Financial Analysis and Valuation of SalMar ASA

Håvard Midtun Stangeland

Studenteropgave: Kandidatafhandlinger

Abstrakt

The objective of this thesis is to estimate a theoretical value for SalMar ASA´s equity, and thus a fair value per share as per 01.05.19. Through carrying out a strategic and financial analysis, fundamental conditions are assessed and a theoretical value of SalMar´s equity is estimated by utilizing an enterprise value approach. Due to high uncertainty in projected cashflows, the DCF estimate is supplemented with a relative valuation, implying that SalMar is currently overpriced. By weighting the two estimates, I find the fair value per share to be 409,4. As the share per 01.05.19 traded at 394 this indicates an upside of 3,9%. From an investor´s point of view I conclude that the stock´s attractiveness is neutral.

UddannelserCand.merc.aef Applied Economics and Finance, (Kandidatuddannelse) Afsluttende afhandling
SprogEngelsk
Udgivelsesdato2019
Antal sider69