Strategisk regnskabsanalyse og værdiansættelse af DONG Energy A/S.

Mette Ottesen & Mia Vendelin Winckler

Student thesis: Master thesis


DONG Energy A/S as we know it today was founded in 2006 in a fusion between DONG A/S, Elsam A/S, Energi 2 and Nesa. The fusion created an energy company that operates in the whole value chain which has made DONG Energy A/S the largest energy company in Denmark. The largest shareholder in DONG Energy A/S is the The Danish State, who owns 74,04 % of the company. DONG Energy A/S has twice been prepared to be listed on the stock exchange but both times the listing was cancelled. The second cancellation was due to the instability of the stock markets and since this has not changed, DONG Energy A/S is still yet to be listed on the stock exchange. The liberalization of the market for electricity in 2003, and of the market for gas in 2004, has increased the competition on both markets. This has given competing companies access to the Danish markets, but it has also given DONG Energy A/S the possibility of entering markets that previously was impossible to access. In Denmark this has not had a major impact and DONG Energy A/S has not lost many customers because of this. The products that DONG Energy A/S provides have a great negative impact on the environment. The consumers have generally an increased focus on the protection of our environment, a focus that among other things has been increased by COP15 which took place in December 2009 in Copenhagen. This means that a company like DONG Energy A/S must relate to this by doing research in how to change their products, so they are taking the protection of the environment into consideration and at the same time are keeping a high supply security. DONG Energy A/S has a force in off-shore wind mills and the company has chosen to focus on this because this type of energy is less harmful for the environment than thermal production. The last year have been hard years for DONG Energy A/S because of the financial crisis which has set its marks in their accounts. This is visible in the accounting analysis where 2009 has been a remarkably bad year. In the budget we assume that the World Economy will change for the better which will mean more economical stability for the company. Our value of DONG Energy A/S is calculated from the free cash-flow model and is verified through the residual income model. We have estimated the value of DONG Energy A/S to be 59 billion kroner.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2010
Number of pages142