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Zim - staying afloat during the freight rate waves

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Resumo:The aim of this project is to develop an Equity Research report about ZIM, as well as providing a final recommendation related to its underlying stock. This project was conducted by me and my colleague Duarte Matos. Therefore, I recommend the reading of our consolidated report (annexed), to better understand our work. ZIM is a global asset-light container liner shipping company with leadership positions in niche markets, operating a fleet of 87 vessels across five geographic trade zones – ranked 11th among shipping carriers globally, controlling approximately 1,6% of the global shipping capacity, according to Alphaliner. Its Blue Ocean strategy regarding operations – essentially all vessels are chartered, brings interesting aspects regarding financial accounts, especially costs, as ZIM is able to adapt its fleet to answer demand. This will influence the fair value of the company and how ZIM will perform against its peers. In the first chapter, we discuss the value drivers of the company and reasonings behind the forecast of the financial records. These are split regarding the Free Cash Flow map. Lastly, in the final chapter we computed the fair value of the share price, using the WACC and a Discounted Cash Flow model, which are explained in dept. The model returns a price that reflects our vision on the future of the company, nevertheless we conducted a sensitivity analysis in order to account for WACC variability, which impacts the fair value.
Autores principais:Sousa, José João Lobato Pereira de
Assunto:Valuation Logistics Finance Esg International trade Commerce Freight rate Teus carried
Ano:2022
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade Nova de Lisboa
Idioma:inglês
Origem:Repositório Institucional da UNL

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