Equity valuation
: Grupo Semapa : firm valuation theory applied

  • Miguel Santos Fonseca Patrão (Student)

Student thesis: Master's Thesis

Abstract

This dissertation aims to value the intrinsic value of the holding Semapa, applying the Equity Valuation theory. In order to apply the most suitable methods and appropriate assumptions, this paper firstly outlines the existing valuation frameworks and techniques, along with the academic debates on the most relevant valuation topics. The valuation is done as the sum of the parts of the companies owned by Semapa – Portucel, Secil, ETSA and Supremo – using a Discounted Cash Flow approach and the Multiples approach. Lastly, this dissertation compares the methods used and the results obtained to those of an investment bank, analyzing the differences with the purpose of understanding the reasons behind the dispersions of values obtained from different valuation methods.
Date of Award2013
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)

Designation

  • Mestrado em Gestão

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