Συλλογές
Τίτλος How the analysts evaluate shipping stocks
Εναλλακτικός τίτλος Πως αξιολογούν οι αναλυτές τις ναυτιλιακές μετοχές
Δημιουργός Πολυχρονόπουλος, Ζήσης, Polychronopoulos, Zisis
Σκούρας, Παύλος
Skouras, Pavlos
Συντελεστής Athens University of Economics and Business, Department of Accounting and Finance
Σιουγλέ, Γεωργία
Δεμοιράκος, Ευθύμιος
Καραμπίνης, Νικόλαος
Τύπος Text
Φυσική περιγραφή 59p.
Γλώσσα en
Αναγνωριστικό http://www.pyxida.aueb.gr/index.php?op=view_object&object_id=8117
Περίληψη Ο πρωταρχικός σκοπός αυτής της διατριβής είναι να καλύψει το κενό στη διεθνή βιβλιογραφία με την εξέταση μοντέλων αποτίμησης μετοχών, που χρησιμοποιούνται στην πράξη για τον υπολογισμό της πραγματικής αξίας των ναυτιλιακών μετοχών.
The primary purpose of this dissertation is to cover the gap in international bibliography with the examination of equity valuation models, used in practice for the calculation of fair value of shipping stocks. The shipping industry has some specific features, which make this investigation effort of practical sell-side research analysts, really interesting.The examination sample consists of one hundred eleven (111) equity research reports of large investment brokerage houses. The reports are referred to shipping companies, that are listed in both NASDAQ and the NYSE stock exchange and have been derived from Thompson Reuters Eikon. The examined time period of these reports is from 01 January 2018 to 31 December 2018. From the analysis of the collected reports, it is noted that the valuation models, that are mainly preferred from financial analysts to use in practice in order to support the target prices and the stock recommendations are Multiples such as: Enterprise Value to Earnings Before Interest Taxes Depreciation and Amortization (EV/EBITDA) and the Net Asset Value (NAV). The method of NAV constitutes a valuation model that is not popular in the company valuation of other industries. We consider that the increasing use of this specific method in the shipping industry is mainly due to the qualitative characteristics of this sector as well as the importance of vessel market values in the financial valuation of shipping stocks. In chapter 5 an analytical example is demonstrated that shows step by step how the analyst derive the market price using the NAV method, which is considered the most commonly applied model. Finally, analysts' quotes are presented from the reports collected, which show practical analysis of risk factors in the returns of shipping stocks.
Λέξη κλειδί Shipping
Μετοχές
Μοντέλα αποτίμησης
Ναυτιλία
Stocks
Valuation models
Διαθέσιμο από 2020-10-31 23:36:48
Ημερομηνία έκδοσης 10-12-2019
Ημερομηνία κατάθεσης 2020-10-31 23:36:48
Δικαιώματα χρήσης Free access
Άδεια χρήσης https://creativecommons.org/licenses/by/4.0/