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Equity Research Sonae SGPS SA: a value-at-risk assessment

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Resumo:The present document consists of a report of an Equity Research on Sonae SGPS, S.A. (SON). This document was used in the CFA Institute Research Challenge 2021, obtaining a 2nd place at the local level. The report contains only public information until 14/01/2021. SON is a Portuguese conglomerate, comprised of eight business units (BU) that go from food and non-food retail to commercial real estate and telecommunications. The company was valued with a Sum-of-the-Parts approach, where a discounted cash flow approach was developed for most business units, incorporating all the specific features of each of them. For the smaller BUs, relative valuation methods were employed. The valuation yielded a buy recommendation with a price target of 1.25€/sh for 2021YE, comprising an upside potential of 75% from the January 15th 2021 closing price of 0.71€, with a medium to low risk. To support this valuation, other methods were also used, such as Relative Valuation. Additionally, this report further explores the value-at-risk that an investor could face at investing in Sonae’s shares. Three methods were analyzed: historical method, parametric method, and Monte Carlo simulation. The results were extrapolated to a one-year horizon and were found consistent with the recommendation of the present investigation.
Autores principais:Fonseca, Enrique Quesada
Assunto:Equity Research Valuation Retail Conglomerate Avaliação de Empresas Retalho Conglomerado
Ano:2021
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

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