Equity valuation of Hugo Boss AG

  • João Moreira Soares (Student)

Student thesis: Master's Thesis


This dissertation’s goal is to determine Hugo Boss’s fair share price and then issue a recommendation. The valuation process is based on macroeconomic information, industry outlooks, company business strategy and the company’s historical financial data. To define the share price, two different approaches were used - intrinsic and relative valuation. The methods chosen were the Discounted Cash Flow method (intrinsic valuation) and the multiples method (relative valuation). The share price reached through each method was 49,50€ and 38,35€, respectively. Both values combined allow the conclusion of 43,92€ as the fair value of Hugo Boss’s share price. Comparing the fair price calculated with its current market share price (35,10€) there is a 25% upside potential, which leads to a buy recommendation.
Date of Award27 Apr 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor) & José Carlos Tudela Martins (Co-Supervisor)


  • Equity valuation
  • Hugo Boss
  • Share price
  • DCF model
  • Multiple valuation
  • Personal luxury goods


  • Mestrado em Finanças

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