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Equity research : the digital revolution in real estate : evaluating Zillow Group’s equity performance at the crossroads of fintech and e-commerce
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Orientador(es)
Resumo(s)
This master project integrates an equity research report on Zillow Group with a
comprehensive literature review of fintech valuation methods. The literature review critically
examines contemporary valuation techniques tailored to fintech, including pre-revenue
methods such as the Risk Summation and VC Methods, as well as revenue-based approaches
like Discounted Cash Flow (DCF) analysis and the Multiple Method. By highlighting the
strengths and limitations of these methods, the review aims to equip investors with effective
tools for valuing fintech companies.
Zillow Group was chosen due to its unique position at the intersection of real estate and
fintech, revolutionizing the digital real estate market. The equity research report underscores
Zillow's dominance, evidenced by its 224 million unique monthly visitors in 2023. Zillow's
strategic shift to an asset-light model has resulted in gross margins exceeding 80%, positioning
the company for sustained profitability. The report anticipates favorable market conditions,
with decreasing interest rates and increasing homeownership rates among millennials and
Gen Z, expected to enhance Zillow's revenue growth.
Utilizing a DCF model, the report values Zillow at $65.8 per share, representing a 21.6% upside
from the current price. This valuation, combined with Zillow's robust market position and
positive outlook, underpins a buy recommendation.
This project contributes to the academic literature on fintech valuation and provides practical
insights for investors, aiming to enhance the accuracy and efficiency of capital allocation
within the sector.
Descrição
Mestrado Bolonha em Management
Palavras-chave
Fintech Valuation Equity Research Zillow Group Digital Real Estate Discounted Cash Flow (DCF) Market Dominance Investment Analysis Financial Modeling
Contexto Educativo
Citação
Wetzelsberger, Moritz (2023). “Equity research : the digital revolution in real estate : evaluating Zillow Group’s equity performance at the crossroads of fintech and e-commerce”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão