Værdiansættelse af pandora A/S: på baggrund af strategisk analyse og regnskabsanalyse

Andreas Petersen

Studenteropgave: Kandidatafhandlinger

Abstrakt

Because of my personal interest in shares, I have chosen a subject for my thesis, which reflects that interest by making a valuation of a share of my choice. I have chosen the Danish jewelry company Pandora A/S for my thesis because of their recent evolvement. They have had incredible growth rates related to their revenue and they continue to expand their business throughout the world. My valuation method is the Discounted Cash Flow Model, which relies on a forecast of cash flows. The estimates of those cash flows have been based on a thorough strategic analysis and a profitability analysis. The values will always be estimates but because of the in-depth analysis, the estimates will be more reliable. My valuation method is the Discounted Cash Flow Model, which relies on a forecast of cash flows. The estimates of those cash flows have been based on a thorough strategic analysis and a profitability analysis. The values will always be estimates but because of the in-depth analysis, the estimates will be more reliable. I made the strategic analysis to gain knowledge about Pandora’s position in the market. It contains an analysis of the macro conditions that affect the business of Pandora. Furthermore it contains an analysis of the industry in which Pandora operates. This analysis is based on the competitiveness inside the industry and marks the position of Pandora. After the strategic analysis, I made the profitability analysis. This contains analyses of key statistics and is based on the DuPont-pyramid. It shows that Pandora is a very healthy company with an economy that has progressed greatly for the last couple of years. The revenue has almost doubled from 2012 to 2014 and the first half of 2015 shows even further progress. My valuation was based on the previously mentioned analysis and by use of the DCF-model I have estimated a fair value of Pandora A/S’s shares at 1,072.04 DKK on the 31st of August 2015. On the same date, the market value of the share was 768.50 DKK, which means that the share is currently undervalued. This gives an investor a potential profit of 303.54 DKK per share. My conclusion from my valuation and my advice for an investor is that the share should be bought. Besides the valuation, I have had a minor discussion about the current earn-out case in which Pandora and Jesper Nielsen are having two completely different estimates of the final value. Jesper Nielsen claims the right to 753 million DKK but Pandora estimates the same calculation to zero. I have therefore made a discussion that concludes that the related markets have not had the necessary growth rates to match Jesper Nielsen’s claims. Furthermore Pandora has had accountants that have signed the financial statements and said that they show a true and fair view.

UddannelserCand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandling
SprogDansk
Udgivelsesdato2015
Antal sider111