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Equity research Johnson & Johnson - 135 years of worldwide impact
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In the context of the Field Lab – Equity Research, this report was prepared by Diana Patrícia
Campos da Silva and Marta Soares Condeço, two students of the master’s in finance at
Nova School of Business and Economics (“Nova SBE”) with the aim to evaluate Johnson
& Johnson’s intrinsic value by analyzing the economy, this specific industry and the
company itself. After the macro and micro analysis, the valuation model resulted in a share
price of $225.6 which allowed the conclusion that J&J is trading its shares “at a discount”
meaning that the fair value is lower than the value found through this valuation model.
Finally, to corroborate this outcome, it was computed a relative valuation and a sensitivity
and scenario analysis to comprehend how sensitive the model is if variations occur in the
assumptions considered. We believe this to be a fair valuation which contemplates all the
factors internal and external to the company.
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Valuation Forecasting Regulation Finance R&D Covid-19 impact Innovation process Health care industry Pharmaceutical industry Patents Medical devices Drugs