The purpose of this thesis for Master of Science in Business Economics and Auditing, is to give a financial statement analysis and valuation of Coloplast A/S as of 10.05.2010. To determine the stock value, the internal and external factors that influence the line of business and the company have been analyzed. Combined with an analysis of the annual reports, the future development in Coloplast A/S has been estimated, and a stock value as of 10.05.2010 has been calculated based on assumptions derived from these analysis. Coloplast A/S has been chosen, because we believe that the ongoing economic crisis have only minor impact on the medical devices markets and its players. Coloplast operates in three major markets; ostomy, urology & continence and skin- and wound care, and is a market leader in ostomy and urology & continence. These 2 business areas account for approximately 80 % of the revenue. One of Coloplast’s major strengths is their ability to develop new products in a co-operation with the end users of their products. The company has moved 85 % of the production to countries with lower wages than Denmark (Hungary, China and USA). This has been done in order to maintain and develop a competitive business. Furthermore, the company has increased their investments in research and development in order to reach their goal of being first movers. Coloplast A/S operates in markets where the demographic developments are favourable considering their product portfolio, consequentially the expected market growth within the budget period is projected at 4-10 %. The determined stock value and the estimates made, show that the stock value of Coloplast A/S is slightly underestimated, and that the company is beginning to achieve some of its financial goals as a result of the relocation of production to other lower-wages countries.
|Uddannelser||Cand.merc.aud Regnskab og Revision, (Kandidatuddannelse) Afsluttende afhandling|