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Equity research - VWS Wind Systems A/S
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Este relatório contém uma avaliação da Vestas Wind Systems A/S, preparado como Projeto Final de Mestrado em Finanças do ISEG. Este Relatório de Avaliação segue o formato recomendado pelo CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). O presente estudo foi organizado considerando informação publicamente disponível a 26 de outubro de 2018, de acordo com diversas fontes, entre as quais relatórios de contas anuais, Thomson Reuters, e Bloomberg L.P. Deste modo, quaisquer eventualidades ocorridas após esta data não são consideradas no relatório.
O preço-alvo foi alcançado com recurso ao método do Valor Económico Acrescentado, com complemento ao método de avaliação relativa dos múltiplos.
Com um preço-alvo obtido de €65.00 e um potencial de valorização de 18.26% face ao atual de €54.96, a nossa recomendação final para a Vestas Wind Systems é de "Compra", e a nossa avaliação de risco é de médio risco para VWS.
This report is a valuation of Vestas Wind Systems A/S, prepared as a Masters' of Finance Final Work Project at ISEG. This Equity Research follows the recommended format by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This study was conducted considering publicly available data on October 26th, 2018 accordingly to diverse sources, such as company reports, Thomson Reuters, and Bloomberg L.P.. Hence, any events or circumstances occurring after this date were not taken into account in this report. The target price was achieved based on the Economic Value Added Method, complemented with the relative valuation approach of Comparables. With a price target of €65.00 for YE18, representing an upside potential of 18.26% from the current price of €54.96, our final recommendation for Vestas Wind Systems A/S stands for "Buy", and our risk assessment estimates a medium risk for VWS.
This report is a valuation of Vestas Wind Systems A/S, prepared as a Masters' of Finance Final Work Project at ISEG. This Equity Research follows the recommended format by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This study was conducted considering publicly available data on October 26th, 2018 accordingly to diverse sources, such as company reports, Thomson Reuters, and Bloomberg L.P.. Hence, any events or circumstances occurring after this date were not taken into account in this report. The target price was achieved based on the Economic Value Added Method, complemented with the relative valuation approach of Comparables. With a price target of €65.00 for YE18, representing an upside potential of 18.26% from the current price of €54.96, our final recommendation for Vestas Wind Systems A/S stands for "Buy", and our risk assessment estimates a medium risk for VWS.
Descrição
Mestrado Bolonha em Finanças
Palavras-chave
Equity Research Vestas Avaliação de empresas Valor Económico Acrescentado Valuation Economic Value Added
Contexto Educativo
Citação
Marques, Márcia Alexandre (2018). "Equity research - VWS Wind Systems A/S". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão