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Equity research - Corticeira Amorim, SGPS
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Resumo(s)
Este trabalho é uma Equity Research cujo principal objetivo é de procurar dar uma recomendação de comprar, manter ou vender de ações da Corticeira Amorim, SGPS. Para isso foi utilizada a informação pública disponibilizada até ao dia 20 de maio de 2024.
A Corticeira Amorim é a maior empresa a nível mundial de produção e transformação de cortiça. Com mais de 150 anos de história e com cinco áreas de negócio é internacionalmente reconhecida como uma empresa de sucesso.
Neste trabalho são utilizados vários métodos de avaliação, sendo explicitadas as vantagens de cada método. Efetua-se também uma análise da empresa e do seu principal produto (a cortiça), a sua estratégia, o mercado no qual se encontra e os riscos associados.
O principal método utilizado foi o Free Cash Flow to Firm (FCFF), sendo que outros métodos, como o Free Cash Flow to Equity (FCFE), o Dividend Discount Model (DDM) e avaliações por múltiplos de mercado foram utilizados como métodos complementares.
Da avaliação efetuada resultou o valor de 9.01€ por ação, sendo que o valor da ação no dia 20 de maio de 2024 era de 9.46€ o qual representa um potencial de desvalorização de 5%, pelo que é dada a recomendação de venda.
This work is an Equity Research report whose main objective is to provide a buy, hold or sell recommendation for the shares of Corticeira Amorim, SGPS. Public information up to May 20, 2024, was used to make the recommendation. Corticeira Amorim is the world's largest company in the production and transformation of cork. With over 150 years of history and five business areas, it is internationally recognized as a successful company. In this work, various valuation methods will be used, with the advantages of each method being explicitly stated. An analysis of the company and its main product (cork), its strategy, the market in which it operates, and the associated risks is made. The main method used was the Free Cash Flow to Firm (FCFF), while other methods such as the Free Cash Flow to Equity (FCFE), the Dividend Discount Model (DDM), and relative valuations were used as supplementary methods. The valuation resulted in a value of €9.01 per share, while the share price was €9.46 on the 20th of May of 2024, which corresponds to a potential downside of 5%, therefore, a sell recommendation is given.
This work is an Equity Research report whose main objective is to provide a buy, hold or sell recommendation for the shares of Corticeira Amorim, SGPS. Public information up to May 20, 2024, was used to make the recommendation. Corticeira Amorim is the world's largest company in the production and transformation of cork. With over 150 years of history and five business areas, it is internationally recognized as a successful company. In this work, various valuation methods will be used, with the advantages of each method being explicitly stated. An analysis of the company and its main product (cork), its strategy, the market in which it operates, and the associated risks is made. The main method used was the Free Cash Flow to Firm (FCFF), while other methods such as the Free Cash Flow to Equity (FCFE), the Dividend Discount Model (DDM), and relative valuations were used as supplementary methods. The valuation resulted in a value of €9.01 per share, while the share price was €9.46 on the 20th of May of 2024, which corresponds to a potential downside of 5%, therefore, a sell recommendation is given.
Descrição
Mestrado Bolonha em Contabilidade, Fiscalidade e Finanças Empresariais
Palavras-chave
Corticeira Amorim métodos de avaliação Free Cash Flow to Firm recomendação de venda Corticeira Amorim valuation methods Free Cash Flow to Firm sell recommendation
Contexto Educativo
Citação
Ribeiro, Tiago Gonçalves Sumares Betencourt (2024). “Equity research - Corticeira Amorim, SGPS”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão