Equity valuation

: Aena, SA

Abstract

This dissertation presents the valuation of Aena SA, traded on Madrid Stock Exchange. Two methods were applied – Adjusted Present Value and Relative Valuation – and a sensitivity analysis was performed to challenge the values obtained. Through Adjusted Present Value methodology a share price of €121,4 per share was obtained. Thus, an Overweight recommendation applies. Relative valuation was considered only as a validation tool and, therefore, the recommendation was not based on its results. Lastly, a comparison was made between the results obtained on the dissertation and the ones reported by J.P. Morgan Cazenove investment bank on 25 June 2015, highlighting the major differences between the two.

Date of Award	23 Feb 2016
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)