Assessing the fair value of Fielmann AG

: an equity valuation approach

Abstract

This thesis presents an equity valuation of Fielmann AG as of December 31, 2025. The analysis applies a Discounted Cash Flow model as the primary valuation method, complemented by relative valuation based on a peer group of comparable companies. Sensitivity analyses are conducted to examine the impact of key assumptions such as revenue growth, discount rates, and terminal value estimations. The study further discusses alternative valuation approaches, including the Adjusted Present Value, Dividend Discount Model, and Residual Income methods, but concludes that they are less suitable for Fielmann AG’s business model. The Discounted Cash Flow method yields an implied share price of €60.65, about 7% above the market price as of June 30, 2025, supported by conservative growth and discounting assumptions. relative valuation produces a wide range, but its average of €62.20 supports the Discounted Cash Flow method result. The convergence of methods supports a target price of €61.43, implying an 8.3% upside. Given the limited upside potential, the findings support a HOLD recommendation, while Fielmann AG’s strong competitive position in the DACH region, resilient vertically integrated model, and international growth prospects still suggest an attractive risk-return profile in a volatile market environment.

Date of Award	15 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)