Strategisk analyse samt værdiansættelse af Chr. Hansen Holding A/S

Kenneth Lerche Karlsson & Jacob Røjkjær Nielsen

Student thesis: Master thesis


The purpose of this thesis was to determine the fair value of Chr. Hansen Holding A/S on November 3th 2010, and on that basis decide whether the share is worth buying or selling. In order to obtain this thesis it was necessary to understand Chr. Hansen’s business platform and the competitive surroundings in which the company has its ongoing business. This strategic analysis was conducted on behalf of the company’s three divisions, which together created the overall foundation for Chr. Hansen’s future opportunities in the market for food ingredients. In general the strategic analysis concludes that Chr. Hansen have good prospects and furthermore possesses some competitive advantages in terms of knowhow, the science-platform and high entrance barriers especially. The strategic part was followed by a financial analysis that had the intention to provide an overview of Chr. Hansen’s performance empirically. The Financial analysis found that Chr. Hansen in the last five year has been improving their profitability significantly. In Each year during PAI Partners ownership Chr. Hansen’s key account figures has improved continuously. Based on the historical performance and the strategic analysis, a DCF-valuation and EVAvaluation was carried out, in order to determine the fair value of Chr. Hansen. The capital value-based models were complemented with a relative valuation, in which the multiples EV/EBITDA and P/E were used to give an additional indicative share price. In light of the aforementioned analysis Chr. Hansen were valued by the DCF and the EVA model to have a share price of DKK 134, which was relatively high compared to the relative valuation. Eventually the initial price estimate were exposed to a sensitivity analysis in terms of change in Chr. Hansen’s key valuedriver’s which concluded that the fair value of Chr. Hansen’s share price should be somewhere in range of DKK 93 and DKK 155. On the date of this valuation the closing price of the stock was DKK 112, why conclusively this valuation is given a buy-recommendation.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2010
Number of pages152