Strategisk regnskabsanalyse og værdiansættelse af Parken Sport & Entertainment: Ved hjælp af Break Up Value – metoden

Mikkel Baunegaard Antonsen

Student thesis: Master thesis

Abstract

The aim of my thesis has been to valuate the company Parken Sport & Entertainment (PSE). The way I have come about doing this, has been to use the breakup method. The company has since its beginning in the year 1992, expanded its business from being a sole football club into other areas of entertainment, like bought a fitness chain and a recreation and holiday centre. The purpose of these actions has been to diversify its core business, so it wouldn’t be all depended on the success of the football team. In association with the breakup method, I will make a fundamental analysis. This will be on the basis of the historically strategic and financial influences on the three segments, which I have depended my valuation upon. The three segments I depend my valuation and analysis upon are: Parken, Lalandia and Fitness dk. The latter segment is a fitness chain. PSE buys this chain in 2006 and afterwards the key figures of the amount of members and earnings increase substantially. The main issues of this segment concern the low profitability that is revealed in the financial statements of the company and the high degree of competitiveness, which has arisen in the latter year of analyzed period. The main competitive tool for the last couple of years has been the price parameter. On the other hand, Lalandia, which is another company that PSE buys, has no concerns with making high earning ratios. Though the latter year 2008, give notice of a decline in the core profitability, as the main profit outcome derives from the sale of holiday homes in conjunction, with the newly opened Lalandia Billund in April 2009. Lalandia will have to show, that they once again can make earning ratios, like they did before without depending on sales that are transitory. The latter segment Parken, consist at the same time of the original company and the main holding company for all of the subsidiary companies. This segment is also the most diversified, by both doing business within sports, office rentals and concerts/other events. Office rentals has made the segment exposed to an added risk, since the market for office rentals has gone considerably down in connection with the financial and housing crisis the last couple of years.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2010
Number of pages113