A carregar...
Publicação
Equity research - Orange S.A.
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.02 MB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
O presente Trabalho de Projeto, realizado no âmbito do mestrado de
Contabilidade, Fiscalidade e Finanças Empresariais do Instituto Superior de Economia e
Gestão, tem como objetivo avaliar o valor das ações da Orange, S.A. Para tal, foi efetuado
um estudo do setor das telecomunicações, de modo a perceber melhor as tendências
futuras.
O presente trabalho, foi realizado à data de 30/04/2024, com base em três métodos
de avaliação, nomeadamente Discounted Cash Flow com a abordagem Free Cash Flow
to the Firm, Adjusted Present Value e posteriormente foi complmentado com uma
metodologia de avaliação relativa, o método dos Múltiplos, de modo a obter uma
recomendação mais robusta.
O resultado obtido foi de subvalorização das ações, uma vez que a cotação das
mesmas era de 10,80€, a 30 de abril de 2024. O target price da abordagem FCFF foi de
15,69€ e o do APV foi de 19,86€, apresentado um crescimento potencial de 45% e de
84%, respetivamente. Este resultado foi reforçado pela avaliação relativa, que demostra
um crescimento potencial de 29%.
This research project, carried out as part of the Master's programme in Accounting, Taxation and Corporate Finance at Lisbon School of Economics and Management - ISEG, aims to assess the value of Orange, S.A. shares. To this end, a study of the telecommunications sector was carried out in order to better understand future trends. This work was carried out on 30/04/2024, based on three methods, namely Discounted Cash Flow with the Free Cash Flow to the Firm approach, Adjusted Present Value and, complemented with a relative valuation methodology, the Multiples method, in order to obtain a more robust recommendation. The results found was that the shares were undervalued, since their price was €10.80 at 30 of April of 2024. The target price of the FCFF approach was €15.69 and that of the APV was €19.86, showing potential growth of 45% and 84% respectively. This result was complemented by the relative valuation, which shows potential growth of 29%.
This research project, carried out as part of the Master's programme in Accounting, Taxation and Corporate Finance at Lisbon School of Economics and Management - ISEG, aims to assess the value of Orange, S.A. shares. To this end, a study of the telecommunications sector was carried out in order to better understand future trends. This work was carried out on 30/04/2024, based on three methods, namely Discounted Cash Flow with the Free Cash Flow to the Firm approach, Adjusted Present Value and, complemented with a relative valuation methodology, the Multiples method, in order to obtain a more robust recommendation. The results found was that the shares were undervalued, since their price was €10.80 at 30 of April of 2024. The target price of the FCFF approach was €15.69 and that of the APV was €19.86, showing potential growth of 45% and 84% respectively. This result was complemented by the relative valuation, which shows potential growth of 29%.
Descrição
Mestrado Bolonha em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Avaliação Cash Flow Descontado Múltiplos Orange SA
Contexto Educativo
Citação
Franco, Catarina Filipa Nunes (2024). “Equity research - Orange S.A.”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão