using multiples for a company’s valuation. Firstly, “investors have different expectations about each company’s ability to create value going ... See full document

... Our approach regarding the PE challenge was in the beginning defined by a quite intense search for the right target company. Taking into consideration the pre-defined characteristics, the three of us parallelly screened ... See full document

... According to (Koller, et al., 2010) one should first consider peers operating in the same industry, as they will have similar risk profiles and consequently similar costs of capital. Then, a second sort by growth rates ... See full document

... the Group, were ...peer group was the sales growth expectations, based on historical ...peer group was created. All in all, it was managed to composite a peer group for Voestalpine AG, ... See full document

... in equity valuation field. Then I choose to value the equity of Sotipapier using two main approaches, the DCF and the relative ...accurate valuation method, we can see that small changes in ... See full document

... multiples’ valuation performed by ...segment’s valuation is based on book and market ...this valuation technique, 78€/share, is in-between the values we got for our multiples’ valuation with ... See full document

... Often, there are firms that are not easily comparable and the peer group increases noise because the companies are much bigger/smaller comparing to the company concerned. In the case of media companies, the ... See full document

... Relative evaluation determines the value of an asset based on the value of similar assets on the market. This means that the company o ’t e alued ased o hat it has o ho it performs but rather on how similar companies on ... See full document

... specific valuation, companies shouldn’t use a great number of different methods, since the more approaches companies use, the weaker the final message ...all valuation models should be mathematically ... See full document

... a group of people, who I am lucky to call my ...finance, valuation and time spent together while working on our ...the equity research report from an investment ... See full document

... As discussed before, EV/EBITDA is one of the best performing multiples and usually produces better results than EV/EBIT and EV/EBT because is less affected by accounting measures. Effectively, according to Liu et al ... See full document

... peer group I run a cluster analysis with ...the group of companies provided by Bloomberg as Inditex’s peers, which are sixteen ...this group the companies would be chosen by means of four different ... See full document

... Relative Valuation took ...peer group chosen, the Price to Earnings multiple and the Enterprise Value / EBITDA multiple were used and, with both multiples, the values found for the base case were quite ... See full document

... peer group, a good starting point is examining companies in the same industry, as research has shown that a the selection of peer group based on firms from the same industry improves the performance across ... See full document

... FCA Group in 2014, Ferrari initiated its public offering in October 2015 with a special purpose vehicle (SPV) that held 100% of Ferrari ...FCA Group. In order to restructure its capital, FCA Group ... See full document

... peer group would have to follow this ...peer group but after a deep research on company’s financial information, Nike, Adidas, VF Corp and Lululemon were the companies ... See full document

... Relatives Valuation, is a valuation technique that is not based in complex, discounted valuations, but a rather straightforward process of comparing common drivers of the company with which price the market ... See full document

... FCA Group announced its intention to separate Ferrari ...Ferrari group holding a 100% interest in Ferrari ...a group of ...the equity interests in Predecessor Ferrari held by FCA, to the ... See full document

... peer group was defined based on the resemblance of growth and cash flow profiles, companies are not being traded at similar ...multiple valuation, since it is not clear if the companies are being traded in ... See full document

... Lie and Lie (2002) asserts that to estimate a firm’s value, this method requires computing multiples for a group of comparable firms and then estimate value based on those benchmark multiples. Accordingly, this ... See full document