The purpose of this master thesis is to make a case study of the Danish company ROCKWOOL International A/S and to make a research of their listing on Nasdaq Copenhagen. The master thesis is based on the thesis that companies who have been listed for decades may be better served by a delisting, because of the extra cost which is directly linked to their listing. This thesis leads to the main question: “Which factors speaks for and against that Rockwool should continue their listing on Nasdaq Copenhagen?”
With the purpose of answering the main question, there have been made two different expert-interviews to get two different point of views on Rockwool’s listing and listing in general. Furthermore, there has been made a strategic analysis from an external and internal point of view. The external analysis showed that, Rockwool should still be listed to sustain their future potential earnings. The internal analysis showed that Rockwool has a competitive advantage between temporary and sustained. To sustain their potential future earnings, Rockwool should still be listed to get the best employees. In the preceding periods, the profitability analysis of Rockwool’s historical performance showed that they have performed well compared to their WACC. Beyond that, there have also been made a profitability of the Danish company Molslinjen, which was delisted in 2016. The analysis showed that their performance after the delisting was inferior, which also could happen to Rockwool if they got delisted, which indicate that Rockwool should still be listed. To assess if Rockwool’s share is overrated, underrated or proper, there has been made a valuation of Rockwool based on the DCF-method. The valuation showed that, Rockwool’s share is underrated by 406 kr., which could indicate that they should get delisted. Overall, there is mainly factors which indicates that Rockwool should still be listed on Nasdaq Copenhagen. It is factors as PR and that it is easier to provide new capital when you are listed, that leads to Rockwool should still be listed on Nasdaq Copenhagen. A delisting would probably only occur if an investor puts up a takeover bid to the remaining investors. Furthermore, the thesis which the main question is based on, is rejected. The thesis is rejected due to the extra cost which is directly linked to their listing has no big importance for a company like Rockwool.
|Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling