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Fundamental Equity Analysis: Business Valuation of N.V. Bekaert S.A.

Terlinden, Gabriel
(2023)

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TERLINDEN_44362000_2023.pdf
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TERLINDEN_44362000_2023_Appendix.pdf
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Details

Supervisors
Platten, Isabelle
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
The investment recommendations issued by equity analysts play an essential role in the development of investment strategies and have a significant impact on stock markets. These recommendations are the result of a complex business valuation process: the fundamental equity analysis. Conducting a fundamental analysis enables brokers to highlight a company’s strengths and weaknesses, as well as the key threats and opportunities which arise from market trends and industry dynamics. It also examines the company’s positioning, its competitive advantages, and its financial condition. Collecting these various qualitative and quantitative elements allows to establish future earnings estimates which are then used to derive the intrinsic value of the company. The subject of this Master’s thesis is N.V. Bekaert S.A., a multinational company founded in 1880 and headquartered in Belgium. It is the world’s largest manufacturer of drawn steel wire products. Two valuation methods are used to determine a target price for Bekaert’s stock: the DCF and Multiples. The fair value per share obtained on 23 December 2022 is EUR 39,43.