Strategisk regnskabsanalyse og værdiansættelse af Parken Sport & Entertainment A/S

Abstrakt

This master’s thesis concerns the valuation of Parken Sport & Entertainment (PSE), and whether the stock is traded at a realistic price. During the process mainly four business areas have been examined – Entertainment (Parken and FCK), Fitness (Fitness DK) and Amusement (Lalandia Rødby and Billund). All together they represent 99% of PSE’s turnover. The strategic analysis found that PSE is well positioned in each business area. The portfolio consists of well-known and unique brands. Although they hold a strong position the markets are characterized by being mature and extremely competitive. In the future this is a big challenge for PSE and the company’s ability to make a profit. It is estimated that PSE still have organic growth potential if the company is determined to trim the business and adapt to the consumer needs. The financial analysis primarily found that the growth was financed by foreign capital and that it had not resulted in any improvement in profits. The cost level was too high compared to the defined peer group. The peer group consists of twelve similar Danish companies operating in the same business areas as PSE. Therefore potential future profits must come from optimizing the business through better use of assets and cutting the costs. The DCF and EVA models were chosen for valuation. Since it was impossible to find an exact comparison to PSE, multiples were dropped as a valid valuation method. It was estimated that PSE would reach a steady-state condition in five years time. Due to the terminal periods share of the total value of the company, it was very sensitive to changes in EBITDA-margin, interest rates, WACC and growth rates. A sensitivity analysis and two weighted scenarios resulted in a possible range in which the value of the share with high certainty would be found. The thesis concludes that the share is understated compared the market value. The current price of the stock does not reflect the true value according to the thesis’ analysis.