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Equity Valuation: Sonae SGPS S.A.
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| 848.95 KB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
Valuation of companies is a critical exercise across various contexts, including financing, asset
transactions, investment decisions, and internal management. Sonae SGPS S.A., a leading
conglomerate in Portugal and listed on the Lisbon Stock Exchange (Euronext Lisbon) has a
strong presence in various markets being an important driver of the country's economic
growth, and for that reason the main goal of this project is to accurately estimate the pershare fair value of the company Sonae SGPS, S.A and emit an opinion regarding a potential
investment.
This project will begin by identifying different valuation methods, followed by an analysis of
Sonae group with a focus on its history, each company’s details and financials. Additionally,
the main industry in which Sonae operates will be analyzed and the economic context of
Portugal and Europe. Finally, to estimate the per-share fair value of Sonae SGPS, S.A. it will be
used the discounted cash flow method, more specifically the Free Cash Flow to the Firm
approach and the relative method with the multiples approach. This methodology resulted in
an equity value per share of 4.39€ in the Discounted Cash Flow method and 2.12€ in the
Relative method, being a clear sign that Sonae SGPS S.A is undervalued as at 31/12/2023.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Palavras-chave
Equity Valuation Sonae SGPS S.A. Free Cash Flow to the Firm Multiple Valuation Retail SDG 4 - Quality education SDG 8 - Decent work and economic growth SDG 9 - Industry, innovation and infrastructure