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Equity Valuation of Adidas AG
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Dissertation
Equity Valuation of Adidas AG
2019
Overview
The purpose of this dissertation is to determine Adidas AG target share price as of 13th March of 2019 (day when the full 2018 annual report was published) by accomplishment of a more profound valuation of the Group. Consequently, issue an adequate investment recommendation of either buy, hold or sell by comparing it with the market price on that date. Therefore, the research question underlying this dissertation is: “What is the fair value of one common share at 13thMarch of 2019 and how different it is from the market price?”Adidas AG is the second largest representative of the global footwear and apparel market. The Company has strongly solidified its position over the past 4 years, surpassing its biggest competitor Nike, Inc.The valuation is determining upon a thorough analysis on the Sportswear Industry, followed by its current macroeconomics context and expected market trends, as well as a detailed company analysis in order to form accrued assumptions for the future.The primary method used was the Discounted cash-flow analysis as the major source for the aim of this dissertation, and secondly the forward-looking multiples valuation as a complementary approach. Both valuation methods reach a range price per share of €248,4- €281,3 which implies a BUY recommendation with an upside of 21%-37%.Subsequently, my valuation is compared with equity report issued by Warburg Research and Piper Jaffray & Co. The main differences between the valuation methodologies and assumptions are analysed.
Publisher
ProQuest Dissertations & Theses
Subject
ISBN
9798381533156
