Værdiansættelse af en virksomhed I forandring: En opgave om værdiansættelse af DLH A/S

Abstrakt

This thesis is has the purpose of setting a value on a Danish timber trading company. This is interesting because the company has been through a restructuring and after the finance crises in 2008. DLH is a Danish based global timber and wood-based-board trading company. The building industries in Europe and Denmark have a very difficult time after 2008 and that had a great influence on DLH as a global supplier. At the time of writing the markets is still struggling and the effects of the finance crises is still in effect. As many other companies, DLH has received great results through the 00s but was badly hit by the finance crises in 2008. The next 2 years it received great loses and had to reconstruct the company and implement a different strategy. This resulted in a great drop of the share value and the question of what the real value was in the company. In 2009 DLH installed a new CFO to reconstruct the company and he has put two new strategies in effect. This thesis is consisting of a strategic analysis of DLH and the market that it is operating in, a remodeling of the financial report, and based on that a calculation on the value of the company will be made. The value found from this, is analysed and compared with the strategic analysis and DLHs strategic goals. This will end in a conclusion that will tell if the company is considered overrate, underrated or correctly valued. Furthermore there is a set of plausible scenarios, this is to illustrate that different results will take to achieve. This is to analyze the sensitivity of the valuation analyzes. After each scenario a short conclusion is made. The result will then be evaluated with a special interest in the dangers and challenges of valuating a company.