DCF, et upræcist værktøj

Alan Riad Salman, Magnus Brandt Pedersen & Kristian Winther Jensen

Studenteropgave: Bachelorprojekt

Abstrakt

Abstract The purpose of this project is to identify issues and inaccuracies within valuation methods, with a focus on the DCF method. The project will use B&O as a case example. At first, the project will go through the classic methods of valuation through a strategic analysis. This includes a Porters Five Forces, PESTEL and SWOT analysis. Their purpose is to give an image of the market, industry, and B&O within that market and industry. Afterwards, there will be an analysis of their financial reports and development in the last five years. Following that there will be a budgeting of B&O, this part of the analysis will make use of the previous strategic analysis to estimate various values relevant for the DCF. After the budgeting there will be the DCF analysis, that will make use of all the previous analyses. Finally, there will be a discussion regarding issues, within the DCF method and valuation methods in general that ultimately makes them inaccurate. The discussion is partly based on an interview with Klaus Frandsen who is an auditor general, regarding the shortcomings of the various valuation methods and their purpose. The conclusion of the project is a price estimated by using the DCF analysis. It varies quite a bit from the actual market price. Whether that is an acceptable variation or not is up for debate. This is also part of the discussion and the interview that was conducted in this project. In the market of valuation, a certain amount of deviation is accepted and expected. The project is not attempting to give any sort of guideline for how to conduct a valuation, nor is the purpose to deem the current market price for B&O too high. The valuation created in this project is merely a “typical case” with the purpose of identifying the shortcomings of valuation.

UddannelserErhvervsøkonomi, (Bachelor/kandidatuddannelse) Bachelor
SprogDansk
Udgivelsesdato27 maj 2018
Antal sider80
VejledereNiels Nolsøe Grünbaum

Emneord

  • Værdiansættelse
  • Markedsanalyse
  • DCF
  • B&O
  • Porters Five Forces
  • PESTEL
  • SWOT