Allianz Evaluation

In: Business and Management

Submitted By klimand
Words 3580
Pages 15
* Contents 1. Executive Summary 3 2. Analysis Model 3 3. Company Overview 3 4. Industry Outlook 3 5. Company Evaluation 4 Free Cash Flow Estimation 4 Cost of Equity, Cost of Debt, WACC Calculation 5 Discounted Cash Flows and Company Evaluation 5 6. Sensitivity Analysis 6 7. Final Recommendations 6 8. Appendix 7 Appendix 1: Historical Free Cash Flow Analysis 7 Appendix 2: Historical Free Cash Flow Analysis 8 Appendix 3: Growth Estimations 9 Appendix 4: 2012 Operating Expense Growth Estimation 10 Appendix 5: Income Taxes 11 Appendix 6 11 Working Capital, Depreciation and Amortization, Capital Expenditure Estimation 11 Appendix 6 Part II: Estimations Summary 12 Appendix 7: Free Cash Flow Estimation Analysis (in mln. €) 13 Appendix 8: WACC Calculation 14 Appendix 9: Equity Evaluation 16 Appendix 10: Sensitivity Analysis 17 9. References 18

Executive Summary
This report discusses the possible profitability of investment in shares of the Allianz Group SE. Our analysis, based on discounted cash flows and weighted average cost of capital, suggests that under the assumption of stable economic growth, no drastic escalation of the European sovereign debt crisis and industry shocks due to natural disaster like the hurricane Sandy, the current share price of the company is currently below its estimated value and thus a promising investment opportunity. If the company manages to keep its stable growth in the last quarter of the year, an investment is recommended after a careful analysis of the market changes and the general effect of hurricane-like cataclysms on the industry.
Analysis Model
This report includes estimation of the current share price of the Allianz Group SE, based on the Discounted Cash Flow valuation model, including an estimation for the future growth rate of the company, weighted average cost of…...

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