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Equity research - Daimler AG
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Orientador(es)
Resumo(s)
O objetivo primordial desta equity research visa analisar o valor justo, a eficiência de mercado e o comportamento futuro das ações da Daimler AG. Para tal o relatório anual de 2015 e 2016 foi detalhadamente analisado e, paralelamente, foi tido em conta um resumo histórico de 10 anos de diversas variáveis dentro das tabelas financeiras e contabilísticas empresariais. Desta forma qualquer assumption terá por base um cenário equilibrado dentro do período estimado, consequentemente visa uma avaliação realista em prol duma avaliação negativa e/ou pessimista. Dentro da revisão de literatura dois modelos surgiram como os mais indicados, isto é, o Discounted Cash-Flow e a Relative valuation como seu complemento. Ambos permitiram extrapolar a mesma conclusão, ainda que com valores distintos, ou seja, inferem que a Daimler está subvalorizada, pelo que uma recomendação de compra é dada como a última conclusão.
The aim throughout this equity research is to estimate a fair value and prospectus for Daimler's stock valuation and potential investors' behaviour. To do that not only was Daimler´s annual report of 2016 and 2015 analysed, but also the industry in which Daimler operates was thoroughly dissected. Moreover, given the methodologies that one might use and taking in account the enterprise's context two major models were underlined: Discounted Cash-Flow Model and the Relative Valuation. These complement each other and allowed a more reliable conclusion. This last one was similar in both models, which pointed out an undervaluation for Daimler stock, thus a buy recommendation. To reach this a ten-year historical summary were assessed, hence allowing the most realistic scenario with proper assumptions for the forecasted period.
The aim throughout this equity research is to estimate a fair value and prospectus for Daimler's stock valuation and potential investors' behaviour. To do that not only was Daimler´s annual report of 2016 and 2015 analysed, but also the industry in which Daimler operates was thoroughly dissected. Moreover, given the methodologies that one might use and taking in account the enterprise's context two major models were underlined: Discounted Cash-Flow Model and the Relative Valuation. These complement each other and allowed a more reliable conclusion. This last one was similar in both models, which pointed out an undervaluation for Daimler stock, thus a buy recommendation. To reach this a ten-year historical summary were assessed, hence allowing the most realistic scenario with proper assumptions for the forecasted period.
Descrição
Mestrado em Finanças
Palavras-chave
Equity Research Daimler AG Discounted Cash Flow Relative Valuation Subvalorizada Undervalued
Contexto Educativo
Citação
Rodrigues, Bernardo Gonçalves Jerónimo (2017). "Equity research - Daimler AG". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão