Værdiansættelse af IT-serviceselskabet NNIT jf. Monte Carlo Simulering

Maksim Nochevchuk Johansen

Student thesis: Master thesis

Abstract

The objective of this thesis is to value the newly listed IT-service company NNIT. The valuation will be prepared through the use of the Discounted Cash-Flow models, Enterprise Value, and Economic value added. These models will be backed up by the relative valuation models and a statistical approach through a manual Monte Carlo simulation. This will enable the analyst to make certain decision in regards to what the fair value of this particular company should be.
The approach is a holistic understanding of the company’s strategic value drivers. These drivers are macro economical, sector- and company specific factors which influence certain financial value drivers. Drivers included are more specifically: growth in revenue, EBITDA-margin and investment in working capital. These will yield an understanding of the future expectations for the company’s free cash flow. Since each investor might have different biased opinions in regards to the company and thereby deviating estimates, this thesis will incorporate a broad array of valuation approaches, in order to minimize the uncertainty in regards to valuation. The valuation will start by estimating the value through discounting the cash flow and estimating the fair value. The price will then be triangulated with the help of Multiples and finally estimating the statistically most correct price according to the Monte Carlo simulation.
It is advised to read appendix 1 before reading the thesis, as it includes a description of the different segments as well as containing a summary which points out different aspects of the valuation.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2016
Number of pages162