Equity valuation
: Sonae SGPS

  • Maria Clara Neves (Student)

Student thesis: Master's Thesis


The aim of this dissertation is to estimate the true value of the company Sonae SGPS. The literature review results from the extensive research on the subject equity valuation. The valuation of Sonae SGPS was conducted by the Sum of Parts approach and combines DCF method, NAV, Book Value and Market Value. Sonae SGPS’ shares were valued at €0.91 and a buying recommendation was advised. The comparison with investment bank report shows that different assumptions result in different appraisals. It was possible to conclude that the deterioration of the Iberian market has impacted negatively Sonae SGPS’ business units. Nevertheless, it is expected lagging but continuous growth in the future. The dissertation is structured in six main chapters: 1.Introduction, presenting the subject of the dissertation; 2.Literature Review, addressing the academic background for valuation methods; 3.Methodology, identifying the chosen methods; 4.Valuation; 5.Conclusion and Limitations
Date of Award2013
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Mestrado em Gestão

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