Strategisk analyse og værdiansættelse af DONG Energy A/S

Vibeke Jepsersen

Student thesis: Master thesis


DONG Energy is the largest energy producing company in Denmark, owned by the Danish Government under direction of the Financial Ministry with more than 75 % of stocks of the company. In year of 2006 was DONG Energy merged with six other energy producing companies in Denmark, named Elsam, Energi E2, NESA and Copenhagen Energy and Frederiksberg Supply and became the largest energy producing company incorporated in Denmark. In the years after merging DONG Energy attempted going public on the Danish Stock Exchange market place, named OMX Nasdaq Nordic, Copenhagen – but unfortunately DONG Energy never became listed on the Stock Exchange Market in Denmark. After the merging DONG Energy ended in having activities in the entire energy value chain. This makes them prepared for tomorrow's big move into more renewable energy. The surrounding world, environmental organizations, politicians, and individuals all have an opinion on energy and the greenhouse effect. And all become more conscious concerning their actions in an environmental perspective. As a consequence of both the international and the national demands for a reduction of fossil fuels and the final eradication of the fossil fuels, great demands are made on DONG Energy. These demands and expectations are already part of their business setup through their strategy, vision and goals, etc.. They have planned future investments and they have a clear expectation to meet the requirements concerning the reduction of fossil fuels. Thus, DONG Energy has a strong focus on creating value in the production of renewable energy. My main thesis is to find the value of DONG Energy A/S at the end of fiscal year 2011. My calculation of DONG Energy is calculated from the free cash-flow model and is verified through the residual income model. I have estimated the value of DONG Energy to be 65 billion DKK. This value calculation is similar with external analyst calculation of DONG Energy’s value. The assessment made to assume valuations shows a DONG Energy which has a strong and powerful strategy, which will create further growth in the company.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2012
Number of pages100