Værdiansættelse af OW Bunker A/S: Mere end bare olie

Michelle Rohde Pedersen & Mie Ellegård Nielsen

Student thesis: Diploma thesis


The purpose of this thesis is to estimate the value of OW Bunker A/S. OW Bunker is one of the largest bunkering companies in the world with a turnover in 2013 of 16,987 million USD and a gross profit of 219 million USD. The company is a global marine fuel logistics company with 38 offices in 29 countries in 2013. As well as handling management of marine fuel purchasing and physical delivery, OW Bunker has in recent years expanded the business with risk management services and trade credit. OW Bunker A/S was established on 1 January 2013 by separation of Wrist Group's Marine refueling activities and ship supplies. In April 2014 the company was listed on the Danish stock exchange. Prior to the listing the company published their prospectus and annual report for 2013 after IFRS. The evaluation of the company value is based on both a strategic and a financial analysis of the company. Based on the prospectus, market reports and other public information, the main conclusion from the strategic analysis is that OW Bunker has a strong position in the market with several growth opportunities but also a number of threats in the future such as their sensitivity towards cyclical fluctuations. The financial analysis is based on historical information from the annual report for 2013 with comparative figures for 2011 and 2012. The analysis shows a company in growth and with a steady gross profit margin. The key financial ratios from the financial analysis combined with expectations based on the strategic analysis, constitutes the future budget and terminal value. The value of OW Bunker is estimated through RIDO based on the above. To support the estimated value from RIDO an overall analysis of multiples and a Peer-group comparison is prepared. The company's stock price is estimated to a share price of 175 DKK. Compared with the stock market value at 1 May 2014 of 178 DKK the conclusion is that the stock market is overvalued by approximately 1,5 %. The estimated value from above is finally subject to a stress test of the underlying variables. The stress test concludes that the estimated value is very sensitive towards changes in required return on interest and in the working capital.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
Publication date2014
Number of pages95