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.
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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.
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Social Sciences ▶ Economics and Business Finance
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Social Sciences ▶ Economics and Business Accounting
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Μοντέλα αποτίμησης
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Ναυτιλία
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Μετοχές
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Stocks
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Shipping
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Valuation models
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Athens University of Economics and Business, Department of Accounting and Finance
(EN)
Athens University of Economics and Business
