Equity valuation of Fielmann AG

  • Sophie Helene Zeller (Student)

Student thesis: Master's Thesis


This dissertation provides a commercial, financial and valuation analysis of German eyewear manufacturer and retailer Fielmann Group AG. The focal point of the dissertation is the valuation of the company for which a Discounted Cash Flow and an Adjusted Present Value valuation as well as a relative valuation analysis are conducted from the standpoint of December 31st 2023. The analysis yields a target share price of EUR 49,51 which represents a premium of 6,20% over the November 27th share price of Fielmann. The valuation is based on a financial forecast which expects Fielmann to leverage its leading market position to profit from increasing consumer spending after a decline due to recent macroeconomic developments by increasing its prices and thus grow its margins. Additionally, the global eyewear market benefits from several demographic and societal trends which will increase demand for visual aids in the long-term and drive Fielmann’s sales. The analysis is compared with two equity reports from HSBC and AlsterResearch which present significantly higher target prices of EUR 60 and EUR 62 respectively. The higher upside is suspected to be due to the principal-agent conflict between equity researchers and the firms they report on, however, the overall BUY recommendation is confirmed in this dissertation. The market currently undervalues Fielmann, likely due to it not fully considering the major investments the firm has made into digitization and internationalization, which provide it with a large competitive advantage.
Date of Award24 Jan 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Fielmann
  • Company valuation
  • Discounted cash flow
  • Adjusted present value
  • Relative valuation
  • Eyewear
  • Sunglasses
  • Contact lenses
  • Consumer products


  • Mestrado em Finanças

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