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Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default
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Orientador(es)
Resumo(s)
The present document consists of an Equity Research report on Sonae SGPS, S.A. (SON). This report was used for the local Portuguese CFA Institute Research Challenge and obtained a 2nd place. Please note that this report contains solely public information until the 14/01/2021. In addition to the standard format chosen, this report has an additional chapter in which it employs a structural approach to Sonae’s Probability of Default. Three different approaches, using different parameters and assumptions are tested on Sonae to arrive at a range of Probability of Default for the conglomerate. SON is a Portuguese conglomerate, comprised of eight business units (BU) that range from food and non-food retail to commercial real estate and telecommunications. To value the conglomerate this report uses a Sum-of-the-Parts approach, where a discounted cash flow analysis was developed for most of the business units, thoroughly reflecting its different value drivers. The valuation yielded a buy recommendation with a price target of 1.25€/sh for 2021YE, with an upside potential of 75% from the January 15th 2021 closing price of 0.71€, with a medium to low risk. To support the base case of the report, other methods were also used, such as Relative Valuation.
Descrição
Mestrado Bolonha em Finanças
Palavras-chave
Equity Research Valuation Retail Conglomerate
Contexto Educativo
Citação
Marques, Rodrigo Miguel Gonçalves (2021). "Equity research Sonae SGPS S.A. : structural approach to Sonae’s probability of default". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão