NVIDIA corporation equity valuation

Abstract

This thesis explores the application of equity valuation to NVIDIA Corporation, a leading player in the semiconductor and artificial intelligence industries. The primary objective is to determine NVIDIA’s intrinsic value through two valuation methodologies: the Adjusted Present Value (APV) model and market multiples. The APV model yields a target share price of $105 as of January 26, 2025, supported by a relative valuation analysis to ensure consistency with the market pricing of comparable companies. When measured against the market value on November 20, 2024, the findings indicate a potential -28% return, leading to a SELL recommendation. Finally, these results are contrasted with equity research published by Deutsche Bank, highlighting differences in assumptions and valuation methodologies.

Date of Award	7 Feb 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)