Assignment Task:

ABSTRACT

The purpose of this thesis is to present valuation of Adidas Group inventory at December 31, 2016, a firm whose task is to "be the worldwide leader in the sporting goods sector with products built on a passion for sport and a sporting lifestyle." Adidas Group is a world-renowned multinational established in 1949 by Adi Dassler, headquartered in Herzogenaurach, Germany. The business based in Germany came public in November 1995, and three years later, Adidas share was admitted to the DAX30 stock exchange in 1998, where the 30 biggest quoted firms are listed.

1. Introduction 
The purpose of this thesis is to apply the theoretical understanding from the valuation of Equity and achieve a valuation for Adidas Group's equity on December 31, 2016. Therefore, the ultimate goal is to achieve an equity value that is as close to the intrinsic value as possible and ultimately conclude whether Adidas AG is trading above, below or at fair market value.

However, it is essential to bear in mind that this valuation will be created under particular assumptions to be taken on the basis of publicly accessible data, the conditions of the economy, market and business, and by implementing quantitative models created by the finest quantitative finance experts.
 
My thesis will, therefore, begin with a presentation of the appropriate literature and the distinct methodologies to be implemented in the evaluation of Adidas. 

Next, I will conduct global market, business and business overviews in parts 3, 4 and 5 to better comprehend market circumstances and future trends as well as to have a deeper understanding of the company's previous and future predictions. Following these parts, I will present the dissertation's actual production, which is the per se valuation of the three distinct methods, APV, Multiples and Dividend Discount Model. 

Finally, a comparison between the valuation established in this thesis and that presented in an equity research study published by Exane BNP Paribas will be contained in section 8 before the final conclusion. 


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  • Uploaded By : Alex Cerry
  • Posted on : March 21st, 2019

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