The present dissertation aims to present a valuation for Corticeira Amorim, a Portuguese company that is the worldwide leader of the cork industry. Corticeira Amorim started to establish its activity in 1890 within the cork business and, since then, it has experienced a sustainable growth due to their diversification of activities and products. Despite the negative impact of the most recent Global Crisis in the Portuguese economy, Corticeira Amorim was one of the few companies with an above the average performance. During the last year, the worldwide cork company had the best performance of their history and the stock price registered new maximums. Two different valuation methods were applied, with the purpose to find a range of values in which the stock value of Corticeira Amorim currently falls. Furthermore, the valuation presented in this dissertation is compared with an external one performed by a Portuguese Investment Bank – Caixa BI. This comparison gives the possibility to compare the accuracy of the valuation presented in the dissertation and if the value obtained for the shares is close to the reality of the market. After concluding both valuations methods, it was issued an investment note for current and potential investors, with a “BUY” recommendation and a target price for Corticeira Amorim of €11,42 per share.
Date of Award | 20 Jul 2017 |
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Original language | English |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | José Carlos Tudela Martins (Supervisor) |
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Equity valuation of Corticeira Amorim
Alvarez, R. P. L. (Student). 20 Jul 2017
Student thesis: Master's Thesis