Atresmedia Corporación de Medios de Comunicación, S.A.
: equity valuation

  • Francisco Barbosa Varandas Fernandes (Student)

Student thesis: Master's Thesis

Abstract

It is essential that we align theory and practice in order to provide a robust and relevant equity valuation. By discussing the relevant methodologies in valuation literature we select the Adjusted Present Value and multiples approaches to value Atresmedia Corporación de Medios de Comunicación, S.A., a leading Spanish media group. Both methodologies lead us to conclude that Atresmedia is currently overvalued at €14,01 per share, which directs our recommendation to a Sell. Our target price is €11,45, which is based on our probability weighted average of three scenarios, which are built based on regulatory uncertainties and average cycle EBITDA margins. BESi’s equity research is presented as a basis for comparison, where they use another approach to value the company, a WACC-based DCF.
Date of Award27 Apr 2015
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)

Designation

  • Mestrado em Finanças

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