Equity valuation
: Cellnex Telecom S.A.

  • António Miguel Mourato Pereira (Student)

Student thesis: Master's Thesis

Abstract

This dissertation presents the valuation of Cellnex Telecom S.A., an independent infrastructure operator for wireless telecommunications traded in the Madrid Stock Exchange. The valuation relies on the application of two models – Adjusted Present Value (APV) and Relative Valuation – followed by a sensitivity analysis with the objective of testing the assumptions made. Through the application of the APV model Cellnex Telecom S.A is valued in €22.81 per share. The Relative Valuation method is only used to better understand how the market currently values similar companies rather than being a support for the investment recommendation. Lastly, this dissertation results are compared and analyzed to the results reported by Morgan Stanley Investment Bank dated 2nd August 2017.
Date of Award15 Mar 2018
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)

Keywords

  • Cellnex
  • Telecom
  • Equity valuation
  • Adjusted present value
  • Relative valuation

Designation

  • Mestrado em Finanças

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