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A Comparison of Different Equity Valuation Methods Performed on Leading Semiconductor Companies Under Current Investor Sentiment

  • Industry 4.0, a term coined at Hannover Messe in Germany in 2011, is believed to be the next disruptive force, driving human progress and innovation. The advent of technologies, such as the Internet of Things, Cloud Computing, Big Data, and new Mobile Technologies, fuel this disruption. To enable Industry 4.0, mankind is dependent on technological infrastructure, provided by companies, operating in the semiconductor industry. Over the last years, these companies have increased their profits and their stocks are currently trading near all-time highs. Yet, uncertainty created by the disruption of Industry 4.0, the growing influence of China on the semiconductor market, economic insecurities created by political uncertainties, like the 2020 US Presidential election, and the risk and implications of a second global wave of the COVID-19 pandemic, make the equity valuation of leading and established companies in the semiconductor industry exceptionally challenging. This paper examines, how different equity valuation methods compare under said circumstances and shows sophisticated valuation methods must be used to limit valuation error. Further, this paper gives an estimation of the possible ranges of value and suggests the industry may currently be overvalued.

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  • A comparison of different equity valuation methods performed on leading semiconductor companies under current investor sentiment

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Author:Timo Länge
Advisor:Marc Peter Radke
Document Type:Bachelor Thesis
Year of Completion:2020
Granting Institution:Hochschule Furtwangen
Date of final exam:2020/08/31
Release Date:2020/09/23
Tag:Equity valuation; Semiconductor industry
Page Number:62
Degree Program:IBW - Internationale Betriebswirtschaft
Functional area:Finance & Accounting
Open-Access-Status: Closed Access 
Licence (German):License LogoUrheberrechtlich geschützt