Millennium bcp

: equity valuation

Abstract

Valuation is not an exact science. It is based on theoretical models and practitioner’s assumptions that try to predict future outcomes, hence it involves a high degree of subjectivity. Nonetheless, everyday several analysts attempt, to the best of their knowledge and ability, to determine the appropriate price for a given security. In a similar form, the purpose of this dissertation is to assess a target price for the share of Millennium BCP to the best of my knowledge and ability. According to my analysis the price target for Millennium BCP should be €0,068 per share, which represents a 30% upside potential (closing price of 24.12.2015) – BUY recommendation. I have also assessed the impact of the main risks and upsides to the share price through a sensitivity analysis and compared my analysis to a leading investment bank report.

Date of Award	10 May 2016
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor) & Henrique Miguel Ribeiro Guimarães Bonfim (Co-Supervisor)