Abstract
The present dissertation aims to value the automotive group BMW AG. The main goal is to achieve the fair value for BMW’s shares in order to sustain a buy, hold or sell recommendation. The BMW group will be valued according different methods commonly used in equity valuation.Firstly, it is going to be provided an introduction and an explanation of the methods used in equity valuation, followed by an analysis of BMW group and its business model. An industry overview is also provided in order to be aware of the trends driving consumption. In terms of valuation, a DCF is performed to value the company and complemented by a Relative Valuation. Furthermore, the Dividend Discount Model is used to obtain the share price based on the present price of future dividends. The valuation performed in this dissertation is compared with an external one performed by J.P. Morgan, an investment bank. By doing this comparison, it is possible to test the accuracy of the valuation performed.
| Date of Award | 15 May 2018 |
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| Original language | English |
| Awarding Institution |
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| Supervisor | José Carlos Tudela Martins (Supervisor) |
Designation
- Mestrado em Finanças