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Equity research - Puma SE
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| 1.38 MB | Adobe PDF |
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Orientador(es)
Resumo(s)
Este Trabalho Final de Mestrado exibe uma análise financeira da PUMA SE entre 2015 e 2018, proporcionando ainda estimativas sobre o futuro da empresa até 2025.
O objectivo deste projecto é fornecer um preço credível para as acções da PUMA SE para o ano de 2020.
A indústria do calçado tem mostrado desenvolvimentos nos últimos anos, sendo impulsionada pela procura cada vez maior de calçado desportivo. A PUMA, que tinha perdido terreno para alguns rivais como a Under Armour, aproveitou este desenvolvimento para recuperar o estatuto de terceira maior empresa deste mercado.
A mudança de estratégia por parte da PUMA de forma a atingir os seus objectivos foi a razão por detrás da minha decisão de escolher esta empresa como tema do meu Trabalho Final de Mestrado.
Com base nas informações que se encontravam disponíveis até Junho de 2019, foi realizado o Método dos Fluxos de Caixa Descontados, apoiado pelo Método do Valor Presente Ajustado e pelo Método do Fluxo de Capital, obtendo um preço por acção de 719,14€ que representa um potencial positivo de 68,42% face a 2018. Este resultado permite concluir que as acções da empresa estão a valorizar-se e, por essa razão, o projecto sugere uma recomendação de "COMPRA".
This Masters Final Work displays the financial analysis of PUMA SE between 2015 and 2018 and offers estimations regarding the future of the company until 2025. The goal of this project is to provide a valid price for PUMA SE's shares by the end of 2020. Footwear market has been showing positive signs in recent years driven by the growing demand of athletic footwear. PUMA, which has fallen behind some competitors as Under Armour, took advantage of this momentum to recover its place as the third largest brand in this industry. The change of strategy by PUMA in order to reach its objectives was the reason behind my decision to choose this company as my subject of the Equity Research Project. Based on information available until June of 2019, the Discounted Cash Flow Method (DCF) was performed, supported by the Adjusted Present Value Method (APV) and the Flow to Equity Method (FTE), obtaining a price target of 719,14€ which represents an upside potential of 68,42% compared to 2018. This result shows the company's shares are appreciating and, therefore, the project suggests a "BUY" recommendation.
This Masters Final Work displays the financial analysis of PUMA SE between 2015 and 2018 and offers estimations regarding the future of the company until 2025. The goal of this project is to provide a valid price for PUMA SE's shares by the end of 2020. Footwear market has been showing positive signs in recent years driven by the growing demand of athletic footwear. PUMA, which has fallen behind some competitors as Under Armour, took advantage of this momentum to recover its place as the third largest brand in this industry. The change of strategy by PUMA in order to reach its objectives was the reason behind my decision to choose this company as my subject of the Equity Research Project. Based on information available until June of 2019, the Discounted Cash Flow Method (DCF) was performed, supported by the Adjusted Present Value Method (APV) and the Flow to Equity Method (FTE), obtaining a price target of 719,14€ which represents an upside potential of 68,42% compared to 2018. This result shows the company's shares are appreciating and, therefore, the project suggests a "BUY" recommendation.
Descrição
Mestrado em Finanças
Palavras-chave
Equity Research Avaliação PUMA SE Calçado Valuation Footwear
Contexto Educativo
Citação
Correia, Jorge Miguel Gomes (2019). "Equity research - Puma SE". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão