Publicação
Equity research - AkzoNobel N.V.
| Resumo: | This Equity Research project provides a valuation of AkzoNobel N.V following the guidelines recommended by the Chartered Financial Analyst (CFA) Institute. Its position in the global Paints and Coatings industry as well as its focus on sustainability and innovation, was the main motivation to choose AkzoNobel as subject of study, highlighting its potential for long-term growth in the industry. In order to determine the value of the company, the Discounted Cash Flow (DCF) method was performed, focusing on the Free Cash Flow to the Firm (FCFF) model. Additionally, to complement this methodology, other valuation methods were applied, including the Free Cash Flow to Equity (FCFE), Dividend Discount Model (DDM), as well as the relative valuation using multiples such as EV/Revenue, EV/EBITDA, P/E and P/B. The valuation analysis resulted in a price target of €85.18 per share for Akzo Nobel NV by the end of 2028, indicating a potential upside of 47.56% from the current share price of €57.72 per share as of 25 June 2024. While the company shows growth potential, some risks that could impact on the target price were taken into consideration, such as changes in raw material prices, economic uncertainties and climate change regulations. Based on these results, the final recommendation for AkzoNobel is a BUY. |
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| Autores principais: | Sarria, Juliana Aguilar |
| Assunto: | Equity Research Valuation Paints and Coatings Industry Akzo Nobel NV Sustainability Innovation Market Expansion Pesquisa de Equidade Avaliação Indústria de Tintas e Revestimentos Akzo Nobel NV Sustentabilidade Inovação Expansão de Mercado |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório da Universidade de Lisboa |
| Resumo: | This Equity Research project provides a valuation of AkzoNobel N.V following the guidelines recommended by the Chartered Financial Analyst (CFA) Institute. Its position in the global Paints and Coatings industry as well as its focus on sustainability and innovation, was the main motivation to choose AkzoNobel as subject of study, highlighting its potential for long-term growth in the industry. In order to determine the value of the company, the Discounted Cash Flow (DCF) method was performed, focusing on the Free Cash Flow to the Firm (FCFF) model. Additionally, to complement this methodology, other valuation methods were applied, including the Free Cash Flow to Equity (FCFE), Dividend Discount Model (DDM), as well as the relative valuation using multiples such as EV/Revenue, EV/EBITDA, P/E and P/B. The valuation analysis resulted in a price target of €85.18 per share for Akzo Nobel NV by the end of 2028, indicating a potential upside of 47.56% from the current share price of €57.72 per share as of 25 June 2024. While the company shows growth potential, some risks that could impact on the target price were taken into consideration, such as changes in raw material prices, economic uncertainties and climate change regulations. Based on these results, the final recommendation for AkzoNobel is a BUY. |
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