Equity valuation of KUKA AG

Abstract

This report analyzes the performance of KUKA AG, a German manufacturer of industrial robots and presents an Equity valuation of the group. I evaluate the Equity of KUKA AG at € 3.592,45 and € 90,32 per share at 31.12.2015. My analysis results in a BUY recommendation because the current price underestimates future opportunities of KUKA AG. The result of the valuation using multiples deviates due to the ongoing restructuring process within the group. The valuation is compared with the opinion of UBS analysts who also conclude a BUY recommendation at a valuation of € 69,05 per share. This work further offers a discussion about the state of the art in Equity valuation and gives insights in the market of industrial robotics

Date of Award	21 Jul 2016
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)