Strategiskregnskabsanalyse og værdiansættelse af IC Group

Abstrakt

The purpose of this thesis is to provide the necessary insight into how a investor can estimate the share price of a company in order to compare this with the current market price and evaluate whether this is a true measure of the company share price. This is done through a valuation based upon a present value approach and the Danish fashion company, IC Group has been chosen to be a target to make this thesis. Through a strategic analysis and a analysis of historical profitability of the company, a forecasting of future performance is made. This statement provides the necessary input the valuation. The valuation is performed using primarily the DCF and the result is an estimated price per share of DKK 213 as of the 01. March 2018. and the RIDO has been chosen to test the result. As the result of the two models are aligned, it follow that the basic assumptions behind the models are fulfilled. The estimated price per share is then compared to the actual market price on the 01. March 2018 which was DKK 138. It could seem like IC Group is undervalued by the market and the investor. Before making this conclusion it is necessary to test the sensitivity of the estimated price. This is done through a sensitivity analysis where the effects of changes in WACC and FCF on the result is tested. The test show that even small changes has significant effent on the estimated price. This illustrates that estimated price and the result of the valuation depends on the assumptions and expectations by the person performing the valuation and therefore the result will always be sensitive to the input applied and therefore the interpretations of the results depends on the person making them.