Equity Valuation of Brunello Cucinelli S.p.A.

  • Jacopo Pacitto (Student)

Student thesis: Master's Thesis


The goal of this thesis is to determine a fair price per share for Brunello Cucinelli, as well as provide a recommendation to buy, hold, or sell the stock based on the market price on May 25, 2023, which is €78,95. To achieve this, a thorough evaluation of the business was conducted, including an industry, macroeconomic and business analysis, followed by a financial analysis of past performance. The share price was determined using three different DCF models: Asset Side, Adjusted Present Value, and Equity Side. A sensitivity analysis was also conducted to account for assumptions uncertainty. Based on these factors, a sell recommendation was made with a result of €60 per share. This result was compared to Kepler Cheuvreux's result of €63 per share on January 10, 2023.
Date of Award29 Jun 2023
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Equity valuation
  • DCF
  • Discounted cash flow
  • Relative valuation
  • Multiples
  • Luxury fashion


  • Mestrado em Finanças

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