Værdiansættelse af Matas: Investeringspotentiale eller ej?

Fie Maj Frederiksen

Student thesis: Master thesis

Abstract

The purpose of this Master Thesis is to analyze the current value of one Matas-share in order to submit a recommendation to existing or potential investors at the 20th of May 2014. This was done by analyzing Matas' current fundamental situation through a strategic analysis, an analysis of Matas' ownership and a financial analysis. Based on the analysis Matas can be described as a solid and profitable company whose many years in the industry is the basis of their strong and dominant market position. However, the primary challenge for Matas is that the only identified growth potential is selling pre-scription drugs, which only is an option if the Danish pharmacy sector get liberalized. Furthermore, the financial analysis showed that Matas in the last four years has been improving their profitability and reduced their debt-equity ratio. Based on the results of the analysis, budget assumptions were setup and, accordingly, the final valu-ation of Matas was made. In this regard I made two budgets: scenario 1, which was made on the basis of Matas’ current fundamental situation and scenario 2, which should reflect the potential val-ue of Matas, if the Danish pharmacy sector gets liberalized. The primary valuation was based on the DCF-model, which was supplemented with a multiple valuation based on P/E. Based on the valuation of Matas’ current fundamental situation, the share price of the 20th may 2014 was estimated to be 147,1 DKK per share, which shows that the Matas-share is overestimated with approximately 4,7 %. Therefore, I recommend current investors to SELL Matas-shares and potential investors to NOT BUY Matas-shares. Based on the valuation of scenario 2, Matas’ share price was estimated to be 164,3 DKK per share, which shows that, if the Danish pharmacy sector gets liberalized, the Matas-share has a potential increase of 6,7 % in relation to the actual stock price on the 20th may 2014.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2014
Number of pages114