| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.01 MB | Adobe PDF |
Advisor(s)
Abstract(s)
Este Relatório de Equity Research foi escrito como Trabalho Final de Mestrado em Finanças e segue o formato recomendado pelo CFA Institute. A escolha da The Walt Disney Company para este trabalho deveu-se a vários motivos: a longa e interessante história da empresa que, com pontos altos e baixos, é uma oportunidade de aprendizagem com o seu estudo; o seu negócio dividido em vários segmentos que, apesar de terem diferenças significativas, são altamente sinergéticos e, em alguns casos, estão mudar o paradigma da indústria do entretenimento; mais importantemente, sabiamos à partida que a empresa tinha passado por uma reestruturação e que se encontrava num processo de aquisição. A segunda e terceira razões elevaram o desafio significativamente, o que, na nossa opinião, seria apropriado para um verdadeiro Trabalho Final de Mestrado. Naturalmente, a pandemia COVID-19 desafiou-nos adicionalmente e, como tal, foi considerada neste projecto. Para avaliar a Disney, utilizámos um modelo DCF, bem como um DDM e uma anállise de múltiplos. Chegámos a um price target de USD 144.11, implicando um upside de 26.00% face ao preço de USD 114.37 a 19 de Maio de 2020 e levando a uma recomendação de Buy.
This Equity Research Report was written as a MSc in Finance's Final Work and follows the format recommended by the CFA Institute. The Walt Disney Company was chosen for this Final Work for several reasons: firstly, it is a company with a long and interesting history, with its ups and downs, which provides a learning opportunity while studying it; secondly, its business is across several segments which despite showing significant differences are highly synergetic and in some cases changing the entertainment business paradigm; thirdly and most importantly, we knew beforehand that the Company had gone through a business restructuring and was in the middle of an acquisition process. The second and third reasons increased the challenge considerably, which in our opinion was fitting for a proper Master's Final Work. Naturally, the COVID-19 pandemic increased the challenge even further and as such, was accounted for in this project. To value Disney, we employed a DCF Model as well as a DDM and multiples analysis. A price target of USD 144.11 was reached, implying a 26.00% upside potential from our reference price of USD 114.37 on May 19, 2020, and a Buy recommendation.
This Equity Research Report was written as a MSc in Finance's Final Work and follows the format recommended by the CFA Institute. The Walt Disney Company was chosen for this Final Work for several reasons: firstly, it is a company with a long and interesting history, with its ups and downs, which provides a learning opportunity while studying it; secondly, its business is across several segments which despite showing significant differences are highly synergetic and in some cases changing the entertainment business paradigm; thirdly and most importantly, we knew beforehand that the Company had gone through a business restructuring and was in the middle of an acquisition process. The second and third reasons increased the challenge considerably, which in our opinion was fitting for a proper Master's Final Work. Naturally, the COVID-19 pandemic increased the challenge even further and as such, was accounted for in this project. To value Disney, we employed a DCF Model as well as a DDM and multiples analysis. A price target of USD 144.11 was reached, implying a 26.00% upside potential from our reference price of USD 114.37 on May 19, 2020, and a Buy recommendation.
Description
Mestrado em Finanças
Keywords
Avaliação de Empresas Indústria de Entretenimento Equity Research Valuation Entertainment Industry
Pedagogical Context
Citation
Barbosa, Miguel Sousa Montes Ferreira (2020). "Equity research - The Walt Disney Company". Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão