Equity valuation
: Eurocash Group

  • Ana Isabel Antunes de Azevedo Branco (Student)

Student thesis: Master's Thesis


Equity valuation is an extremely complex and subjective process, it depends not only on the theoretical models but also on the analysis and assumptions used by the analyst. This thesis focuses on the valuation of Eurocash Group, a leading wholesale distributor of fast moving consumer goods (FMCG) in Poland. In order to present stronger conclusions we decided to use two different models: the discounted cash-flow (DCF) model and the multiples method as a complement. The combination of both lead us to a price target of roundly PLN 35,42 while shares were trading at PLN 32,96 (02/03/2015), so our recommendation was to buy. Our valuation was compared with the equity research from Wood & Company, “a leading independent investment bank in central and Eastern Europe”. The research team used also the DCF model and the multiples method to perform the valuation and reach out a price target of PLN 39 while shares were trading at PLN 32,2 (04/11/2014), so their recommendation was also to buy.
Date of Award2015
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Mestrado em Finanças

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