Sá, Nuno Quartin Bastos de Vasconcelos eGanhão, Gonçalo Almeida Pélico Veiga2022-02-242022-02-242021-09-212021-09-07http://hdl.handle.net/10362/133499This Work Project consists of an Equity Research, focused on the intrinsic valuation of the company BMW AG. A sum of the parts valuation model is used to quantify the value of the firms’ businesses that range from car and motorcycle manufacturing to financial services. Although BMW enjoys a strong branding power, challenges in the form of innovative competition in the EVs segment, production disruption due to a shortage of semiconductor chips and possible government intervention in key regions severely decrease growth possibilities. We forecast a sales growth in the region of 1.2%-3.0% after 2022 and slightly increasing margins. Our result yields a HOLD recommendation with 5.1% shareholder return for FY2022.engValuationElectric vehiclesAutomotive industryBmw groupShare priceBMW equity researchmaster thesis202837564