Strategisk analyse og værdiansættelse af Dansk Supermarked

Ahmet Bayram & Mogens Grauballe Jensen

Student thesis: Master thesis


In January 2014 A.P Møller- Mærsk sold their shares in Dansk Supermarked Group to F. Salling Group for 46 billion Danish crowns (equity value). This trade is one of the biggest in Denmark ever made in the retail-industry. Dansk Supermarked Group is an unlisted company and one of the biggest retail companies in Denmark. Since this type of trade is very rare, we have decided to prepare a theoretic valuation of Dansk Supermarkeds Gruppen, and hereafter compare the value with the known sales price. The valuation will consist of 3 parts: historical analysis, forecasting and financial valuation. The strategic analysis, based on historical information consists of both an analysis of the external as well as the internal environment. We will use well-known models as Pest-analysis, Porters Five Forces, Value chain analyses and SWOT-analysis to make these analyses. As part of the forecasting process we have used the published annual reports. These reports are reformulated for analysis in order to split the activity in core and non-core activities. All the annual reports used in this thesis are signed without any comments from the State Authorised Public Accountant. Therefore we can conclude that the reliability of the annual reports is high. Besides the annual report we will use books, other thesis and articles about DSM and their competitors. As step 3, we will use information from the strategic analysis and the forecasting to create the financial valuation. As seen in this thesis, we have calculated the theoretic price of Dansk Supermarked Group to 43, 5 billion Danish kroners. Our estimated WACC (Weighted cost of capital) was set to 6, 5 %. Shown in the sensitivity analysis, a very small change in the assumptions, which we have used to calculate the price, causes significant fluctuations in the price of Dansk Supermarked Group.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2014
Number of pages136