| Resumo: | This dissertation presents the valuation of PANDORA A/S, traded in the Nasdaq Copenhagen Stock Exchange. For the purpose of the dissertation, first we discuss the different valuation methods, their advantages and disadvantages. As a result, for the valuation itself the DCF method and Relative Valuation were chosen. When applying the DCF valuation method we forecast an enterprise value for PANDORA of DKK130.558 million, an equity value of DKK131.848 million. Thus, the price per share is DKK1.014. Based on this target price PANDORA is undervalued since the current market price is DKK600.50. Additionally, a sensitivity analysis to the riskier components of the valuation was performed to account for the uncertainty tied to the industry and the markets where the company operates. Finally, the price target was compared to the valuation performed by J.P. Morgan Cazenove, published in February 2015, where the recommended price target is DKK650. Even being the conclusion the same, we compare the different assumptions of both models that led to different price targets.
|
|---|