Strategisk analyse og værdiansættelse af Matas A/S

Ahmad Shoaib Farjad & Morten Rosengaard

Student thesis: Diploma thesis

Abstract

This thesis is written about Matas A/S. Matas is the largest retail chain on the Danish market of beauty and health products. By this thesis, we are trying to determine the stock price of Matas at the Copenhagen Stock Exchange of 28th June 2013 the date of the IPO. Matas A/S has 294 shops in Denmark and 2 shops in Sweden. The company has a shop in almost every city in Denmark although it has many competitors in the market of beauty and health products. Matas has achieved the membership of Copenhagen stock exchange on June 2013, where the company has sold about half of its shares from two main shareholders, and got almost 12,000 new shareholders. In order to obtain our goal in this thesis, we have divided it in different steps, where we will analyze and discuss different factors and aspect of the firm. The first step is to estimate the strategic situation, by analyzing of company’s external and internal factors. After a short description of Matas organization, market, their position and competitors, etc. we use the SWOT – model to analyze the internal situation, where we are looking at the factor, which is inside the company. For the external situation, we use the PESTEL – model in order to estimate every factor that will has an effect on Matas’ development in future. We will analyze the market by using the Porters Five Forces, which helps us to indicate different factors effecting Matas. Finally, we use Anshoff’s vækstmatrice to analyze Matas’ development strategy. The second step will be focus on the historical financial data from Matas. In order to make the valuation, we must reformulate the company’s financial statements and balance, to determine the key financial drivers. At the end of this step, we make a risk analysis with focusing on controlling of company’s risk factors. The third step is the valuation step, where the conclusions from the strategic analysis and financial analysis to drawn up a budget for Matas. Although the valuation will never be better than the quality of the estimated budget, that is why our focus will be concentrated on the budget to be as realistic as possible. The last part of thesis is our performed market value calculation, which, is based on the DCF-model. Meanwhile we estimate the wacc, in order to use the founded wacc for the valuation model to estimate the market value Matas shares. To estimate the valuation of the company, we decide to use DCF – model, as it is the most commend used valuation model. The valuation process is done in to different scenarios. In scenario 1, the shares will cost 159, 34 kr. pr. shares and in scenario 2, it will costs 188, 94 kr. Pr. Shares. Comparing the two scenarios’ value with the realized value shows that both scenarios value are higher than the price, that the stocks was sold on the 28th June 2013. At the end of the thesis, we have made a sensitivity analysis to determine the effect of different factors on the value of the company.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2014
Number of pages112